Product Category: Dress
Item: Havana Frill Romper
Subject: Fashion Marketing, Semester 2
Lecturer/Tutor: Tony Cooper
Rebekah Best, Vy Costen, Daniyal Malik, Jessica Pola, Madeline Whelan (Group I)
1.0 EXECUTIVE SUMMARY
As part of the Course ADO13, Fashion and Textile Merchandising at RMIT University, we (Rebekah Best, Vy Costen, Daniyal Malik, Jessica Pola and Madeline Whelan) have created the following formal Marketing Plan, which was conducted on the Australian fashion retailer, Bardot. This Marketing Plan was created to assist Bardot in analysing their current situation, and to create strategies to improve their future. The base research performed for valid applicable information was in the form of a survey, which was conducted on over sixty respondents in various locations across Victorian cities, Melbourne and Geelong. From the results found here, the apparent weaknesses and opportunities were evident, which made the basis of our action programs and marketing strategies formed for Bardot.
Section Two of the Plan, ‘The Current Marketing Situation’ provides insight into the environment that Bardot is operating in. Since 2008 the retail industry has been battling changing consumer behaviours due to the Global Financial Crisis, the main influence on the industry currently. With Australia left relatively undamaged by the crisis, many international retail companies such as Zara and TopShop see pure potential that the Australian market holds for them, and are bringing their immense competition to Australian shores. This is of major concern to relatively small companies such as Bardot. Womenswear makes up almost half of the revenue in the retail sector, with the strongest competitors maintaining a majority of this income. Bardot’s main competitors include Sportsgirl, Forever New, Dotti, Zara and Supre, of which each is appealing to the same target market. Shorter lead times and this intense competition are resulting in many adjustments becoming necessary in the environment Bardot and the likes are enduring.
After establishing the situation that Bardot exists in, a SWOT Analysis was conducted. This found Bardot’s main concerns and assets. The positive attributes Bardot holds were found to be their affiliation with Myer and their distribution strength in South East Australia. As well as these positives, negatives and threats are also posed to Bardot, including their almost non-existent advertising tactics and the threats of the economic situation and international competitors. From this there is opportunity however, to expand further in other Australian states, and to burst into the social media marketing boom.
The SWOT Analysis found many opportunities for Bardot, of which can then be formed into objectives of the company. Section four of the Marketing Plan outlines five set objectives based on the Marketing Mix. This includes financial and marketing objectives; in regards to product, price, promotion, place and market research. Overall the objectives we found were necessary and achievable for the company were in regards to introducing a strong basics range, maintaining reasonable prices, using social media, expanding nationally and conducting further market research surrounding consumers.
From the Objectives, the Marketing Plan then focuses on the actual strategies that can be followed to achieve these goals. These strategies were formed through our basic knowledge of Bardot, their access to funding and their current store situations. With this information at hand it was possible to create a strategy for each of the prior mentioned Marketing Mix elements. Taking into consideration that we could not manipulate product pricing to a large extent, the strategies are more so focused on maintaining costs, increasing publicity, and providing to a broader market. These strategies cover Bardot’s biggest problems of which we have discovered...