Monsoon Accessorize The Marketing Plan

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Introduction

This marketing report will be introducing the retailer Monsoon’s (Accessorize) background, and the needs of the retailer to evolve within the fashion economy. There will also be solutions and new ideas produced to improve and generate revenue for the retailer.

Key factors that will be explored are as follows,

• Retailer background, beliefs and ethos. • Current marketing techniques used by retailer. • Competitors marketing techniques. • SWOT Analysis of Monsoon (Accessorize). • Target consumer. • The new marketing plan. • Market Research. • Evaluation. • Source of Reference.

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Retailer Background

Monsoon is a design-led High Street retailer, founded by Peter Simon in 1973. Monsoon began trading as a market stall on Portobello Road, Notting Hill.

Initially the retailer sold hand block printed clothing from ethnic origins, this focus on ‘Boho chic’ has continued to be the staple that holds the Monsoon brand image together.

Monsoon’s product range consists of Women’s wear, men’s wear, Children wear, Footwear, Home ware as well as an exclusive boutique range produced by ‘small scale producers across India.’

Screenshot from Monsoon’s website, section dedicated to the Monsoon Boutique and background information about the concept.

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The ethos of Monsoon started as, and has continued to be focused environmental responsibilities of the retailer. Monsoon promote to consumers the ways in which it is trading sustainably and the retailers efforts for the future. Monsoon also continues to support ‘ethical design and handicrafts to create fashion.’

Monsoon’s efforts are also represented in the ‘Monsoon Accessorize Trust’. The retailer created this charity trust, a percentage of every garment purchased goes to the trust. The trust raises money to ‘help improve the lives of disadvantaged women and children in Asia.’

Screenshot from Monsoon’s website about the retailer’s values and ethics.

Monsoon trade online through their website, the retailer are also active using social media outlets such as Facebook and Twitter for promotional purposes.

Above the images show social media outlets in which Monsoon are active.

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Evolved from the jewellery sold in Monsoon came Accessorize in 1984. An accessories based retailer, with a vast range of bohemian inspired accessories, jewellery, cosmetics and novelty items. Accessorize trades independently and has a separate website, advertising campaigns and also social media outlets.

Examples of Accessorize independently using social media.

Monsoon and Accessorize have currently got over 600 stores worldwide.

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Current marketing techniques

Product

Monsoon’s product range consists of ethically bohemian inspired design clothing;

• Women’s wear • Men’s wear • Children’s wear • Footwear • Home ware • Cosmetic’s • Fragrance • Wedding Boutique • Monsoon Boutique

Monsoons have a vast range of clothing as well as many collections, such as winter collection, original collections.

They also sell accessories on the online websites, as well as having a gift boutique with original items for sale.

The constant theme through Monsoon’s product range is handcrafted and original rather than trend led. This large range of product gives a consumer a more fulfilling shopping experience with Monsoon.

Examples of Monsoon’s vast product range, from the retailer’s website.

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Price

Monsoon is considered a middle-high end high street retailer. Price’s in this retailer average between £70 - £110.

This makes the retail price consistent to the retailer’s position in the fashion market. Monsoon consumer expect they are buying at the higher end of the High Street therefore these prices are appropriate as the consumer judge the quality of the Monsoon product range by the price.

The price also reflects Monsoon’s commitment to sourcing fair trade materials and pay appropriate, fair rates for manufacturing, as well as the time that it takes to create the original design-led products by the suppliers.

Place

Monsoon and Accessorize has over 400 stores in the United Kingdom, and over 600 stores worldwide with the distinctive brand name. Monsoon trades in many of the United Kingdom’s biggest High Street’s, and city centres.

The interiors of the stores are uniform in most Monsoon stores this is to continue the brand image. The layout are generally high quality, with unusual store fixtures such as lighting to continue the theme of bohemian inspiration, originality of the stores handcrafted history. This form of planning can add to the consumer experience.

Image of Monsoon on Oxford Street, London.

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Promotion

Currently Monsoon promote through various different avenues. The most prominent at the sector the retailer is promoting through are social media outlets.

Monsoon also advertises in magazines that the target consumers essentially buy, and also in store. The campaigns consist of informative information such as the reward card, 10% student discount and also seasonal sales.

Monsoon has developed a well distinguished brand logo image, now with the use of packaging on its bags and fragrance packaging it has psychographic values to the target consumer.

Monsoon also created a reward scheme for loyal consumers, this reward card earns the customer point, when enough point have been earned the cardholder will receive discount vouchers to use in store and online.

This concept generate behavioural values from a loyal consumer, as they are in turn being rewarded for loyal custom from this retailer. This builds a positive relationship between the retailer and loyal consumer.

