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Professional Application - Essay Example

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IMC- Steve Madden Customer inserts his/her name Institution’s name Abstract Steve Madden represents a well-known small business in the footwear industry with a strong online and physical presence. The company is primarily associated with selling cutting-edge and fashionable items…
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Professional Application
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Professional Application

Nevertheless, Houston represents a booming market for Steve Madden with a high proportion of working population with higher incomes. The paper reviews the internal and external situational factors affecting Steve Madden. The insights offered by this research can provide a basis for further in-depth research regarding the competitive position of Steve Madden. Keywords: Steve Madden; positioning; target market; marketing efforts Introduction The small business chosen for the purpose of this essay is Steve Madden which has a strong retail presence in Houston, Texas. Steve Madden enjoys a strong foothold in the footwear industry and is primarily known for the novelty of its products at a reasonable price. This paper discusses the competitive and marketing landscape for Steve Madden along with the economic, social, technological and demographic factors affecting the business. Part 1: Situation Analysis Product/Service Overview – strengths, weaknesses Steve Madden offers an assorted range of accessories and shoes for men, women and children. It enjoys high brand equity by virtue of its cutting edge styles and fashion statements (Zappos.com, 2013). Another strength is that the products are sold through the company’s own stores, department stores as well as company website, thereby increasing availability of its products. Furthermore, the price matches quality thereby offering value for money for customers. However, the products remain beyond the reach for majority of the customers. Also, repetitive styles result in monotony. Current positioning in the market Steve Madden has positioned itself on the bridge between high-end and mid-range fashion. It currently enjoys a dominant market position with Steve Madden being ranked second to Nike as the customer’s preferred footwear brand (from 2002-2007) (Piper Jaffray Companies, 2013). Target Market Steve Madden targets a broad range of customers. Its core market for women ranges from 16-45 years whereas the sub brand “Stevies” is focused on girls aged 6-12 years (T. Sloan, personal communication, September 02, 2013). The target market for men includes those aged 20-40 years (T. Sloan, personal communication, September 02, 2013). These individuals are primarily fashion conscious individuals with high annual incomes but do not want to splurge in expensive, high-end fashion. Less expensive knock-offs are offered for such customers. Current marketing efforts (traditional, interactive, etc.), messages and effectiveness The company’s marketing efforts can best be described as both traditional and interactive. It has partnered with Katy Perry under “Steve Madden Music” campaign which also featured live performance by Shwayze, a rapper. The company is actively engaged in mobile marketing as well as digital marketing through Facebook where customer feedback is taken via comments on videos, pictures and other content posted by the company. Google ad words and Twitter are also used to broaden sharing of Steve Madden’s content and deepening relationships with customers. Part 2: Competition The three major competitors for Steve Madden are BCBG, Nike and Nine West. These shall now be analyzed one by one. BCBG- Product/Service Overview – strengths, weaknesses Primarily known for its high quality, fashionable apparel, BCBG has increased its offerings to include handbags, shoes and accessories thereby offering high product variety. The mid-range price points appeal to a broad range of ... Read More
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