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! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Marketing!Assignment! ! Choose!a!British!company!which!you!believe!has!achieved!superior!performance.! Use!relevant!concepts!and!models!to:! a)!Describe!and!critically!analyse!the!marketing!environment!of!this!company.! b)!Identify!and!critically!evaluate!the!factors!in!the!marketing!mix!that!have! contributed!to!this!superior!performance!and!identify!and!discuss!those!factors!in! the!marketing!mix!that!are!crucial!for!the!long!term!future!success!of!this!company.!!! ! Word!Count:!3000! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

Introduction! ! Established!in!2001!by!Nick!Robertson!and!Quentin!Griffiths,!ASOS!has!cemented! itself!at!the!forefront!of!online!fashion!retail!as!the!‘darling!of!the!dotcom!boom.’1! Once!a!small!startIup!selling!cutIprice!celebrity!copies,!ASOS!has!experienced! astronomical!growth!to!become!the!third!most!visited!website!in!the!world.2! ! Firstly!I!will!give!evidence!of!ASOS’s!superior!performance,!before!using!Kotler’s!! framework!to!analyse!the!marketing!environment!in!which!the!company! operates.!I!will!then!examine!the!factors!within!the!marketing!mix!that!have! enabled!ASOS!to!achieve!superior!performance.! ! Superior!Performance!! ! Customer!satisfaction!is!essential!for!retailers!to!maintain!a!competitive! position3,!and!winning!‘Best!in!the!UK’!at!the!2013!UK!Consumer!Satisfaction! Awards4!suggests!that!ASOS!effectively!meets!the!needs!of!its!customers.! However,!customer!satisfaction!is!a!very!subjective!concept!so!I!have!chosen!to! give!examples!of!financial!performance!and!competitive!positioning!to! demonstrate!ASOS’s!superior!performance!more!explicitly.!! ! Financially,!ASOS!has!seen!profits!rise!131%!between!2010!and!20145!despite! tough!economic!conditions!which!have!resulted!in!the!poor!performance!of! many!of!its!rivals.6!Furthermore,!sales!revenue!grew!27%!to!over!£955m!in! 20147,!outperforming!pure!play!(competitor!Boohoo!(£109m).8! ! ASOS!has!established!a!strong!competitive!position!globally!with!a!profitable! international!operation!shipping!to!237!countries.!Additionally,!the!number!of! active!customers!continues!to!grow,!with!the!2014!figure!of!8.8m!representing!a! 25%!year!on!year!increase.9! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1!Fletcher,!R.!(2014).!Darling!of!the!dotcoms!was!a!born!survivor!|!The!Times.![online]!The!Times.! Available!at:! 2!Potter,!K.!(2014).!ASOS:!behind!the!scenes!–!Shopping!and!Style.![online]!Time!Out!London.! h essed! Available!at:!http://www.timeout.com/london/shopping/behindItheIscenesIatIasos![Accessed! 25!Nov.!2014].! 3!Woodruff,!R.!(1997).!Customer!value:!The!next!source!for!competitive!advantage.!Journal!of!the! Academy!of!Marketing!Science,!25(2),!pp.139I153.! 4!Asos.com,!(2014).!About!Us!|!History!and!time!line!of!ASOS.![online]!Available!at:! http://www.asos.com/infopages/pgeaboutus.aspx![Accessed!25!Nov.!2014].! 5!Redmayne.co.uk,!(2014).!ASOS!Financials:!Profit!&!Loss,!Balance!Sheet,!Key!Facts!&!Figures.! [online]!Available!at:! http://www.redmayne.co.uk/research/securitydetails/financials.htm?tkr=ASC![Accessed!25! Nov.!2014].! 6!Allen,!K.!(2013).!UK!retailers!suffer!sharp!slowdown!in!sales,!says!CBI.![online]!the!Guardian.! Available!at:!http://www.theguardian.com/business/2013/oct/28/ukIretailersIsharpI slowdownIsalesIcbi![Accessed!25!Nov.!2014].! 7!Asosplc.com,!(2014).!Final!Results!for!the!year!to!31!August!2014.![online]!Available!at:! http://www.asosplc.com/~/media/Files/A/ASOS/resultsIarchive/statement/finalIresultsIyearI endedI31I21I10I2014.pdf![Accessed!25!Nov.!2014].! 8!Ruddick,!G.!(2014).!Boohoo.com!sales!up!62pc.![online]!Telegraph.co.uk.!Available!at:! http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10735106/Boohoo.com IsalesIupI62pc.html![Accessed!25!Nov.!2014].

