Marketing Brand Strategies Of T Shirt Company Marketing Essay

Summary:

The discussion made in the below section made it is easy to identify and understand the need of branding and marketing strategy. In order to meet the objectives of the organization a proper branding and marketing strategy is required. Marketing strategy involves marketing mix methods and scheduling method which are very helpful in improving the performance of the organization and grip the market. The main activities involved in branding and marketing strategy are; target marketing, positioning, branding, product development, pricing, communication and promotion. And the main motive is to attract more customers and expand the market. The recommendations for proper branding and marketing strategy are:

The brand should have unique identification and quality, so that consumer can recognize the brand and believe on the brand.

The online business requires proper selection of product means the product should be relevant to crowd of people that explore internet and interested in dealing online.

The distribution services should be excellent, so that consumer can believe on the brand.

Proper communication channel should be selected to advertise the products and services, so that maximum people can know about the brand and product.

The main motive should be customer requirement and their satisfaction.

Situational Analysis:

Although online business is quite new concept for the current market but with the increasing popularity of online business the competition is also increasing tremendously. So to deal with the market competition, company analyzed the situation of the market and prepared an appropriate marketing strategy to attain the attraction of the people to the online T- Shirt Company. The management needs to focus more on the requirement of the consumer and current trend with which one can be familiar with the company.

Marketing Strategy:

Marketing strategy is an important component of the organization that determines success of the organization. So as to settle on proper marketing strategy, an entity performs as a market head, pretender, admirer, forte dealer or eventually outlines an alliance to congregate information of marketplace potency. [Kathryn Christ]

The company investigated the channel through which they can reach the consumer easily. The communication channel is very important component for marketing. The subsequent arrangement of market strategies concentrates on the entity’s supremacy over the antagonist’s errors. The dissimilar categories of marketing strategies appropriate for the current souk circumstances are indefinite. Consequently, by studying the market situation like appropriate communication channel, competitor’s marketing policies as well as requirement of the consumer the company decided to follow online marketing strategy in order to provide best service to the consumer instantly.

Online marketing:

Online marketing makes available the most excellent conduct of business techniques on the current market nowadays. It made happen through increasing demand and use of internet. In case an entity desires to endorse merchandise globally in the marketplace, he can simply realize his target through using internet at an extremely less expenditure. It is the speedy mode of targeting the spectators and consumers online.

We found that online marketing strategy is adequate for the company. As company is dealing with the consumer via internet and most of the people are now dealing with online shopping and also visits lots of websites, so it was really easy to advertise the product through popular website and with attractive offers and collections.

BRAND STRATEGY:

As this company is dealing online, so brand name is necessary to be recognized in the market. It is necessary to build the brand image so that consumer can recognize the product. With the increasing competition, the image of the brand makes the product different from others brands. So, domain characteristics of the company brand name are the manufactured goods, services, channel, circulation, and elucidation. The brand status of the company utilizes a number of scrupulous proficiency or produces the individuality of the brand for sustaining the legitimacy, consistency as well as stability of the product amongst a variety of rivalry brands. The company also developed a product resemblance link with the clients based on single or multiple similar characteristics. These specialized persons require executing better in order to enhancing the associations with the consumers. Some experts are also appointed for brand appreciation set apart themselves from their rivals as well as this is accomplished through uplifting their brand vision among the consumers.

According to [Sicco van Gelder, 2002], the brand strategy is employed to influence the inhabitants as well as persuade the vision of the common inhabitants in such a manner that the consumers can be persuaded to buy the merchandise of a specific brand as well as make use of the services facilitated by that particular brand name. Habitually the brand stratagem employed by the corporations compels their clients to purchase their manufactured goods at elevated value label also. The strategies persuade the inhabitants to buy as well as make use of their artifacts along with later than their use as well as contribute them for several donations intention.

