5 ps of marketing
Product: In the aspect of 5 ps of Marketing quality the products are of good quality. In the core category the shirts and trousers represent world class quality standards. The brand name is excellent, packaging is well designed, styles of the products are of western mark, fabric quality is also up to the standard, the other features like collar lining, stitches per inches, sleeve cuts, bottom button holes, trademark pockets, seams, plackets and interlining are of international benchmark.
Read More About Garments Merchandising Job Description
Price: 5 ps of Marketing -Due to the high import tax barriers the prices of the products have become almost three times than the purchase cost. This has taken our products to a price range which stands as the most critical obstacle in gaining customer acceptability. As the same brands are widely available in the local retail stores at a much lower price the brand could not achieve the market acceptance it had anticipated for.
Place: In the aspect of location selection we have failed to identify the best locations for our business. Low foot falls accompanied by lack of cooperation form the market premises owners have made some of our out lets simply obsolete.
Promotion: The irregular promotional programs were not well designed and monitored. So there have been serious non-continuous errors in launching and supporting phases of the previous promotional campaigns. The basic objectivity of offering two separate out let identities like Planet Fashion and Peter England were crucial mistakes by the management. So none of them could gain strong foot hold among the target segments.
People: Lack of coordination, proper product oriented training, absence of any sort of target oriented environment, incentive based salary structure has turned AUTO ’s current business into a chronic case of “Planning Failure”. As a result of that, over the years , corruption, financial mis -apportionments, breaking up of the chain of commands, and lower employee morale has turned the HR system into a negative bottleneck.
Financial department’s negligence: In every company the responsibilities of carrying out regular inventory for products in the show rooms lies with the finance and accounts department. Failure to conduct a regular product inventory both software wise and physical inventory have resulted in the creation of opportunities for sales assistants to become involved in mis-chiefs.
Learn from our mistakes
In the pursue of 5 ps of Marketing the PE manufacturing options we don’t want to repeat those mistakes. Proper product strategies supported by the right pricing policies should be well offered to the customers in the right locations. If we can attain these all with a coordinated and well planned promotional strategy then we do believe that PE is going to be the strongest retail ware brand for men in Bangladesh with an excellent market share.
Assumptions 5 ps of Marketing
After the first year sell will increase 25%
After the second year sell will increase 25%
At the first year advertising & promotional cost will be 30% of the revenue
At the second year advertising & promotional cost will be 15% of the revenue
At the third year advertising & promotional cost will be 12% of the revenue
An international brand like Peter England (PE) will gain 28% market on the first year. Proper product strategies supported by the right pricing policies should be well offered to the customers in the right locations. If we can attain these all with a coordinated and well planned promotional strategy then we do believe that PE is going to be the strongest retail ware brand for men in Bangladesh with an excellent 5 ps of Marketing share.