MRKT20052 Marketing Management

MRKT20052 Marketing Management

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MRKT20052 Marketing Management

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MRKT20052 Marketing Management

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Course Code: MRKT20052
University: Central Queensland University is not sponsored or endorsed by this college or university

Country: Australia

This will be the second part of the marketing plan for the new product you chose for Assessment 1 from the website Christian Louboutin Nude Flats Changing the product will not be allowed at this stage. Your assignment should be an application of relevant marketing concepts.
There is no need to go into details about explaining marketing concepts, rather it should be an applied discussion in the case of the new product. You can use the example given on pages 77-81 on the marketing textbook as a guide.
However, you are highly recommended to check other sources for examples of marketing plans.
Formulate a detailed marketing mix strategy and place particular emphasis on a digital marketing communication planPresent action programs designed to achieve the marketing and financial objectivesDiscuss the implementation and control of the marketing plan.

In the current business scenario, marketing management and digital communication are required to business growth and development. This report discusses SWOT and competitors analysis in the footwear industry to create a marketing plan for developing new products. It also exhibits the marketing, and financial objectives, and mission of the company. It also illustrates the marketing mix strategy which focuses on the digital marketing communication plan. This report defines the action plan to meet the marketing and financial objectives. It also determines the evaluation and control of marketing plan for Christian Louboutin’s Nude Flats.
Designer Christian Louboutin has extended his much-admired Nudes flats for all collection. Further, it plans to launch the line of ballet flats which is appropriate for all skin tones. The wide range of ‘Solasofia’ ballerina flats is provided in a field of seven hues (Christian Louboutin, 2017).
Competitor’s analysis is used to understand the strategies of key market players as it is beneficial to develop an effective marketing plan. It is analyzed by using given porter’s five force model:
Bargaining power of buyers
In footwear industry, the company has strong bargaining power because there is the high availability of same products and services. Therefore, there is low switching cost of products as purchasers can easily shift from one product to another (Baker, 2014).   
Bargaining power of Suppliers
There is weak bargaining power of suppliers because there are a lot of substitutes are available in the footwear industry. Therefore, the company needs to emphasize on making the effective relationship with the customers as it will enable the company to make negotiation on price with the suppliers (Chaffey, et. al., 2013). 
Threat of New Entrants
In the footwear industry, the threat of new entrant is low because there are low regulations made by the government to penetrate into the market (Andrews, and Shimp, 2017). 
Threat of substitutes
There is a large number of substitute’s products are available in the footwear industry hence it can be a threat for Christian Louboutin’s for developing Nude Flats in Australia (Killian, and McManus, 2015).
Rivalry among existing competitors
There is high competition among key market participants in the footwear industry hence it is stated that Christian Louboutin may face challenges to compete the existing competitors and creates a distinct picture about the Christian Louboutin’s Nude Flats in the market (Leeflang, et. al., 2014).   
Market Summary and Demand Assessment
It is analyzed that consumer behavior is changing in terms of fashion. Further, consumers change their preference towards genuine products due to getting information through advertisement and media especially in footwear sector (Parente, and Strausbaugh-Hutchinson, 2014). It is also evaluated that footwear, clothing and personal accessory retailing is increasing by 0.2% in 2017 in Australia. Along with this, $2.34 billion was spent by companies on designer footwear.
Demographic Segmentation
For this product, Christian Louboutin will make segmentation on the basis of demographic factors. In this way, they will choose to females for selling their products. Along with this, it will also segment on the basis of income level in which they will select the high-income customers. Moreover, it will categorize the customers on the basis of social status in which upper class of people will be selected (Peppard, and Ward, 2016). 
It will use undifferentiated targeting marketing strategy in which it uses same marketing mix for their targeted people like a female with the upper class and high income.  
Christian Louboutin creates a positive image in the customer’s mind by using the influencing tagline such as “Good taste, high quality, and unique design” (Royle, and Laing, 2014).
The mission of Christian Louboutin is to develop Nude Flats products in Australia and also pull the attention of large number of customers towards their products and services (Ryan, 2016). 
Marketing objectives 

To assess the trend of market in Australia
To address the business opportunity for Christian Louboutin’s nude flats in Australian footwear industry
To determine the strategies of key market participants in Australian footwear industry

Financial Objectives

To gain the company’s revenue by 35% within 6 months
To reduce the cost of corporation by 25% within 6 months
To boost the customer’s demand by 30% within 6 months

