Marketing strategic analysis report: Report on Fashion land business
Abstract
The following report includes the discussion of the development of a website for Fashion Land Business. Fashion Land Business is a retailer of the men’s clothing and accessories. The report has been prepared in order to clearly represent the CEO of the company about the several website functionalities and recommendations of developing a website. The report also includes the advantages of the revenue model. The report also discusses about the technology infrastructure which will be required to setup the robust website. The benefits and challenges of the suitable marketing plan and the promotion strategy for the company Fashion Land has also been described in the report. The major hardware and software suitable for constructing website has also been analyzed in the report below. The report also discusses about the several legal and ethical issues related that are related to the development of website. The major advantages and challenges that the company taking Fashion Land Business may face in going online have also been discussed in the report. Major recommendations have also been included in the report. Finally a conclusion has been drawn to provide a summary of the entire of the report in short.
Appropriate Revenue Model for Fashion Land Business -Advantages
Revenue model can be said to be as way in which the company is compensated. This can also be said to be as the payment model. Every business has a revenue model that helps it to grown and attains competitive advantage. This also brings the company a unique reputation in the market place. The revenue model includes the ease of payment method provided by the company to its customers. The better the revenue model the better the profitability and sales revenue of the company. There are several organizations in the industry that fails due to the ineffective and uneasy revenue model (Engle 2008). The better the revenue model of the company the more the company increases its customer’s base and more the company has loyal customers. For the purpose of increasing the number of customers online using website the company needs to opt for an appropriate revenue model which is easy to be used and is hassle free and which can make the shopping experience of the customers much easier.
Technology infrastructure
The changes in the web services and technology are making the software industry and the role of the information technology within the organizations more and more strategic. Web technology is one of the platform where companies can implement a solution by using which the company can increase its revenue streams. There is some specific requirement of some minimum infrastructure which is required to develop a robust website. The various areas include web graphic designing; interface designing, proprietary software’s and standardized codes. The technology infrastructure also includes the use of the search engine optimization. The technology infrastructure also includes the use of the vector and raster graphics for the creation of the web and also the formatting of the designs and images proto types. The standardized technologies also includes the use of the standardized mark up that can easily be generated by using WYSIWYG edited software’s (Fawzy and Dworski 2010). The company can also require having the HTML (hyper text markup language) for creating the web pages. The company may also require the Photoshop software to make changes and editing to the images. The company can also need to have other software tools like AJAX, CSS, Flash, and java scripts these are mainly used to create interactive webpage’s for providing the users the better level of customization and interactivity and also provide the company with better user interface controls (Sweeney 2001).
Benefits and challenges of a suitable marketing and promotion strategy for Fashion Land Business
There are several benefits and challenges the company may come across for using this marketing and promotion strategy. The major benefit of the suitable marketing and promotion strategy includes the increasing level of satisfaction to the requirement of the customers that aids the organization in attaining success and growth in the current competitive market place. The formulation of the suitable marketing and promotion strategy is also that the company can easily compete with the competitors in the market. It is also beneficial in order to make the balance in between the promotion and pricing activities of the organization without losing the brand identity of the company.
The suitable marketing and promotion strategy also helps the company in increasing its market share in the market and helps in attaining the customer’s awareness related to the company products and services. Using the suitable strategy the company can also easily improve its existing products and services and can also develop new products and services by researching the customer’s needs and demands. Through the suitable promotion strategy the company can easily increase the value of the organization and also change the perception of the customers (Fletcher, Bell, McNaughton and McNaughton 2004).
Through the suitable promotion strategy the company can also ensure the success and growth of the business enterprise. Challenges may also occur in the proper formulation of the marketing and promotion strategies. Challenges may include the proper communication of the company services to the customers. The company may also face problems associated with the establishment of the brand identity of the company before the launch of the marketing practices. The company may also face problem in gathering the customers to the website and promote the products globally. The company can also face language barriers while going international and also the change in the taste and preference of the customers at international level. Challenges related to the building of the good relationships with different parties and also attracting customers is one of the main issues in this regard. It is also vital for the organization that the marketing and promotion costs are decreased by the use of the website which will increase the marketing activities of the firm (Nelson, Shaw and Strader 2009).
