Competitor Analysis of the Aston Martin-Free-Samples for Students

Question: Discuss about theb Competitor analysis of the Aston Martin by Hackett jacket. Answer: Steps in writing a marketing plan There are two main aspects in formulating a marketing plan firstly addressing the competitive and rivalry market place and secondly support and execution of the day to day operations of a business organization. Be it a small scale operation or large scale luxury brand the completion in the market is huge and there is constant pressure on the business to formulate and effectively implement strategies that are unique in order to outdo the competition in the market. In the process of planning marketing strategies it is important to not only come up with tactics but also to execute them in a fashion that will yield maximum performance for the brand. This requires a set methodology and organization procedure. Marketing plan should begin with an overall objective of the business enterprise. Every aspect in a marketing plan is important in order to effectively implement it. Marketing strategy on the basis of the objective of the organization can be broadly categorized in three phases a cost leadership strategy, differentiation strategy and a focused strategy. According to the traditional concept there are 4Ps to a marketing mix namely: product, price, place and promotion. These four variables if implemented correctly give the maximum return to the company. Before starting production of the idea a company has it has to fix these aspects and work towards it (Huang Sarigll, 2014). SWOT Analysis This is the acronym for strength, weakness, opportunities and threat. This analysis is carried out for any business organization in order to understand and critically analyze the position of the company in the market. It provides a platform that helps the company to build the marketing plan on. Strength and weakness is the internal factors that can be controlled by the organization whereas the opportunity and threat are the external factors which are not under the control of the management of the organization. SWOT analyses for Aston Martin by Hackett fashion wear are as follows: Strength: The biggest strength of the collaboration is the names of the brand that are associated with the product. Both the company have goodwill among the end customers as well as in the industry for high quality performance and style. It is a luxury item and is bound to be pricy but the fact that they are form a renowned luxury brand only emphasises on the fact that the quality and the build of the products will be top notch and best quality. Style and design of the fashion wear form this collaboration is trendy and contemporary yet has a classic touch of elegance that men of taste prefer. The collection is limited edition which increases it exclusivity and value. Weakness: first and foremost the brand does not cater to everyone; it caters to the niche target market that is interested in investing in an expensive jacket. The price is extremely steep and the product availability is also low as it is only available in some exclusive stores. The products are available online but customers who will buy an expensive jacket would at least like to observe and feel the material before purchasing it online (Xiang et al., 2015). Opportunities: The people of Australia are fashion conscious and are constantly updating themselves with trends and style. The Australian market has a good opportunity as British Brands are associated with good reputation and a marker of class. As the company has means and monetary support to expand, the company should focus on expanding the distribution and availability of the item. Threat: fashion and automobile industry are a combination that has been collaborating for a long time Ducati and Lexus have their own lifestyle brands. Fiat has collaboration with Gucci which is one of the biggest threats to the collaboration. Ferrari also has a clothing line of the brand itself, which is also not as highly priced as the jacket from the Aston Martin and Hackettcollaboration. There is constant need of upgrade and continuous change in the preference in lifestyle and fashion among the people of Australia. This is a significant threat as the life cycle of fad items are short lived in the fashion industry or is quickly replaced by other companies. Another very evident threat to the luxury industry and the fashion industry is the availability of fake products which look and feel identical but is available at almost less than half the price of the original. This is not only for this particular item this is true to all luxury fashion goods the fake market is fooled with prod ucts which are total rip off of the original item Satit et al. 2012). Competitor Analysis Company name Hackett Reiss Moschino Lacoste USP Have a masculine classic approach to the style More on the casual and easy style Trendy, quirky, colorful design Is associated with integrity and class Pricing Premium Value based pricing Economy pricing Pricing for Market Penetration Premium Value based pricing Distribution Retail and online Retail and online Retail and online Retail and online Mission The brands that are associated with the fashion item both have its own different mission and vision statement. One is an automobile company that has a reputable history and is synonymous to fashion and style. Aston martin is a brand that is identified by anyone who is interested in automobiles. Aston Martin is luxury sport cars that have a classic and traditional edge to the trendy vibe of the design it is a perfect amalgamation. Whereas Hackett is a fashion brand that has been known for its classic taste and luxurious premium quality material. The relationship in between the two brands, Hacketts and Aston Martin stretches back many years. Developing the relation on the basis of strong foundation, the companies now offer the Aston Martin by Hackett collection that has a wide array of luxurious