! 9!Asosplc.com,!(2014).!Final!Results!for!the!year!to!31!August!2014.![online]!Available!at:!

http://www.asosplc.com/~/media/Files/A/ASOS/resultsIarchive/statement/finalIresultsIyearI endedI31I21I10I2014.pdf![Accessed!25!Nov.!2014].!

! ! ! ! The$Marketing$Environment$ ! Microenvironment!! ! The!Company! ! Collaboration!and!cohesion!between!different!departments!within!a!company!is! essential!in!responding!to!changing!market!conditions!and!exploiting! opportunities.10!ASOS!has!understood!this!necessity!as!it!strives!to!create!and! maintain!customer!value!and!relationships.!‘Lightbulb!lunches’!connect!top! management!with!employees!from!various!divisions!within!the!company11.!This! shows!the!desire!of!ASOS!to!foster!a!creative!and!collaborative!working! environment.!In!addition,!the!fashion!and!technology!departments!are!housed! under!one!roof12!which!further!strengthens!internal!communication!whilst!ASOS! seek!to!maintain!their!customerIoriented!approach.! ! Suppliers! ! According!to!Pfau13,!a!company’s!ability!to!meet!the!needs!of!its!external! customer!directly!depends!on!how!well!it!satisfies!its!suppliers.!An!example!of! how!ASOS!has!achieved!this!satisfaction!is!the!implementation!of!a!new! ‘assessment!process’!which!encourages!and!guides!suppliers!in!investing!in! safety!practices.!This!collaborative!initiative!has!improved!the!productive! efficiency!and!cemented!the!connection!between!ASOS!and!suppliers!of!its!own! branded!products.14!! ! It!is!also!important!to!consider!the!specific!implications!of!the!fashion!industry!in! which!ASOS!operates.!The!already!fast!paced!nature!of!the!sector!has!become! even!more!profound!in!recent!years!due!to!the!prominence!of!‘throwIaway! fashion’,!where!a!piece!can!be!no!longer!in!vogue!in!as!little!as!5!weeks15.!It!is! therefore!even!more!crucial!that!ASOS!shares!a!positive!relationship!with!its! suppliers!in!order!to!respond!to!rapidly!changing!demand!and!deliver!customer! value.! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 10!Tjosvold,!D.!(1988).!Achieving!productive!synergy:!Integrating!departments!into!a!company.!J! Bus!Psychol,!3(1),!pp.42I53. 11!Potter,!K.!(2014).!ASOS:!behind!the!scenes!–!Shopping!and!Style.![online]!Time!Out!London.! Available!at:!http://www.timeout.com/london/shopping/behindItheIscenesIatIasos![Accessed! 25!Nov.!2014].! 12!Barrett,!C.!(2014).!Fast!fashion!for!fast!consumers!.!FT.com.![online]!Financial!Times.!Available! at:!http://www.ft.com/cms/s/0/8c81c140I3de9I11e0I99acI00144feabdc0.html#axzz3JsIwtUid! [Accessed!25!Nov.!2014].! 13!Pfau,!B.,!Detzel,!D.!and!Geller,!A.!(1991).!Satisfy!Your!Internal!Customers.!Journal!of!Business! Strategy,!12(6),!pp.9I13.! 14!asosplc.com,!(2014).!2013!Annual!Report.![online]!Available!at:! http://www.asosplc.com/~/media/Files/A/ASOS/resultsIarchive/pdf/annualIreportI2013.pdf! [Accessed!25!Nov.!2014]. 15!Siegle,!L.!(2014).!How!can!we!get!young!people!to!say!no!to!fast!fashion?!|!Lucy!Siegle.![online]! the!Guardian.!Available!at:!http://www.theguardian.com/environment/2014/apr/20/shouldI weIsayInoItoIfastIfashion![Accessed!25!Nov.!2014].

