Insights Report and Marketing Plan

Executive Summary of Bec+Bridge

This report highlighted the marketing plan of fashion label Bec+Bridge formulated after the impact of COVID-19 on the fashion industry. The report addressed the new product offering and decision making as per the change in buying behavior of the consumer with sustainable marketing. The pandemic will require a change in marketing approach and promotion of the brand through a social media channels.

Table of Contents

Introduction.

Insights report

SWOT Analysis.

Consumer behavior.

Sustainable marketing.

Marketing plan.

Marketing mix.

Conclusion.

Introduction to Bec+Bridge

Bec+ Bridge has been established by Becky Cooper and Bridget Yorston established in the year 2003 with ready to wear label Australian label (Bec and bridge, 2020). The design is creative and accessible with a partnership with David Jones and design work with Harvey Nicholas and shop bop. The design for is for women creating a collection for empowering confidence and strength

The change in future retail is unparalleled with digital technologies taking the lead in the fashion industry. Fashion labels will have to face hit on stock and impact on revenue with physical store closure. The crisis will entail uncertainty with operations in the industry and brand survival though relevance and effectiveness

The humanitarian crisis has impacted the fashion industry with a fall in global revenues and disruption in the supply chain. The annual revenue of the fashion industry was 2.2 trillion before the COVID crisis. (Mckinsey and company, 2020).The consumption pattern in pandemic has outgrown business for purpose-driven and sustainable action with digital set up and fall in season design sales. The recovery face for the opening of physical outlets is 6-10 months to regain the footfall. The report highlights the marketing action and approaches towards fashion label after COVID19

Insights Report

Lock down as a measure and in place shelter has suspended operations for Bec+Bridge .The halt of economic activities and adaptability by Bec+Bridge has led to changes in their operational and marketing plans for ahead

SWOT Analysis

The SWOT analysis provides useful decision making and business pivot to navigate the COVID crisis. SWOT relates to Strength, weakness, opportunities, and threats. SWOT assessment has over a period spanning several years’ cherished vast popularity in the business company (Nadine, 2017).

Strength-

  • The design of Bec+Bridge is unique with presence in Australia and across the world as globetrotting fashion favorite. Tight rein on quality with a strong relationship with suppliers
  • The quality and identifying with customer demand has made it popular in women s’ clothing. It has product large portfolio and with accessories, clothing from knitwear to bride clothing as a range for women

Threats-

  • The presence of competition in the fashion industry for Bec+Bridge. This creates sales and marketing burden with customer shift
  • Shift in digital consumption accounts for loss to Bec+ Bridge as the physical store account for 54% of revenues annually

Opportunities-

  • Bec+Bridge has a presence in Australia largely and can expand its retail outlet to emerging countries. The fashion brand has potential in these large markets as Singapore, India
  • Use of AI for customer product service in store for experiential shopping experience can help in seeing customer through virtual reality segment for the market for women shoppers for look and feel approach

Weakness-

  • Dependence on fashion weeks and global exhibitions for marketing product and customization of design
  • Product focus on dresses for sales in summer collection for revenues. The heavy reliance on single product category dilutes brand effectiveness to scale for an appeal to casual wear

Consumer Behavior

The consumer sentiment is low and the fashion industry will be hit hard by the discretionary purchase. The deep discounting will be opening the bargaining culture of shopping in the coming months. The decline in disposable income for trade down will increase due to this.

Social distancing has enforced the importance of digital channels as a priority in the purchase behavior of consumers. The pace of demand for clothing is rising with 56% of people purchasing through the online market. (Mckinsey and company).The fashion labels are turning to reduce stock and accelerate sustainable practice across Australia. During the crisis Australians looked towards increasing saving and moving towards deep discounts for purchase. The prioritization of brands by consumers on aesthetics and quality. The accessibility of brands play a key role in consumer with a drop in price points may stage increase in the purchase by women after the decline of cases COVID

Sustainable Marketing

The COVID crisis has shaped the business towards a more sustainable approach and integrating core practices by ethics and the development of product for employee safety and ensuring minimum wages to the staff.

The indigenous production will be cost-effective for Bec+Bridge due to its feasibility. The temporary assessment is to halt productions as the stores are closed due to COVID crises by encouraging the trial stage for fashion lines with committing economic feasibility and maintaining sustainable marketing. The labor force will be impacted due to the use of digital impact on the workforce with virtual and 3 D technology for merchandising but the shift will be gradual (Apparel coalition,2020). The transparency and end to end solutions shall be maintained by Bec+Bridge. The aftermath will result in the complete cancellation of orders which will affect the liquidity. The consumer preference post-COVID will be towards wellbeing, an ethical organization associated with fair working. This will promote Bec +Bridge sustainability practice as quality and durability will be centric.

