Human and Other Assets for Business: Marketing Aspects

The marketing strategies and other aspects of the Oriental Organic Garments Company are being taken up for discussion and analysis. It is seen that this Company now wished to make forays into a wider market, both national and in the global context.

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In this paper, the marketing aspects in terms of how the best use of human and other assets could be utilized in the operations of the business are being considered. There are factors of product differentiation, market penetration, market differentiation, and product positioning of OOG that need to be considered before detailed marketing decisions are taken. Also, the business needs to take cognizance of the presence of rivals and competitors who could, if they choose, seriously undermine its plans and progress and thwart well-defined and executed action plans. Thus, initially, OOG needs to seek harmony with the competitive environment before seeking a strong foothold and demarcation of the market turf. Scientific and validated marketing tools need to be employed, and Marketing models redefined to suit varying market conditions and business situations.

However, OOG strongly believes in its core mission and the capability of its team to deliver. This has endured it to the UK market and it is now only a question of raising the performance bar to enjoin international marketing also. It is widely believed that given its success in the European Software garment markets, it would be only a matter of time and patience, before OOG Brands become a household and sought after brand, in other parts of the world also. Till such time the OOG marketing team needs to devise ways and means of developing and promoting the product lines on a global basis to cater to the needs of a discerning and quality-conscious segment of consumers.

Marketing Strategies

It is believed that Oriental Organic Garments Company, an existing UK-based garment manufacturing company has made forays in the competitive world of organic garments, meant both for indigenous markets, as well as for exports. In order to seek market penetration and positioning, especially in highly volatile garment markets, it is essential for OOG to seek, woo and retain markets and clients on a long term basis, in order to ensure that its efforts are sustainable and well-matched with high quality, moderate price, excellent servicing and wide range of outlets throughout the UK and aboard. Garments form an impressionable part of one’s image and personality and we at OOG are aware of its tremendous market response in ever-changing global markets.

“Therefore, consumers are not necessarily looking for the lowest priced or even the highest priced product, but rather for a product that will enhance their image.” (Sutton & Riesz, 1979).

Strategy overview

It is indeed a difficult task to succeed and increase the market share of retail markets. It is also a matter of enormous investments in building new stores, car parks, outlets, furnishing them, and ensuring good clientele, especially from discerning customers who can make perspective distinctions in quality, prices, and services. OOG needs to study the gamut of markets and demand for its line of products well before embarking on ambitious plans. Purchasing power is also a significant matter for buyers, especially for garments and fashion wear.

Mission

OOG’s mission is to set the trends for tomorrow’s wear – today. By anticipating marketing trends and giving the garment buyer what he wants to buy and not what the salesman wants to sell, it may take just a few years for OOG to establish brand leadership in the garment industry in the UK.

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Demand satisfaction forms the core mission of OOG, worldwide.

“To deliver the kind of differentiated experience that drives high performance, successful organizations must become truly customer-centric, incorporating the customer’s perspective, value, and actions into their business and operations strategy, capability development and execution.” (Customer satisfaction in the changing global economy: Our perspective, 2007).

Marketing objectives

If the present markets are to be considered, it could be seen that OOG needs to create a strong marketing base, especially for its range of unisex T-Shirts and casual wear. There are a plethora of sellers around the globe catering to the new generation’s clothing and styles. What OOG needs to do is to provide product differentiation and distinction. In other words, it needs to build a good brand image. People need to know and recognize the brand value of OOG products that set them apart. Its principal marketing objective, therefore, would be to create a positive and robust brand image for its range of products so that consumers’ would choose and buy their products, blindfolded.

“A networked supply chain allows I-Commerce to best fulfill its promise to customers: the promise of a consistent, timely delivery; quality products; and lower costs.” (Janes, 1999).

Brand imaging is a major marketing objective since products are more known by their companies is known more by their brands than their companies.

Lee, Wranglers, Levy Strauss are famous jean brands but few know about the companies who make them.

Financial objectives

It is necessary that this company formulates business plans, projections, and budgets for its performance for the years to come. Thus, it could be ensured that business plans are well according to goals and objectives. Financial goal setting is very important for any organization.

