A Research Report on Marketing Strategies of the Business
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Table of Contents 1 Introduction 2 2 Market Profile Error! Bookmark not defined. 3 Macro-environmental Analysis of Victoria’s Basement 3 4 Micro-environmental Analysis of Victoria’s Basement 4 5 Market Segmentation 5 5.1 Demographic Segmentation: 5 5.2 Psychographic segmentation: 6 5.3 Behavioural segmentation: 7 6 Target Market 7 6.1 Purchasing Pattern and Purchasing Power 7 6.2 Brand Positioning Based on Target Segment 8 7 Marketing Mix 9 7.1 Product 9 7.2 Price 9 7.3 Promotion 9 7.4 Place 9 7.5 Process 10 8 Recommendations 10 8.1 …show more content…
* Emergence of online retailing allowing retailers to develop new sales channel within the global market. | Technological | * Increased RFID technologies with electronic price labels allowing customers’ self-service in the retailing stores (Hancke, 2011) which the store is not utilizing yet. Also the store is not yet using anti-theft devices. * The more advanced information and communication technology (ICT) and transportation technology could allow globalization to be more possible and management being more efficient and cost-effective. |
Micro-environmental Analysis of Victoria’s Basement
In terms of the micro-environmental analysis, the Porter’s Five Forces framework could be adapted for the company.
Table 2: Micro-Environmental Analysis for QVB Factors | Descriptions & Analysis | Buyer Power | Medium. The bargaining power from customers would be strengthened from the increasing competition in the market providing the similar products in the industry, and the buyers’ switch costs for different brands would be low. On the other hand, the bargaining power from customers would be weakened from the fact that there was no buyer association established in the world for the industry. | Supplier Power | Low. The bargaining power from suppliers would be lowered because there were multiple suppliers for the materials and services (steel, plastics & business services such as logistics) in the market, and the switch costs for suppliers would not be