Marketing Strategic Management for Start Up Businesses in London

Introduction

Marketing strategic management is the tactics of the multinational corporations to promote their products and services in the market in order to improve branding and increase the visibility of the organisations (Solimun and Fernandes, 2018). The marketing tactics will be helpful for the organisations mainly for the start up businesses to promote their brands and establish it successfully. The entrepreneurs in the recent era of globalisation is concerned about establishing the business and improve its branding so that it would be possible for the entrepreneur to target the right customer segments and retain the customers for long run (Mujiyanti et al., 2019). The study is helpful to identify the marketing mix strategic planning for the start up business in London, where the entrepreneur focuses on developing the business in the market and promote the products and services efficiently for better customer’s retention. The study also provides a scope to analyse STP tactics and identify the benefits of marketing research to gather more ideas of doing business in London. Recommendations will also be developed in order to support the small sized start up business in London.

Business start up

The entrepreneur focuses on developing the business of clothing products where the needs and preferences of fashionable clothes are increasing over the period of time in London. The business leader aims at establishing the business in the market and make it high quality brand with variety of clothes and accessories. The major products of the company would be all types of clothes and accessories for the male and female members. The variety of design of the clothing as well as the materials of the clothes is the major attractions of the company. The entrepreneur also focuses on promoting the business through developing effective marketing mix strategic planning so that it would be possible for the leader to have successful branding and target the right customers where there would be high intention of making purchase decision for the clothes of the company. The business is mainly based on the market of London, where the company would be able to deliver the products through online activities as well as it also has store at central London where the customers can come and see the variety of products offered by the organisation.

The entrepreneur is also efficient to allocate capital resources for the marketing activities which further enhance different business functions such as product, pricing, placing and distribution channel development. The entrepreneur has partners to start up the business and it further ensures strong capital resources and collaborative leadership style to establish the business efficiently. The entrepreneurs will hire 20 staff initially at the store to manage the customers. There would be 5 sales representatives who can manage the customers and also handle the online buyers. The front desk employees are mainly handling the customers online as well as fulfil the queries of the consumers coming at the stores. The store managers, finance manager, operational head and marketing expert will also be recruited for running the business in systematic process. The organisational entrepreneur is also looking for good clothing manufacturer from where they would be able to store the quality products and maintain its variety. The store development is mainly beneficial for the firm to establish their business at the central London, where the variety of products and efficient customer’s service will be helpful for the business to run their operations and manage their business functions in a systematic process.

Marketing mix strategic planning

Marketing mix strategies are important for the start up business firms in order to strategise the business process and establish the firm efficiently in the market. The factors under marketing mix are such as, product, price, promotion, place, people; physical evidence and process (refer to appendix 1).

Product:

Product strategy is important for the new start up business firm, where the organisations try to choose the right product to establish the firm efficiently in the market. The main product that the small business focuses on is clothing and accessories. The products diversification strategy is effective for the firm in order to establish it and retain the customers from different segments (Blut, Teller and Floh, 2018). The firm must manage the strong products portfolio by handling different clothing, fashionable outfits, organic colour related clothing materials and other diverse sections of fashion which would be beneficial for the firm to retain long run customers. The organisation also must focus on paper packaging system which is sustainable for the society and create good brand image in the market. Effective packaging style and using papers for packaging materials increase safety of the products.

Price:

Price is another factor which is important for the small business to establish their operations and in this regard, the organisation would like to set competitive price as per premium pricing strategy to enter into retail clothing industry of London and provide high quality products at competitive price so that the customers can afford the products. Giving discounts at first purchase of the customers as well as the strategy of seasonal discounts would be helpful to place the brand successfully.

Promotion:

For promotional activities, the brand should focus on television and print media advertisement to increase brand visibility and share the information with the local people of London to attract them. Social media advertisement is one of the effective strategies for the firm, where developing Facebook posts, creating YouTube videos, uploading pictures on Instagram, handling Twitter and Blogs are successful strategic planning for promoting the business in London.

Place:

Strengthening the supply chain and retaining the efficient distributors in the market are the major strategic planning to place the products in London. In this regard; the firm must strategise the business and handle the suppliers and distributor by giving them high return on investment and fulfilling their requirements in long run (Blut, Teller and Floh, 2018). Moreover, increasing trade channels and retaining the clothing manufacturer are also beneficial for the firm to restock the products and maintain a huge variety of products on the store.

People:

People management is necessary for the organisation to establish the firm efficiently and in this regard human resource management strategy such as giving the employees structured salary; performance related pay and yearly bonus and incentives are the major strategy to retain the employees and maximising organisational performance (Syapsan, 2019). In addition to this, managing safety at the workplace of the business, recognition and promotion of the staff, managing corporate culture, transparency and accountability as well as friendly atmosphere of the store will provide a scope to retain experienced staff and achieve future organisational success.

Physical evidence:

The organisation is capable of investing more research and development to strengthen supply of quality clothing products for serving the customers efficiently in near future (Syapsan, 2019). Moreover, the packaging style as well as the organisational infrastructure and store atmosphere is maintained properly with latest technology and innovation to support the customers and enhance business activities in a systematic process.

Process:

IT system, cloud computing process, customer relationship management is the major requirements of the business to handle the consumers at London and serve them uniquely. The staff members are efficient to support the customers and retain them for long run by providing 24*7 services, online support and enhancing communication for engaging the customers successfully (Syapsan, 2019).

