Style Monkey Inc Integrated Communication (IMC) Plan

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08/02/20 Marketing Reference this

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Executive summary

 

This report describes an Integrated communication (IMC) plan for Style Monkey Inc.
The target audience of female and male shoppers between 20 and 35 is to focus of the proposed campaign. After the purpose of report and the current market trends have been clarified, marketing environment research has been completed to identify Style Monkey’s political, economical, social, technological, environmental and legal factors as well as its strengths, weaknesses, opportunities and threats to prepare a plan most beneficial to the organisation. Campaign objectives and strategies have been created to support Style Monkey’s mission and benefits. This plan includes various communication channels such as social media, publications, email, mobile along with different marketing strategies such as advertising, public relations, direct marketing, sales and promotion and events for the purpose of give ideas and suggestions for the company. Proposed evaluation plan will determine the campaign upon accomplishment. 

1.0    Introduction

The aim of the coursework is to have a wide range of knowledge of the IMC tools and theories in order to have the ability to apply and evaluate them in an academic and practical context.

This individual report of not more than 1500 words includes an IMC plan by the client Style Monkey Inc. – number 11 in the US market- for the purpose of build strong brand and product awareness amongst the target consumer groups in the United Kingdom retail sector and launch their new range of functional super warm winter clothing for the next Autumn.

In 2017, consumer spending on clothing and footwear in the United Kingdom was just under £72 billion. The most higher value of the clothing and accessories market in the United Kingdom in 2017 was £21.3 billion by category of Women’s outwear, which has been increased by 2.9% from 2013, compare to the Men’s outwear which was £11 billion. (Value of the clothing and accessories market in the United Kingdom (UK) in 2013 and 2017, 2018).

Online shopping, including fashion products increasing year by year. According to Mintel’s Online Fashion UK Report in 2017 the consumers spent £16.2 billion on online sales of clothing, compare to the annual expenditure on clothing in the United Kingdom, which was approximately £58 billion.

2.0    Marketing environment

It is essential for the management of the company to understand the importance of marketing environment as it supports in planning of the business operations and helps in planning of different marketing and promotional strategies (Blythe and Megicks 2010).

The marketing environment contains of forces that directly or indirectly influence an organisation. These forces are divided into three categories macro and micro and internal (Blythe and Megicks 2010).

The actors and forces affect a company’s capability to operate effectively in providing products and services to its customers (Kotler and Armstrong 2016).

Analytical business tools such as SWOT and PESTEL can help to give a clear understanding of a situation related internal and external factors.

Figure 1: PESTEL Analysis.

PESTEL Analysis

Style Monkey Inc.

Questions to ask

 

home economy?

economy trends?

overseas economies?

general taxation?

taxation specific to product/services?

seasonality issues?

market/trade cycles?

specific industry factors?

market routes trends?

distribution trends?

customer/end-user drivers?

interest/ exchange rates?

international trade and monetary issues?

Questions to ask

 

competing technology development?

research funding?

associated/dependent technologies?

replacement technology/solutions?

maturity of technology?

manufacturing maturity and capacity?

information and communications?

consumer buying mechanisms/technology?

technology legislation?

innovation potential?

technology access, licencing, patents?

intellectual property issues?

global communications?

This is a free resource from http://www.keepoint.co.uk, which contains lots more useful tools and materials.     


As the PESTEL analysis shows, political factors can be the biggest source of uncertainly for the Style Monkey Inc. The government has the ability to encourage the company to buy fabrics locally. Geopolitical instability, such as Brexit may increase a pervasive sense of uncertainty in the global economy (McKinsey & Company, 2018). The economic forces, such as inflation, recession, demand and supply can significantly impact the business progress. It is crucial for the business to adapt its external environment, knowing its potential clients and the bring affordable but good quality products onto the international market. Technology is also very important for the business. Internet, variant smart electronic devices are affecting sales, marketing and consumer choice. Moreover, improved technology allows the business to produce goods for less money and reducing production cost. Using more environment friendly raw materials, packaging and operation can be the key influencer of the consumers purchasing decisions. Besides, legal compliance and ethical image can be beneficial for the company.

