FASHION LUXURY MARKETING STRATEGY

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Executive Summary

Marketing strategy enables a company to increase its sales and engage consumers to increase sales of the company. Pringle is a fashion luxury brand dealing with cashmere products. It exists in a competitive environment hence require differentiated strategies to have an added advantage over other companies. With increasing technological use in communication, the company can take advantage of the internet to reach its consumers. Social media is one of the most used Internet means for communication; hence is one of the most appropriate internet marketing methods. Using the STP model, the company determines its customer segments to target. It identifies the best social media platform to use or another internet method that best suits the target market. The increased use of social media encourages the application of social media campaigns to attract more target consumers to know about the product and also make purchases. An event is applied to wrap up the campaign and get feedback from the consumers on ideas to improve the product.

Table of Contents

TOC o “1-3” h z u 1.Introduction PAGEREF _Toc45118932 h 42.Marketing Plan PAGEREF _Toc45118933 h 52.1.Statistics on Cashmere Products PAGEREF _Toc45118934 h 52.2.STP Model PAGEREF _Toc45118935 h 62.2.1.Segmentation PAGEREF _Toc45118936 h 62.2.2.Targeting PAGEREF _Toc45118937 h 7 HYPERLINK l “_Toc45118938” 2.2.3.Positioning Strategy PAGEREF _Toc45118938 h 7

2.3.Evaluation of STP Model on Pringle PAGEREF _Toc45118939 h 83.Focus Group Results PAGEREF _Toc45118940 h 103.1.Methodology PAGEREF _Toc45118941 h 103.2.Results Based on Age Demographics PAGEREF _Toc45118942 h 113.2.1.25 to 35 Years PAGEREF _Toc45118943 h 113.2.2.36 to 45 Years PAGEREF _Toc45118944 h 123.2.3.45 to 60 Years PAGEREF _Toc45118945 h 123.3.New Marketing Strategy PAGEREF _Toc45118946 h 134.Creative Concept PAGEREF _Toc45118947 h 134.1.Social Media Campaign PAGEREF _Toc45118948 h 134.2.Diagrammatic Steps of Campaign PAGEREF _Toc45118949 h 145.Conclusion PAGEREF _Toc45118950 h 15References PAGEREF _Toc45118951 h 16

IntroductionThe global market of luxury fashion is increasing its market growth as consumers are changing their preferences profoundly (Seo and Buchanan-Oliver, 2015). The industry is developing into a new phase where consumption is highly linked to the luxury experience. Pringle luxury fashion brand is one of the companies in the industries specializing in knitted garments, including cashmere knitwear (Pringle of Scotland | Encyclopedia.com, 2020). The brand is in Scotland and has been transforming from producing underwear to cashmere and fulltime designer in knitwear. Designer products are loved by celebrities hence making Pringle brand an established brand among its competitors. It developed icons, including the British style using the Argyle Intarsia, knit, and the twinset, which involved a sporty jumper with matching cardigan (Pringle of Scotland | Our Story, 2020). The icons facilitated the development of the brand in producing an international luxury fashion retailer. Pringle brand developed the inlay technology, which symbolized the history and quality of the brand hence becoming popular both in Britain and all over the world, with a more extensive customer base (Banks, 2014).

Pringle has an increased customer base all over the world; hence in the marketing of its products, the use of the internet and social media is the proposed marketing strategy (Quainton, 2005). This choice is because marketing to a broad target customer base requires a strategy that would reach individuals faster and to a broader range. The internet, and specifically, social media provides a platform that reaches a large consumer population compared to other means of marketing (Pütter, 2017). Through social media platforms, a campaign using a hashtag can be developed to ensure that the brand develops through influence by other contended consumers of the products. As the consumers shared the photos in the social media platforms and viewed by other target consumers, they also participate hence increasing the target consumers. Pringle company can increase its brand recognition by applying the STP model to identify its consumer segments and marketing strategy, it can use internet marketing through the application of social media campaign creative concept to reach a large group of its target consumers.

