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Strategic Fashion Marketing Plan
Transcript of Strategic Fashion Marketing Plan
Next plc : A Strategic Audit and Marketing Plan
Subject Matter: Ecommerce
Overall, Next brand clothing more expensive
Quality is one of the highest
£553.2 million profit after tax in 2014
Almost 17% profits increased
Next Directory experienced the most growth which accounts for an 18.7% increase in profits.
SMART Marketing Objectives
: Aim to increase Next's Directory revenue
: Increase Next Directory’s revenue by 25%
: Invest larger amounts into ecommerce websites
: Continue to experience their trend of Next
Directory accounting for a greater percentage of
their total sales revenue (Next 2014; Zantes et al.
: Between 2014 and 2015
Internal Audit for Next
"Exciting, beautifully designed, excellent quality clothing and homeware” (Next 2014)
3 Unique ways to fulfill its mission:
Goldsmith’s & Goldsmith’s (2002)
No correlation between demographics, perceived purchase value/ enjoyment of buying online
Online buyers used internet for longer periods of time on a regular basis
Online buyers were most likely to continue purchasing fashion products online in future
Next's Profit Drivers (from Next Plc 2014)
By Hung Wing Lau Student ID: 25578022
Next 2013-2014 Revenue (from Next Plc 2014)
Largest increase in online sales growth
An Incentive Program
7 P's Marketing Mix
Entire existing collection of Next products
Price point will be variable, £10 coupon for 1st online purchase with free shipping
Earn points which will earn consumers rewards for further discounts
Online Next ecommerce sites worldwide
Primarily- Promotion, Advertising (online & in print) and social media marketing
Advertising in magazines/search engines
Social media create buzz and word of mouth
Largest rise in profits from 2013 - 2014 as the increase in online sales growth (Next Plc 2014)
Best investment opportunities: The Incentive Program
Achievable goal: Increase sales between 2014-2015 by 25%
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Next Plc., (2014). Annual Report and Accounts 2014, Chief Executive’s Review. Next Plc. Available at: http://nextplc.annualreport2014.com/business-reports/strategic-report/chief-executives-review
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Kim & Kim (2004)
Influenced consumer's online purchasing decision
Consumers with a higher education level tend to join an incentive program & purchase online
A method of gaining loyal consumer base
Allow a company to collect integral market research on their consumers' purchases
Budget: 5% of the Next Directory sales revenue in 2014 equally £67.05 million
Keep tracking consumer purchases, points and rewards
Once consumer join this program, consumers can receive discounted items purchased online & receive points
Both male & female
Internet users on a daily basis
Work professional jobs which require fashionable & quality clothing
How it works
Risk Analysis & Contingency Plan
Risk analysis is about managing effectively in a risky and uncertain world (Edward, 2013).
Next Retail & Next International will work together and hold in-store advertisements
Next Sourcing must be prepared to fulfil an increase in demand worldwide and deliver online goods on time
Main measured outcomes:
Increase in online sales revenue internationally, number of consumers enrolled in this program, repeated online purchase
Take stock of how many visitors the Next websites have gotten and where the traffic came from
Next Directory, Next Sourcing, Next Retail & Next International will need to work together to create an effective differentiated marketing plan in each country with the least amount of resources wasted