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Alongside!manufacturing!its!own!range,!ASOS!is!effectively!a!marketing! intermediary!for!over!350!companies!who!sell!their!clothes!on!its!website.!ASOS! relies!heavily!on!many!of!these!brands!as!they!generate!both!revenue!and!online! traffic.!Recent!reports!have!suggested!that!some!of!the!UK’s!leading!clothing! brands!are!becoming!frustrated!at!the!discounts!offered!by!ASOS!on!their! products!in!an!attempt!to!increase!sales!volume16.!Although!discounted!products! increase!customer!satisfaction!in!the!short!term,!should!these!brands!choose!to! stop!their!supply,!ASOS!would!undoubtedly!suffer!in!the!long!term!as!their! extensive!product!range!is!a!key!source!of!customer!value.!! ! Competitors! ! The!fashion!retailing!industry!is!becoming!increasingly!saturated!due!to!the! presence!of!both!online!and!physical!competitors.!ASOS’S!competitive! environment!is!analysed!further!using!a!SWOT!analysis17!and!Porter’s!5!Forces! Model.18!! ! Publics! ! a) Financial!Publics! ! ASOS!is!compelled!to!act!in!the!best!interests!of!its!shareholders!given!its!status! as!a!public!company.!Whilst!the!obtained!financing!from!stock!market!flotation! has!allowed!ASOS!to!expand!internationally,!shareholderIowned!businesses!are! often!constrained!by!the!need!for!short!run!profits19!despite!the!potentially! damaging!long!run!implications.!One!customer!noted!that!ASOS!product!quality! had!significantly!deteriorated!in!terms!of!fabric!and!cut!in!order!to!raise!profit! margins!and!‘meet!the!demands!of!the!City’.20!Despite!the!possibility!that!a! publically!published!customer!complaint!could!be!somewhat!exaggerated,!the! source!highlights!the!fact!that!financial!publics!still!exert!some!influence!on! ASOS’s!ability!to!deliver!customer!value.!! ! b) Internal!Publics! ! Rosenbluth!and!Peters!(1992)!argued!that!‘customer!needs!will!only!be! successfully!met!after!those!of!employees!have!been!satisfactorily!met21.’!ASOS! makes!a!conscious!effort!to!engage,!motivate!and!reward!its!employees.!A!free! bar!on!the!last!Friday!of!every!month22,!futuristic!meeting!rooms,!and!vast! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 16!Ruddick,!G.!(2014).!Asos!faces!brand!label!revolt!over!discounting!.!Telegraph.![online]! Telegraph.co.uk.!Available!at:! http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11111324/AsosIfacesI brandIlabelIrevoltIoverIdiscounting.html![Accessed!25!Nov.!2014].! 17!Appendix!1! 18!Appendix!2! 19!Small!Business!I!Chron.com,!(2014).!A!Manager's!Goals!vs.!a!Shareholder's!Goals.![online]! Available!at:!http://smallbusiness.chron.com/managersIgoalsIvsIshareholdersIgoalsI 38807.html![Accessed!25!Nov.!2014].! 20!Financial!Times,!(2014).!Our!affair!is!over,!Asos!–!I’m!going!back!to!TopShop!.!FT.com.![online]! Available!at:!http://www.ft.com/cms/s/0/944af4eeIefccI11e3I9b4cI00144feabdc0.html! [Accessed!25!Nov.!2014].! 21!Rosenbluth,!H.!and!Peters,!D.!(2002).!The!customer!comes!second.!New!York:!HarperBusiness.! 22!Hall,!J.!(2011).!ASOS!staff!toast!their!success!with!early!finishes!and!a!free!bar!.!Telegraph.! [online]!Telegraph.co.uk.!Available!at:! http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8558299/ASOSIstaffI toastItheirIsuccessIwithIearlyIfinishesIandIaIfreeIbar.html![Accessed!25!Nov.!2014].!

