Marketing Plan Report To Professor LEE Geunhee From ISLAM Muhammad Shafiqul ID 52116011 Date 23 October, 2016 Report Title Marketing Plan of UNIQLO Bangladesh Ltd Word Count 1404 Contents 1 Introducti.
Marketing Plan Report To : From : ID : Date : Report Title: Word Count: Professor LEE Geunhee ISLAM Muhammad Shafiqul 52116011 23 October, 2016 Marketing Plan of UNIQLO Bangladesh Ltd 1404 Marketing Plan of Grameen UNQLO Marketing Plan Contents Introduction of UNIQLO Introduction to Grameen UNIQLO Ltd Evaluation of Marketing Audit of Grameen UNIQLO ltd 3.1 Key issues SWOT analysis Recommendation of Segmentation, targeting & Positioning Strategies page5 5.1 Segmentation Strategy 5.2 Targeting Strategy 5.3 Positioning strategy Page Page Page Conclusion Page 10 Reference & Bibliography Page Marketing Plan of Grameen UNQLO page Page Page6 Page Marketing Plan Table Table-1: Ansoff’s matrix Table-2: Market Segmentation Marketing Plan of Grameen UNQLO Marketing Plan Introduction of UNIQLO UNIQLO Co Ltd is a Japanese casual wear designer, producer and retailer Initially a division of Fast Retailing Co Ltd., on November 1, 2005, UNIQLO Co., Ltd was conceived of corporate rebuilding, and now exists as a 100% combined auxiliary of Fast Retailing, which is recorded on the main segment of the Tokyo Stock Exchange UNIQLO is Japan's driving attire retail chain regarding both deals and benefits The organization likewise works in China, Hong Kong, South Korea, the United Kingdom, France, the United States, Singapore, Taiwan, and Russia About Grameen UNIQLO UNIQLO began its operation in Bangladesh as UNIQLO Social Business Bangladesh Ltd on September 2010 In 2013 began its first store in Dhaka city for the sake of Grameen UNIQLO Presently Grameen UNIQLO has nine stores Grameen UNIQLO is working with the target of open to apparel with reasonable cost EVALUATION OF MARKETING AUDIT OF Grameen UNIQLO To find out the Grameen UNIQLO capabilities as well as the business environmental opportunities and threats marketing audit is the best option, because marketing audit is the logical and effective way to analysis the external and internal aspect It helps the Grameen UNIQLO management to understand the garments and fashion industry’s situation and shows the current position of Grameen UNIQLO to choose the operational marketing strategy and mix to achieve marketing and corporate objective 3.1 KEY ISSUES Through the external and internal environment analysis here have some findings which are as follows Product consumption increasing #GDP per capita improving #Buyers and Suppliers bargaining power is high #Very high competition in existing market #Urban population growth rate increasing #Service is more important for UNIQLO SWOT Analysis Table- Ansoff’s matrix Strength 1.Currently situated as Japan No.1 Casual Wear Brand Extensive variety of items for both male and female 3.Low cost generation and administration 4.Consistent profitability and imagination for each new season Trendy and essentials Weakness 1.Sill being initial and peculiar in Bangladesh 2.Current one and only store accessible inside Bangladesh Item assortment and propelling in light of the four seasons Higher cost because of import duty and money change Marketing Plan of Grameen UNQLO Opportunities Developing patterns in the garments and attire markets; organizations working in the worldwide field are extending their business exercises 2.Innovations in data innovation have expanded the speed with which data goes all through the world Economy development and human progress advancement are adding to the levels of popularity of customer market 4.Low-value dress and attire are invited in Japan, introducing an immense business opportunity Threats 1.Trouble of getting more piece of the overall industry because of rivalry from those contenders which has built up in Bangladesh before 2.Lack of brand mindfulness and ubiquity because of low accessibility with just and one store in Bangladesh 3.Production Regions – The biggest rate of stock sold in UNIQLO business operations, which are the center action Marketing Plan of the Group For achieving the marketing objective and develop the existing market Grameen UNIQLO should take Market development strategy According to this strategy UNIQLO management will develop the market by introducing new sales and distribution channel To complete this strategy Grameen UNIQLO should develop the STP strategy and marketing mix Recommendation of Segmentation, Targeting and Positioning Strategies To identify the customer and understand the customer need segmentation and targeting of market with the positioning of the product and service is very important Segmentation, targeting, and positioning (STP) evaluate the marketing planning process “Most companies instead of spreading their marketing effort can focus on the buyers whose needs they have the greatest chance of satisfying” suggested by Kotler (2000).According to Philip Kotler and Armstrong segmentation is “ Dividing a market into distinct group of buyers who have distinct needs, characters or behavior and who might require separate product or marketing mix” Regarding targeting Philip Kotler define Market targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to centre And Philip Kotler says Market positioning is arranged for products to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumer This marketing plan explain the present STP strategy for Grameen UNIQLO 5.1 SEGMENTTION STRATEGY The concept of Segmentation was developed by Smith (1956) and has been defined by Dibb.et.all (2006) as “The process of grouping customers in market with some heterogeneity into