Social

-Society’s habits: importance of the environment

-Lifestyle

-Social classes

-Attitudes towards product quality

Political

-Government instability

-Foreign tax policies

-Competition regulation

-Political influence

-Import-export regulation

-Trade control

-Trade restriction

Economical

-Interest rates in the UK

-UK’s economic growth

-Level of disposable income

-Propensity of people to spend

-Unemployment trend

-Price fluctuation

Technological

-Technology incentives

-Access to a new technology

-Internet infrastructure

-Ecommerce

Legal

-Employment laws

-Consumer protection laws

-Health and Safety laws

-Environmental laws

 

Environmental

-Environmentally friendly

-Attitudes towards green products

 

Figure 2: SWOT Analysis.

SWOT Analysis

Style Monkey Inc.

Internal

Strengths

-Market dominance

-High product quality

-Architecture network

-Differentiated products

– High manufacturing ability

– Economies of scale

Weaknesses

-Management skills

-Poor record on innovation and new ideas

-Lack of presence in South American market

External

Threats

-New market entrance

– Change in political and economic environment

– Demographic and social change

– Low market growth

– New Product failure

– Technological threat

Opportunities

-New markets and segments

-New product

-Diversification opportunities

-Demographic and social change

-Change in political and economic environment

-New partnership opportunities

-International growth

3.0    Campaign Objectives

A marketing objective is a statement of what is to be accomplished through marketing activities and it specifies the results expected from marketing efforts (Gilligan, 2003).Doran (1981) first introduced the specific, measurable, assignable, realistic, and time-related (SMART) framework for writing efficient management goals. Today, the SMART method in management is commonly stated as the standard for developing effective, measurable goals and objectives (Bowles et al., 2007).

SMART objectives for Style Monkey Inc.:

-          Increase the value of the brand with successful promotional campaigns

-          Increase brand recognition and awareness: 55% by the end of 2019

-          Sell 45% more high quality sport clothes, compared to last year

-          Increase the market share of the company by 20% by opening new stores in the United Kingdom retail sector

-          Achieve 35% increase in sales by the end of the year

-          Increase by 20% by the end of the year, the revenue from e-commerce focused on generated content during Autumn, in website to capture 40% more leads

-          Generate £50 million in the first half, with the sale of the newly developed product, using all marketing materials and actions presented at the convention at the end of the last year

-          Conquer 15% more market share in the main market in London, through partnerships with distributors and sales promotions by the end of the year

4.0    Target audience
 

In business it is essential of being able to communicate the message in a powerful way. Hence, companies need to able to adjust to their target audience’s values, wants and needs (Kotler and Keller 2009). Market segmentation requires analysis and thus better understanding of customers, helps identify new customers and positioning communication strategies (Jobber 2010). As Jobber claimed, ‘The identification of individuals or organisations with similar characteristics that have significant implications for the determination of the marketing strategy’. The current target customers of Style Monkey Inc.  are mainly males between 20-35 years urban based professional, who are highly styled orientated with limited amount of disposable income. Style Monkey Inc. will extend its target audience, focusing on females and males equally between aged 20 and 35 years. Style Monkey Inc. targets in the campaign both, young urban man and women with confident, high quality style and mid-range spending habits. Furthermore, those customers, who are highly interested in sport activities. The psychographics targets for Style Monkey Inc. are people with an active lifestyle, who no just exercise regularly, but also enjoy the outdoors. Based on hypothetical segments, the company targets mainly Fashionista customers, who creates and promotes high fashion (Suzane Boyd, 2008). Moreover, they are concerned and up to date with current trends, tend to use their fashion for self-expression in order to state their social status (GFK MRI Psychographics Sourcebook, 2010). The main shop will be located in London, but several smaller cities such as Liverpool, Birmingham and Manchester will be targeted in the United Kingdom retail sector.