training!opportunities23!are!just!some!of!the!benefits!offered.!Crucially,!these! rewards!are!tailored!to!appeal!to!the!young!demographic!of!its!workers!with!the! average!age!standing!at!2624.!! ! Customers! ! The!’20Isomethings’!target!market!initially!seems!quite!broad!however!ASOS! segments!this!further!in!order!to!serve!its!customer!base!more!effectively.!By! identifying!3!individual!groups:!‘Fashion!Forward’,!who!set!the!trends,!‘Fashion! Passengers’,!who!follow!them,!and!‘Functional!Fashion’!who!desire!more! practical!clothes25,!ASOS!has!identified!the!heterogeneous!needs!of!customers! within!the!consumer!market.!!By!appreciating!this!heterogeneity!of!needs,!the! company!can!build!closer!relationships!with!its!clientele.!! ! By!monitoring!customers!purchasing!habits!to!decipher!which!group!they!fall! into,!ASOS!employs!direct!marketing!by!sending!a!personalised!biIweekly!email! with!style!recommendations!in!order!to!!‘give!the!customers!what!they!want.’26! However,!it!is!important!to!consider!how!the!size!of!ASOS’s!customer!base!has! the!potential!to!impede!accurate!personalisation.!Anusha!Couttigane,!fashion! analyst!at!reputed!retail!research!agency!Conlumino,!notes!that!‘personalisation! has!the!potential!to!backfire!if!customers!disagree!with!the!recommendations’! and!they!could!think!that!‘ASOS!has!limited!understanding!of!their!needs.’27! Despite!this!concern,!the!previously!mentioned!25%!increase!in!active! customers!between!2013!and!2014!suggests!ASOS!is!successfully!managing!its! client!relations.28!! ! Macro!Environment! ! Demographic! ! ASOS!markets!itself!as!‘a!global!fashion!destination!for!20Isomethings’.29!As!a! result,!it!targets!customers!within!the!‘Millenial’!age!demographic!born!between!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 23!Asoscareers,!(2014).!ASOS!Careers.![online]!Available!at:! https://asoscareers.asos.com/ASOS/WorkingatASOS/LearningDevExperience.html![Accessed!25! Nov.!2014].

! 24!The!Evening!Standard,!(2013).!Meet!team!ASOS:!they're!in!their!20s!or!30s,!hit!the!pub!together! on!Fridays,!have!epic!staff!parties!.!and!work!their!butts!off.![online]!Available!at:! http://www.standard.co.uk/news/uk/meetIteamIasosItheyreIinItheirI20sIorI30sIhitItheIpubI togetherIonIfridays IhaveIepicIstaffIpartiesIIandIworkItheirIbuttsIoffI8695194.html![Accessed! 25!Nov.!2014].! 25!Barrett,!C.!(2014).!Fast!fashion!for!fast!consumers!.!FT.com.![online]!Financial!Times.!Available! at:!http://www.ft.com/cms/s/0/8c81c140I3de9I11e0I99acI00144feabdc0.html#axzz3JsIwtUid! [Accessed!25!Nov.!2014].! 26!Goldfingle,!G.!(2014).!Interview:!Asos!chief!Nick!Robertson!on!winning!Leader!of!the!Year.! [online]!RetailIweek.com.!Available!at:!http://www.retailIweek.com/interviewIasosIchiefInickI robertsonIonIwinningIleaderIofItheIyear/5058198.article![Accessed!25!Nov.!2014].! 27!$Freedomrecruit.com,!(2014).!Asos!personalising!online!retail.![online]!Available!at:! http://www.freedomrecruit.com/asosIpersonalisingIonlineIretailI2/![Accessed!25!Nov.!2014].! 28!Asosplc.com,!(2014).!Final!Results!for!the!year!to!31!August!2014.![online]!Available!at:! http://www.asosplc.com/~/media/Files/A/ASOS/resultsIarchive/statement/finalIresultsIyearI endedI31I21I10I2014.pdf![Accessed!25!Nov.!2014].! 29asosplc.com,!(2014).!2013!Annual!Report.![online]!Available!at:! http://www.asosplc.com/~/media/Files/A/ASOS/resultsIarchive/pdf/annualIreportI2013.pdf! [Accessed!25!Nov.!2014].!