The business has to align with focus on long term with women consumer will continue purchase due to loyalty and sustaining the market by ensuring quality and operations (Heinze, 2016). The spring and summer collection and the unsold stock has to be channeled to ensure no wastage of stock with next season walk by stretching offerings through collaboration by direct sale and production halt for wear with no adjustment with the current trend. Workers and partnerships with suppliers require two-way communication for developing investment and pricing business models for developing a tracking system for zero waste. The procedure for standard pricing and placement of order through the manufacturing cycle

Marketing Plan

Inventory across the value chain with the consumer centricity and women as the target segment may see a decline in the sales. The commercial viability of the product is a key determinant in the sales of the product with need-based purchase as focused by the target segment (Chaffey, 2017). The feedback and customer insights through analytics will leverage for customized feedback for women for product differentiation and designing for design and quality change at Bec+Bridge

Recommendations for Bec+Bridge

The COVID crisis will temporarily halt production and process. The use of e-commerce for stock sale with a focus on comfy clothing to ensure order completion and addressing supplier issues through factory outlets for production. Use of polarization of price, communication, and branding for customer trust for offline shopping. Creating design and merchandise display through social media handles for customer engagement for the same with a focus on remote wear (Apparel coalition, 2020). The experience though end to end supplier collaboration and sustainability by product display. Nomination and empowerment through external support for change in the scenario by establishing a project management office for support. Strong supplier partnership to derive sully chain will help in transactional advantage through branding and end to end improvement through social and environment sustainability by digitalization and virtual extinct on website. The use of artificial intelligence and robotic process in product distribution will save cost in the long run. Consumer behavior will move towards quality purchase post COVID, it can be accelerated towards brand marketing towards stability and ethical conduct

New product launch and strategy ahead

Use of direct stores and online capsule for exclusive collection for summer wear. Visual merchandising through Bec+Bridge stores. Budget adjustment for summer and fall 2021 to ensure liquidity before product launch which will spike with the passage of time. Sales ahead with reducing collection to ensure any supply delay from the factory workers end and support infrastructure for quality measures at the store for collection. Using the reservation and preview for loyal customers to ensure the exclusivity of the collection

Marketing Mix

The marketing mix is regarded as 4Ps that includes the product, price, place, promotion. The adaptability of the firm through COVID 19 requires upfront modifications and content analysis for brand communication

Product-

The balancing short term needs for fashion label Bec+Bridge will be necessary for this time. Product attributes as per customer behavior.

  • Category mix- The consumer behavior shift will factor changes in the current product offering with more focus on active wear and lounge clothes with comfort cloth as a priority than decorated clothing. The consumer spending spectrum will help to estimate the value of money and quality in case of the complete economic downturn in the Australian region (Harper bazaar,2020)
  • The demand in tops and bottom is higher than dresses with a focus on relaxed wear. The customer focus on work from home and casual wear increased the pattern for clothing for women.
  • Bec+Bridge should promote the Australian made to engage customers for local wear to increase in sales
  • Potential to launch new products- The shutdown of physical stores impact the recovery cycle of the brand impact the cash flow. The increase in telecommuting and travel impact fashion label sales but gradual pace and increase in events (wedding and functions) will swing growth upwards. Assessing the pattern of shopping the merchandise of spring 2020 shall be decided to attract customers for sale

Place-

The physical engagement and purchase through the store will change post COVID. The retail brands have to take adequate measures for minimizing risk and safe shopping for consumers, this will includes staff presence and design reshaping of outlets (Forbes, 2020).Some store pattern and operations can be completely digitalized for safety and precaution measure with the use of the physical card for brand swab collection and purchase through the contactless platform at the dealer

  • Sales through Omni channel-Allocation of stock across multiple channels will increase the demand set up by using e-commerce as well as social media selling as the marketplace (KPMG, 2020). Cash and liquidity in the pandemic resulted in Bec+Bridge sales drop the focus should be to maintain elasticity through short terms orders placement
  • The employee and customer interaction will modify through store interaction for safety. Phone support and virtual assistance will increase.
  • Bec+Bridge has a huge market in influential wear segment, brand equity and customer engagement by virtual self-guided videos on style and how to videos will imply fashion to the women segment

Price- The economic effect on disposable income will show less spending in the coming months. Pricing is paramount with expenditure and value of money drive-in buyers.