Investigate sport

clothing’s market

segmentation in public sport

based on demographic

variables

Investigate sport

clothing’s market

segmentation in public sport

based on demographic

variables

5.0    Marketing strategy

Marketing strategy is a process, which can give the opportunity for the organisations to focus its resources on ideal possibilities with the goals of increasing sales and achieving a sustainable competitive advantage (Varadarajan, 2009). As Slater and Olson stated: “Marketing strategy is a set of integrated decisions and actions by which a business expects to achieve it marketing objectives and meet the value requirements of its customers.”

5.1    Slogan

“Sport is passion, style is spirit” – Style Monkey


Style Monkey offers through its high-quality products not only excitement for the outside activities, but also gains confidence and gives a unique appearance for their customers.

5.2    Through the line

Style Monkey Inc. wants to build strong brand equity among the outdoor clothes companies. Using social media tools such as Facebook, Twitter, Instagram and YouTube will give the opportunity to reach more targeted audience. In order to increase the online sales unconventional marketing mediums will need to be used to gain attention from the

target market, which will also help with building the community around the brand. It is necessary to associate the Style Monkey brand name with being free by creating messages to deliver through social media channels and engage consumers to shop online because of the freedom. The channels address to the younger audience, who will be familiar with the Style Monkey brand and the message will go viral. In order to do this, Style Monkey will cooperate with famous UK athletes, such as Roos Edgley and Nile Wilson. Promotional offers and creating videos with them will help the brand being centre of attention in the online world. The messages should have an element of style and sport to help lighten the image of Style Monkey Inc. Furthermore, products should be always available in the stores and employees should be helpful and engaged in order to offer the best shopping experience. Online prices will need to be more competitive to encourage customer to consider ordering online. However, shopping experience can add more values for buying products. Mobile application will be developed to increase the purchases online and build strong brand awareness. Hereby, customers can be informed and get immediate notification of the latest news. Moreover, this platform not only give the opportunity to improve the customer engagement, but it opens a new way of advertising in order to ensure and maximise the customer loyalty.

5.3    Above the line

Press advertisement will allow to reach other protentional target audiences. Style Monkey will focus on sport and style related magazines such as Esquire and The Great Outdoors to promote their items. These high quality, colourful magazines will reflect on the brand’s image and ensure the importance of the message. Nevertheless, small display classified advertisements will be published in the leading national newspapers, such as The Sun and Daily Mail in the United Kingdom in order to attract more customers and increase the popularity of the brand.

5.4    Below the line

After Style Monkey launched in the UK retail sector, the promotion will be heavier. Promotional offers, membership discounts, event announcement will be sent via e-mail to the target audience. Well-design email will capture the attention of the reader right away and will offer useful and engaging content to build loyalty over time. Tradeshows and exhibitions will be organised by attending popular sport events, such as National Running Show, Adventure Travel Show in the United Kingdom. Style Monkey will have the possibility to be in front of its target audience in order to a have chance to engage directly with potential buyers and influencers.

6.0    Evaluation

IMC evaluation is vital part in implementing IMC plan effectively (Clow and Baack, 2013).
The objectives revolve around two elements: increasing brand awareness and increasing sales in the United Kingdom stores as well online. Style Monkey will gather people to show the new products through the campaigns as well as the direct marketing and sales promotion ideas in order to collect feedback. Surveys will be used after purchases. The questions will focus on different aspects of the shopping experience, which will show the consumer’s engagement and the delivered clear message effectiveness. Social media metrics, such as Google analytics will be used throughout the campaign to analyse online traffic by sales and social media tools that allow to track engagement with certain items.

7.0    Conclusion

The report aims to build an IMC planning to interact with the potential customers, drive up product awareness and develop loyal relationship with the target consumer groups. The report has an effort to develop IMC plan for Style Monkey Inc. The company focuses on analysing target segment and marketing strategy to satisfy the costumer’s demand. Social media, paid advertising, public relations and promotion are selected and then implemented to achieve the goals of the brand.

