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Executive Summary
The organisation chosen for report is Bec & Bridge which is fashion brand and dealing in women segment. This report will discuss about external and internal analysis that has performed to know about situation of market and make plan and strategy accordingly to gain best outcomes. The main purpose of this report is to know about environmental factors along with recommendations which are required for making strategy to be achievable in net five years.
Introduction
Marketing management is defined as the procedure to plan, organise, implement and control marketing strategies, policies, tactics and programmes for creating as well as satisfying demand of organisation products and services which are offered to consumer for acceptable profit (Aghazadeh, 2015, p. 125-134). It is very important to make effective strategies for marketing so that goal and objective of business can be attained in an effective and efficient manner. The given report is based on Bec & Bridge brand which was founded in 2004 at Sydney, Australia. The main aim of report is to discuss about environmental marketing analysis and SWOT analysis. It also includes recommendation of marketing strategies for improvement.
Background of Company
Becky Cooper and Bridget Yorston are regarded as chic duo behind Bec & Bridge, which is based at Sydney (Deepak & Jeyakumar, 2019). These both girls have started designing customised jeans for their friends with help of spraying, dyeing and distressing them. This has created benefits for them and caught attention of boutique owners and contacted Yorston and Cooper for placing order. They both were born as denim line before they expand business into women.
In year 2003, both of them were graduted by scoring first class. In 2004, Mercedes Benz Fashion Week Australia has invited both of them for exhibiting their collection where took notice and label was stocked in boutiques across nations. In 2006, David Jones has approached Bec & Bridge to show their collection for winter 2007 and David was key stockist to that day (Bec & Bridge, 2020). After that, both of them were focused on growing business in Australia as well as overseas and won 2010 DHL Express Fashion Export Scholarship for their organisation (Bec & Bridge, 2020). Within a year of operation in America, they possessed 40US stockist (Bec & Bridge, 2020). After that in 2011 October, they started their popup store at Los Angeles, Sunset Boulevard (Bec & Bridge, 2020). They have stock at America, Dubai, Canada and online stores. Now, their brand has boomed toward international level. The celebrity fans of Bec & Bridge are Jennifer Hawkins, Emma Roberts, Kim Kardashian, Vanessa and many more (Bec & Bridge, 2020).
Environmental Marketing Analysis
PESTLE analysis is defined as tool which is used in tracking environment in which operation of business are conducted as well as launching of new products and services (What is PESTLE Analysis? A Tool for Business Analysis, 2020). The environmental marketing analysis is conducted with help of PESTLE framework which are described below:
PESTLE Analysis Impact on Bec & Bridge
Political Factor This factor impact Bec & Bridge in negative manner as there is frequent change in tax rates in different places (PESTLE Analysis of the Fashion Industry, 2020). There is influence of political factors on fashion industry as well as brands. There is frequent change in policies as well as plans that impact respective organisation.
Economic Factor The high income countries people manage way for buying fashionable accessories and products whereas low income countries has unemployment rate in which people cannot afford luxury or high branded value clothes (Wagner & Eggert, 2016). People of low middle category prefer to buy rental jewellery and clothes (Johnsen, 2018). Therefore, respective brand is seasonal and keeps on changing. There is negative impact in fashion brand due to economic condition of people living in society.
Social Factor It is good opportunity for brand to show their talent and stocks for musician, artists and singers as they required unique dressing as well as outfitting to show off (Foroudi & et. al., 2017). Main purpose is to be different from crowd. They are symbol of brand icon associated with particular figure. Respective brand has opportunity to show their talent and design unique and high quality clothes. This can be capitalised by Bec & Bridge through designing new and innovative products and services in best possible manner.
Technological Factor Bec & Bridge is available at online site where consumer who prefers online shopping can check all products and buy it. These online customers do not prefer to visit any malls and select clothes rather than that they select through online and purchase clothes (PESTLE Analysis of the Fashion Industry, 2020). Internet has made easy for online store and assist brand to earn high profit margins (PESTLE Analysis of the Fashion Industry, 2020). With help of technology, brand can get idea and design products as they are different types of tools which are used in designing and getting idea of innovative products accordingly so that they fulfil requirements of consumers.
Legal Factor Fashion industry also has to follow all legal laws and regulations in terms of labour law, import and export restrictions, inflation cost and taxation laws (Icha & Agwu, 2015). In other countries, labour is very expensive as compared to Asian countries (PESTLE Analysis of the Fashion Industry, 2020) so Fashion industry labour from those countries at cheap rate. In case of Bec & Bridge, both design clothes by themselves.
Environmental Factor The product of fashion industry has negative impact on environment in several ways. For manufacturing where chemical is used to treat cotton for preparing jeans, factories emit chemicals fumes into atmosphere (Järvinen & Taiminen, 2016). At time of shipment, vehicles, trucks release gasses which cause air pollution. After it is used by consumers which will turn into form of waste. Use of excessive chemical to print clothes, dyeing wastage is increase by 60% in past 15 years (PESTLE Analysis of the Fashion Industry, 2020). Brand has to consider such factors and use environmental approach to save environment from pollution.