The main idea of the company behind brand strategy is a hard-hitting rivalry in the marketplace. The key rationale for utilizing the brands is to persuade the inhabitants to purchase the merchandises of the specific brand name in aggressive and viable ambiance of the souk. With the intention of achieve reputation and recognition; the international brand should proffer several stimulating substance as well as familiarity to the populace of an assortment of community. Subsequently to increase fame as well as get victory the strategies employed by the specific brand should be extended. The main thing that is considered by the company before formulating brand strategy is that it should consist of the concise rationalization of its uniqueness as well as proficiencies abilities. The brand strategy helped the company to be recognized differently in the market.

Brand Management Techniques:

The main thing that is considered by this online T- Shirt company in order to managing brand of the company is to be in touch with the consumer and publish the name of the brand among them. The company used different marketing resources which contain logo, slogan as well as the taglines of the company which is the best technique to communicate with the population. The credibility is the other method of brand management. The credibility should be very strong, so that consumer could rely on the brand. It is important to build a unique identification because of the product and services for managing the brand of the company, because if consumers are satisfied with the product and services then they can blindly believe on the superiority of the brand. So company is concentrating on the credibility, so gain maximum faith of the consumer on the brand. The next part of the brand management includes the image of the company, it is necessary to identify the positive and negative aspects of the organization so that it will attract or distract the regular as well as new consumers of the company. So the product portfolio of the company is very straight foreword which consumer can easily understand the products and services of the organization. These techniques helped this company to manage the brand effectively.

Marketing management technique:

A proper strategy is required to manage the marketing of the organization as well as promotion of the products and services. The Online T- Shirt Company selected popular websites as a mode of promotion and marketing by analyzing the market situations accordingly. Today most of the people are interacting with internet and online shopping become very popular. The marketing management technique should involve popular websites and user interacting channels to communicate with the consumer. Presently, company is using “Tweeter” as it becomes the most popular marketing as well as professional networking tool and almost 90% people uses tweeter to express the experience. Tweeter is also used as a source of self promotion and also to accumulate the consumer feeds.

The other marketing management technique that is utilized by the company is that it is facilitating consumer to express their experience to promote the products and services of the organization with the help of co- creation strategy. This marketing management technique is very helpful to attract more new consumer and also improves the communication between consumer and company. The company is also following a proper strategy to grip the consumer and their responses in order to perform better and enhance the brand name and popularity of the company.

Marketing and Brand Objectives:

In order to reach the success in the competitive market it is necessary for an organization to set a goal and objective. The marketing and brand objectives can be determined by analyzing the products and services, market domain, conditions, types of consumer, type of marketing and popularity of the brand. So on the basis of a wide research, the following objectives are prepared by the company:

To promote the brand with appropriate techniques.

To communicate with the consumer properly and access the views and opinion about the product and services of the brand.

To determine the requirement of the consumer, which includes current trend, likes and dislikes of the consumer.

To analyze the buying behaviour and satisfaction level of the consumer.

To determine the negative and positive aspects of the brand in terms of consumers views.

To contrast the distinctiveness of the brand with other brand.

To analyze the promotional strategy of the company according to the types of consumer and their behavior.

To select a proper branding and marketing management technique for the company.

To prepare a proper marketing strategy to promote the brand by considering the domain, consumer and buying behavior of the consumer.

Marketing and brand strategy:

The marketing and brand strategy is the most important factor of the success of the organization. The marketing and brand strategy is completely based on the objectives of the organization and can be fulfilled through the major factors like target marketing, positioning, branding, product development, pricing, communication and promotion.

To promote the brand with appropriate techniques.

In order to fulfill this objective the organization is considering on the promotion techniques like target marketing, product development, positioning and pricing of the products and services. This will help to attract people and deliver quality product.

To communicate with the consumer properly and access the views and opinion about the product and services of the brand.

To fulfill this objective the organization is using product development strategy and communication methods so that it will become easy to access their views and viable suggestion for the products and services of the brand.

To determine the requirement of the consumer, which includes current trend, likes and dislikes of the consumer.

To fulfill this objective, it is necessary to survey the different group of consumer and promoting the products of the brand. It helps in determining the target market, price of the product and product development.

To analyze the buying behaviour and satisfaction level of the consumer.

