MRKT20052 Marketing Management

Free Samples

MRKT20052 Marketing Management

.cms-body-content table{width:100%!important;} #subhidecontent{ position: relative;
overflow-x: auto;
width: 100%;}

MRKT20052 Marketing Management

0 Download7 Pages / 1,707 Words

Course Code: MRKT20052
University: Central Queensland University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question:
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.
Answer:

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). 
Targeting 
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.  
Positioning
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).
Mission 
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).
Controls 
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). 
Conclusion
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.
References 
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 https://twitter.com/LouboutinWorld?ref_data-src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor 
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.

Free Membership to World’s Largest Sample Bank

To View this & another 50000+ free samples. Please put
your valid email id.

E-mail

Yes, alert me for offers and important updates

Submit 

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

UploadUnique Document

DocumentUnder Evaluation

Get Moneyinto Your Wallet

Total 7 pages

PAY 5 USD TO DOWNLOAD

*The content must not be available online or in our existing Database to qualify as
unique.

Cite This Work
To export a reference to this article please select a referencing stye below:

APA
MLA
Harvard
OSCOLA
Vancouver

My Assignment Help. (2021). Marketing Management. Retrieved from https://myassignmenthelp.com/free-samples/mrkt20052-marketing-management/digital-communication.html.

“Marketing Management.” My Assignment Help, 2021, https://myassignmenthelp.com/free-samples/mrkt20052-marketing-management/digital-communication.html.

My Assignment Help (2021) Marketing Management [Online]. Available from: https://myassignmenthelp.com/free-samples/mrkt20052-marketing-management/digital-communication.html[Accessed 18 December 2021].

My Assignment Help. ‘Marketing Management’ (My Assignment Help, 2021) accessed 18 December 2021.

My Assignment Help. Marketing Management [Internet]. My Assignment Help. 2021 [cited 18 December 2021]. Available from: https://myassignmenthelp.com/free-samples/mrkt20052-marketing-management/digital-communication.html.

×
.close{position: absolute;right: 5px;z-index: 999;opacity: 1;color: #ff8b00;}

×

Thank you for your interest
The respective sample has been mail to your register email id

×

CONGRATS!
$20 Credited
successfully in your wallet.
* $5 to be used on order value more than $50. Valid for
only 1
month.

Account created successfully!
We have sent login details on your registered email.

User:

Password:

With time, MyAssignmenthelp.com has become one of the best college essay writing services. We have helped may students get admitted in reputed Universities with our Excellent College Admission Essays.Not only that many students have gained on the score of eligibility for scholarship with our scholarhsip essays. Be it essays of high schools or college on any topic and specialization, we deliver the best. Our turnaround time is fast. We provide help on all kinds of college essays be it expository, narrative, descriptive. We also provide literature review essay help alongwith others. With perfect essay outline and college essay format, the visual component of our essays are much better.

Latest Management Samples

div#loaddata .card img {max-width: 100%;
}

MPM755 Building Success In Commerce
Download :
0 | Pages :
9

Course Code: MPM755
University: Deakin University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Answers:
Introduction
The process of developing a successful business entity requires a multidimensional analysis of several factors that relate to the internal and external environment in commerce. The areas covered in this current unit are essential in transforming the business perspective regarding the key commerce factors such as ethics, technology, culture, entrepreneurship, leadership, culture, and globalization (Nzelibe, 1996; Barza, 2…
Read
More

SNM660 Evidence Based Practice
Download :
0 | Pages :
8

Course Code: SNM660
University: The University Of Sheffield

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Kingdom

Answers:
Critical reflection on the objective, design, methodology and outcome of the research undertaken Assessment-I
Smoking and tobacco addiction is one of the few among the most basic general restorative issues, particularly to developed nations such as the UK. It has been represented that among all risk segments smoking is the fourth driving purpose behind infections and other several ailments like asthma, breathing and problems in the l…
Read
More
Tags:
Australia Maidstone Management Business management with marketing University of New South Wales Masters in Business Administration 

BSBHRM513 Manage Workforce Planning
Download :
0 | Pages :
20

Course Code: BSBHRM513
University: Tafe NSW

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Answer:
Task 1
1.0 Data on staff turnover and demographics
That includes the staffing information of JKL industries for the fiscal year of 2014-15, it can be said that the company is having problems related to employee turnover. For the role of Senior Manager in Sydney, the organization needs 4 managers; however, one manager is exiting. It will make one empty position which might hurt the decision making process. On the other hand, In Brisba…
Read
More

MKT2031 Issues In Small Business And Entrepreneurship
Download :
0 | Pages :
5

Course Code: MKT2031
University: University Of Northampton

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Kingdom

Answer:
Entrepreneurial ventures
Entrepreneurship is the capacity and willingness to develop, manage, and put in order operations of any business venture with an intention to make profits despite the risks that may be involved in such venture. Small and large businesses have a vital role to play in the overall performance of the economy. It is, therefore, necessary to consider the difference between entrepreneurial ventures, individual, and c…
Read
More
Tags:
Turkey Istanbul Management University of Employee Masters in Business Administration 

MN506 System Management
Download :
0 | Pages :
7

Course Code: MN506
University: Melbourne Institute Of Technology

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Answer:
Introduction
An operating system (OS) is defined as a system software that is installed in the systems for the management of the hardware along with the other software resources. Every computer system and mobile device requires an operating system for functioning and execution of operations. There is a great use of mobile devices such as tablets and Smartphones that has increased. One of the widely used and implemented operating syste…
Read
More
Tags:
Australia Cheltenham Computer Science Litigation and Dispute Management University of New South Wales Information Technology 

Next