Price-

The discounts can be useful or short term measure but communication and brand effectiveness can be displayed by pricing (Kucuck, 2017). The dynamic pricing can be helpful for online and offline sales. The flash sales at the end of the month will spike demand and consumer interest that will result in website traffic and stocks sales from Bec+Bridge (Bec and bridge, 2020). The offline store through loyalty programs by extending purchase for the future transaction will engage long term relationship with the brand helps with feasibility with operations

  • The women being the prime target market shows the economic prospects relating to purchase decisions. The shopping expenditure will be slow, Bec+Bridge should move for channel sales with competitive pricing for its collection sale.
  • The removal of ancillary pricing charges as shipping by Bec+Bridge will encourage digital shopping trends. Bundled pricing for high volume products for economies of scale
  • Promotion
  • Promotion through below the line marketing using social media creates brand communication and message across the users for company measures (Hacioglu, 2017). The closure of stores for staff safety and precautionary measures communicated enhances safety measures. The payment link through Instagram and Facebook for direct shop link effectively transfers target audience to move to the website for collections
  • Alert COVID messages for store closure, opening and safety by SMS channel creates reminder and has mass reach. Promoting products through customer profile and online marketing through redeployment by big sales offers will increase short term sales
  • Positive message and safety precautions drill through the website for following the national guidelines in business continuity. It must continue to evaluate the effectiveness of different promotional offers, so that the risk of giving away margin, resetting customers’ value expectations, and adversely affecting brand perception is prevented. Messages about flash sales, savings of 50 percent off, and buy-one-get-one deals will be lost among a sea of similar emails and digital ads, which can drive conversion but will become unmanageably expensive for retailers, given the surge in online traffic (KPMG, 2020).

Opportunities Through Partnership Stores and E-Commerce

The purchase by the segment may shift to loyalty but online sales. To optimize its visibility in the online platform Bec+Bridge can use online variability over fulfillment centers. The synchronization of warehouse and stores for upselling of stock on e-commerce by reverse transfers. The promotion towards try and buy may be considered not an alternative immediately that can be clubbed with a click and collect option for increasing touch and feel the experience of the consumer. This will add confidence to the consumer purchase and increase repeat purchase of the product in lifestyle clothing. The return option expansion will allow flexibility in shopping and sending. The outlets are a prime source for experiential shopping with COVID-19 the stock shall be altered for liquidating the stock before spring 2020 for sale (Richardson, 2019). The focus on product accessibility will be prime on store presence and cost-effectiveness through branding in loyalty program by influential marketing for new product

Conclusion on Bec+Bridge Case Study

The impact of COVID-19 on the fashion label Bec+Bridge will result in a loss in sales due to the impact of a pandemic on social distancing norms. The effective sustainable practice and use of online channels for sales will help businesses to revive. Store layout and point of sales approach with visual merchandising will help in experiential shopping to the consumers. The shift in consumer behavior towards fashion towards clothes will be adapted by Bec+ Bridge to stay on top with its collection to ensure customer loyalty by the customers. Management of retail segment and the liquidity and order management will push the firm to navigate the crisis and will provide a reset to the fashion industry and value added process. Bec+ Bridge has mitigate the damaging impact of the pandemic and adapt to economic and consumer shifts with digital innovation

Reference List for Bec+Bridge Case Study

Apparel collation. (2020). Rebuilding a more sustainable fashion industry after COVID19. Retrieved from https://apparelcoalition.org/wp-content/uploads/2020/04/Weaving-a-Better-Future-Covid-19-BCG-SAC-Higg-Co-Report.pdf

Bec and bridge. (2020). our story. Retrieved from https://www.becandbridge.com.au/pages/our-story

Chaffey, D., & Smith, P.R. (2017). Digital marketing excellence: Planning, optimizing and integrating online marketing. Routledge

Forbes. (2020). How fashion manufacturing will change after the coronavirus. Retrieved from https://www.forbes.com/sites/aslaugmagnusdottir/2020/05/13/fashions-next-normal/#3e96c10f78f3

Hacioglu, U., Dicer, H. Alayoglu, N. (2017). Global business strategies in crisis: Strategic thinking and development. Springer publication 

Harper bazar. (2020). the fashion industry post coronavirus. Retrieved from harpersbazaar.com/fashion/designers/a31955168/fashion-industry-coronavirus/

Heinze, A., Fletcher, G., Rashid, T., Cruz, A. (2016). Digital marketing and social media marketing: A result driven approach .Routledge

KPMG. (2020). COVID 19: Retail’s survival and revival. Retrieved from https://home.kpmg/au/en/home/insights/2020/04/coronavirus-covid-19-retail-survival-and-revival.html

Kucuck, U.S. (2017). Visualizing market: From abstract to intuitive. Palgrave Macmillan

Mckinsey and company. (2020). the state of fashion 2020.

Nadine, P & Richter, A. (2017). SWOT Analysis –Idea Methodology and a Practical Approach. Druck & Bindug Book.

Richardson, N. (2019). Sustainable marketing planning. Routledge

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