8.0    References

  • -Kotler, P. and Armstrong, G. (2016) Principles of Marketing, Pearson, Essex Palmer, A., Worthington, I., Hartley, B. and Mulholland, M., The Business and Marketing Environment (McGraw-Hill, 1999).
  • McKinsey & Company. (2018). The State of Fashion 2017. [online] Available at: https://www.mckinsey.com/industries/retail/our-insights/the-state-of-fashion [Accessed 9 Nov. 2018].
  • Team, M. (2018). UK Online sales of clothing, fashion accessories and footwear grow by 17% in 2017. [online] Mintel. Available at: http://www.mintel.com/press-centre/fashion/uk-online-sales-of-clothing-fashion-accessories-and-footwear-grow-by-17-in-2017 [Accessed 7 Nov. 2018].
  • Value of the clothing and accessories market in the United Kingdom (UK) in 2013 and 2017, c. (2018). Clothing market value in the UK 2013-2017, by category | Forecast. [online] Statista. Available at: https://www.statista.com/statistics/317394/clothing-and-accessories-market-value-in-the-united-kingdom-uk-by-category/ [Accessed 7 Nov. 2018].
  • Value of the clothing and accessories market in the United Kingdom (UK) in 2013 and 2017, c. (2018). Clothing market value in the UK 2013-2017, by category | Forecast. [online] Statista. Available at: https://www.statista.com/statistics/317394/clothing-and-accessories-market-value-in-the-united-kingdom-uk-by-category/ [Accessed 7 Nov. 2018].
  • Blythe, J. and Megicks, P., Marketing Planning: Strategy, Environment and Context (FT Prentice-Hall, 2010).
  • Gilligan, C. and Wilson, R. (2003). Strategic marketing planning. Oxford: Butterworth-Heinemann.
  • Bowles, S., Cunningham, C., De La Rosa, G. and Picano, J. (2007). Coaching leaders in middle and executive management: goals, performance, buy‐in. Leadership & Organization Development Journal, 28(5), pp.388-408.
  • Doran, George T. (1981). There’s a S.M.A.R.T. way to write management’s goals and objectives. Management review 70.11 1981: 35. Business Source Premier
  • Gilligan, C. and Wilson, R.M.S., Strategic Marketing Planning (Oxford: Butterworth-Heinemann, 2009).
  • Slater, S. F., & Olson, E. M. (2001). Marketing’s contribution to the implementation of business strategy: an empirical analysis. Strategic Management Journal, 22, 1055–1067.
  • Varadarajan, R. (2009). Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises. Journal of the Academy of Marketing Science, 38(2), pp.119-140.
  • Kotler, Philip & Keller, Kevin Lane (2009) Marketing Management Pearson Education International, 13. Edition
  • Share of individuals who purchased clothes and sports goods online in Great Britain in 2018, a. (2018). Online clothing purchasing by demographic Great Britain 2018 | Statistic. [online] Statista. Available at: https://www.statista.com/statistics/286096/clothes-and-sports-goods-online-purchasing-in-great-britain-by-demographic/ [Accessed 14 Nov. 2018].
  • Investigate sport clothing’s market segmentation in public sport based on demographic variables.
  • Saeed sadeghu boroujerdi and kaveh hasani
  • Suzane Boyd (2008). High Style: Are You a Porter Person? Toronto Star, 17 July. P. L1
  • Doran, George T. (1981). There’s a S.M.A.R.T. way to write management’s goals and objectives. Management review 70.11 1981: 35. Business Source Premier
  • Bowles, S., Cunningham, C. J., De La Rosa, G. M., & Picano, J. (2007). Coaching leaders in middle and executive management: Goals, performance, buy-in. Leadership & Organization Development Journal, 28(5), 388–408.
  • Clow, K. and Baack, D. (2013). Integrated Advertising, Promotion and Marketing Communications Global Edition. 6th ed. Pearson, Sydney: Pearson Education Limited.
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