Fashion Industry Marketing Plan

Industry Analysis

Industry Trends

The fashion industry, which is considered as a multibillion-dollar industry, is considered as one of the fastest growing industries in the world today, especially when dealing with fast fashion products. According to market research, the fashion industry has experienced a 21% growth within the last three years driven by a rising demand for fashion products and innovation within the apparel companies allowing them to offer a wide variety of products (Manlow, 2018). One of the key aspects to note about the fashion industry is that consumer preference changes rapidly depending on trends within the market; thus, creating the need for companies to have a close connection to the consumer market. It is expected that the growth of the industry moving into the next decade driven by the ability for the companies in the industry to quickly innovate depending on the shifting demands among consumers.

Competitor Analysis

Competition is a key concern for any business irrespective of the industry it operates. In the fashion industry, one of the key aspects to note is that it remains as being competitive with majority of the companies spending huge amounts of money to ensure that they maintain their market shares. Some of the key competitors in this industry are H&M, Zara, and ASOS (Meraviglia, 2018). All these companies have disrupted the industry in a significant way by introducing a wide array of products that are positioned to tap into the unmet demands for low-cost consumers. That has been of great value towards propelling these companies as some of the biggest brands in the fashion industry today in terms of their market share. While considering the competitive nature of the industry, it has become a necessity for companies to focus much of their attention on research and development to boost their innovations (Zhou, 2019).

Market Analysis

Market Trends

A traditional list of basic human needs included clothing as one of these needs, which has been a key driver of success for the fashion industry attributed to the rising demands for clothing. The consumer market for fashion is significant taking into account that every individual needs clothing; thus, prompting fashion companies to focus much of their attention on the production of clothing that would meet the current trends. The spread of the internet, especially social media, has been a fundamental part towards defining the trends in the market, as has focused companies design clothing depending on the demands projected by the consumers (D’Amato, Belvedere, & Papadimitriou, 2019).

Target Market

The target market that this marketing plan will focus on is the silent or old generation referring to people that were born between 1925 and 1945, which means that they are currently between 75 and 90 years. The generation accounts for approximately 6.7% of the population today, which is a significant market when seeking to establish a clear approach through which to offer fashion products. One of the key aspects to note when dealing with the silent generation is that it played a key role towards shaping pop culture as it accepted today by pioneering different types of music and films.

Demographic Profile

In a research on spending habits across different generations, Paczkowski (2018) indicates that spending for the silent generation is directed towards the necessities including clothing, food, and housing. While considering the age of the persons within this generation, one of the key aspects to note is that most of the fashion products that they are likely to go for must not only be fashionable but also be decent and appropriate. When compared to some of the other generations, silent generation consumers may not be willing to go for pricey products taking into account that a majority of them are expected to spend heavily on medical expenses.

Psychographic Profile

From a psychographic perspective, one of the key aspects to note about the silent generation is that a rather enclosed generation considering the age. However, a majority of the persons in this generation remain conscious with regard to matters of fashion, which they have seen evolve over a long period. The demand for fashion within this population is driven by the need to also remain trendy regardless of the fact that one is over the age of 75 years. That is a key aspect to consideration that fashion companies targeting this market must focus on in their bid to achieving some form of success.

SWOT Analysis

Brand Analysis

The product that will be introduced for the target market, which is the silent generation, is the Le Coq Sportif tracksuit. Le Coq Sportif is that company that specializes in the manufacturing of sports apparel. In this case, the focus by the company towards the tracksuit specifically designed for the silent generation will enhance their ability to remain trendy but also seek to ensure that the clothing is decent and appealing to the older persons. Currently, Le Coq Sportif is engaged in the production of tracksuits that are specifically targeted towards other generations but intends to focus on the silent generation. That would help give this generation that sporty appeal allowing for a much more effective connection in seeking to promote satisfaction among the consumers.

Analysis of Internal Strengths and Weaknesses

Strengths

The main strength that can be associated with the Le Coq Sportif tracksuit is the fact that it is comfortable to wear, as it is made of light cotton. That is important to consider, as a majority of the persons in the older generation focus on the comfort that they would get from a fashion product to determine the appeal for the same. The second key strength is that the product can be delivered in different sizes and colors depending on the need and expectation from the consumer, who is within the silent generation. By producing different sizes and colors, the company will be in a much more effective position through which to ensure that it capitalizes on the shift in demands among this consumer market.

