Zara\'s Marketing Plan PDF

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Zara’s Marketing Plan

Group 6 Mudgal, Puneet Kumar Mehta, Tirth Rajeshbhai Kaur, Simarpreet Gill, Gurpreet Singh Asuncion, Audrey Nica Belangel, Charity Mantos

SCM220-75 Marketing for SCM Canadore College

1.0 The Company Zara is one of the leading international fashion companies in the retail industry [ CITATION BOFnd \l 1033 ]. the company is based in Spain and was founded in 1975. The company is the flagship store of Inditex group which is the world’s largest apparel retailer [ CITATION Wik216 \l 1033 ]. Zara has over 2,200 stores operating in 88 countries.

1.1 Mission “Give customers what they want and get it to them faster than anyone else.” [ CITATION misnd \l 1033 ]. This mission delivers their message of determination to be the leading fashion brand worldwide. The attention is to carry out a model that connects the needs of all customers wherever they are faster [ CITATION BOFnd \l 1033 ].

1.2 Vision “To contribute to the sustainable development of society and that of the environment with which we interact.” [ CITATION BOFnd \l 1033 ]. The company envisions itself in the future to work on their corporate responsibility within the environmental and social development [ CITATION BOFnd \l 1033 ].

1.3 Core Values “Beauty, clarity, functionality, and sustainability.” [ CITATION BOFnd \l 1033 ]

These are the principles to which the company motivates the internal organization towards its mission and vision statements [ CITATION BOFnd \l 1033 ].

2.0 Target Markets The company’s target market is young individuals who are price-conscious and sensitive to the latest fads [ CITATION Har11 \l 1033 ]. Below is the customer profile of Zara. Information is taken from Issuu.com. Gender: All Age: 18 years to 34 years old and children Income: Mid to lower range earning Geographic: Living in more economically developed countries. Behavior: Impulsive as the stores have a maximum of three to four weeks sell-by period

3.0 Positioning on the Market The company intends to offer its customers with trendy and high fashion quality products at lower prices to accommodate their requirements [ CITATION UKe15 \l 1033 ]. They are known for their ability to develop new styles and get them to their stores within two weeks while others may take six months [ CITATION For20 \l 1033 ]. Zara’s store locations can be found in high profile districts to set the image of the brand as trendy, hip, high fashion, and accessible [ CITATION UKe15 \l 1033 ].

4.0 4P’s Marketing Strategy

Products

 Latest styles  Trending designs  Affordable prices  Local-adapted tastes

Place

 2,200 stores in 88 countries  The store design is modern, luxurious.  Online selling is limited to specific countries only

Price

 Focuses on an average shopper who wants an affordable price on the latest fashion.  Pricing strategy meets the needs of the large consumer segment.  Lower price compared to other brands such as Hugo Boss or Uniqlo, but the quality is never compromised.

Promotion

 Spends little on promotion campaigns, only 0.3% of sales [ CITATION Tho21 \l 1033 ].  Focuses on opening new stores and word of mouth.  Promotion strategy is based on experience, exclusivity, affordability, and differentiation.

5.0 Marketing Tactics Zara does not spend a huge amount in advertising as their main concern is to provide a customer experience in every store location. Below are five marketing tactics Zara has implemented. 1. Focus on customer’s experience – The company capitalizes on the in-store experience by continuously presenting reasons for consumers to return [ CITATION Tho21 \l 1033 ]. 2. Value for the price - Zara isn't the cheapest fast-fashion brand, but it consistently offers trend-right items at appealing prices, making it the best-branded value [ CITATION Tho21 \l 1033 ]. 3. The power of brand loyalty - Zara attracts consumers and transforms them into brand preachers who spread the word about the business. This is the result of the meaningful experience they set forward in every store. 4. Convenient physical store locations – the company invests heavily in the location and appearance of their stores. Their location strategy is to put the stores in high-street retails areas in major cities. Likewise, they also offer mobile connectivity to give shoppers access to the inventory to items unavailable in their locations [ CITATION Tho21 \l 1033 ]. 5. Data analysis – Zara utilizes data infrastructure which analyzes what is trending in social media platforms. They use this information to make improvements in various aspects of the business [ CITATION Tho21 \l 1033 ].

Bibliography BOF (Businessoffashion). (n.d.). Zara. Retrieved from BOF (Businessoffashion): https://www.businessoffashion.com/organisations/zara Forbes. (2020, July 27). "Zara". Retrieved from Forbes: https://www.forbes.com/companies/zara/?sh=10826ff37487 Harbott, A. (2011, March 3). Analysing Zara’s business model. Retrieved from Arif Harbott: https://www.harbott.com/analysing-zaras-business-model/ mission statement.com. (n.d. ). Zara Mission and Vision Statement Analysis. Retrieved from mission statement.com: https://mission-statement.com/zara/ Thomas, S. (2021, March 01). "Zara Marketing Strategy - To Be The World's Top Fashion Retailer". Retrieved from Avada: https://avada.io/resources/zaramarketing-strategy.html UKessays. (2015, January 1). "The Zaras Brand Strategy Marketing Essay". Retrieved from UKessays: https://www.ukessays.com/essays/marketing/the-zaras-brandstrategy-marketing-essay.php#:~:text=Positioning%20Strategy,prices%20to %20accommodate%20their%20requirements. Wikipedia. (2021, February 20). Zara (retailer). Retrieved from Wikipedia: https://en.wikipedia.org/wiki/Zara_(retailer) Winter, M. (2017, March 3). "Zara Customer Profile". Retrieved from Issuu.com: https://issuu.com/mollywinter/docs/zara...