Marketing management- next Essay Example | Topics and Well Written Essays - 2000 words

Marketing management- next - Essay Example The target market for Next Direct in India mainly includes young age group of people from urban areas with higher middle income. In India, the domestic as well as some foreign apparel retailers are dominating and they are also offering online retailing services. Hence, it needs to reposition itself by offering comparatively lower priced brand products. The price is a key factor in Indian market and Next Direct must offer better discounts, offers though loyalty cards schemes. Moreover, Next Direct also needs to incorporate ethical marketing concepts for its Indian market by focusing on better consumer satisfaction level. Table of Contents EXECUTIVE SUMMARY 2 INTRODUCTION 4 PLC STAGE 5 TARGET MARKET 7 PRODUCT REPOSITIONING 10 PRICING STRATEGIES 12 ETHICS 13 CONCLUSION 14 RECOMMENDATION 15 REFERENCE 16 BIBLIOGRAPHY 17 INTRODUCTION Next Plc is a UK-based retail chain and it also present in the multiple countries like India, China, European countries, U.S.A. etc. It is primarily engaged i n the retailing business of the apparels, accessories, home products and other electrical consumer durable products. In its domestic country, UK and in Eire it has nearly 500 stores. Besides, in International markets, it is operating with more than 180 stores (Next Plc-a, 2011). Recently, the retailer faced a steep fall in its sales revenue during financial crisis of 2007-2008. However, with the recovering economy, Next Plc’s financial statements are recovering with an increase in the sales comparing to the previous financial year. With recovering economy, the competition in the market is expected to intensify as its competitors will try to the recover their losses due to financial crisis during 2008 to 2009 (Clark, 2011). In such situation, Next Plc must try to reposition itself in the competitive market by gaining effective sustainable completive advantages. However, the recovering growth rate of UK (as per GDP real growth rate 1.6%) is much slower in comparison to other de veloping countries like China and India (CIA, 2011). Therefore, opportunities in these developing countries are far better than other recovering developing countries like UK and U.S.A. Next Plc can try to reposition its apparels in the Indian retail market as Indian economy is growing at a faster rate i.e. 8.3% (CIA-b, 2011). Next Plc can focus on its apparel product segments to reposition itself in Indian market. With enhancing disposable income of the Indian consumers demand for clothes and related accessories are rising (Mirdha, 2011). PLC STAGE Kasse has explained that a PLC â€Å"is the period of time, consisting of phases that begins when a product is conceived and ends when the product in no longer available for use† (Kasse, 2008, p.56). The clothes and apparels are generally belongs to the fashionable consumer products and fashion industry keeps changing its trends by introducing multiple product developments as per current trends. Generally, clothes can be categorize d into three types i.e. fashion, fad and basic products and hence, as per three types of apparel categories, the PLC is given below. Figure 1: PLC for Apparels and Clothes (Source: Cornell University, 2006) The basic clothes and apparels are already in its declining phase and fashionable clothes are in correct trend. However, the fad clothes have the minimum life cycle as its popularity changes frequently among the youngsters. BCG matrix is a model to