Marketing PlanStatistics on Cashmere ProductsSuccessful fashion marketing depends on understanding consumer desire and responding with appropriate products (Steele and Major, 2020). Pringle luxury fashion is a brand well known for cashmere products for both male and female genders. According to the market analysis report, the global cashmere market size is growing, and its popularity expected to rise at a rate of 3.96% in the forecast period between 2019 to 2025 (“Cashmere Clothing Market Size, Share | Industry Report, 2019-2025”, 2020). The rising growth is because of the ideal woolen clothing, which has impacted the population positively to the increasing demand for the product. The forecast is as shown below:

Figure 1: (Cashmere Clothing Market Size, Share | Industry Report, 2019-2025, 2020)

The rising disposable income levels also enhance the rising demand in most parts of the world, which reflects the rise in global incomes (Auzina and Počs, 2010). Therefore, with this statistic, Pringle luxury is expected to have a marketing strategy that would reach a broad market. As stated by Dholekia and Kshetri, (2004), the internet extends the market reach and ensures operational efficiency and eliminate geographical barriers. The brand has attracted global recognition; therefore, to increase the consumers and make more sales, the company requires to market through the internet to reach target consumers in most of the countries (Appel, Grewal, Hadi and Stephen, 2019). The introduction and emergence of technological devices and apps play a role in the marketing mix, which connects the business and the customers (Bostanshirin, 2014). It facilitates the internet means and broadens the reach.

STP ModelSegmentation, targeting, and positioning strategy is a market concept that addresses the division of the market through the identification of attractive segments to target to determine the positioning strategy (Kampamba, 2015). Segmentation involves dividing the market into identifiable and distinct groups with similar characteristics (Sun, 2009). After segmentation, the firm targets the segments by identifying the group to focus on and provide the best products and services (Freeman, 1992). Lastly, the firm positions itself by creating a concept that appeals to the target market.

SegmentationMarket segmentation is based on four components, including demographics, psychographics, geographic, and socio-economic (DeSarbo, Blanchard, and Selin Atalay, 2009). In the demographic’s segmentation, Pringle company produces cashmere for both men and women hence serve both genders. Cashmere products consumer age is between 25 to 60, where between 25 to 35 concentrate on the style and price while between 40-60 value the quality of the products. Therefore, in marketing, Pringle firm would use the appropriate messages to reach its market. Pringle deals with luxury products; therefore, it targets consumers with higher incomes (Nelissen and Meijers, 2011).

The fashion industry is increasing due to the high use of mobile phones among consumers (Vecchi, n.d.). However, even though internet use may be appropriate due to the broad global range of the consumers, integrating the marketing channels through omnichannel would work to also cater to potential consumers close to shops and those exposed to other means. An increasing number of consumers are employing various channels simultaneously to search and compare products and services to find the best purchase, considering the means of acquisition (Vrontis, Thrassou, and Amirkhanpour, 2017).

TargetingIn targeting, Pringle company decides on the group to target and focuses on it. The market to target depends on the segments created. Targeting follows a criterion to develop ways of satisfaction for the segments (Hidayat, 2017). Therefore, there is a need for identification of the best medium to reach the segments and should have a potential for growth. According to Aghdaie and Alimardani (2015), the target market should include buyers with a need and having common characteristics that the company should then serve. Using the demographics segmentation of the customers, pringle identified the ages of 25 to 35 and between 40 to 60. With these two segments, the company can produce products that fit the segments. For the 25-35 segment, the interest is on the style and fashion; hence Pringle needs to identify the current trends in designing to satisfy the segment and keep up with consumer trends (Chan, 2020). For the older segment, having identified that its focus is on the quality of the product, the company needs to use the best materials to produce the kinds of cashmere. Most of the individuals in the segment are working hence likely to purchase high-quality products at a higher price.

