Pretty Little Thing Market analysis PDF

Preview

Summary

Assignments...

Description

1

Title of Your Paper

Your name Department name, Institution name Course number: Course name Instructor’s name Due date

2 Introduction

PrettyLittleThing (PLT) is a fashion dealer that reaches its clients via an online platform. Providing their clients an inexpensive fashion inspired by the runway, giving the highway an alternative. In 2011, PLT was snuck in the market. Compete to rival stores in online apparel. PLT wants strong online presence in this growing sector to be competitive in the online world and stand out from similar rivalry. Social networks are a must for the apparel brand and it is a means to connect with their target market. Contents Situation analysis........................................................................................................3 Marketing objectives and strategies...........................................................................4 Marketing Programmes..............................................................................................6 Recommendation........................................................................................................9 Conclusion..................................................................................................................9

.

3 Situation analysis STRENGTHS

•

Target Market

PLT is targeted at very inexpensive rates for fashion based individuals inside a young woman demographic model starting from (18-25). The model (the 18-25 demographic) is young and hence the company contact is targeted by students and others who want affordable prices either on the PLC website or via other social media platforms. Social networking platforms – It is almost important to be involved on social networking sites in this intensely competitive industry in order to engage with the consumer, like any fashion company does. PLT has a good twitter profile that includes a following of more than 29,000 users. The Instagram accounts on the other hand have 98,000 followers and the Facebook page with 307,000 likes. Those are three major social media platforms they use to gain awareness and new supporters in their targeted audience as this is like a free advertising tool.

WEAKNESSES

•

Negative feedback

It is clear that when you look at PLT's Facebook profile, your bad posts can jeopardize new customer gains and consumers in particular, since they are virtual only and therefore the instore involvement cannot be obtained.

OPPORTUNITIES

•

Introducing small labels

4 PLT's launch on their websites of various lines and independent shops draws more and more consumers to order from these smaller brands. For PLT and smaller stores -marketing their products via fashion-based sites and PLT would have greater market awareness and a small fee. ASOS does this through the "ASOS Marketplace," where smaller shops or people will display their goods via the Website. The online dealer will have to make sure the right number of customers are involved when it comes to service in order to excel. PLT will first have to expand to be of interest to a number of consumers. They will publicize it in social media and preview the arrival of a few shops at a time.

THREATS

•

Global Competition

Online trading opens the platform to a large global client base, and it is delivered directly from everywhere in the world. However, it means that there are also a high number of potential competitors who can pick off local tradition in any region.

Marketing objectives and strategies PLT model covers some of the latest trending in clothing: from an increase in the order volume imposed within a short term to a decrease in label size in order to minimize the possibility of large quantities of unsold in nearly all parts of the industry, placing design teams and buying departments under tremendous stress. PLTs main target is young women aged 16 to 24 and includes 20,000 items, including garments, shoes and accessories. The product is influenced specifically by catwalks and the wardrobes of popular and powerful celebrity figures. The latter is the leading product spokesperson for the brand, producing 9.5 billion hits on social networking sites and no less than 8,000 partnerships in 2019. PLT's apparel is bright and lively. The main priority of the label is

5 to keep its goods highly affordable to its clients. Pretty Little Thing is a B2C organisation, they target ‘fashion conscious young women’ which is a profitable sector. In order to communicate effectively with this sector PLT use Facebook, Twitter, Instagram, YouTube, Pinterest and Google+ and blogs and TV Advertisements. In order to gain benefits on these social media platforms it’s important to participate in customer conversations. The conversations are usually related to products, promotions or customer service and generally aimed at learning more about customers and providing them with support, which helps improve the companys recognition.

Using social media platforms is interactive and is direct engagement with the customers. It is about the lifestyle, the product, brand related, fan focused and of course, sales focused. These four traits are vital to create a relationship with the customer and to be able to engage with them then social media can have a positive impact for the company’s online presence.

According to the Adults’ Media use and attitudes report 2014, 83% of 16-24s visit social networking sites more than once a day, this has grown from 50% in 2012 and therefore PLT’s target market is growing in their online activity.

Media sharing sites are very popular today, Instagram allows members to upload, share, comment on and discuss their photographs. This is one of the channels PrettyLittleThing.com uses, as it is publically available to their market.

Over 90% of the 150 million people on Instagram are under the age of 35, this is why it is such an attractive platform for fashion brands targeting the younger market.

6 (Smith 2014) PLT have 99 thousand followers following their page. However, they are not as popular as competitor Missguided with 765 thousand followers but it is a good amount for PLT as their posts are being viewed and will gain interest. Regarding the brand using online partnerships, interactive ads and emails to engage with target markets – Chaffey’s Five Channels (Chaffey, D 2012). these have helped with the brand’s engagement but the enticing to buy can be fluctuated throughout the different collections created.