Major hardware and software requirement
For the preparation of the website major hardware and software tools were required which plays a vital role for the development of an appealing website. For the purpose of developing a website a requirement of large spaced hard disk and RAM is required for processing the high speed and maintain a large storage capacity in order to upload and download large sized files. The hardware and software servers are one of the basic requirements for hosting the websites. Relevant software’s like Dreamweaver is required before proceeding to make the website. The use of the good antivirus soft is also one of the vital requirements for mitigating the website as several threats are there in the internet external world and make the backup from time to time. Backups are required to be maintained from time to time as the systems may crash due to the external threats. It is also vital tom make the website to be compatible with several devices like mobiles, smart phones PDA’s etc (Kitty 2004).
Legal and ethical issues
The application of the ethical and legal standards is vital for the development of the online business model. The ethical issues have a great impact on several aspects of the company business practices. The ethical factors have a direct impact on the business activities of the organization like sales, advertising and marketing activities. All these factors are vital to be followed in order to make the business profitable in long term. Ethical and legal factors are included in the online business and need to be followed as the brand image is linked with this business model. There are several ethical values that are related to the E-business practices (Holden 2010).
The ethical issues include providing relevant information and maintaining confidentiality of the customer’s information’s. Writing online and providing information also recalls the ethics and legal matters as all the information provided by the company on its website must be valid and true. Negatively published articles, blogs, websites calls for legal actions and these can also stretch across the nations. The website also calls for the legal matters related to the sale and purchase of the products and services. The development of the website also calls for the ethical issues related to the copying of materials from other websites also (White and Griffiths 2000).
Advantages and challenges of taking Fashion Land Business online
The presence of the business model online is one of the most effective marketing and promotion tools which are available to the company. There are several advantages and disadvantage of the going online, the advantages mainly includes the increase in the business activities. By going online the company can target a large market place by the expenditure of minimum costs. The company also has the advantage of going online as the company can now provide its store to the far and distant sitting customers which cannot easily approach the company stores. The company can also now provide relevant stock information to the customers on the move of the mouse. The advantages also include the increase in the customer’s base and providing customers with relevant required information.
There are several challenges that may also be faced by the company in going online. As there is lower level of entry barriers so the company may face several competitors from across the world. The company business model can also be copied easily by the competitors. The company can also face certain challenges related to the establishment of the business model and initiating of the business online. This may also attract the problems related to the establishment of the payment gateway. The company also needs some specialist for handling the activities of the website as it is difficult to manage all the activities by oneself or by the company staff who are not the experts in this stream (Holden 2010).
Recommendations for the Website
From the analysis of the above report it can be recommended that the company must do a market research before the launch of the company website and the online business model. By the marketing research the company will come to know about the requirement and the demand from several customer groups and also demand from different age levels. It can also be recommended that the company needs to make some specific target market for which the company will portray its online business model. The recommendation also includes the differentiation of the company collections initially from the general collection in order to attract the customers and also targeting a group of customers who are highly into internet purchasing.
The company can also be recommended that the company needs to launch the website with some offers to the new customers and make the customer registration panel in which the customers can register themselves and can easily get information related to their likings and recent collection of their choice from time to time. It can also be concluded that the company also try to collect the customer’s information who visits their website
Conclusion
From the above analysis it can be concluded that the company needs to develop its website and initiate the online business model. By the development of the website the company can easily tap the large market which is untapped till now. It can also be concluded that the company can easily initiate the online business model and market its products and services in an effective and efficient manner. The company can easily portray its clothing through the website and can save several marketing costs which are expensed for running the manual business model. It can also be concluded that the company can easily market its products through the website and can also launch the products for specific market segments and can also easily provide information to the target market. It can also be concluded that the use of the website will grow the business activities and can increase the company customer base to international level. By the launch of the website the company can also market products to those market segments which were earlier away from the reach of the company.
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