Positioning StrategyPositioning involves designing the companies offering and image to influence the target market to purchase (Iyer, Davari, Zolfagharian, and Paswan, 2019). It includes the selection of appropriate product features based on specific customer segments to build the image of the company (Charles, Frankwick, and Sulo, 2015). Based on the preferences of the two Pringle customer segments, the company needs to ensure the total satisfaction of each of the segments. Positioning involves focusing on the physical attributes of the products, functionality, and capability, and design (Sandhya, 2020). Also, it concerns the way the brand is communicated in the market and the way consumers perceive it compared to the brand of the competitor (Wright and Esslemont, 1994).  Therefore, positioning is based on the method of marketing used to reach the consumers, the characteristics of the products to satisfy consumers, and the methods of satisfaction used (Ghosh and Chakraborty, 2004). Pringle company has competitors such as John Smedley company, which also produces cashmere and targets the same customer population as Pringle (Lewis, 2020). Therefore, Pringle needs to differentiate its products from that of the competitor through the quality, by producing products with features required by the segments. Also, a differentiated marketing strategy by using omnichannel marketing would give an added advantage to the competitors.

Evaluation of STP Model on PringleTherefore, using the STP model, it provides direction and the focus for the marketing strategies (The STP Model of Marketing Segmentation, Targeting, and Positioning – DevriX, 2019). It informs on the methods of new product development and brand differentiation, using the feedback received from the consumers and the information on competitors’ products and methods (Nadube, 2018). Based on the selected segments, the Pringle company could highly concentrate on internet marketing. With the development of technology, there is increasing use of the internet, especially among the young ages, in this case, the 25 to 35 segments. However, there is also increased use of the internet among the working generation, which makes the use of the internet in marketing an ideal strategy for Pringle company (Sharma, Shrivastava and Marimuthu, 2016). According to statistica.com, people between the ages of 24 and 40 are increasingly using the internet. The highest rise being between the ages of 24 and 34.

Figure 2: (Internet users by age worldwide | Statista, 2020)

With these statistics, it is appropriate for the Pringle company to use the internet in its market strategies due to the increased use of its market segments. As shown in the statistics chart, 32% of internet users are people between the ages of 25 to 34, making the most significant number. The second-highest users are people between the ages of 35-44%, which makes 19% of the users. Therefore, many of the Pringle customer targets use the internet, which makes it an appropriate means to reach them.

The marketing strategy will include the internet platforms that the users apply. For example, Facebook is one of the platforms with many users; hence it would help reach a larger population (Ortiz-Ospina, 2019). Also, in social media use, the younger generation has made it part of their lives. According to statistics, social media users are on the rise, and most people are communicating through social media platforms (Poushter, Chwe, and Bishop, 2018). These statistics are shown below

Figure 3: (Global social media account ownership by age group 2019 | Statista, 2020)

A large percentage of the target segments of Pringle are social media users hence making it an appropriate medium for marketing. Also, email marketing encourages business to personal consumer connections making it easier to convince the consumers to purchase the products (Zhang, Kumar and Cosguner, 2017). It can be supplemented by the use of websites where consumers get all the information about the company and products, offers and can be directed on the purchase methods.

Focus Group ResultsMethodologyWith the identification of the customer segments of the company, the focus group of Pringle is on the 25- 35 years individuals; the second is between 35-45 and those above 45. These focus groups have different preferences for products, marketing methods, and delivery means. The fashion industry is experiencing a profound consumer preference change due to trends (Wallace, 2020). Therefore, to understand the different focus groups, a questionnaire is used with questions basing on the knowledge of the brand and the company as well as the consumers purchasing behaviors. Social media marketing influence the behavior and perception of target consumers effectively to purchasing product (Saunders, Barrington, and Sridharan, 2015). The questionnaire is designed in a way that provides information about the knowledge of the existence of the brand, the preferences of products, considering the quality and pieces, and the method of purchase and marketing that they prefer.

