The report would provide a brief understanding of the importance and various theories related to marketing management. It helps identify new product line to launch in the Australian market to boost business and acquire a maximum customer for profit maximization. Every factor that is involved in identifying and launching a new product line in the market has been covered in this report for substantial understanding. Hence, this would assist in assessing the benefits, importance, and need for a new product line to launch and all the marketing concepts effectively.
Table of Contents
2.0 Company Introduction and Brief Industry Overview
3.0 Environmental marketing analysis
4.0 SWOT Summary
5.0 Overview of proposed product
6.0 Segmentation, Targeting & Positioning
7.0 Recommended Marketing Mix
In today's world, customers have easy access to choose from a wide range of products and services with just a tap from their smartphones. Business organizations continuously thrive for acquiring and engaging a maximum number of customers towards their product to reach set organizational goals (Rubera et al., 2016). Having a tactical mindset towards creating innovative products to continuously leverage the existing potential products is essential to keep customer engage with sales value and the firm's revenue (Rubera et al., 2016). Thus, it is key to identify new product line to launch based on the business environment and competition, also it would help understand and shed a light towards its benefits and importance.
The clothing industry is always been in high demand in Australia irrespective of any downfall in the market. Concerning such fact, Veronika Maine is a clothing brand of Cue which is one of the most loved company by women for stylish and up-trending women’s workwear (Veronika Maine, 2020). However, Veronika Maine is a division of Cue which offers high-quality women’s wear and accessories. All the products are made in Australia and have a wide range of products to offer (Veronika Maine, 2020). This company is promising, effective, and customer-centric which makes them lead the Australian market reliably.
Environmental marketing analysis plays a vital role and is a tool to understand and identify the external factors that may affect the business; and it is crucial to analyse before launching any new product line (Lazarenko, 2019). For example, with the help of PESTEL analysis, an organization can critically identify the factors involved as it covers a wide range of prospects (Lazarenko, 2019). Relating to the Australian apparel market atmosphere, it is been booming and is expected to grow by 3 per cent within the year 2020 to 2025 (Statista, 2020). Besides that, women's apparel market has been identified as the largest segment with a market volume of US$11,229m during the financial year 2020 (Statista, 2020). Hence, it indicates that the apparel market in Australia has the potential to grow in the future and has an evolving customer base.
SWOT-analysis helps business organizations to determine the market or business environment where it is planning to launch or operate its business. It includes Strengths, Weaknesses, Opportunities, and Threats that help analyze every factor that is essential to consider pre-introducing a new product (Madsen, 2016). Veronika Maine has strengths of a stronghold in the existing market with an emerging customer base, quality products, and a wide range of products (Madsen, 2016). But then again, due to low supply chain and lesser brands like H&M, it stands as weaknesses (Madsen, 2016). However, the company has opportunities to keep engage customers with reliable, high-quality, unique, and customer-friendly products to attract and improve their business (Madsen, 2016). Also, due to capable market environment competitors are evolving and creating cut-throat competition with the market which poses as a threat.
Considering the marketing environmental factors of Australia, it is a top location for foreign students from all over the world to pursue international studies (Yu & Wright, 2016). With growing students, a wide range of youth population, modern lifestyle, and moderate-income indicate that launching a product line centring youth or young women would be effective. Launching ‘Sweet 16’ alike ‘Forever 21' of a US apparel company which targets youth and college-going students would be an advantageous idea. Also, as Forever 21 was shut overseas operations in 2019 due to bankruptcy reasons; it would be gainful if Veronika Maine launches a similar product line in Australia to acquire new customers proficiently by offering fresh and reliable products (Thomas, 2019). This will help fetch newer customer, increase customer loyalty, and profit maximization.
Segmentation is a marketing strategy to split the market into groups, sub-groups as per diverse characteristics of the consumers and based on similar taste and preference (Maricic & Djordjevic, 2016). Concerning such fact, the market of Veronika Maine will be segmented to a specific group of consumers based on four types of segmentation such as demographic, psychographic, behavioural, and geographical (Maricic & Djordjevic, 2016). This will help the firm precisely reach their customers with precise needs and wants to create satisfaction and delight among them. For example, the age group of 15 to 25 years old, prefers ongoing trends, reasonable buyers, and easily accessible such as via online.