Weaknesses

The main weakness that the company may encounter in its delivery of Le Coq Sportif tracksuit is the pricing of this tracksuit, which is way above the price that the persons within the silent generation may be ready or willing to pay. It is always important to consider the price of the product, as this determines whether the consumers would be in a position allowing them to connect with the product in question (AAA).

Analysis of External Opportunities and Threats

Opportunities

The main opportunity that the Le Coq Sportif tracksuit may present reflects on the fact that it creates a platform for entry into new markets in Asia, Europe, or Africa with the focus being on the silent generation. By marketing this product on this generation, Le Coq Sportif may find it much easier in the event that it may need to gain entry into new markets with this particular product.

Threats

The main threat that the Le Coq Sportif tracksuit is likely to encounter is competition from companies that have equally invested in the designing and manufacturing of fashion items specifically targeted at the silent generation. Competition may be intensive even as the company intends to venture into new consumer markets as part of its approach towards expanding its reach on the target market.

Marketing Mix Strategy

Product/Brand Strategy 

Le coq Sportif is a renowned fashion brand that produces prestigious sports and lifestyle apparel and footwear. Its collection is suitable for the targeted population because the brand has been customized to meet the needs of every age group in society. Many companies ignore older populations in the market because they believe their impact on sales is insignificant but this is not the case ( Easey, 2009 ). Le coq Sportif has, however, developed fashion categories to fit every target market as a means of reaching out to new customer demographics. They pride themselves in producing quality, high-end products that are endorsed by football clubs, basketball teams, bikers, and other sporting teams.

Product/Brand Positioning 

The aspect that sets apart Le coq Sportif is its commitment to the delivery of integrated consumer experience through a well-developed brand strategy. As a fashion label, it is focused on establishing an emotional link with potential consumers, thus promote a unique relationship in the industry. Consumers will be able to visualize a brand that suits their desire regardless of their age and as such, purchase the products and be proud to be associated with them.

Points of Difference 

The central aspect that sets the company apart from other companies is the fact that they produce apparel that is aligned with current trends. In addition to this, a majority of their products, such as sportswear, are featured in renowned teams in football, basketball, rugby, and other sports. The recognition it gets over these promotions gives it a competitive edge over other brands in the market. In addition to this, the tracksuits are usually customized to meet the needs of the consumers depending on their demographic segment and personal preference.

Pricing Strategy 

Le coq Sportif uses a value-based marketing strategy, which involves establishing the cost concerning how consumers perceive the value of their products ( Smith, 2011 ). It, therefore, implies that the prices are set based on what the target population believes the product is worth. The approach has enabled the brand to produce high-quality tracksuits because more emphasis is placed on the design and production of quality apparel. Since it relies on the consumer’s perspective, Le Coq Sportif uses this model to incorporate what customers are looking for in their products and customize them to fit their needs regardless of their market segment.

Moreover, it also ensures that consumer opinions and considered and personalized, thus ensuring loyalty. The only challenge with the strategy is that some prices are often set too high, and this drives potential consumers away. The company should be cautious when establishing their prices because they may set figures that are too high in the market.

Promotional Mix

Celebrity Endorsement. Through celebrity endorsement, the brand will be able to generate publicity and attention from its potential consumers ( Posner, 2015 ). Since it majorly deals with sports apparel, it can endorse athletes to advertise the tracksuits and increase consumer awareness of its value. By doing so, the targeted population will make their decision to purchase the brand because they want to be associated with fashion. The promotional method will give the company a chance to design and develop sportswear that meets the expectations of the consumer market.

Public relation. One of the main objectives of the brand should revolve around, leaving a long-lasting impact on the targeted population and the entire community. Through sport event sponsorship, Le coq Sportif will be able to give back to society as it expands its reach to potential consumers. For instance, it may promote its tracksuits by ensuring that every rider in a cycling event wears its brand. By doing so, the event participants get to appreciate the gesture as the company reaches out to potential clients who may include the fan base or the audience. In addition to this, through launch events and fashion forums, consumers will also be able to access new and exclusive gear, thus giving the brand a competitive edge over other key players in the market.