smaller, more similar nor homogeneous segments” Philip Kotler said “A market segment consists of consumers who respond in a similar way to a given set of marketing stimuli” There are various variables to segment the marker, variables are Table-2 Market Segmentation for UNIQLO Geographic Demographic Region, Country Region, City, Density and Climate Age, Gender, Family size, family Life Cycle, Income, Occupation, Education, Religion, Race, Nationality Psychographic Social class, Life Style and Personality Behavioral Occasions, Benefits, User status, Usage rate, Loyalty status, Readiness stage and Attitude toward product Sources: Principles of Marketing, Philip Kotler and Gary Armstrong(8 th edition) (P.203) According to the above segmented variables UNIQLO develop their segmentation strategy by the following way: Geographically: Geographically UNIQLO segment their market base on region and density Dhaka, Rajshahi, Rangpur, Sylhet and partially Chittagong is the main region It is formulated especially who are live in urban and semi urban area By doing geographically segmentation UNIQLO management will get clear idea about the region and where they should give more concentration Because to achieve the target UNIQLO has to increase the market and develop the market Psychographic and Behavioral: Customer social class, personality and attitude are also vital factor for UNIQLO segmentation Customer basically who thinks that less price than other multinational but carry the same image and maintain the social standard they are the main customer of UNIQLO Marketing Plan of Grameen UNQLO Marketing Plan 5.2 TARGETING STRAEGY: After Market segmentation here need to identify the proper targeting strategy to cop up with the solid segmentation According to the Dibb et al (2001) “The decision about which market segment (s) a business decides to prioritize for sales and marketing effort” According to the Philip Kotler “Target market is a set of buyers sharing common needs or characteristics that the company decides to serve” There are three market coverage strategies which is as follow Undifferentiated Marketing A market coverage strategy in which a firm decides to ignore market segment difference and go after the whole market with one offer Differentiated Marketing A Market mix strategy in which a firm decide to target several market segment and designs separate offer for each Concentrated Marketing A market coverage strategy in which a firm goes after a large share of one or a few submarkets Among the three alternative market coverage strategy Grameen UNIQLO prefer to concentrate on Differentiated Marketing strategy, because region wise market is different and competitor’s activity is different so this marketing strategy will help Grameen UNIQLO to take right decision regarding marketing mix 5.3 POSITIONING STRATEGY: After targeted the marketing segments UNIQLO management wants to penetrate and take decision about what position they want to create in customer mind, according to their decision they want to offer differentiated value for the target segment In 2008, Kotler said “Positioning refers the arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers” So to provide the advantages of the product, organization should develop a plan for position where the design of marketing mix will make successful plan Based on better customer service through the competitive price UNIQLO develops their position By offering smart promotion compare to other company UNIQLO try to retain the existing client and attract the potential Clients The positioning task consists of three steps Identify a set of possible competitive advantages on which to build a person Selecting the right competitive advantages Effective communicating and delivering the chosen position to the market Sources: Principles of Marketing, Philip Kotler, 8th Edition (p.221) According to Principles of Marketing, Philip Kotler, th Edition (p.221) sh can offer competitive advantages through Product, Services, People or Image Conclusion: This report explain the current market segmentation, targeting, positioning and marketing mix strategy of Grameen UNIQLO in Bangladesh and suggested the future strategies to retain the maturity stage in the product life cycles by providing the best service , developing the product as well as grabbing more market share Marketing Plan of Grameen UNQLO Marketing Plan Referrence: Principles of Marketing, Philip Kotler, 8th Edition (p.221) http://juniqlo.blogspot.jp/p/chapter-7-swot-analysis.html http://www.fastretailing.com/eng/group/strategy/uniqlobusiness.html http://www.fastretailing.com/eng/csr/community/socialbusiness.html http://www.reuters.com/article/us-uniqlo-store-bangladesh-idUSBRE9630R920130705 http://grameenuniqlo.com.bd/who-we-are http://www.fastretailing.com/eng/group/strategy/tactics.html http://www.investopedia.com/articles/markets/120215/hm-vs-zara-vs-uniqlo-comparingbusiness-models.asp https://www.fastretailing.com/eng/ir/library/pdf/earnings060413_Dacus.pdf http://www.nughrdp.org/UNIQLO.pdf Marketing Plan of Grameen UNQLO ... Page Marketing Plan of Grameen UNQLO page Page Page6 Page Marketing Plan Table Table-1: Ansoff’s matrix Table-2: Market Segmentation Marketing Plan of Grameen UNQLO Marketing Plan Introduction of. . .Marketing Plan Contents Introduction of UNIQLO Introduction to Grameen UNIQLO Ltd Evaluation of Marketing Audit of Grameen UNIQLO ltd 3.1 Key issues SWOT analysis Recommendation of Segmentation,... Grameen UNIQLO has nine stores Grameen UNIQLO is working with the target of open to apparel with reasonable cost EVALUATION OF MARKETING AUDIT OF Grameen UNIQLO To find out the Grameen UNIQLO