Mba7003 Marketing Assignment Sample

1. Introduction Of Marketing Assignment

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A new line of product that is going is going to be highlighted in the report is based on "women's clothing". Furthermore, a new and qualified line of women's clothing is going to be strong in the Indian market due to a higher rate of demand and also because the market is extremely competitive. In addition, women in India are reflected to be the frequent shoppers inside a household and they have considerate power over their regulated purchase decisions. This report is going to conduct a PESTEL analysis of India’s clothing market and develop the chosen product’s regulated marketing strategy and make qualified recommendations based on the market offerings for the designated target audience.

2. PESTEL analysis

Political Factors

Figure 1: Country report of India during 2022

• India offers a reflective source of political stability for business firms to thrive and the country is also regarded as the "world's largest democracy" and a republic country.
• As observed from the above figure, the country's governance index is rated 5.15 and the country is also open for economic transformation in every accounting period (BTI, 2022).
• Hence, the product line for women's clothing is effectively going to flourish in the country due to less political interference which is going to help the product consistently grow independently inside the Indian clothing market.

Economic Factors

Figure 2: Increase in GDP rate of India

• The constant increase in India's GDP is reflected to be a positive factor for the clothing industry in India as it effectively promises advanced growth and business opportunities.
• As reflected in the above figure, the GDP which is reflected to be a key indicator based on a country's economic strength highlights that there is a constant growth of 6 to 8 per cent up to the 2027 financial year (O'Neill, 2022).
• In addition, the taxation policies of the country are also reflected to be a favourable determination for any new product line and business firm to expand.

Social Factors

• India is reflected to be a land of diverse cultures and any new business firm is required to undermine the local beliefs, acceptability, and culture for running their business operations.
• The country's population growth rate of more than 0.68 per cent has been reflected to be the highest determination in the world (MT, 2022).
• Furthermore, due to the majority population in India being deemed to be of "working population" it is going to be easy for new business firms and their product lines to look for workers who can agree to work for less remuneration.
• As per the reports released by "World Economic Forum" it has been estimated that in the upcoming ten financial years, India is designated to become the world's "third-largest consumer market" rightfully after the USA and China (Sood, 2020).
• In addition, the consumption spending of the country is also designated to grow by $1.5 trillion to $6 trillion. As per this reflection proceeding with women’s clothing and business in the country is reflected to be a profitable determination for the company.

Technological Factors

Figure 3: IT sectors and growth rate in India

• Technical advancements are designated to play a qualified and key role in the growth of a country's economy.
• As observed from the above figure, the Indian "IT sector" has incurred the largest size in the market in comparison to any other IT market in the world during the 2021 financial year (Sun, 2022).
• The market is designated to grow by 2 per cent every year. Furthermore, the country's IT industry has contributed 8 per cent of the total GDP growth of India during the 2020 financial year and their revenue estimation has accounted for $227 billion during the 2022 financial year which is reflected to be an increase of 15.5 per cent every year (IBEF, 2022).
• Furthermore, the country has also made investments worth $881 million for "artificial intelligence" and is reflected to incur a qualified rate of growth of 30.8 per cent (Das, 2022). Hence, proceeding with the business operations in India is going to be a profitable reflection for the company and is poised to incur advanced financial values.

Environmental Factors

• The demand for "eco-friendly products" in India is increasing every day which has made the consumers effectively change the "demand-supply model" which has also made the business firms and the companies change their existing strategies.
• As per the "World Bank" the diverse and unprecedented climatic conditions such as “changing rainfall patterns”, “droughts” and “seal level rise” are some of the issues and environmental threats in the country which are reflected to be significant issues for any business firm to operate their business operations (WB, 2013).
• On the other hand, industrialisation and air pollution in India is also serious concern that lays negative health effects on the workers. In order to progress with the business operations in India, the companies are recommended to introduce a regulated plan for sustainability such as a better "waste management system” and recycling.

Legal Factors

• Every new business firm and company in India is required to abide by and follow the norms that are laid out in the "Companies Act 2013" (Mca.gov, 2022).
• In addition, enactments in India such as “The Industrial Employment Standing Orders Act”, “Trade Unions Act”, and “Equality of Payments Act 1936” are some of the notable derivations that are laid and followed in India across every business and company chain (ICLG, 2020).
• In addition, the business is poised to get benefitted from proceeding with its women's clothing and business operations in India, as the country offers effective growth opportunities and an advanced consumer base.

3. Igor-Ansoff matrix

Market Penetration

The primary market penetration strategy is going to be based on the "social media strategy" of the existing customer base. India's online shopping is reflected to be an advanced norm and it has been estimated that there is going to be an increase in the online shopping base in India by more than 400 to 450 million by the end of the 2027 financial year (Madhukalya, 2022). Furthermore, the e-retail market has also been estimated for an overall growth of $150 to $170 billion with an actual percentage growth of 25 to 30 per cent and is going to get double based on their market penetration to 9-10 per cent. Hence, by following this strategy it can be reflected that the product line for women’s clothing for the business firm is going to be sold more and is open for advanced profits and revenue during an accounting period.

