A SHORT INTRODUCTION:
Splash is a brand which bleeds and breathes fashion. It is the fashion arm of Landmark group and is a high street fashion store leading in the Middle East. It has a wide range of fashion apparels for the teenagers, men and women. It is famous for its up to date policy with the change in fashion and also because of a high competitive value. A niche has been carved by splash for itself. Splash has retail mark of a total 120 stores and has 60 brand stores and covers 1.3 million square feet of retail floor space. Present in around 10 countries including UAE, India and Egypt etc. and is working hard to inaugurate over 35 stores more in around three more countries till 2012. (About Splash, 2011)
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MARKETING MIX AND FOUR P’s OF SPLASH:
Splash chooses its products according to the present fashion statement. And to withstand in the competition in the present market, splash has adopted the policy of product differentiation from its competitors. And its choice of brands are also well chosen like–Lee cooper, Kappa, Maui & Sons, UMM, Yishon, Zodiac, Arrow, Smiley world. This all brands are maintained by Splash due to its immense focus on its product development.
It is the amount which a buyer pays for its desired product. The increase or decrease in the price of the product depends on the business. As splash shows a decrease in prices of its clothing’s when the other competitive store also has the same product.
It is the location where the product can be purchased. It includes the physical stores like the distribution channel or the virtual store like the internet where online buying is done. Splash has its extension in both the fields of real and virtual stores. Thus the choice of the place done by the landmark group has never gone wrong.
It represents all the methods of communication that a company may use in the market to develop its image in the minds of the buyers. But this is the only field where Splash has lacked behind. Irrespective of its brand value and competition the company has not advertised its positive factors among its customers unlike its competitors. So this is the only drawback which can harm the company in future as its stores are increasing day by day so will increase its pressure for the turnover. This portion of the company needs recreation.
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Each store of splash contains 35 brands among which 24 of it are designed in-house and rests 11 are top international brands. Thus the company does not need any disturbance in this field. It has well enough tie ups with leading brands. Its management is also well enough as its all stores are covered by the latest fashion cloths so it’s also not the management which needs to be disturbed. So the question is which field requires recreation. As earlier mentioned it’s the advertising sector which requires some tremendous change to be done. The brand value is increasing and so the number of stores and also the number of countries. Thus the old policy of advertisement is not enough for the company to consolidate its position in the coming years. Serious steps are required.
Advertisement, public selling, sales promotion and public relations are the tactics which should be played in order to the competence with the opponents. A variable amount of cross over will take place when the above mentioned tactics will be utilized by the company. Its earlier methods of advertisement were good enough for those times only when it had limited stores, limited market, and limited customers. But now being an international brand its advertisement plans should change. The measures it should take are
It should go for commercials, radio advertisement, internet advertisements, print media and bill boards
It’s that sector where direct pay is not made for communications it includes sponsorship deal, press release, conferences, exhibitions, seminars, trade fairs or events for the promotion of the products.
Now the company should fix its target that besides increasing its stores it should also pay attention on its advertisement also so as to avoid the problem of stagnant sales, lower conversation ratio and the reduction in its profit as it occurred few years before. So the only drawback which the company has is the lack of advertisement. All things of the company has changed accept its advertisement plan thus improving this will surly lead to success.
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Marketing, as we hear this word many definitions’ and many meanings comes in our mind like buying of goods, selling of goods, promotion of product and many of these similar things can approach our mind. So briefing all these point together we can define marketing as some set of instructions, or exchange offerings or any activity or process for creating, communication and delivering that have some value for the clients of the company, the customers or for any society as a whole. With the help of this we can know the sales techniques, how we have to communicate. By this company build hefty relations with their customers and also create a value for the company by creating values for their customers. So after getting a brief knowledge about marketing we discuss its type. Marketing can be done in two ways, either it is organization base or it is customer based.