Example of Monsoon packaging, and also example of loyalty card for loyal consumers.

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Competitor’s marketing techniques.

Retailer’s such as Next are competitors of Monsoon. Monsoon and Next retailer’s both exist in the middle-high end of the high street fashion market.

These retailer also appeal to the same target consumer. Next uses various different techniques of marketing to attract the target consumer successfully. Techniques such as the use of;

• Social media. • Online/website promotion. • Billboard poster campaigns. • Movie experience on website. • Media advertising such as television and radio. • Magazine advertisements. • Catalogue. • Iphone application and android applications, purchases can be made through the

consumer’s phone. • Newsletter’s/ emails. • Collaborations with brands such as Lipsy, and G star.

All these techniques have been implemented by this retailer successfully.

Next use these marketing techniques to generate interest in informative information such as discount events, and sales.

Above are images of Next marketing using Apple Ipad app, and the move experience.

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SWOT Analysis

Strengths

The ethos of this retailer is very clear, with portraying their active aim to maintain its commitment to environmental, and ethical issues has strengthened the brand image, This is satisfying to consumers who support this retailer for these principles.

The retailer is aware of its market positioning of being in the middle-high end of the fashion retail sector and is promoting and marketing the brand image correctly to reflect this.

Marketing through the online website is a strength of the retailer. Layout is appropriate to target consumer.

All information about all of the product range and available promotions can be found on the website, or through the social media elements of promotion, as well as direct marketing such as leaflets.

Weaknesses

The lack of advertising of the retailer in media such as through television and radio advertisements, is a significant weakness.

Through advertising through television campaigns there is a opportunity to reach the target consumer that may have been missed from other forms of marketing.

By visual imagery on the television this could also introduce a new type of consumer to Monsoon, as other consumers may not have been exposed to ethos, values and quality of Monsoon.

Weaknesses in the technology elements of marketing, such as the lack of having a Monsoon IPhone/ android application. This this is a weakness as the modern consumer would like to make purchases efficiently on their phones on the go.

The lack of Monsoon having a catalogue is a weakness as a consumer would spend more in one purchase than they would perhaps paying with cash straight away.

A catalogue would encourage the consumer to spend more and it is would make turning to Monsoon an easy choice.

The accessibility of a Monsoon store is also a weakness, although the retailer is in many major city centres. There are not stores in every city centre high street, having accessibility in every Monsoon could possibly increase purchases and encourage loyal consumers.

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Opportunities

From the weaknesses creates many opportunities. Such as the opportunity to develop an IPhone/Android application creates an innovative avenue for consumers to purchase from Monsoon, and to be informed about promotional information within the retailer.

Advertising through the media such as television marketing and radio advertising can generate interest and sales for the retailer.

Opening stores in more city location after market research has been collected, such as Demographic, and geographic factors have been determined.

A Monsoon catalogue could prove beneficial to generate extra revenue and also will encourage consumers to become loyal consumer to the retailer.

Threats

The biggest threat that faces the fashion retail sector is economic issues. With unemployment facing a large percentage of UK households, the freedom to spend freely has been removed for a lot of consumers.

For those households who in which are not facing unemployment there is still a sense of taking care with money due to the uncertainty of the economy in present times.

Therefore consumers are not as willing in the current economic climate to spend on luxury items as they had done in previous years.

Also because of the current economy price increases of fabrics and manufacturing have increased, this in effect means that the retailer has to increases retail prices to maintain the level of quality they have always traded with.

In turn price increase may affect the consumer who is now considering spending less on luxury products, therefore may lose custom for the retailer.

There is also a possibility this could have a negative effect on the brand image.

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Target consumer/Market research

A target consumer was able to be identified by communicating with Monsoon’s current loyal consumer. From constructing a focus group valuable primary research was collected.

The focus group constructed was able to determine the average age group of the Monsoon consumer are between the ages of 28-48 years of age.

Primary research was collected opinions such as

• The consumer is primarily female. • The consumer is generally a Home owner. • The consumer is often married with young families. • The consumer tends to have strong ethical and environmental sensibilities and opinions. • The consumer would be considered to fall into the Acorn classification of ‘H’ (comfortably

off).

Gathering this primary research makes it clear exactly who Monsoon’s target consumer is, and the retailer has channelled its marketing, price, place, promotion and product range successfully.

Physical evidence from the focus group shows that Monsoon’s values and commitments are clear and well promoted.

‘I understand exactly the effort Monsoon makes to deliver quality, original clothing supporting Fair trade. I understand the price is part of that’ says a loyal consumer.

The focus group also determined the consumer is content with new fresh ideas, and open to spending money on quality.

