The essay "Marketing the Fashion Product" talks about the successful marketing strategy of the biggest clothes retailer in the United Kingdom Marks and Spencer (M&S).
The lingerie market has grown steadily over the past decades with the United Kingdom experiencing consistent growth. M&S have grown consistently with new designs, innovative practices to record huge volume of sales in the last 5 years. “The total UK lingerie market was worth an estimated £2.93bn in 2010, increasing by 17.8% over the 5-year review period.” M&S underwear brands consist of ‘Autograph’, ‘Per Una’ and ‘M&S Woman’ for women. For men it is ‘Autograph underwear’, ‘collezione’.
Marketing has always been the nucleus of any business. There is no other alternative to reach the customers than a proper marketing plan and execution. The companies need to reach out to the customers and offer them the best services and quality at competitive prices. It is not necessary for M&S to provide cheap products as quality is the key to the underwear market segment where comfort counts. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.
The 7P marketing mix is a scientific account of the key areas of marketing which are Product, Price, place, promotion, packaging, positioning, and people. The idea of marketing mix is the same idea as mixing a cake. A baker will alter the proportions of ingredients in a cake depending on the type of cake he/she wishes to bake. ...Show more