Marketing Programmes Being digital and online is different to the traditional marketing mix, the seven P’s of Product, Price, Promotion and Place. (Ryan 2014)

PLACE The Internet - There are over 3 billion people around the world who are connected. Whether it’s through a computer, mobile device, tablet, Internet protocol television. PLT have their website, mobile platform and their social media channels.

PRICE This is the important part, brands have to be competitive to survive on the Internet as PLT sell fashion clothing and are online only, with similar competitors, they need to make sure that the overall value proposition to the customer is compelling. PLT make sure they have un-missable cheap prices to compete with other fashion brands and attract their young fashion customer.

7

PRODUCT As PrettyLittleThing.com is a clothing website for young, fashion conscious 16-25 year olds they have to have a fashionable, on trend clothing and accessory range in order for them to succeed in the competitive digital market. Leaving the customer with a genuine perception of value, this helps the marketers to do their job effectively so that they can engage with consumers and convince them to buy from PLT. Their targeted digital consumers are well connected they need to know that online fashion brands are trustworthy or they will turn to the competition. They show the product through the images to show quality, descriptions to show the features, occasion, warranty and availability.

PROMOTION Promotion is everything brands do, online and offline to get the product and the brand itself in front of their prospects, to get new customer and keep their existing ones: Pretty Little Thing’s website is the main hub of their digital world, the most important element in the digital marketing strategy, this is the most important piece of online real estate as well as their other online activity to direct their prospects. Social media - the focus of Web 2.0 and a massive growth for marketers online that can offer highly targeted advertising to social groups on platforms such as Facebook, Instagram’s, blogs and so on. They use these platforms to market their products, to send personal promotions, sales promotions, direct marketing to create brand recognition and promote their brand. PROCESS PROCESSES DELIVERY SERVICE & RETURN POLICY Shipping GLOBALLY (to more than 100 countries). Items can be RETURNED within 14 DAYS from the day customer re- ceived products. Offers NEXT DAY DELIVERY and FREE DELIVERY after

8 9pm. Very QUICK CUSTOMER SERVICE that responds to customer’s enqui- ries on social media in 3-4 minutes (Boohoo UK, 2017) PEOPLE PEOPLE TARGET CUSTOMER PRICE CONSCIOUS Keen on social media, latest trend and celebrity- inspired clothing 16-24 YEARS OLD (50% older than 24, 10% under 16) (Neate, 2017) Boohoo relies on SOCIAL MEDIA INFLUENCER and video bloggers (VLOGGERS) to influence the target custom- ers “Relatively speaking, it has a far more engaged social media base than many other retailers- it can use digital as a call to arms” John Stevenson, retail analyst at Peel Hunt (BBC News, 2017). PHYSICAL EVIDENCE ACCESS & PHYSICAL EVIDENCE MOBILE APPLICATION Mobile application features BOOHOO’s entire product ranges and caters to an increasing number of customers browsing Boohoo’s web- site on mobile. Boohoo’s website provides ease of shopping. Features include: shopping page, refine search toolbar, multi- ple webpages for different countries and fashion blog ‘The Fix’ to inspire customers. Recommendation It is important that PLT have an attractive website, to attract new customers and keep current ones, the website is the most important element in the digital marketing strategy

Conclusion As the digital market place is constantly evolving, fashion brands have to be aware and understand that digital marketing affects relationships with their customers. PLT’s target market rely on digital technology to access the website and also a large percentage, 89% of young people use social media platforms (Pew Internet Projects research, 2014). Pretty Little

9 Thing offer a range of social platforms, all of which are important channels to have to connect to their customers. They use these well to talk to their customers through, sell their products and inform them of any special offers.

10 References BBC News. (2017). Boohoo cheers soaring sales. [online] [Accessed 30 Oct. 2017].Available at: http://www. bbc.co.uk/news/business-41411717 Begum, S. (2017). PrettyLittleThing, the Manchester brand supported by Kylie Jenner and Sofia Ritchie, is ranked fastest growing online fashion company. [online] [Accessed 10 Dec. 2018]. Manchester Evening News. Available at: https://www.manchestereveningnews.co.uk/business/business-news/prettylittlethingmanchester-brand-supported-kylie-13262982 Chaffey, D. and Ellis-Chadwick, F., 2012. Digital marketing: strategy, implementation and practice (Vol. 5). Harlow: Pearson. Pew Research Internet Project. (2014) Social Networking fact sheet. [Online] [Date Accessed on 1st December] http://www.pewinternet.org/fact-sheets/social-networking-factsheet/ Smith, C. (2014) Heres why Instagrams demographics are so attractive to brands. 17th August. Business insider. [Online] [Date Accessed 15th November] http://www.businessinsider.com/instagram-demographics-2013-12?IR=T...