1977!and!200030.!Millennials!have!a!greater!desire!for!individualism!compared! with!previous!generations31,!and!ASOS!have!subsequently!responded!to!this! need!by!constantly!updating!their!extensive!clothing!range!with!around!2500! new!styles!each!week!so!consumers!can!always!differentiate!themselves.!32! ! As!mentioned!previously,!ASOS!serve!a!variety!of!market!segments,!including!a! niche!offering!of!maternity!clothing.!A!recent!demographic!trend!has!seen!the! birth!rate!grow!to!its!highest!level!since!1972.33!ASOS!has!capitalised!on!this! trend!by!modifying!its!product!offer!to!appeal!to!fashion!conscious!women!who! would!have!previously!shopped!elsewhere!during!their!pregnancy.!! Furthermore,!concerning!ASOS’s!international!operations,!the!proposed! relaxation!of!China’s!one!child!policy!is!expected!to!raise!the!amount!of!births!by! around!1!million!annually.!This!would!further!increase!the!market!size!for! maternity!clothing!that!ASOS!could!target.! ! The!way!in!which!ASOS!connects!with!its!customers!is!also!governed!by! demographic!factors.!Millennials!see!technology!as!a!‘way!of!life’34!and!it!is! therefore!essential!that!ASOS!continue!to!identify!opportunities!within!the! technological!environment!in!order!to!maintain!its!competitive!position.!! ! Technological! ! As!a!pureIplay!online!retailer,!the!growing!number!of!people!possessing! internetIenabled!devices35!has!increased!the!amount!of!potential!customers!for! ASOS!to!target.!Furthermore,!shopping!on!these!devices!also!increased!by!18%!in! 2013.36!In!order!to!take!advantage!of!this!trend,!ASOS!has!invested!heavily!to! improve!its!multiIdevice!eIcommerce!experience.37!Although!technology!is!in! constant!evolution,!it!appears!that!ASOS!are!both!willing!and!able!to!quickly! innovate!to!gain!competitive!advantage.! ! Over!time,!the!internet!has!meant!we!can!obtain!products!cheaper!and!cheaper.! According!to!a!report!published!by!PWC,!lower!prices!are!the!key!motivation!for!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 30Kotler,!Armstrong,!Harris,!and!Piercy,!(2014).!Principles!of!Marketing!6th!European!Edition.!

Essex:!Pearson!Education!Limited.! 31!$ChamorroIPremuzic,!T.!(2014).!Are!millennials!as!bad!as!we!think?.![online]!the!Guardian.! Available!at:!http://www.theguardian.com/mediaInetwork/mediaInetworkI blog/2014/jan/24/millennialsIgenerationIgap![Accessed!25!Nov.!2014].!

! 32!Uk.reuters.com,!(2014).!Company!Profile!|!Reuters.co.uk.![online]!Available!at:!

http://uk.reuters.com/business/quotes/companyProfile?symbol=ASOS.L![Accessed!25!Nov.! 2014].! 33!Standard!Digital!News,!(2014).!UK!birth!rate!highest!since!1972.![online]!Available!at:! http://www.standardmedia.co.ke/?articleID=2000090444&story_title=World:%20UK%20birth %20rate%20%27highest%20since%201972%27![Accessed!25!Nov.!2014].! 34Kotler,!Armstrong,!Harris,!and!Piercy,!(2014).!Principles!of!Marketing!6th!European!Edition.! Essex:!Pearson!Education!Limited.! 35Arthur,!C.!(2013).!Mobile!internet!devices!'will!outnumber!humans!this!year'.![online]!the! Guardian.!Available!at:!http://www.theguardian.com/technology/2013/feb/07/mobileI internetIoutnumberIpeople![Accessed!25!Nov.!2014].! 36Butler,!S.!(2014).!Shopping!by!smartphone!and!tablet!in!UK!increases!by!18%.![online]!the! Guardian.!Available!at:!http://www.theguardian.com/business/2014/jan/15/shoppingI smartphoneItabletIukIincreasesI18Ipercent![Accessed!25!Nov.!2014].! 37!asosplc.com,!(2014).!2013!Annual!Report.![online]!Available!at:! http://www.asosplc.com/~/media/Files/A/ASOS/resultsIarchive/pdf/annualIreportI2013.pdf! [Accessed!25!Nov.!2014].!