Marketing mix strategy
Product strategy
Christian Louboutin will launch the products with unique design and signature. It will also include high heel and red sole footwear. They will also make products in 7 skin color. This product will be also promoted through popular among celebrities (Tiago, and Veríssimo, 2014). As a result, it would be beneficial to attract more customers towards their products in Australia.
Price strategy
Christian Louboutin will have AU$ 825 price for their Solasofia flat. It is luxury brand as its shoe positioning is high. It takes the high price from customers because it makes the unique quality of products.
Place Strategy
Christian Louboutin has six stores in all over the Australia. Hence, it will use online websites and Business to Customer (B2C) strategy to sell their products and services to a large number of customers. This channel is beneficial for Christian Louboutin because it enables them to directly deal with the customers (Young, 2014). As a result, it can be stated that direct dealing with the customer will provide the opportunity to increase the productivity in long-run.
Promotion Strategy
Christian Louboutin will promote their products through social media as it will be beneficial to attract a large number of customers. In this way, it can use different social media tools like YouTube, Twitter, and Facebook. Promotion strategy could be essential for the corporation as it will aid to enhance the productivity and financial position of an organization (Tiago, and Veríssimo, 2014).
Digital marketing communication Plan
There are different tools used in digital marketing communication. It would be beneficial to directly communicate with customers and also build long-term liaison with them. These digital marketing communication tools can be Twitter, Facebook, Instagram, e-mails, company’s websites and Snapchat. Consequently, it is effective to generate awareness regarding Christian Louboutin’s nude flats in the Australian market (Young, 2014). 
Present action programs
Christian Louboutin will implement the following process to attain the marketing and financial objectives:
Initial phase
Christian Louboutin can estimate AU$ 6, 00,000 for encouraging the products and also create awareness among distributor of the corporation. Moreover, this company will conduct the market survey before developing the products and services as it would be beneficial to understand the customer’s needs and wants.
Second phase
Christian Louboutin will initiate to communicate with customers via digital communication sources as it is beneficial to create awareness about the nude flats among the bulk of customer. It will use different tools of social media named Snapchat, e-mails, Instagram, Twitter, Facebook, and LinkedIn. This phase aids the designer to meet their financial and marketing objectives in an appropriate manner (Ryan, 2016). 
Third phase
Christian Louboutin will gather the feedback from the customers in terms of their experience of using the nude flats. It will be beneficial to eliminate the issues which have risen in products as well as it will aid Christian Louboutin to improve the quality of products in the long-term market (Young, 2014).   
Last phase
Under this phase, Christian Louboutin will take a judgment regarding negative comments that have obtained from customers. In this way, Christian Louboutin can make efficient strategy to eliminate and avoid the negative comment. As a result, it would be beneficial to increase the sales of products in the Australian market (Royle, and Laing, 2014).
Evaluating the performance
Under this phase, Christian Louboutin can assess the marketing circumstances via evaluating the activities that will be performed to launch the product in Australian products such as market research.
Comparing and Correcting
Under this phase, Christian Louboutin will compare the potential result from the actual result to assess the gap between the standard and actual performance. As a result, Christian Louboutin can avoid the gap between the targeted and existing performance through the controlling procedure market (Young, 2014). 
As per the interpretation, it can be summarized that Christian Louboutin is well-known designers, who sell their products at a premium price to their targeted customers through digital communication marketing. It can be evaluated that company will also use different models such as PESTLE and Porter’s five force models before launching the products to assess the country and competitor’s position. In the last, it can be summarized that marketing mix strategy is used to pull the attention of a large number of the customer towards the nude flats.
Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of integrated marketing communications. UK: Nelson Education.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Australia: Pearson Education.
Baker, M. J. (2014). Marketing strategy and management. UK: Palgrave Macmillan.
Chaffey, D., Smith, P. R., & Smith, P. R. (2013). eMarketing eXcellence: Planning and optimizing your digital marketing. UK: Routledge.
Christian Louboutin (2017). In Twitter. Retrieved at September 27, 2017, from 
Killian, G., & McManus, K. (2015). A marketing communications approach for the digital era: Managerial guidelines for social media integration. Business Horizons, 58(5), 539-549.
Leeflang, P. S., Verhoef, P. C., Dahlström, P., & Freundt, T. (2014). Challenges and solutions for marketing in a digital era. European management journal, 32(1), 1-12.
Parente, D., & Strausbaugh-Hutchinson, K. (2014). Advertising campaign strategy: A guide to marketing communication plans. USA: Cengage Learning.
Peppard, J., & Ward, J. (2016). The strategic management of information systems: Building a digital strategy. USA: John Wiley & Sons.
Royle, J., & Laing, A. (2014). The digital marketing skills gap: Developing a Digital Marketer Model for the communication industries. International Journal of Information Management, 34(2), 65-73.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. USA: Kogan Page Publishers.
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why Bother?. Business Horizons, 57(6), 703-708.
Young, A. (2014). Brand media strategy: integrated communications planning in the digital era. Berlin: Springer.

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