The questionnaire focused on the Pringle company. The first part of the questionnaire involves questions targeting to understand the consumer knowledge of the brand, and the company products. It also involves the brands they purchase from and the tendency of their purchase. Besides, the consumer’s places of purchase and their choices of purchase methods were appropriate to know the ways to satisfy their wants. With the chosen marketing means of Pringle company, the questionnaire also addresses the views of the target consumers on the methods used and their opinion on how it would satisfy their needs in getting information and also communicating with the company. Consumer preferences are essential in marketing and ensuring sales are made (Ebrahim, Ghoneim, Irani, and Fan, 2016). The results of the questionnaire focused on the three focus group age demographics, that is the ages between 25 to 35, 36-45, and above 45-60.

Results Based on Age Demographics25 to 35 YearsIn the first segment, young individuals prefer products that are designed based on current trends. 72% of the respondents stated that they prefer cashmere with the latest designs and loved by celebrities. 60% of the respondents mentioned that their income is not so stable hence choose products with lower prices. Affordable price products are more preferred compared to high quality and expensive products. 90% is the segment’s respondents are users of social media platforms, especially Facebook and Instagram, and prefer marketing to be done through the social media platforms. Social media use has been enhanced by the emergence of technological devices, which enables them to access the internet at any place and at any time, therefore, get information quickly (Kapoor et al., 2017).

36 to 45 YearsThe second focus group of individuals between the ages of 35 to 45 prefers the style and quality of the products. 56% based on their preferences on the quality of the product. Style is not necessarily based on the current trends but instead making them look presentable. They prefer products of high quality since most of the individuals have stable jobs. High-quality products are bound to have higher prices. However, they are ready to pay the price for the high price product provided the quality is excellent. 66% of the individuals are users of social media hence prefer getting the brand information through social media. Office work has been integrated with the use of the internet; hence most of the tasks done are accomplished online (Muriithi, Horner and Pemberton, 2016). Therefore, there is an increasing use of social media, which makes it an appropriate method of marketing for cashmere products by Pringle (Livingstone and Brake, 2010). Also, there is a preference for email marketing, as they are bound to go through their email most of the time. Therefore, with the use of social media and emails, it is easier to reach this focus group.

45 to 60 YearsThe last focus group of people between 45- 60, focus their preference on quality and delivery (Au, Lam and Ho, 2016). 52% of the individuals are more satisfied when the products are delivered to their selected destinations. Also, 64% prefer to purchase high-quality products that make them presentable in the office or for any other occasion. As they purchase cashmere products, they check the quality more than the price. Also, the means of delivery is of importance, which makes them prefer when goods are delivered to them than going to stores to find the products they want. Therefore, 56% prefer shopping online hence make use of websites and shopping apps provided by the companies. However, only 40% are social media users hence making social media use marketing inappropriate to reach a larger population of the segment. However, the use of email marketing, website, and SEO, Tv commercials, and influencers are appropriate methods to ensure the target consumers get to know the brand and are satisfied with the services and products (Yogesh and Nallasivam, 2019).

New Marketing StrategyThe new Pringle marketing activity involves the use of internet marketing through social media.with the consumer segments selected, the company is able to identify specific mediums for each segment. The younger consumers are prone to using facebook and Instagram platforms for communication hence the company uploads photos of their products with information of purchase and advantages that the consumers will receive.

To promote the products more, the company would use social media campaign by involving the consumers in promotion. The consumers purchase product and uploads their photos in social media platforms wearing the cashmeres. The photos are posted with a hashtag and the company account tagged. The followers of each consumer are able to view the post and participate in the campign which then increases the recognition of the brand. Also, as more imdividuals participate in the campaign, sales increase hence increasing profits.