This objective is very important for every organization as it determines the success of the brand. So in order to fulfill this objective the organization should be aware of the factors that affect the buying behavior of the consumer such as pricing, positioning etc. and this can be fulfilled by communicating with the consumer in order to know their likes and dislikes and promoting the current trend.

To determine the negative and positive aspects of the brand in terms of consumers views.

This objective can be fulfilled through branding techniques and communication. This will help to enhance the brand. The company is using most adequate branding techniques and communication channel that is proficient to fulfill this objective.

To contrast the distinctiveness of the brand with other brand.

As competition is increasing day by day so it is necessary to carry some unique features so that it will help to promote the brand image. This objective can be fulfilled through proper survey techniques and analyzing the features of the rival companies.

To analyze the promotional strategy of the company according to the types of consumer and their behavior.

The promotional strategy should focus on the target market and behaviour of the consumer so that user can easily catch the product and understand the significance of the products. So this objective can be fulfilled through proper promotion and analyzing the behaviour of the consumer.

To select a proper branding and marketing management technique for the company.

In order to fulfill this objective the organization need to set the target market, proper communication and promotion so that branding and marketing process could be managed easily.

To prepare a proper marketing strategy to promote the brand by considering the domain, consumer and buying behavior of the consumer.

To satisfy this objective company should determine target marketing, positioning, branding, product development, pricing, communication and promotion. It helps to make a marketing strategy that will cover every aspect of the business and attain success.

Action programme:

The main component of action program is to decide the marketing activities and marketing mix as well as promotional mix. Marketing mix helps to build a powerful marketing strategy and balances the marketing activities. In order to fulfill the objectives and reach the goal of the business and making viable profit a perfect marketing strategy is required and marketing mix helps to manage the activities and take some important decision. The main motive is to organize the research and development expenditure within a short time scale. The marketing decisions such as type of product, target market, sales, cost, as well as communication techniques.

The marketing mix implemented by the online T- Shirt company consist 4p strategy in which consist product, price, position and promotion. These four components of marketing mix are very important for marketing strategy and also help to decide how to grab maximum profit from the market. The components of marketing mix are described below:

Product:

Product is the main component of business and the decision of product selection is determined by the requirement of the consumer and demand of the market. The product decision includes attributes of the product, branding, product mix, product support services as well as labeling and packaging. The main attribute of product is characteristic, excellence and design of the merchandise. Branding is one of the most important aspects of the product as the consumer believes on brand and proper branding decision helps to improve the business fruitfully. Packaging and labeling is also important activity of the marketing mix as proper packaging preserves the products and labeling provides clear instructions about the products. Product support service includes financing and credit, installation, training and dealing services.

Price:

Price is the other component of the marketing mix. Pricing decision is influenced by both external and internal factors. Internal factors consists of marketing mix strategy, expenditure in producing product, and marketing objectives where as external factors includes target market, demand of the product, environmental factors, cost of competitors products, economic as well as government policies.

Place:

Place is also one of the most important element of the marketing mix as it is an important decision to place the manufactured item to the consumer. The most important decisions involved in placing are how to circulate the item to the consumers, what will be the mode of distribution? In order to place the products to the consumer the channel of distribution is very important.

Promotion:

Promotion involves the methods and decision of promoting the product so that consumer will know the qualities of the product and attract them to buy the product. Promotion is a part of communication in which the company provides information about the product and also about the potential of the product in order to satisfy the requirement of the consumer by the means of advertising, personal selling, sales promotion and publicity.

For an online business it is necessary to time scale and cost of the product as consumer is not interacting and dealing directly to the company. All the transactions are accomplished by the means of the online dealings, so it is necessary maintain the time scale, the products should be delivered to the customer at exact time and the price of the product should be reasonable so that consumer will satisfy with the services. The above mentioned marketing mix implemented by the company is valuable and appropriate for the branding and marketing of the business. Before deciding the marketing mix the company concentrated on the products and policies which is followed by them are considering the type of consumer that can purchase item online, price should be reasonable and should also consist some attracting offers, place should be determined means what are the facilities you are offering for delivery of the products and finally the promotion, it should be television and popular sites. After considering the company decided the promotional strategy.

