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Strategic Fashion Marketing Plan

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Wing Lau

on 8 December 2014

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Transcript of Strategic Fashion Marketing Plan

Strategic Fashion Marketing Plan
Next plc : A Strategic Audit and Marketing Plan
Subject Matter: Ecommerce
Brand Positioning
Overall, Next brand clothing more expensive
Quality is one of the highest
Financial Review
£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
Specific
: Aim to increase Next's Directory revenue

Measurable
: Increase Next Directory’s revenue by 25%

Achievable
: Invest larger amounts into ecommerce websites

Realistic
: Continue to experience their trend of Next
Directory accounting for a greater percentage of
their total sales revenue (Next 2014; Zantes et al.
2012).

Timed
: 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:
In-store
Online
Overseas
Consumer Segmentation
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
Product
Entire existing collection of Next products

Price
Price point will be variable, £10 coupon for 1st online purchase with free shipping
Earn points which will earn consumers rewards for further discounts

Place
Online Next ecommerce sites worldwide

Promotion tools
Primarily- Promotion, Advertising (online & in print) and social media marketing
Advertising in magazines/search engines
Social media create buzz and word of mouth



Conclusion
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%
Reference
Birtwistle, G., & Freathy, P. (1998). More than just a name above the shop: a comparison of the branding strategies of two UK fashion retailers. International Journal of Retail & Distribution Management, 26(8), pp. 318-323.

Bridson, K., & Evans, J. (2004). The secret to a fashion advantage is brand orientation. International Journal of Retail & Distribution Management, 32(8), pp. 403-411.

Burt, S. L., & Sparks, L. (2002). Corporate branding, retailing, and retail internationalization. Corporate Reputation Review, 5(2-3), pp. 194-212.

Davies, G. (1992). The two ways in which retailers can be brands. International Journal of Retail & Distribution Management, 20(2).

Doherty, A. M. (1999). Explaining international retailers' market entry mode strategy: internalization theory, agency theory and the importance of information asymmetry. The International Review of Retail, Distribution and Consumer Research, 9(4), pp. 379-402.

Fernie, J., Moore, C., Lawrie, A., & Hallsworth, A. (1997). The internationalization of the high fashion brand: the case of central London. Journal of Product & Brand Management, 6(3), pp.151-162.

Goldsmith, R. E., & Goldsmith, E. B. (2002). Buying apparel over the Internet. Journal of Product & Brand Management, 11(2), pp.89-102.

Hines, T., & Bruce, M. (Eds.). (2007). Fashion marketing: contemporary issues. Routledge.

Holt, D. B., Quelch, J. A., & Taylor, E. L. (2004). How global brands compete. harvard business review, 82(9), pp. 68-75.

Ibeh, K. I., Luo, Y., & Dinnie, K. (2005). E-branding strategies of internet companies: some preliminary insights from the UK. The Journal of Brand Management, 12(5), pp.355-373.

Jackson, T. & Shaw, D. (2009) Mastering Fashion Marketing, London. Palgrave.

Jelassi, T., & Enders, A. (2005). Strategies for e-business: creating value through electronic and mobile commerce: concepts and cases. Pearson Education.

Kent, T. (2003). 2D23D: Management and design perspectives on retail branding. International Journal of Retail & Distribution Management, 31(3), pp.131-142.

Kim, E. Y., & Kim, Y. K. (2004). Predicting online purchase intentions for clothing products. European journal of Marketing, 38(7), pp.883-897.

Lane, C., & Probert, J. (2006). Domestic capabilities and global production networks in the clothing industry: a comparison of German and UK firms' strategies. Socio-Economic Review, 4(1),pp. 35-67.

Marciniak, R., & Bruce, M. (2004). Identification of UK fashion retailer use of Web sites. International Journal of Retail & Distribution Management, 32(8), pp.386-393.

Marciniak, R., & Bruce, M. (2004). The scope of e-commerce in retail strategy, in Margaret Bruce, Christopher Moore, and Grete Birtwistle (eds) International Retail Marketing: A Case Study Approach, pp.91-107. Routledge.

Marciniak, R., & Bruce, M. (2007). Fashion e-tailing. In Tony Hines and Margaret Bruce (eds) book, Fashion Marketing: contemporary issues, Routledge. Pp. 259-276.

Moore, C. M. (1995). From rags to riches–creating and benefiting from the fashion own-brand. International Journal of Retail & Distribution Management, 23(9), pp. 19-27.

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
Next Plc, (2014b). About Next. Next Corporate. Available at: http://www.nextplc.co.uk/about-next.aspx
Next Plc, (2014c). Our History. Next Corporate. Available at: http://www.nextplc.co.uk/about-next/our-history.aspx
Next Plc, 2012. Annual Report and Accounts 2012. Next Plc. Available at: http://ir2.flife.de/data/next/igb_html/index.php?bericht_id=1000007&index=&lang=ENG

Shannon, Sarah (2012). M&S Loses Britain’s Largest Clothing Retailer Title to Next. Bloomberg News [online]. 29 June 2012, Available at: http://www.bloomberg.com/news/2012-06-29/m-s-loses-britain-s-largest-clothing-retailer-title-to-next-1-.html

Wigley, S. M. (2011). A conceptual model of diversification in apparel retailing: the case of Next plc. Journal of the Textile Institute, 102(11), pp. 917-934.

Wigley, S. M., Moore, C. M., & Birtwistle, G. (2005). Product and brand: critical success factors in the internationalisation of a fashion retailer. International Journal of Retail & Distribution Management, 33(7), 531-544.

Yu, W., & Ramanathan, R. (2008). An assessment of operational efficiencies in the UK retail sector. International Journal of Retail & Distribution Management, 36(11),pp. 861-882.

Zentes, J., Morschett, D., Schramm-Klien, I. (2012). 4.1 Online Retailing, in Strategic Retail Management: Text and International Cases, pp.71-91. Springer.
Reference
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
Loyalty
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
Aged 25-45
Internet users on a daily basis
Work professional jobs which require fashionable & quality clothing
Target Market
How it works
Risk Analysis & Contingency Plan
Risk analysis is about managing effectively in a risky and uncertain world (Edward, 2013).
Process
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

Physical Evidence
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

People
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
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