It is another marketing tactic that separates a large market into a smaller market to focus on a definite set of customers to tailor and develop products as per their traits and choices (Maricic & Djordjevic, 2016). The new product line will be specifically targeted to young women who prefer modern outlook, trending styles, prefers look attractive, long-lasting, and with reasonable pricing. For instance, college going students and new office going graduates.
Positioning is a marketing notion that summarizes what a firm must organize to place its products into the market and within the audience (Maricic & Djordjevic, 2016). For instance, the tag line of, “Wear the vibe” would work exceptionally well to define the products and for whom it is meant to be. With positioning the brand name centering young vivacious women as ‘Sweet 16’ would help create a positive and appealing perspective on consumers mind thinking of products especially for made for them. Brand logos, Tag line, advertising concepts, and endorsements must be performed by young celebrities who has the power to influence the audience.
The new product line, Sweet 16 clothing brand would comprise of denim, tops, casual wears, shorts, sandals, cosmetics, perfumes, and fashion dresses. All the products must be focused on young women and to match their preferences closely.
The pricing of the products needs to be set reasonably as most of the buyers would be youngsters or college goings, thus, it is important to keep this fact in mind. For example, the price range would from $20 to $150.
Since online and home delivery options are well preferred by many customers especially who are busy with work or projects. Thus, 80% of the distribution should be via online channels and the rest 20% through retailers or merchandisers.
Distributing pamphlets on target locations, executing marketing campaigns over social media channels like Facebook, Twitter, Instagram, YouTube, Billboards, Magazines, and celebrity endorsements shall help considerably.
Launching a new product line plays a significant role in uplifting the company's position, revenue, and presence over its consumers. It requires a strategic approach and the decision to execute the marketing plan effectively. Besides that, vast and detailed knowledge of various marketing theories is crucial to keep in mind or consider while initiating a marketing plan to launch a new product line.
Veronika Maine would experience substantial benefits if they launch Sweet 16 clothing brand under their umbrella in Australia. This approach would support the company to increase massive customer base and loyalty, giving a strong competition to its opponents, gaining robust retailers relationship, and generate high revenue. Thus, it has been understood that launching a new product line requires considering the said marketing strategies and theories as it provides considerable profits to business organizations.
Lazarenko, V. (2019). Methods of marketing investigations in the system of environmental marketing. ED/2019/1, (1), 95-101. https://doi.org/10.36742/2410-0919-2019-1-11
Madsen, D. (2016). SWOT ANALYSIS: A MANAGEMENT FASHION PERSPECTIVE. International Journal of Business Research, 16(1), 39-56. https://doi.org/10.18374/ijbr-16-1.3
Maricic, B., & Djordjevic, A. (2016). Strategic market segmentation. Marketing, 46(4), 243-251. https://doi.org/10.5937/markt1504243m
Rubera, G., Chandrasekaran, D., & Ordanini, A. (2016). Open innovation, product portfolio innovativeness and firm performance: the dual role of new product development capabilities. Journal of The Academy of Marketing Science, 44(2), 166-184. https://doi.org/10.1007/s11747-014-0423-4
Statista. (2020). Apparel - Australia | Statista Market Forecast. Statista. Retrieved from https://www.statista.com/outlook/90050000/107/apparel/australia.
Thomas, L. (2019). It's the last Christmas for some Forever 21 stores. Here's why the retailer went bankrupt. CNBC. Retrieved from https://www.cnbc.com/2019/12/11/heres-why-forever-21-went-bankrupt.html.
Veronika Maine. (2020). About Us | Veronika Maine. Veronikamaine.com.au. Retrieved from https://www.veronikamaine.com.au/More/About-Us.
Yu, B., & Wright, E. (2016). Socio-cultural adaptation, academic adaptation and satisfaction of international higher degree research students in Australia. Tertiary Education and Management, 22(1), 49-64. https://doi.org/10.1080/13583883.2015.1127405
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