Digital Marketing. The current generation of consumers is interested in brands that stay updated as far as technology is concerned. Since Le coq Sportif has an existing company website, advertisement of the brand to the targeted population can be done there. In addition to this, the use of other social media platforms is also essential if the brand is to be established as a global fashion design. It is important to note that the targeted market, which is considered old, has access to these accounts, and as such, an active involvement will generate more sales and better experiences among this population.

Integrated Marketing Communications 

Le coq Sportif’s central theme is to become an internationally renowned brand that offers quality clothing and footwear to meet the individual needs of the consumer market. They are dedicated to ensuring that consumers pay for the value of their product and have the vision to design products that can be worn and appreciated by every member of society.

Digital Marketing Strategy 

The eCommerce platform will serve as an excellent means of reaching out to the targeted population and expanding the reach of the brand. Le coq Sportif should focus on investing in different digital platforms globally so that it can give its potential consumers a chance to access its latest collections online. Digital marketing has proved to be a very effective means of promoting a brand because it establishes a brand presence and enables it to have better control over the market ( Thornton, 2014 ). Since it does not have many distribution outlets globally, the fashion company should place its focus on building a sustainable presence for consumers so that they can have a better understanding of what Le coq Sportif represents. Some of the digital platforms that the brand has established its presence include Facebook, Twitter, Instagram, and YouTube. By engaging in regular activities and sporting forums, the brand will be able to gain a closer engagement with its consumers and promote awareness through regular posts.

Distribution (Place) Strategy

Le coq Sportif has been developed as a brand that deals with lifestyle apparel and sports gear with major stores in France. By 2014, it had a total of 18 stores, which is relatively low as compared to other key players in the market ( Posner, 2015 ). Its main concept store is le coq Sportif, where consumers get a chance to visit and purchase the brand according to their personal preferences. The brand has formed partnerships with other significant brands where their apparel is also marketed and sold. These include Mezzo fashion, Shagga stores, rodalink, and metroxonline, which comprise wholesale, sport specialty stores, lifestyle brands, online stores, and departmental outlets.

Financial Data & Projections 

Le Coq Sportif is a major player in the sports fashion industry with a wide reach. In the last two years, the brand has registered increased revenues from sale of sporting apparel. Specifically for 2019, the company registered a revenue increase of 58.5 million Euros (Mira, 2019). It can be deduced from such figures that the company has a substantial financial might and ability to pull huge investments. Moreover, the company spends fairly in marketing its products across the globe. The company occasionally gets huge contracts from national teams and sports associations like the Rugby Union where they acquire effective platforms of marketing. They also sponsor certain sports personalities and thus acquire additional marketing platform.

The new tracksuit will involve less marketing costs because of market segment targeted. The silent population makes the least of the global population. For that reason, reaching them may not be less costly. The company projects to spend 1 million Euros in marketing for every sale worth 10 million Euros of the new product. That translates to 10 percent expenditure on marketing. For the first 1 year of introducing the new tracksuit into the market, the company targets to make gross revenue of 100 million Euros from the tracksuit for the silent population. This implies that the company will spend 10 million euros in implementing the marketing strategies for the product. The company targets the silent community from across the globe starting from France, the rest of Europe, North and South America, Asia, Africa and Australia. The budget for advertising and marketing will be divided to various geographical segments based on their respective population of the silent population.

Implementation Plan 

The marketing strategy will be implemented per country. Specifically, TV advertisements, billboard postings, online messages will be customized for every country and region. Different countries have different people with different cultures. Therefore, the message must be customized for each country because the message will be understood differently by different people. Le Coq Sportif brand has existed for quite a time and a substantial section of the old people recognize the brand. Therefore, the brand is set to enjoy the stepping stone in implementing its marketing strategies. The company will target the old generation and the young people to reach their parents and inform them of the sporting apparel made for them.

