The report was undertaken and it covers the analysis of the Marks & Spenser suits offered at Smart Poppers Store. It describes how the marketing mix: pricing, promotion and products offered affects the business transactions at the store. These factors are discussed and how they contributed to the running and the success of the business. The products were analyzed and customer satisfaction gauged. The suits were of different categories to different target market and the customer satisfaction was evidenced by the sales and their large number at the store making purchases.
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This report was requested by the manager of the Smart Poppers Cloth-line store on Marks & Spenser suits on September 5, 2012. A committee consisting of five members from different departments: Sales Department, Marketing Department, Creative Department, Strategy Department and Planning Department. Results from the committee were to be presented on September 25,2012 as requested.
The major purpose for the analysis research was toanalyze men’s attire, suits in specific, the promotional strategies used to market them and the pricing strategies used to attract customers in the competitive market. The additional aim would be to identify how major sales would be realized in the growing market as well as good customer relations at the stores.
The report looks into the marketing mix that affects the products which are pricing strategy, promotional strategy as well as the different categories of suits offered by the company.
The committee analyzed Marks & Spenser men’s suits which were of different categories; professional suits, fitting suits, wedding suits and designer suits. The suits were of different colors, sizes and designs according to customers taste and preference. The pricing of the suits is different but the prices ranges from 60 dollars to 250 dollars according to the quality, design and size of the suit ordered. The factors considered while identifying the market is cost, preference, age, occupation and class of the target customers. The Marks & Spenser suits attracted professional class, youths and teenagers, wedding teams as well as high class individuals.
Due to the rise of professional class, there is need for company to invest in selling professional suits for this potential class of customers. The market of this group of customers has grown in the recent past since there is high creation of more jobs by the rising growth in technology. The other group of target customers who demand for the fitting suits is the youths; they are wealthy and want to look flashy. Fashion circles have realized a high demand for the fitting suits among the youths and hence the need for the company to invest in them. Since weddings will continue to be done now and then there is a need to invest in wedding suits, the potential target in the market is the wedding couples as well as their supporting team. The final group of potential customers in the market demand for customized suits which are made according to the preference of the customer. Some of the customized suits are designed after customers’ order them, with some already made with classic designs. This suits are mostly for people whose sizes is hard to find in the stores as well as the high class group who want to look unique and to stand out.
The marketing mix which includes pricing, promotion and product has different implications. The prices determine the number of customers who would buy the suits; a wide range of prices would accommodate a wider range of customers. Different promotional tools would ensure that more people are reached with the information about the suits stocked in the store. The diversity of the suits offered guarantees a high population of customers reached according to their preference.
Several promotional tools have been used to inform the target customers of the products. Media adverts have been used to reach almost all the target customers, posters and billboards have been used to publicize the products with models in different categories displayed, business cards have been issued in major towns and cities so that more customers can be reached. Sales department have also linked with bosses of different companies and organizations to publicize the products by recommending our attires to their employees, social media has also been used to reach the target customers especially the youth group as well as pitching tents at major cities to reach the target customer informing them of the diversity of our suits.
Above is a poster that was used as a promotional tool to reach the target market and publicize the products.
The advantages of using the promotional tool is that it reaches as many customers as possible, it is portable and can be pinned anywhere for the people to get the information, it is cost effective as its production is low, it gives additional information at the same time for example we use Facebook as another form of advertisement, our location, our contacts.
The disadvantage associated with this tool is that only the literate can be reached through it; for one to get the information must read the poster and also one can bypass it without noticing the information.
The committee identified that the tool was able to suit the needs of the target market since it informs them of the name of the suits, different categories of suits sold, location of the stores and guarantees them of quality products. The cost is also depicted to be customer-friendly and affordable.
Price is one of the determinantsaffecting the sales made. Prices fordifferentcategoriesofsuits vary ranging from 60 dollars to 250 dollars. The pricing strategy depend on the quality of the material used to make a suit, the design of the suit, the size of the suit is also a factor to consider while determining its price. It was also found that the number of suits bought by a single customer affected the price; more pieces bought meant lower prices offered. Regular customers were also offered discount to maintain them and to attract more purchases from them.
The prices were fair to most customers as it was noted that the store was usually busy with large number of customers flocking in at different times. The objective of pricing was to attract as many customers as possible while giving them value for product.
The marketing mix elements namely: products, promotions and the price could be adjusted for the welfare of the company growth as well as catering for the customers. The designs of suits offered at the stores could be added depending on the trends in the fashion industry so as to attract more customers and maintain the existing ones. Unique designs would see the improvement in sales as more people want to look different and smart at the same time. Creative designs would ensure that the company leads in suits production making them a top competitor among the known suit producers.
More ways could be devised to promote the products. The company could ensure that conferences to launch the creative designs are held frequently where the first lot of suits sold at the launch is at discounted prices. This strategy could create anticipation and raise the sales since the discounted prices could attract more suit wearers. A website for the company would be another plus, most professionals are usually bust and they could make the purchases online which would boost sales and ease the flocking of large numbers at the stores.
Pricing could be another factor that could help the company rise. Affordable prices attract more customers; the company could identify how they can reduce the cost of production so that the prices of the suits go down. Having a wide range of prices also helps to attract customers according to their budget. Discounts also to all customers at a particular period of the year could boost the sales, discounts is a factor that should not be neglected as they motivates the customers.
The analysis conducted showed that the Smart Poppers Stores has a potential growth if the suits they sold to their target market were upgraded. Their product strategies were innovative and creative; the unique designs gave them an edge in the market and attracted customers from all level of life. Their pricing strategies were also affordable and attractive and ranged accommodating a large number of customers. Promotional tools used by the company to reach the target market were also effective, informative and convincing; this could be evidenced by the large customer turnout of the store. Smart Poppers Store had a collection of suits that suited different occasions; the Marks & Spenser suits also gave customers a guarantee of quality affordable products.
The committee recommends that more stores be opened at different towns for availability of products to the target customers. This will ensure growth of the company as well as providing effective services and products to their customers. This also would create a lot of jobs boosting the economy growth. Another recommendation would be for the company to embrace the online marketing and transactions, this strategy would attract more customers who do not find time to visit their store. It would also help the busy customers to order their products at the comfort of their working places, businesses and at home.
The market mix elements should also be evaluated to identify how they can be made more effective for more sales to be realized. A customer care office should be opened to cater for the needs of the customers so as to perfect their products and service to their customers.
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