Schedule of marketing and brand Activities

Formats

Marketing activities

To do list

Ongoing marketing activities

Calendaring

One time marketing projects

Project management list

Idea generation activities

Sticky notes

In the above mentioned table the format of schedule and marketing activities are involved in the company and it depends upon the requirement of the organization to decide most appropriate format for the scheduling the activities of the company.

Projected profit and loss statement:

Profit and loss statement is prepared to estimate net profit of the company. Profit and loss statement describes the net investment and net sales which helps to contrast the profit or loss of the company. This is an important tool of estimating the net profit of the organization, it includes the expenses involved in the production and return on that investments. If the expenses are more than return then the organization will experience loss and if net sales of the product are more the cost of the product then company will get profit. The profit and loss statement helps to monitor the expenses and operations of the organization which helps to plan the cost and production of the product.

On the basis of the sales and cost of the data the profit and loss statement is prepared which contains the net sales of the T- shirts and the cost of the T- shirts sold. The company made $ 300,000 from selling the T- shirts and the cost of the T-shirts sold includes cost of the goods purchased, opening inventory and shipment charges and the total cost of the sold T- shirts are $ 240,000. So company made a gross profit of $ 60,000.

After deducting expenses as well as taxes the net profit was $ 26,334 in the year of 2009.

P & L Statement of online T- Shirt Company for the year 2009

Total Sales

$ 300,000

Direct Cost of T shirts sold:

Opening inventory

$ 75,000

Goods purchased

$ 140,000

Shipment

$ 25,000

Gross Profit

$ 60,000

Expenses

Wages

$ 14,000

Rent & Rates

$ 4,500

Telephone

$ 800

Professional Fees

$ 900

Advertising

$ 1100

Transport

$ 900

Stationary etc.

$ 200

Insurance

$450

Lighting & heating

$ 400

Bank Charges

$ 300

Depreciation

& 1800

Total Expenses

$ 25350

Net Profit Before Tax

$ 34,650

Corporation Tax @ 24%

$ 8,316

Net Profit

$ 26,334

From the above profit and loss statement it can be concluded that the company is proficiently accomplishing the objectives of the marketing and following a proper marketing strategy to improve the sales of the company. The marketing mix and branding techniques also influenced the financial condition of the company. Online dealing and marketing is quite a tough job but better communication and promotion attracted people to buy items online and also increased the profit compared to last years. The proper implementation of marketing and branding techniques helped to improve the organization financially.

Control methods:

The main motive of this company is to fulfill the objective with appropriate strategy which tends the business to the success. The success of any organization is determined by the performance of the business and the key performance indicators of a business are:

Productivity:

The productivity of the online T-shirt Company is the main determinant of the performance. The elevated productivity reflects the better performance of the organization.

Work Quality:

Work quality is also a major factor of success and determines the performance of the organization. The quality of the work in different section of the organization improves the quality of the products also, so that it will satisfy the needs and desires of the consumer.

Efficiency of the employees:

The main component of any organization is their employees as they directly participate in the production activities and other task. Their capability to accomplish the task determines the productivity and work efficiency or we can say the performance of the organization and fulfillment of the objectives completely depends on the efficiency of the employees.

Cost, Profit and Growth:

The other key performance indicators are cost of the product, profit acquired by the company and growth of the company. The measurement of profit and growth depends on the cost of the product as the profit is determined by the cost of the product as a reasonable cost attracts more customers and the growth of the company depends on the profit acquired by the company. All of them can be considered as the key performance indicators.

The above mentioned key performance indicator indicates the success of the organization. The main objective of the company is to promote the brand and build an appropriate marketing strategy for the organization dealing online. So the brand is recognized by the performance of the organization and an effective marketing strategy makes it possible to reach the consumer and recognize their requirement and desires. The consumer’s requirement and satisfaction level is a significant determinant of success so with a proper communication, promotion, quality and reasonable price, it is easy to attain.