Creative ConceptSocial Media CampaignSocial media covers more than 71% of internet users hence adopted by companies in spreading knowledge of products and companies to develop the brand (Majority (71%) of Global Internet Users “Share” on Social Media Sites, 2020). Therefore, the use of social media campaigns ensures that the information gets to most of the potential consumers (Wicks, 2020). The campaigns occur using the existing social media platforms used by the company (Baum, Spann, Füller, and Thürridl, 2019). It helps spread information to many potential customers through social media. Social media campaigns have been proven to make information move fast due to the rewards gotten from the participants and the recognition bong to develop with it (Oyza and Edwin, 2015). Therefore, Pringle company can engage in a campaign by involving a reward on the participants of the campaign. For example, Pringle could develop a hashtag that consumers use when posting photos and videos about consumption and satisfaction. After posting the photos, the consumers are then considered and provided with discounts during the subsequent purchases made.

For example, the use of a hashtag such as #Pringlegorgeouslook, the consumer posts their photos using the hashtag named and mentions the factor that makes them satisfied with the brand. As other consumers view the photos, they are encouraged to take part; hence the company gains through the sales made during the campaign, while the consumers are happy to get the discounts. The campaign could increase the conversion rate of the target population, which could be measured by the increase in sales based on the campaign (Fagerstrøm and Ghinea, 2011). Such a campaign requires self-disclosure as consumers have to disclose their photos and also mention the satisfaction factors received from the consumption. According to van Noort, Antheunis and Verlegh, (2014), self-disclose reinforces relationship development through the sharing of knowledge and the receiver liking. This principle shapes the campaign as one person encourages another to indulge in the campaign hence encouraging lots of individuals to take part, which reflects in the company sales.

Consumer engagement and involvement in social media campaigns encourage consumers to participate in the campaign (Barger, Peltier, and Schultz, 2016). For example, in a marketing campaign on self-esteem, Dove applied Facebook, Instagram, Twitter, and YouTube platforms in its campaign (Worthy, 2019). It involved hashtag campaigns that attracted considerable consumption and attracted many likes hence making it a successful marketing strategy. However, it is essential to understand consumer preferences and choices before deciding on the campaigns to use (Friese, Wänke, and Plessner, 2006). Being in the fashion industry, consumers cannot only be convinced by word of mouth but instead see the products and like them based on the features they have (Knošková and Garasová, 2019). Through the vision of the product, the consumers are convinced to purchase the product.

Diagrammatic Steps of CampaignThe social media campaign will involve five steps, which is shown in the diagram below:

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The campaign could be followed by an event in one of the cities in Scotland, to display the products that have and provide information n the progress of Pringle fashion. The event would help in increasing the brand awareness of the Pringle product. It is also a way to increase sales after the campaign has hit social media (Close, Finney, Lacey, and Sneath, 2006). As the event occurs, individuals would have had experience with the products, hence facilitating more sales. The event would be the close up of the social media campaign, where more consumers view the available cashmere products of the pringle company and could also purchase. Event marketing and an excellent image can help consumers reach their goals of purchase hence improve the experiential value (Wu, 2016). The products could also be displayed and sold with a discount for higher purchases or sold with gifts to encourage consumers to keep purchasing. It also engages them in the activities of the company, which encourages them to remain loyal (Agyei et al., 2020).

ConclusionPringle company deals in cashmere products and has been experiencing high competition due to the growing companies dealing in the same products. However, to improve the brand recognition of the company, internet marketing could be applied. The number of people using the internet keeps rising, which would then facilitate the effectiveness of the method. Social media use also keeps increasing hence making it the best internet marketing method for Pringle company. The company can find the best social media platforms that would allow them to reach the respective consumers after having segmented the customers. Through the same social media, the creative concept involves having a campaign that engages and involves the consumers using a hashtag. The participants in the campaign are awarded by getting a discount on the nest purchase they make. The marketing strategy and the creative concept would help in engaging the consumers in product development through the ideas they present and increase the consumer base. As new consumers are identified, the company’s brand grows, and it increases its sales.

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