SWOT Summary
SWOT analysis is defined as framework in order to identify as well as analyse internal and external factors that has impact on business and organisation (SWOT analysis (strengths, weaknesses, opportunities and threats analysis), 2020). The SWOT analysis summary of Bec & Bridge is as follows:
SWOT Analysis Summary
Strengths Bec & Bridge is iconic brand which provide highly creative and unique designing of dresses for women at society (Johnsen, 2018). It has covered many markets in short period of time and fulfils requirements of people in terms of fashion in most effective manner.
- Weaknesses The branding strategy of respective brand is very weak due to which many of people are not aware about its availability of brand at marketplace. Price charged by brand is high due to which many consumers cannot afford it and possess limited product line in women segment.
- Opportunities Bec & Bridge has opportunity to change their lifestyle of fashion according to requirements of consumers in an effective manner so
- that goal and objectives can be attained (Kotler & et. al., 2018). They have opportunity to enter into emerging market as people like such brand due to comfortable, high quality use of fabric and many more. They have to expand product line in women category to meet with their demand requirements in best possible manner by providing them with high quality goods and products.
- Threats There are large number of competition at marketplace such as Gucci, Lousi Vuitton, Prada and many more which are threat for Bec & Bridge (Quelch, 2017). Thought those brands are in a different target market. There is frequent change in lifestyle of consumers which is problematic situation for business.
From the SWOT analysis, it has concluded that respective has to use innovative marketing for their products and services so that it can be serve their consumers in most effective and efficient manner. Above organisation has opportunity to enter into emerging market and provide customer with better services.
Recommended Marketing Strategies for next five years
It is recommended to Bec & Bridge to adopt different marketing strategies for next five years which are as follows:
- To adopt diversification strategy for their brand as currently it is dealing in women segment. It has an opportunity to come up in new market with new product line so that maximum profits can be gained. For example, respective brand can deal with male segment too in different market.
- To enhance their brand through use of different marketing channels such as promotional activities, social media, direct marketing and advertisement should be used frequently. This will help to reach large number of consumers and provide benefits to business to fulfils their requirements.
- They have to make plan and strategy by analysing market on regular basis so that they are aware about changing need and demand of consumers in most effective manner for attainment of positive results in given time period.
The value proposition marketing theory should be used in order to make clear in advance about key partners, resources, activities, cost revenue, revenue stream, channels so that requirement of customer can be fulfilled and value proposition can be created in minds of consumers in most effective manner for attainment results.
Conclusion
The report summarised that marketing management is very important to run activities and operations of organisation so that goal and objectives are attained. In context of fashion brand, it is necessary to analyse market and requirement of consumers so that their requirements can be fulfilled. PESTLE and SWOT analysis was conducted to know about opportunities and threat available to business. With analysis of both, recommendations were provided to raise their firm along with sustainability and profitability is possible. Therefore, it is important to analyse each and every situation of business and make plan and strategy to overcome them and attain best outcomes. Marketing theories has been used by business to know about different market and make decisions and plans accordingly.
References
- Books and Journals Aghazadeh, H. (2015). Strategic marketing management: Achieving superior business performance through intelligent marketing strategy. Procedia-Social and Behavioral Sciences. 207. 125-134.
- Deepak, R. K. A., & Jeyakumar, S. (2019). Marketing management. Educreation Publishing. Foroudi, P., Gupta, S., Nazarian, A., & Duda, M. (2017). Digital technology and marketing management capability: achieving growth in SMEs. Qualitative Market Research: An International Journal.
- Icha, O., & Agwu, E. (2015). Effectiveness of social media networks as a strategic tool for organizational marketing management. J Internet Bank Commer, S2.
- Järvinen, J., & Taiminen, H. (2016). Harnessing marketing automation for B2B content marketing. Industrial Marketing Management. 54. 164-175.
- Johnsen, T. E. (2018). Purchasing and supply management in an industrial marketing perspective. Industrial Marketing Management. 69. 91-97.
- Kotler, P., Keller, K. L., Ang, S. H., Tan, C. T., & Leong, S. M. (2018). Marketing management: an Asian perspective. Pearson.
- Quelch, J. A. (2017). Global marketing management: a casebook.
- Wagner, S. M., & Eggert, A. (2016). Co-management of purchasing and marketing: Why, when and how?. Industrial Marketing Management. 52. 27-36.
- Bec & Bridge. 2020. [Online]. Available through: < https://www.vogue.com.au/celebrity/designers/bec-bridge/news-story/bee847fdfc2d2e2e15802df95b789fb9>.
- PESTLE Analysis of the Fashion Industry. 2020. [Online]. Available through: < https://www.marketingtutor.net/pestle-analysis-of-the-fashion-industry/ >.
- SWOT analysis (strengths, weaknesses, opportunities and threats analysis). 2020. [Online]. Available through: .
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- https://www.marketingtutor.net/pestle-analysis-of-the-fashion-industry/
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