Strategic Marketing Management in Business Media

Question: Discuss about the Strategic Marketing Management in Business Media . Answer: Introduction: The original business idea is to put up a retailing store for selling up the fashionable clothes under the name of Folks Fashion within an affordable price straight to the customers. The product will be ordered originally from the importers of UAE. The business will be centrally located to provide customers with the facility of quick delivery and distribution possibilities. The original idea of business is to provide the customers with whole sale packages along with discounted price. The segmentation techniques, which the business will be adopting to segment the market, are as follows; Gender related segmentation: For clothing retail business segmentation are often based on the use of gender segmentations. For instance, the business will be selling clothes for both men and women. This may include casual and business attire for both the genders (Ferrell and Hartline 2012). Age-related segmentation: Age related segmentation would enable the business to determine the customers. Hence, the business will be targeting teenage boys and girls for attracting new trendy fashion lines of clothes consist of jeans and other apparel. Geographical segmentations: Being a practicality marketers and retailers Folks Fashion understand the customer preferences, which vary in different regions, based on geographical areas (Wedel and Kamakura 2012). One of the important determinant factors is whether as people living in warmer climates wear shorts and swimwear for longer time. The target market for Folks Fashion products will be active customers, which will range between the ages of 16-40 years. The business will be targeting people who like to hike, figure, skate, ride horses or any such activities representing the demographic age group of well-educated and successful individuals whether single or married. House income usually ranges from $50,000 to $100,000 annually and despite having the comfortable level of income, the customers are aware of price and would time after time seek worth in their purchase. Apart from of the age customers like to be related with higher quality products, as they are somewhat status oriented. One of the future goal is to target customers of southwest states of UAE. The outdoor retailers sellers about $5 billion goods per annum which ranges from garments to equipment. The present outdoor market of UAE has large potential for making entries and competitors like Patagonia, Timberland, Bass and Pro Shops are the most identified companies offering such kinds of products (Marshall 2014). There are smaller competitors like TrendIX and Ragged Fashionare some of the marketers of products. Hence, the above stated companies can be considered competitors as none of the company offers the kind of trend or practical products, which will be provided by Folks Fashion. The products carry customise logo and slogans, which the business plans to offer in the near future. The differentiation and positioning strategy, which will be followed by Folks Fashion, are Product differentiation strategy: Folks Fashion currently provides its customers with a line of high quality outdoor fashion apparel including items such as T-shirts, baseball cap, fleece vests, jeans and jackets. Everything bearing the logo of the company Go Play Outside. The firms have performed research in segregating its business based on products offered with popular colours such as sunset red, sunrise pink, cactus green and river rock grey among others. Hence, such strategy will help in keeping the concept of the business fresh and would prevent it from being diluted with large number of multifaceted variations. Positioning strategy: The positioning objective of Folks Fashion is to provide its targeted customers with timely and competitive options of making selection in fashionable merchandise. Within the positioning framework, Folks Fashion will begin with its target customers openion in developing merchandise offerings branding and pricing strategies (Hollensen 2015). Folks Fashion will position its business exclusively in niche market by providing excellence in service discounts under one roof shopping convenience of the department store. Positioning statement: Folks Fashion and its wide range of family brands such as T-shirts, baseball cap, fleece vests, jeans and jackets are built with the intention of providing both men and women a sense of comfort by boosting up their confidence. The business will remain committed to men, women and teenagers well-being by promoting high sense of fashion. The business aims to influence the lives of its associates, customers and communities in which they live and conduct their business (Wilson and Gilligan 2012). Folks Fashion mission will always be to maximise sales, offer value to its customers and deliver high quality consumer service while still having fun and maintaining the business values. Reference List: Ferrell, O.C. and Hartline, M., 2012.Marketing strategy, text and cases. Nelson Education. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Marshall, G., 2014.Marketing management. McGraw-Hill Higher Education. Mullins, J., Walker, O.C. and Boyd Jr, H.W., 2012.Marketing management: A strategic decision-making approach. McGraw-Hill Higher Education. Wedel, M. and Kamakura, W.A., 2012.Market segmentation: Conceptual and methodological foundations(Vol. 8). Springer Science Business Media. Wilson, R.M. and Gilligan, C., 2012.Strategic marketing management. Routledge.