consumers!favouring!eIcommerce.38!The!price!transparency!created!by!easily! accessible!online!information!has!created!a!serious!business!challenge!for!many! retailers.39!With!many!new!competitors!entering!the!market,!ASOS!may!be! forced!to!cut!its!prices!which!will!in!turn!reduce!profit!margin.!Reduced!margins! could!mean!that!ASOS!can!no!longer!afford!to!offer!free!delivery,!eradicating!a! vitally!important!source!of!competitive!advantage! ! ! ! ! ! ! ! Economic! ! Despite!prolonged!economic!stagnation!since!the!2008!financial!crisis!40,!ASOS! has!continued!to!perform!strongly!in!the!retail!sector.!There!are!a!number!of! possible!reasons!for!this.!A!continued!boom!in!online!shopping41coupled!with! the!targeted!demographic!retaining!their!spending!power42!are!both!factors! which!may!have!contributed!to!sustained!profit!levels!over!the!last!6!years.!43! However,!research!published!this!year!by!UBS!suggests!that!as!a!result!of!living! through!a!period!of!intense!economic!volatility,!millennials!are!actually! becoming!more!frugal!than!before!and!searching!for!greater!value.44!Whilst!this! doesn’t!seem!to!be!an!issue!currently,!consumers!may!demand!increased!quality! at!the!same!price!in!the!future.! ! It!is!also!essential!to!consider!how!economic!factors!can!influence!ASOS’s! international!operations.!Currency!fluctuations!earlier!in!2014!caused!the! company’s!products!to!become!relatively!more!expensive!in!a!number!of!foreign! markets,!affecting!its!competitive!position!and!reducing!sales.45!However,!ASOS! reacted!by!developing!a!zonal!pricing!system,!due!to!be!implemented!in! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 38!PWC,!(2012).!The!rapid!growth!of!online!shopping!is!driving!structural!changes!in!the!retail! model.!Melbourne:!PricewaterhouseCoopers.! 39!Savitz,!E.!(2012).!For!Offline!Retailers,!The!Trouble!With!Price!Transparency.![online]!Forbes.! Available!at:!http://www.forbes.com/sites/ciocentral/2012/03/13/forIofflineIretailersItheI troubleIwithIpriceItransparency/![Accessed!25!Nov.!2014].

! 40!Elliott,!L.!(2014).!IMF!says!economic!growth!may!never!return!to!pre.crisis!levels.![online]!the!

Guardian.!Available!at:!http://www.theguardian.com/business/2014/oct/07/imfIeconomicI growthIforecastsIdowngradedIcrisis![Accessed!25!Nov.!2014].! 41!Armitstead,!L.!(2014).!Royal!Mail!boosted!by!online!shopping!boom!.!Telegraph.![online]! Telegraph.co.uk.!Available!at:!http://www.telegraph.co.uk/news/uknews/royalI mail/10595070/RoyalIMailIboostedIbyIonlineIshoppingIboom.html![Accessed!25!Nov.!2014].! 42!Financial!Times,!(2014).!‘Youth!pound’!shows!few!signs!of!a!slowdown!.!FT.com.![online]! Available!at:!http://www.ft.com/cms/s/0/fc75e1a8I7b06I11dfI8935I00144feabdc0.html! [Accessed!25!Nov.!2014].! 43!Redmayne.co.uk,!(2014).!ASOS!Financials:!Profit!&!Loss,!Balance!Sheet,!Key!Facts!&!Figures.! [online]!Available!at:! http://www.redmayne.co.uk/research/securitydetails/financials.htm?tkr=ASC![Accessed!25! Nov.!2014].! 44!UBS,!(2014).!Think!You!Know!The!Next!Gen!Investor....