Market development

Getting into the existing and qualified clothing market in India is going to be a tough reflection for the new product lines and the companies. This is due to the advanced rate of competition and preferential choices of the consumers on the existing brands. The primary target market of the company is going to be the age group of 18 to 35 years of female individuals. Hence, for developing and reaching a wider range of female consumers the major strategy that is going to be implemented is "direct exporting". This method is very tough and requires qualified resources and a time-scale in comparison to any other methods. The company is required to create a regulated exporting infrastructure, and hire qualified and knowledgeable employees before progressing with the overall business operations. In addition, this approach is also going to help in maximising the profits as the company is not going to pay any additional funds to third parties for controlling the overall marketing and sales process.

Product Development

The company is required to focus on new and qualified products for the existing market in India to incur profitable numbers and consumer base to their business plans. The company can effectively opt for selling products such as women’s shoes, slippers, undergarments and purses for attracting a diversified women's consumer base to the existing business plans. Furthermore, the company is also required to undermine the "five phases of the new product development process" which is based on idea generation, concept development, screening, product development and then commercialisation (Adams, 2019). For being more open and visible within the Indian clothing market, the company is required to create beautiful social media platforms and handles and incur qualified marketing strategies to their existing business plans to attract top and qualified consumer base numbers who are ultimately going to help in increasing the norms of goodwill.

Diversification strategy

A strategy of diversification is reflected to incur a higher rate of risk endeavour as both market development and product development are important norms for a new product inside a market. The management team of the company is required to consider the “related diversification strategy” for potentially synergising the existing business and their new products or market. For instance, the company can be open to manufacturing "leather car seats" in place of “leather jackets” or shoes. However, for incurring this derivation the company is effectively going to require advanced norms of “research and development” and qualified investments for diversifying their new products inside a qualified market.

4. Marketing strategy

Segmentation

The segmentation is going to be tailored with the help of demographic and behavioural attributes. In India, the women age group of 19 to 26 years are reflected to be the most active shoppers and consume more than 52 per cent of total women online shoppers in India (Harsh, 2018). On another hand, the Tier-1 cities in India such as Delhi, Mumbai and Kolkata are going to be major driving factors for the business firm to increase their sales and consumer growth. With the increase in proliferation and globalisation of internet services the gender role inside the Indian "patriarchal society" to undermining regulated change (Harsh, 2021). It has been observed that women now have more say in their household affairs and with this shift in the gender role, women consumers are also changing their behavioural range and reflections. Hence, the company is required to retain and attract women customers from Tier 2 towns and cities.

Targeting

The company is required to analyse the revenue and profits of each segment where segment A incurs a profit worth $500,000, segment B incurs a profit worth $300,000 and segment C incurs a profit worth $250,000. Hence, the company is required to focus on the most qualified segment which is the target market of 19 to 26 years of women for incurring profits.

Positioning and differentiation

Offerings are also reflected to be an effective determination and the company is required to incur introductory offers for the target market by applying discounts and offers. The company is also required to act differently from other brands and identify the "unique selling propositions" and draw a reflective position map to undermine how the target market perceives the offerings. This derivation is going to help in undermining the best and most qualified position of the offering. Furthermore, being unique is also a reflective option that is going to help the company in acquiring qualified consumers for their existing business plans.

Long-term strategic decision

The long-term strategic decision is going to be based upon the expansion of the existing product lines and refining the norms of manufacturing. Expanding the line of products effectively helps in widening the target audience and increases the room for consumers. The company can effectively sell multiple variants of a qualified product and varied price ranges. This is effectively going to help in eliminating the risks for customers through advanced pricing decisions.

5. Recommendations

The company is going to market clothing apparel and products for the target market ranged 19 to 26 years of the female population in India. Furthermore, the company is also recommended to constantly update its social media handles for attracting and retaining a top consumer base from both Tier 1 and 2 cities of India. In addition, the company can effectively communicate through campaigns and social media interactions through Twitter or Instagram (Heaslip, 2020). Based on the product’s position in the market, the company is recommended to use a "Price skimming" pricing strategy by setting up a higher price while introducing a new product and then reducing the price as per the pricing of the competitors and their demands.

6. Conclusion

Based on the analysis of the study it can be concluded that new business enterprises in India are deemed to be profitable and are required to undermine the climatic conditions before progressing with their reflective business operations. In addition, it has also been concluded that women's clothing products are going to target the target market of 19 to 26 years as it is the most profitable demographic for female consumers in India. Furthermore, the report has summarised advanced diversification, positioning and long-term strategies which are going to be beneficial for the company in the long run.

References

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