clothing that reflects the coming together of two stylish brands. The mission of the collaboration is to offer chic classy style to the customers reflecting the style of the car company along with the classic essence of the clothing line. The collaboration is set to offer sharp masculine cuts and shapes in mature and classic color variants (CAPSULE COLLECTION, 2017) Marketing objectives Marketing is a communication tool of a company with the stakeholders. It is used to promote products and services, announce new launches get feedback. Marketing also deals other aspects that are prevalent in the industry that affect the business operations. The three marketing objectives of the company are: To launch a new collaboration and product line To increase the brand loyalty and awareness To target new potential customers Financial objectives In simple words revenue and cost are the two aspects of finances of a company. For a company to run on a daily basis it needs working capital. For a luxury brand like Hackett and Aston Martin financial objective is much more than just day to day business of the organization: To maximize the value of the company To ensure optimum return on investment To increase the wealth of the company The above set objectives are for the first six month s of the product launch (Huang Sarigll, 2014). Marketing mix Product: the collaboration in between the two brands fulfils the quality, design and brand requirement for the winter wear. The product is made of premium quality material that is not only breathable but also chic and classy style. Price: The customer will purchase a limited edition fashion item keeping in mind that it will be on the pricy end. The product range has a range of price tags along with sale and discount offers on regular basis. Promotion: this is where the communication process takes place. For a collaboration that aims for the modern and fashionable men Social Media will be the best approach for marketing the item. Along with that public relation will be also given priority as customer satisfaction is the first as it is one of the most reliable methods to reach to the target market. Both audio visual advertising will be engaged in various medium. Digital marketing is the latest and one of the most effective forms of marketing that has been developed with the advancement of technology in the mobile devices and decreased rate of internet. Digital marketing deals with communication in between the company and the end customers. Digital marketing has made feedback process easy and smooth. Facebook: A Facebook page for promotional purposes is very essential in digital media; Facebook also allows advertising which is very effective as people of interest are the only ones who can view these ads. Feedback of the response in this entire social media platform is very smooth and effective. Instagram is now a part of Facebook and is very popular among the celebrities and the young adults who are the main target of the brand (Shahhosseini Ardahaey, 2011. Youtube: The Company can send PR packages to influential lifestyle youtubers so that they can talk about the good and bad about the collection to the followers. Twitter: twitter is a medium of communication and direct feedback hash tag campaigns can be implemented in order to create brand awareness and to check the response of the target market (Ryan, 2016). Place: the collection of the collaboration will be available in all exclusive Hackett retail stores in Australia as well as in the web store of the organisation (Belch et al., 2014 Implementation of the marketing Action plan In order to achieve the aforementioned marketing and financial objectives the company has to follow a plan of action. To launch a new collaboration and product line A press conference can be arranged in order to announce the new launch, the press coverage will give the collaboration recognition and will spread the awareness after the media has covered the event. Lifestyle Journalists can be requested to write about the collaboration and what are their expectations as well as the first impression by just looking at the collection. To increase the brand loyalty The loyal customers can be offered a special discount or special gift along with the purchase of the item. To target new potential customers As discussed earlier social media and digital marketing will be the focus of marketing in order to create new customer base. To maximize the value of the company As a luxury brand the company has to focus on creation of value to keep up the goodwill and the reputation of the company. The company can collaborate with renowned people to try the collection and photographs can be posted social media, this will enhance and add to the value of the brand. To ensure optimum return on investment The company can change the pricing strategy. To increase the wealth of the company Expansion in Australian market will ensure increase in wealth; it will also make the distribution of product easy and convenient for the potential customers (Huang Sarigll, 2014). Reference list: ASTON MARTIN BY HACKETT. (2017).astonmartin.com. Retrieved 2 October 2017, from https://www.astonmartin.com/en/live/news/2016/08/11/luxury-capsule-collection-aston-martin-by-hackett-released-in-celebration-of-new-partnership Belch, George, Belch, Michael. (2014). The role of New and Traditional Media in the Rapidly Changing Marketing Communications Environment.International Journal of Strategic Innovative Marketing,International Journal of Strategic Innovative Marketing, 12/10/2114. CAPSULE COLLECTION. (2017).hackett.com. Retrieved 2 October 2017, from https://www.hackett.com/gb/men/collection/aston-martin/aston-martin-by-hackett Huang, R., Sarigll, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York. Ryan, D. (2016).Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers. Satit, R. P., Tat, H. H., Rasli, A., Chin, T. A., Sukati, I. (2012). 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