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‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.’ Chartered Institute of Marketing Societal Marketing from end of 20th Century into this millenium. ◦ Through consumer pressure and legislation companies need to consider how they are contributing to the betterment of society. M&S Plan A (no plan B) Relationship marketing from end of 20th Century into this millenium. ◦ Responsive to consumers demanding products and information. The internet has meant that consumers want to interact with companies and brands and social media provides a good platform for this. It is getting PERSONAL! DESIGN CENTRED This idea has the designer as the key creator and marketers must sell the idea to the public. This approach often uses PR, advertising and communications agencies. MARKETING CENTRED This idea is based on the belief that market research collected on the consumer and this informs the design specifications. This idea combines both perspectives having equal concern for design, customers and profits. Concern for Fashion design HIGH Design centred FASHION marketing concept Failure Marketing centred LOW LOW HIGH Concern for customers and profit ZEITGEIST the characteristic spirit or mood of a particular period. In marketing we need to capture the Zeitgeist Marketing Environment Marketing Research PRODUCT Design Research Customers PRICE PLACE PROMOTION Marketing Mix Fashion marketing organization The FASHION MARKETING process PRODUCT - Product variety, quality, design, features, brand name PRICE - RRP, discounts, credit facilities, pricing strategy, price perception PLACE - Location, coverage, channels, transport, inventory, delivery PROMOTION - Sales promotion, personal selling, advertising, PR, direct What about more P’s........ (includes sub brands/collection) packaging, service marketing, word of mouth, website, social media, events 7 P’s (additional Physical evidence, Process & People) are used by Service companies such as Insurance, holiday companies as they don’t have a physical product so the process by which the product is received is critically important. Retailers also use the 7 P’s model as the sales environment is critically important to them and especially people. The Market environment For our product MARKET NATIONAL ECONOMY GLOBAL ECONOMY BUSINESSES CONSUMERS The Market environment For audit purposes Company MICRO ENVIRONMENT MACRO ENVIRONMENT Company Political forces Legal forces Regulatory forces Societal & cultural forces Economic forces Technological forces Environmental Forces in the Macro environment will affect your company and impact on how it is managed and how it trades. You need to respond but have little influence over these forces. To analyse the Market environment we need a means to guide our research and understanding – a FRAMEWORK One of the analytical ‘TOOLS’ for this is… PEST (or PESTLE) analysis ◦ ◦ ◦ ◦ Political (Legal is separated in PESTLE) Economic Societal Technological Easey also refers to LEPEST or STEPLE analyses. Organise yourselves into groups of 3 or 4 Carry out a PEST analysis. Your company is a fashion retailer (it may be helpful if one of you work for the retailer). Consumers Competitors Suppliers Manufacturers Intermediaries The Micro environment the company can directly affect. Therefore the company can have a direct impact on AND be impacted themselves. To analyse the Company situation again we need a means to guide our research and understanding. The situation analysis ‘TOOL’ for this is… SWOT analysis ◦ Internal to the company Strengths Weaknesses ◦ External to the company Opportunities Threats In your same groups Carry out a SWOT analysis of the company you selected. What have we established by carrying out a marketing audit? Where we are NOW Why is this important? If we don’t know where we are now how can we begin to plan where we are going?!