The old people do not value social media as much as the young people. Additionally, they are attracted to specific radio and television shows that appease their interests as old people. For that reason, Le Coq Sportif will market the new tracksuit through television and radio ads. These ads will be run during and after specific shows that are loved by the old generation. Additionally, the company will also invest in celebrity endorsements. Nevertheless, the company will use former celebrities in their old age and hall of famers. That is the group that is recognized by the old people.

Le Coq Sportif will spend some little money on digital marketing. This is because very few people in their old age use the internet. At least not many of them are addicted to internet and social media. Therefore, the little investment is only meant to target a few of the aged community who use the internet.

Evaluation of Marketing Activities 

Evaluating marketing strategies is important in seeking to know the actual impact of the various marketing strategies on the brand. Review of sales would be a certain way to evaluate the effectiveness of the marketing strategies used for this brand (Festervand, Lumpkin & Grove, 2015). This particular method would involve evaluating the performance of the brands by using at the sales figures. This will be done by checking the figures for sales against the figures in the company projection sheet for this particular brand. After the first year, the marketing strategies will be deemed successful if the sales figures surpass the targeted 100 million Euros. On the other hand, the strategies will be termed less effective if the sales fall below the target.

The company will also check the targeted market and see if the marketing reach expands. According to Berumen (2017), the marketing reach for a company brand ought to steadily increase if the marketing strategy used is effective. This implies that if the product makes it to a market of 100 people, effective marketing ought to increase that figure to more than it is. Therefore, Le Coq Sportif would measure the reach of the new tracksuit to evaluate its effectiveness. The company can also evaluate the effectiveness of their marketing strategy by seeking the feedback from its salespeople. The people who run outlets selling Le Coq Sportif brands act as the company’s eyes on the field and are best fit to give judgment on the effectiveness on the marketing strategy. Looking at the actions of competitors would be another way to evaluate the marketing strategy. The sporting apparel industry is filled with many players. If the strategy would be good, competitors would be making moves to counter the company’s strategy.

Conclusion

It takes a lot of considerations to stage a workable marketing strategy for the new tracksuit by Le Coq Sportif. Drivers within the fashion industry and the competitors must be considered by the company. Additionally, the company ought to apply a series of marketing strategies to ensure that the new product hits great success in the competitive market. Digital marketing is a key form of marketing in the current era. It is important that the company stages a strategy to explore digital marketing for the tracksuit targeting the old people. Most importantly, Le Coq Sportif must evaluate the performance of the strategy.

References

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D’Amato, I., Belvedere, V., & Papadimitriou, T. (2019). Illegitimate trade in the fashion industry: relevance and counterstrategies in the Italian context.  Journal of Business & Industrial Marketing .

Easey, M. (2009).  Fashion Marketing . Hoboken: Wiley.

Festervand, T. A., Lumpkin, J. R., & Grove, S. J. (2015). A Normative Model of Sales Force Feedback as an Element of a Marketing Information System. In Proceedings of the 1985 Academy of Marketing Science (AMS) Annual Conference (pp. 256-260). Springer, Cham.

Manlow, V. (2018).  Designing clothes: Culture and organization of the fashion industry . Routledge.

Meraviglia, L. (2018). Technology and counterfeiting in the fashion industry: Friends or foes?  Business Horizons ,  61 (3), 467-475.

Mira, N. (2019, July 30). French sportswear brand Le Coq Sportif posts slight revenue rise in H1 2019 . Retrieved December 7, 2019, from Fashion Network: https://ww.fashionnetwork.com/news/French-sportswear-brand-le-coq-sportif-posts-slight-revenue-rise-in-h1-2019,1124920.html

Paczkowski, W. R. (2018).  Pricing Analytics: Models and Advanced Quantitative Techniques for Product Pricing . Routledge.

Posner, H. (2015).  Marketing fashion: Strategy, branding, and promotion . London: Laurence King Publishing. 

Smith, T. (2011).  Pricing strategy: Setting price levels, managing price discounts and establishing price structures . Cengage Learning.

Thornton, P. K. (2014).  Sports marketing: View of industry experts with online access . Sudbury, Mass: Jones and Bartlett Publishers.

Zhou, X. (2019). The Ugly Beauty Standard: What can Fashion Industry Do? Proceedings of Business and Economic Studies ,  2 (4).