UK Retail Fashion Industry Report, Missguided, situational analysis, global fashion industry, marketing strategy, budget, innovative technology, Porter's Five Forces, competitive rivalry, threat, substitutes, supplier, buying power, marketing, objective, product, promotion, distribution, process
While Missguided, which operates in the UK retail fashion industry, has managed to achieve competitiveness in the global fashion retail industry, its long-term survival and success is dependent on its effectiveness in responding to market changes. Gavinelli (2016) notes that adopting effective marketing practices can enable a firm to enhance its competitiveness. This report presents a marketing plan that Missguided should consider to foster its global competitiveness.
[...] Competitive rivalry; high; the industry is characterized by intense competition. Misguided faces direct competition from different fashion retailers. Among its top competitors include ASOS, Pretty Little Thing, Boohoo, and New Look, Threat of substitutes; high; the availability of a large number of competitors has led to an increase in the propensity of customers switching to other retail firms. The threat of new entrants; high; the projected industry growth has made the industry very attractive to investors. The industry is experiencing an increase in the number of online fashion retailers. [...]
[...] New York: Routledge. Kitchen, P., Pelsmacker, P., & Eagle, L. (2005). A reader in marketing communications. New York: Taylor & Francis. Sethi, R., Kaur, J., & Wadera, D. (2018). Purchase Intention Survey Of Millennials Towards Online Fashion Stores. Academy of Marketing Studies Journal, vol no pp. 1-16. Statista. (2022). Fashion. [Online]. [...]
[...] Figure 1 below illustrates a summary of the fashion industry's structure. Marketing Objectives Missguided's objective is to grow its competitiveness in the global fashion industry by increasing its market share by 20% during its 2022 financial year. By growing its market share, the company intends to grow its annual net profit by 30%. Missguided's effort in achieving the marketing objective will entail pursuing a customer-centric approach in its operations. Marketing Strategy To achieve the marketing objective, Missguided will ensure that it employs an effective marketing strategy. [...]
[...] The firm's online store will provide customers with an opportunity to purchase fashion products directly from the store and the product delivered to the customers' door. Process Missguided will integrate a seamless operation process in procuring and delivering products to customers. The company will ensure that all the processes in its supply chain are eco-friendly. This will serve in positioning the company as an environmentally conscious organization. People Missguided is focused on maximizing the level of customer satisfaction. The company will continue with its customer service training program as an approach to maximizing the level of customer satisfaction. [...]
[...] (2020). Trends in the Fashion Industry. The Perception of Sustainability and Circular Economy: A Gender/Generation Quantitative Approach. Sustainability, vol no Gavinelli, L. (2016). Business Strategies and Competitiveness in Times of Crisis : a Survey on Italian SMEs. London : Palgrave Macmillan UK. Groucutt, J., Forsyth, P., & Leadley, P. (2004). Marketing; essential principles, new realities. London: Kogan Page. Kaynak, E., Mills, N., & Brooke, M. (2012). New product development; successful innovation in the market place. [...]
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