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The new marketing plan

Product

The new marketing plan is to create a subscription box for the retailer. The subscription box will be called ‘Your Accessorize Box’. The reason for the use of the word ‘Accessorize’ is to incorporate and increase revenue through both retailers.

The idea behind the ‘Your Accessorize Box’ is that the consumer will receive a luxury box, every 2 months. This luxury box will contain accessory items, jewellery items and cosmetics.

Every luxury box sent to the consumer each month will be different to the one received 2 months ago, they will be kept fresh and inspired by the current season, fashion trend, and celebrity inspired trends.

The contents of the box will be kept a mystery as from market research carried out this overall was the most fun, and innovative way to engage with the target consumer.

Ideas for how the luxury may look, and also what may be contained within the box in each subscription.

Packaging ideas

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Contents ideas

Theme Ideas

A theme can be chosen due to seasonal changes such a Spring/Summer inspired.

This example shows you would receive, a summer bright nail polish, matching lip gloss, a pair of flip flops and a bracelet.

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Promotional image idea

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Price

The price of the ‘Your Accessorize Box’ will be £14.95 + £2.99. The reason for this price is, from the Market research carried out it was suggested that cheaper than this price does not suggest quality to the target consumer.

With this as the starting price, there is the option to increase the price in the future and also increase the product range included in the ‘your Accessorize box’ dependent on success.

The price is also appropriate as there is no other retailer using this innovative idea so therefore there is no competition on the market to discourage consumers.

Pie chart above shows the feedback from the focus group on pricing of the ‘Your Accessorize Box’.

Promotion

Promotion through the retailers existing marketing techniques such as newsletters and emails, to consumers. Promotion through direct advertising to reward card holders through the post could also attract the correct consumer, as they are already customer’s to the retailer.

Through the social media avenues and promotion online, on the website. Also promotion at the point of sale, promotion information in store and in magazines.

The reason for target all the current outlets of promotion is to keep costs relatively low, and also these forms of promotion are consist with marketing communication.

By creating awareness of the new concept, an interest will ensue, and if marketed correctly creates a desire to own, which then leads to the action of subscribing to the product.

Sales

£1.99-5.99

5.99- £10-99

£10.99-14.99

£15.99-£20.99

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Place

The ‘Your Accessorize Box’ will be available only for home delivery. There will be many ways in which the consumer can subscribe to the product.

• Consumer can sign up in store. • Consumer can subscribed at a convenient time online on the website. • Social media networks will have a link for consumers to be lead to the subscription page if

they so wish. • Consumer can subscribe through the post. • Consumer can subscribe over the phone.

Relationship

It’s essential the consumer feels they have or are receiving a good product or else the relationship between the retailer and consumer will not be aligned.

Recruit

Consumer’s will be recruited through quality products that they will receive in their ‘Your Accessorize Box’.

Reward

The subscribers of the ‘Your Accessorize box’ will be rewarded by receive a birthday gift, an item sent in the month of their birthday.

Retain

The consumer will be retained with this product as the quality of the products sent will be of the highest standard also customer service and keeping consumers involved about promotions, discounts and special events builds loyalty.

Plan for the next 12 months?

Once the ‘Your Accessorize Box’ has gained sufficient interest there are other possibilities to develop the concept further.

• A deluxe version of the ‘Your Accessorize Box’ can come onto the market. • The subscription period can be shortened to a month. • Consumers can choices colour schemes in which they would like to be sent.

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Evaluation

In conclusion this report identified the background of the retailer Monsoon, the history of the company and the hopes to keep the retailer ethically responsible and environmentally friendly.

It has been determined that the retailer is current with using modern technology. Also the use of the website and also the use of social media for marketing, and promotional purposes.

Current marketing techniques were established and also the marketing techniques of the biggest competitor in the fashion retail sector.

From establishing the differences between the two companies, positive opportunities for the retailer Monsoon were suggested and could be developed further.

By undertaking a SWOT analysis for the retailer, strengths of the retailer can be built on. Weaknesses can be resolved; opportunities for the retailer to improve have been identified. Also threats can be made aware of.

From market research and feedback back from the target consumer, a new marketing plan was created and can be implemented. This will generate interest for the retailer, and also a depend for a unique product/ concept of the market currently.

Promotional ideas have been generated as well as how the new marketing plan will be promoted, and subscribed to.

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Source of references

http://www.monsoon.co.uk/page/monsoonhistory/

http://www.monsoon.co.uk/our-company/corporate-responsibility+culture/pcat/cultureandcommitment/

http://en.wikipedia.org/wiki/Monsoon_Stores_Ltd