STP analysis

STP analysis is effective for the organisation to conduct appropriate segmentation of the customers in the market and target the right customers for the business where the intension of purchase of the products offered by the organisation is high. After successful segmentation and targeting, it is possible for the organisation to develop effective strategic planning for positioning of the brand in the market (refer to appendix 2) (Abril and Rodriguez-Cánovas, 2016). The new business venture aims at establishing the clothing organisation in London and it is mandatory for the organisation to have effective customer’s segmentation and targeting strategy. As per the segmentation of the customers, there are different factors on the basis of which segmentation can be conducted. The major segments of the customers are such as, age, gender, economic status, culture, personal preferences. These are the major segments of the customers, where the business would be able to target different group of consumers for retaining them in long run and make the business successful. As per the age group, the company will target all the age group where there are clothes for the kids, teenagers and also middle aged and old age people. Hereby, there is huge diversity in the clothing products in the company where the customers of different age group can view the available products oat the store and make effective purchase decision. On the other hand, the organisation will target the medium and high economic class where the customer can afford the clothes and accessories of the business (Blythe and Martin, 2019). As per the gender, the organisation will target both male and female members in the market as there is huge variety of garments for all purpose wear. There are also kids segment which attracts the parents for choosing the right clothing and creative design clothes for the children. On the other hand, the business will conduct more in depth market research for better analysis and evaluation and in this regard, the organisation will be able to identify the customers who love fashionable outfits as well as the customers base where the purchase intention and is high and also the frequency to buy the clothes is also high. Hence, the organisation will target the daily customers as well as the consumers who love fashionable clothing and accessories. This customers segment is also effective for the organisation to establish the business in the market and strengthens their customer’s base in long run.

After segmentation and targeting, the business must focus on the successful positioning of the organisation through developing effective tactics and in this regard, the organisation will focus on developing the store at the central London. Store development is the major strategy for the start up business which focuses on developing the store at the central London so that brand visibility and branding can be possible efficiently (Jindal et al., 2020). The business will develop attractive interior decoration of the store, and create different segment for resenting the clothes and accessories, where the customers can search for their products and fulfil their requirements by making effective purchase decision. In addition to this, the business must focus on promoting the organisational products and services for successful position of the brand and in this regard the business must invest on television advertisement as well as other media and newsprint advertisement so that it would be possible for the firm to attract local buyers and make the business successful. Moreover, strategising the supply chain and distribution network is one of the major strategies of the business to establish the firm and run it efficiently. The strong supply chain is required for supplying the quality products from the manufacturer so that the business would be able to restock the products at the store and increase products availability. On the other hand, the distribution network is also mandatory for running the business, where the distributors are able to distributive the products at right place to serve the online buyers.

Importance of Market Research for the business

Market research is important for the entrepreneurs to understand the external environment to run the business, through the market research, the entrepreneurs can identify political support at London, increase collaboration with the local parties for establishing the business as well as identify the legal requirements to start up the business efficiently (Bathmathan and Rajadurai, 2019). The market research is also beneficial for the business where the leader is able to conduct the market activities and identify the actual needs and preferences of the customers across the market of London. It is one of the major benefits of conducting market research, where the entrepreneurs is able to identify the actual requirements of the customers and assess the recent market trend for choosing the products and offering the right products to the right customer segment. In this particular context, the business is going to start up a clothing organisation and the market research would be helpful for the entrepreneurs to identify the recent fashion trend and acknowledge the needs of the customers for the clothing and accessories (Išoraitė, 2016). Through the market research, it is also possible for the entrepreneurs to understand the customers as well as economic growth and social development, where they can connect and engage with the customers across London. Having good market knowledge, minimising the market risk factors, identifying the strong suppliers and distributors in the market as well as improving market intelligence are the major benefits of conducting market research (Wu and Li, 2018). The market research is also effective for the organisation to identify future market scope and opportunities so that the business would be capable of grabbing the market scope and make the business successful. The marketing research is also effective to improve the knowledge and information about the market and increase branding across the London. Moreover, the business would be able to maximise its profitability and enhance sales volume where it is possible for the firm to retain the customers and attract more audiences through marketing activities.

Conclusion and recommendations for the business

It can be concluded that, for the small business start up, it is mandatory to have effective marketing strategic planning, so that it would be beneficial for the organisation to place the brand and improve brand visibility in the market. The major strategic planning of the business is to develop the organisational store in the central London to retain the customers. Restocking the products and increasing the availability of variety of products is another strategy that would be helpful for the organisation to serve the customers. For better marketing tactics and customer’s retention, it is necessary for the organisation to increase online and ecommerce activities so that it would be possible to serve the online buyers. In the recent era of globalisation, there is increasing numbers of online customers and developing effective website of the firm and representing the products are beneficial for the organisation to serve the customers in a better and unique way. In addition to this, the organisation needs to arrange capital for marketing planning so that effective investment on marketing activities would provide a scope to the business to establish the firm and achieve future success. In addition to this, the organisation must recruit marketing expert who have knowledge in the fashionable clothing market of London as well as can target the right segment of buyers where the purchase intention for the organisational clothing and accessories would be high. On the other hand, the organisation needs to arrange the business functions according to the marketing mix strategic planning where different departments such as marketing, finance, operations, and human resource are effective to run the business in a systematic way and establish the firm successfully in London.

Reference List

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