Introduction
Companies presently face high levels of competition. Many factors cause the eminent competition (Ozuem 2004, p. 11). Consequently, organizations strive to adopt strategic marketing approaches. The basic aim is to achieve and maintain a considerable competitive advantage. There is a common integration of appropriate marketing mix. It is important for companies to identify, target and attract their important clients. In addition, the companies must struggle to establish and maintain powerful brands. However, these processes are attainable through innovative and transformative marketing and managment strategies. In achieving these processes, the importance of empirical investigations must not be underestimated. Market research and proper customer engagement also remain critical.
Marketing communication involves several considerations (Ryans 2000, p. 9). Ideally, an effective marketing communication mechanism is critical for high performance. It is appropriate for companies to analyse and understand their external and internal factors. Top Shop is a leading company in the UK fashion industry (Clifford 2012). The company depicts a powerful performance history.
It has continually improved on its market share and competitive advantage. It deals in clothing as well as other contemporary fashion accessories. This paper seeks to identify a potential challenge facing Top Shop. Apart from this, it presents an appropriate integrated marketing communication mix strategy for the company.
Market and Literature Review
The Current Problem in Top Shop
There are eminent transformations within the UK fashion market. Notably, several companies presently struggle to establish very innovative brands (Joyn 2011). The pattern indicates the presence of high competition for the constricted market. Top Shop includes one of the companies that have great significance in the revolution of the UK fashion. The company applies strategic marketing principles to maintain high performance within the general market. The increase in the rates of technological applications is important to all companies. Top Shop recognizes the need to utilize transformative technology (Smith & Taylor 2004, p. 11).
There are notable challenges that presently face the company. Evidently, stringent external competition is eminent. This competition is notable from other potential companies dealing within the fashion industry (Dahlén, Lange & Smith 2010, p. 45). Some of its competitors include the H&M Company. It is imperative to note the need for Top Shop to investigate, adopt and practice strategic marketing initiatives. It is vital to develop an integrated marketing communication mix strategy. This initiative is crucial in maintaining the high level of competitiveness.
Justification of the Proposed Marketing Mix
Top Shop needs to adopt an appropriate marketing mix. This is crucial in maintaining high level of competition (Richardson, Gosnay & Carroll 2010, p. 27). The huge focus on the constant improvement of the brand is necessary. In this context, application of an appropriate innovation must have proper consideration. The products must gain a remarkable level of appreciation and acceptance. Apart from this, the products must also target all age groups and segments of the population.
This is an important consideration because H&M focuses on specific limited market segments. There is need to increase the establishment of various positive product improvement strategies. The company also has to focus on the development of other unique products. Indicatively, this helps in the satisfaction of flexible customer demands and preferences (Mooij 2010, p. 44). Ideally, the concept should permit the customers to access a wide array of fashion products under one roof. Analytically, the H&M is yet to adopt this transformative approach.
Pricing remains pertinent in the success of any strategic marketing initiative. The application of strategic pricing is crucial. Top Shop must set affordable prices for its products. However, a thorough evaluation of the market factors is important. These include market composition, the target segment characteristics and the general economic factors (Karamchedu 2005, p. 22). Structuring pricing methods according to economic classes of the clientele is preferable. This is a unique approach never applied by H&M.
Product distribution initiatives are crucial in marketing. Most competitors such as the H&M frequently engage the services of intermediaries in their distribution systems. However, this methodology has severe negative implications on marketing performance. Therefore, direct retailing is preferably applicable for Top Shop (Whitelocks 2012). This process alleviates the unnecessary increase in product prices due to utility costs incurred by the intermediaries.
Proposed Activities and Marketing Communication Theories
Online marketing initiatives remain applicable. These include the use of websites and other social network sites like the facebook and twitter. It is also important to design creative advertisement messages (Mohr, Sengupta & Slater 2010, p. 33). These should feature in entertainment industries, celebrity shows and within all types of media channels. Initiation of positive collaborations with other potential corporations is critical. Particularly, this is applicable to media sources. Product promotion initiatives require the utilization of high technology and different media channels. These require adequate accompaniment by transformative communication processes within the entire target market zones. In this way, the company is able to counteract the competition from H&M.
It is vital to sponsor social activities such as sports competition and corporate social responsibility (Ferreri 2003, p. 56). Like in communication processes, marketing must occur within different media channels. These messages must also reach individuals in diverse forms. These include use of texts, figures, musical presentations, and colours among others. The objective must be to stimulate the sensory capacities of the target receptors. Observably, people are never telepathic (Smith, Berry & Pulford 2002, p. 34). Both semiotic and syntactic theoretical approaches in communication are crucial in these methods. Promotion initiatives must also consider the use of semantics.
Ethical Concerns
There are several ethical concerns in the application of marketing communication mix strategy. The provision of falsified information is unethical and remains punishable within certain states. Top Shop must endeavour to observe these ethical concerns (Kleindl 2007, p. 11). The content of the advertisement must be appropriate to the target market audience. Additionally, it must follow the right channels. Some of the important ethical issues include the respect of customer demands and potential liberties.
Research Methods
This research involves a combination of processes. For instance, there is application of desktop reviews. There is also an analysis of the various internet sources containing relevant information. Marketing communication mix and strategic managment include some of the important target literature. These are applicable in the study. There is an eminent comparative analysis of the various competitors of Top Shop (Fill 2009, p. 36). Apart from this, the research focuses on the analysis of relevant marketing information on the Top Shop Company. The research draws conclusions and implications from primary data existing in secondary sources. These sources are obtainable from the various relevant literatures in the internet.
Limitations
The research only analyses critical information on few competitors of the Top Shop Company. The overreliance on the secondary information available on the internet might not provide empirically sound implications.
Analysis and Discussion
This investigation portrays various implications. The study findings indicate the importance of information technology. Comprehensive application of appropriate technology in marketing communication initiatives is crucial (Egan 2007, p. 68). The Top Shop Company needs to improve on its product varieties. This is in order to expand its capacity to conquer novel markets and target segments. Notably, the investigation indicates that there are notable market segments that remain unexploited. There is an evident significance of utilization of transformative media sources (Viardot 2004, p. 16).
Particularly, this applies for product promotion initiatives within different market segments. Ethical concerns in marketing also have considerable impacts on the performance of companies (Koekemoer & Bird 2004, p. 87). Clients become loyal to the brands of companies that value effective customer services. These include some of the important lessons drawn from the investigation.
Conclusions and Recommendations
An integrated communication mix strategy is important for all companies. Technological applications have pertinent roles in the advertising processes (Ford & Saren 2001, p. 66). Particularly, this significance is obvious in the present globalized society. Social networking and use of social events in marketing remain crucial. Above all, companies must strategically design their marketing mix. This initiative helps to increase the performance of these companies. There is also an eminent significance in the performance of market research (Schultz, Tannenbaum & Lauterborn 1994, p. 66). This is applicable within all sectors. From this, there can be deduction of empirical facts about the market and other consumer factors. In order to succeed, Top Shop must consider all these recommendations.
List of References
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