So let us first talk about what marketing based on customer. Everyone present here knows that every organization works for customer, they survive in the market by attracting more and more customers towards their product. They have to make what the customer want to survive. So for this constant survey has to be done as customer need and taste changes with time so a firm should monitor all these changes and have to work according to it. This means that organization focuses its actions and products according to the customer need and demand. We know that all the strategic marketing decisions are driven by customer needs, for every process in a firm the starting point is always the customer. Any product which is technically sound but if it is of no use for the customer can’t survive. The approach which is focused on customer marketing is known as SIVA (solution, information, value, access). This model contains four Ps in it. They stand for; product, price, place and promotion and if any of these were not included in the marketing factor than the business may have some problem and it might happen that customer demand for the product decreases. Every organization wants to build a strong relationship with its customer, which is a prime need in this competitive world. A large amount of money is spent for the database and technology which is required to support a customer centric approach. In this the firm has to satisfy the old customer and also have to attract the new customers and increasing their business. We can say that customer is the king and the organization is a slave. As we know slave do what a king wants and make him satisfy and happy, similarly a firm works to make his customer happy and satisfies him. So finally we can say that a strategy is to be planed which value the customer and which manage the customer relationship with the firm quite well. (International Marketing)
Now we discuss about organizational orientation as the name suggest focus is on the organization. All the marketing strategy is done according to the organization. This doesn’t mean that customers have no role but the main focus is given to the organization. In this type of marketing prime importance is given to the marketing department of the organization. This means that during functional part organization is at prime focus. Now every action taken in the organization is according to the organization’s marketing department. It guides every other department of the firm how to work, by using the information from the marketing department. The marketing department of the firm does a market research; in this they are able to know what a customer want, what are his requirements. Do they want a new product or they want some improvement in the existing one. After doing this job now they have a plan in their mind that how to proceed and what to do. Now they guide the R&D department that what they have to make, what type of product or service is to be given. After guided by the marketing department the production department start its work and start to manufacture the product and during this time the marketing department would promote the product, what will be the price? And after its manufacturing is done then they also focus on the distribution of the product. Also the department of finance is consulted as finance is important part and there should be appropriate funds available for production, promotion, distribution of the product. So these were some points about marketing to organization and marketing to customer.
Now let us discuss about the differences involved in international and domestic marketing. By the two words international and domestic everyone here can tell something about it. By the word international we know enlarging the scope of business and going global whereas domestic means not going global.
So preceding our discussion we will talk about international marketing. Globalization, what does this word means, as discussed above it means increasing the scope of business, widening its scope; we can say that taking the business to a high level. Increasing in globalization of business is due to several reasons. One of the most important and significant reason is that the improving technology and due to this the facilities like communication and transportation has improved in today’s world. Now trade has become more practical. So now consumers have a wide range of products to choose from and also they have the best products from different countries of the world from which they can select. Competition is also increasing because every country wants to have the latest technology to have a new product and the best one of all. In a global market the focus is on the entire world market and the decisions are made according to the response for the product in the world market. If we want to take an example of a global company, the best example is of very popular company, everyone must have heard its name, its coca cola. Yes this is a very good example of a global company. One important point to share is that mostly globalization is for large company and not for every company as not all the company can get benefit from globalization rather some do good in domestic market. With the help of globalization countries can get foreign exchange easily which is a must need of every country. In the international trade, exchange rates come in two forms one is floating and other is fixed. In floating type, there is an open market where the currencies are set for supply and demand for each of the currency. In fixed type one currency is fixed for other, for example for one dollar the rate of rupee is fixed and it is 45. It may fluctuate some amount but not change more. When exchange rate fluctuate the demand for that currency decreases and this decreases rate attract other countries for trade. Now ending the discussion on international trade we just discuss how laws are set. Now if two countries have different laws than which country law is to be followed. In this situation a committee is formed and by mutual understanding such laws are formed which are beneficial for both the countries and will give profit to both of them. (What is a Domestic Marketing?)
So now last part of our today’s discussion is about the domestic marketing. What does this means; this means doing business or doing endorsement of the products is done in the nation only. In this the company markets its product under the national authority without considering the sound effects of the global contest. The competition is local and the consumer circle is also local. They have to do everything for the people of their country only they have nothing to do with the whole world. The disadvantage of the domestic market is that they may loss their market in future as the global traders can enter the local market but the local traders have no idea about the global trade. The traders are focused only on a single market which is the national market. The disadvantages of domestic market are that since there is less competition so the customer might not get what they want. As they don’t have much competition so they work according to their profit and also to increase the profit the rates of product are also high and for this also the reason is same that is due to less competition. Also the quality of the product may also be not of that level what a customer wants. A monopoly situation occurs as of fewer traders, so they do everything according to them. The limited traders set their areas and exploit the people there, and people have no choice they have to pay what they are asked to. The benefits of domestic market is that the traders who don’t have much finance so they can’t do business at global level. So domestic market is a good path way for them to start their business and set themselves in the market.
So this was all for today, by this you may have learned many things and enlarged your knowledge about some aspects of marketing.
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