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Augmenting resources, creating adequate funds without cutting corners, and avoiding surplus labor and fund deployment are critical factors for any business, not to speak of correct and productive application of financial assets. Thus for fulfilling the financial objectives, the following forecasts are needed in order to set targets for business partners and employees to cater to the demands of the market and to ensure optimum use of scarce resources and financial assets for the betterment of the company and for augmenting its future building

1. Sales forecasts 2. Cost of sales 3. Profit projections 4. Market forecasting

Serial Sales forecasts 2008
£
2009
£
2010
£
2011
£
1. T-Shirts 34,000 35,500 36,000 37,000
2. Tank tops 14,000 15,000 16,000 17,000
3. Sports/ swimwears 11,000 12,750 13,500 13,750
4. Jeans and Bermudas 15,000 16,500 17,250 18,000
5. Miscellaneous 10,000 11,700 12,770 13,500
Total 84,000 91,450 95,520 99,250

Table 1. Table of Sales forecasts

Serial Cost of sales 2008
£
2009
£
2010
£
2011
£
1. T-Shirts 13,000 13,500 12,750 12,900
2. Tank tops 21,000 21,700 22,700 23,000
3. Sports/ swimwears 12,750 13,900 14,150 13,500
4. Jeans and Bermudas 11,000 12,500 12,800 13,000
5. Miscellaneous 10,000 11,000 11,700 12,000
Total 67,750 72,600 74,100 74,400

Table 2. Table of Cost of Sales

Serial Profit forecasts 2008
£
2009
£
2010
£
2011
£
1. Sales 84,000 91,450 95,520 99,250
2. Less : Cost of sales (67,750) (72,600) (74,100) (74,400)
3. Projected profits 17,250 18,850 21,420 24,850

Table 3. Profit forecasts

Sl. Market forecast Growth rate 2008
£
2009
£
2010
£
2011
£
1. T-Shirts 20% 170,000 204,000 244,800 293,760
2. Tank tops 12% 240,000 268,800 301,156 337,295
3. Sports/ swimwears 8% 210,000 226,800 244,944 264,540
4. Jeans and Bermudas 25% 500,000 625,000 781,250 976,563
5. Miscellaneous 10% 250,000 275,000 302,500 332,750
Total 1,370,000 1,599,600 1,604,650 2,204,908

Table 4: Market forecast for Oriental Organics Co Oriental Organic Cotton Company, UK

Target Marketing

As the name suggests, target marketing envisages a target or enforcing objectivity and focus in markets. In the case of OOG, it would be seen in terms of demographic exercises designed to find out the scope of different markets. It could also be seen in terms of examining the distinctiveness of markets and how OOG could sell its products in these markets. Target marketing also needs to consider strategies deployed by competitors, their marketing beats, how they sell, and how much they sell. OOG needs to cater to a niche market but this needs time and performance at a lower stratum. Once markets are consolidated, OOG could go in for strategic niche marketing with higher prices and better margins for retailers. But before that, it needs to define, identify and determine their present markets according to demographic statistics- income levels, disposable incomes, age groups that could possibly buy OOG products, incremental growth prospects, future growth plans, etc.

“The Marketing Planning team identifies marketing opportunities and develops integrated marketing campaigns. Additional responsibilities include writing creative blueprints, developing media plans, overseeing project execution, and managing budgets.” (See yourself in one of these careers: Marketing planning, 2008).

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In the event of undifferentiated markets, products are pushed into the market and the sales force needs to sell them, whereas, differentiated involves a more rational and scientific system in terms of demand seeking and satiation.

“Product differentiation is a critical strategic marketing process. Businesses need to continually differentiate their products from their competitors.” (Product differentiation helps you build competitive advantage, 2002).

Product positioning

The way corporates position their products, services, and utilities are what product positioning is all about. Leading service provider, Accenture, says that it “helps clients improve their market focus and position through a wide range of sales, service and marketing transformation services.” (Breen, Mann & Paul, 2005, p.5).

Along with product differentiation and target marketing, product positioning is also important for the consumer business sector, especially clothes and fashion wears.

Conclusion

It is necessary that OOG takes stock of the present situation in which it is placed, and underpins its future courses based on judicious market planning and well-judged strategic decision making especially on the export front and in its internet business.

It is necessary to consider the internal assessment of its performance in terms of allocable resources and make the best use of human assets without compromising on critical issues that impinge upon business conduct. This could ensure that thus Company, OOG commands a good market share in future organic clothing, fashion wear, and garments in the years to come.

References

  1. Breen, Tim., Mann, David., & Paul. F. (2005). New markets new focus. Accenture: High Performance Delivered. 5.
  2. Customer satisfaction in the changing global economy: Our perspective. (2007). Accenture: High Performance Delivered.
  3. Janes, Mike. (1999). Network supply chain solution: New opportunities in supply chain. Cisco Solutions. Web.
  4. Product differentiation helps you build competitive advantage. (2002). More-for-small-business.com.Web.
  5. See yourself in one of these careers: Marketing planning. (2008). Target Corporation Careers.
  6. Sutton, Robert. J., & Riesz, Peter. C. (1979). The effect of product visibility upon the relationship between price and quality. Journal of Consumer Policy, 3 (2), 145-150.
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