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This project realizes the concepts of extended marketing mix in the context of Splash which is fashion retail chain of The Landmark group in UAE. Introducing the organization and its current market position the recommendations and suggestions have been provided to improve on marketing and sales through implementing the concepts of business marketing mix.
Splash which is a leading fashion retail chain of The Landmark group a leading retail group in Middle East. Splash showcases popular collections for men and women with great variety in apparel and accessories with different well known brands suiting the lifestyle needs of every class of customers. However in recent times Splash has been facingÂ hard time due to stagnant sales , reduction in profits and very high competition in the market which has made the board think about the strategies hence we will see the implementation of the marketing mix events in this scenario and how they might be useful.
The Marketing mix which basically are the combination of marketing activities that an organization indulges itself in order to meet the needs of its targeted market and fulfill the needs of its targeted customers. The original marketing mix consisted of 4 P concepts naming product, price, place and promotion which meansÂ Â offering a good range of products which fulfills the needs of customers of different categories and groups with a price range that suits the consumers of targeted market with selling of products through right places i.e. suitable locations which are convenient for the customers and last but not the least is the proper promotion of your product because that is what will bring more customers for you.
Three additional Ps which are physical layout of the organization, provision of customer service and processes involved in making the marketing strategies, these are the additional activities which are added in the extended marketing mix to make the whole process more rigorous and effective.
Lastly the recommendations for implementing the extended marketing mix concepts in the organization to improve the marketing strategies of the company hence the performance.
The project concludes with realizing the importance of the concepts mentioned and how implementing those in the organization will lead to financial and marketing success.
Splash which is the fashion retail chain of the Land Mark group in UAE is one of the leading fashion retail chains and is a highly acclaimed brand in the region. With its quality of offering a large variety of apparels and accessories of different brands some of which are very renowned all across the globe and its philosophy that youth is a frame of mind and keeping yourself updated with the market scenario is the key to success that makes it the key player of the field. The group has targeted all the categories of customers and at present offering its products in all parts of the region through 80 convenient stores. Splash has many awards for its outstanding collection and variety in the products also it has received recognitions for understanding what the customer requires and provides him that. The group has been organizing events like fashion shows and other gatherings to promote the brands it is selling which have been very effective in past.
The group is youth oriented and known for its up to date mapping of the fashion trends being followed all across the globe which makes it stand in the first row of players in the fashion category. The philosophy the group works on is that “keep yourself updated” and “youth is nothing else but a frame of mind”.
The marketing mix consists of four main ingredients price, place, product and promotion which are joined by 3 more events in the extended marketing mix which are production layout, provision of services and processes. The concept of marketing mix can be understood by the example of cake mix as all the cake mix consist of eggs, milk, flour and sugar while the final taste of the cake can be altered by varying the quantity of these ingredients same is with marketing mix the ingredients for offering the products are the same while we can change the final scenario by varying these entities like for high profile market one should more focus of quality as well as promotion of the product rather than the price. These concepts are very helpful while forming the marketing strategies of any organization.
Theory and Analysis
As given that Splash is facing strong completion in the market as well as loss of market shareÂ also the stagnant sales have been a worrying issue for the group .so we will realize the concepts of extended marketing mix for given case of Splash and also make the suggestion that need to be implemented to improve the marketing strategy.
First one is Price which is pricing the product according to the need of the customer and the nature of the targeted market. There are different types of pricing under this category the ones which are applicable and need to be paid attention for Splash are:
- Premium pricing which is charging high for products which are unique as people would be readily buying them so Splash can charge high for its limited edition products of high class brands which will bring backÂ the market share as well increase the sales.
- Penetration pricing which is setting the prices of usual product low temporarily to gain the market and increase the price once the market is captured. It is very suitable pricing for Splash as it will help it beat its competitors and hence gain the market share as well as the sales.
- Bringing the marketing and manufacturing cost down to decrease the price of the products without compromising with the quality is also an effective strategy to ensure profit and sales as cutting down the price will bring more customers.
- If the sales of the product is not very good and you have a big stock to clear Product bundle pricing is an effective step which combines several products in the same package and helps you sell it and retrieve the base cost .
Next is the second P of the marketing mix which is Place meaning selling the products through convenient places and channels so that it can easily be made available to the customers.
Being retail chain Splash has a very strong relationship with customers as they directly interact with customers. Few steps that can be taken in place column to improve the strategy are:
- Offer variety in products at every location so that customer doesn't have to search a lot.
- Offer credits and schemes on product at stores according to the area's market.
- Use internet for offering more geographically disperse market which will help you in both increasing the market share as well the marketing schemes.
Next is Product Â which means selling products of good quality having all the attributes referring to quality, features and design of the Products? Selling products of customer's choice is the motto of Splash which includes selling products of high quality and good design which also helps it to stay ahead in today's competitive market.
Branding which means selling products of well known brands is also a very crucial decision to be made. Splash sells products ofÂ international brands like Lee cooper, Arrow, Bossini, Kappa, Zodiac and many more along with that Splash also sells in-house designed brands like Ms, Nexus , Retro and many more.
Packaging and labeling which include proper handling of the product which is very important for proper delivering of the product are also very important steps needed to be taken in account while forming the marketing strategies.
Promotion which is last but not the least is very important aspect as it is the medium to reach the customers. Splash has organized many fashion events and other gatherings along with many internet promotion events to reach out to all classes of customers.
Personal selling, sales promotion and public relations are main issues to deal with and if applied effectively will ensure the success of the Splash.
Physical layout of organization
The first among the three extended Ps is Physical layout of organization which is layout of the selling stores of Splash.
Provision of customer service
Provision of customer service is handling the customer complaints or difficulties if any and third is other business processes to make marketing strategies more effective. All these needs to be improved and paid attention while forming the marketing schemes.
(Extended Marketing Mix)
Discussion of Results
After going through the concepts of marketing mix and visualizing them in the context of the concerned organization Splash, we can suggest some recommendations to the management team which can be implemented in the organization
- Using effective pricing schemes according to the market which is targeted will ensure a good market share and increases sales.
- Using effective selling locations and offering attractive schemes on the products along with using internet for promoting the products will be very helpful in increasing the sales and the profit.
- Ensuring high quality of products and keeping yourself updated with the latest fashion trends and provide products to the customers accordingly is the most important thing to be taken care of.
- Last but not the most important is customer satisfaction, quality customer service through convenient locations is the key to establish in a competitive market.
The project talked about the main constituents of the marketing mix concept and also their implication in the given case of fashion retail chain Splash which is a big player in the market. We realized the whole concept in detail that how changing price , product and promotion schemes can influence your sales , profit as well as the market share. In the end we made few recommendations for the management team of the company for improving on the sales and profit.Â