RBP020L061A_Strategic Marketing (1)

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Strategic Marketing RBP020L061A Product: “ floral printed trench coats by ZARA” Student Name: Student ID: Module Name: 1

Table of Contents Part 1: Introduction ................................................................................................................. 3 Introduction to ZARA ........................................................................................................... 3 Introduction to floral printed trench coats by ZARA ............................................................. 3 Part 2: Critical analysis of market trends ................................................................................ 4 Key market trends of floral printed trench coats by ZARA ................................................... 4 Key competitors of floral printed trench coats by ZARA ...................................................... 5 Key markets of floral printed trench coats by ZARA ............................................................ 5 Issues and opportunities for the floral printed trench coat by ZARA including social and ethical issues ...................................................................................................................... 6 Part 3: Segmentation, Targeting and Positioning for ZARA .................................................... 7 Part 4: Recommended extended marketing mix ................................................................... 10 Product mix of floral printed trench coat by ZARA ............................................................. 10 The pricing strategy of the floral printed trench coat by ZARA .......................................... 11 Promotional strategy of floral printed trench coat by ZARA ............................................... 12 Distribution Strategy of floral printed trench coat by ZARA ............................................... 13 Part 5: Discussion and implementation of issues ................................................................. 13 Part 6: Conclusion ................................................................................................................ 14 References ........................................................................................................................... 15 2

Part 1: Introduction Introduction to ZARA ZARA is a popular international fashion brands that belong to textile giant Inditex, one of the world’s biggest distribution groups that has significantly grown its luxury fashion business in different corners of the world. ZARA is originally a Spanish multinational retail apparel chain that currently runs almost 3,000 stores all over the world. The company is specified in fast fashion and offers garments, swimwear, shoes, accessories, perfumes as well as luxurious beauty products. The ZARA headquarter is situated in Arteixo, in Galicia, Spain, and was founded by Amancio Ortega in 1975 (zara.com, 2022). ZARA is the flagship chain store of the Inditex group and also is the biggest integral organization of the Inditex group. The consumers are at the core of ZARA’s distinctive business model, which incorporates design, innovation, production, distribution, marketing, and sales through its sizeable retail network. The reason for the success of ZARA is mainly due to its capability to manage quickly changing global fashion trends and design its collection with the ever-changing demands of customers all over the world (Seo and Suh, 2019). From the start of their brand, ZARA identified a crucial gap in the market that very few apparel brands successfully found. The mission of ZARA is to provide distinguished products to customers according to their demands and needs and to improve lives. ZARA has built an efficient supply chain and the brand’s capability to have its trendy creative designs is extraordinary and has given ZARA a competitive advantage. Introduction to floral printed trench coats by ZARA ZARA has recently designed “floral printed trench coats” for young women with a keen interest in using stylish and luxurious apparel. This exceptionally innovative floral-printed trench coat is easy to be worn with almost everything starting from jeans with sneakers to floral-printed midi dresses. These trench coat fabrics are made up of various materials such as waterproof heavy-duty high-quality cotton material, satin, leather, poplin fabric, or twill weaves (Mahardika and WayanSantika, 2021). These trench coats are oversized with few features such as lapel collars, long sleeves double breasted with tab details, including matching fabric belts with pockets. The floral printed is unique and enriched with a sophisticated touch and can be a great choice for fashion-conscious young women with a deep interest in expensive garments. In this study, a critical analysis of the market trends will 3

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be done along with the STP model of ZARA and the issues it may face to introduce its new product floral printed trench coats in the UK market. Part 2: Critical analysis of market trends Key market trends of floral printed trench coats by ZARA Figure 1: Annual financial growth of ZARA over the period (Source: statista, 2022) The popularity of trench coats has been increasing and many brands are offering many types of trench coats. These trench coats are lightweight, practical and versatile which is why many people are rating them high nowadays also these coats can be used in any season, also keeping in mind the weather of the UK this is the best time to buy them. ZARA is committed to launching new and innovative products in the market to their customers (Jha and Veeramani, 2021). ZARA makes 60% of their products so this helps them to make affordable products for their customers. After the effects of covid-19 many companies suffered huge losses and the current economical state of the UK is also not impressive so the use of innovation in the products is what attracts the customer now and ZARA is doing that quite significantly. A survey proved that 86% of UK citizens know ZARA as a brand among them 28% of the people like to buy from them (Berbiche et al. 2020). As Generation 4

Z started to express their worries about sustainability many popular companies have started to work on their sustainability plans for the future. Key competitors of floral printed trench coats by ZARA Figure 2: Comparative market share of ZARA (Source: spglobal, 2022) The competition in the fashion industry is growing exponentially because more brands are looking to make a place in the market. The UK fashion industry has an estimated market value of 7.16 billion pounds, this assures a large market share. The key competitors of ZARA are H&M and Louis Vitton and these companies are also well-established in this industry which is why ZARA should always be aware of their business strategy (Ha, 2021). Most businesses in the UK are looking for sustainability solutions to survive the disastrous effects of Covid-19 and therefore the investment rates have been reduced in this industry. Though ZARA has managed to utilise the element and now after the covid era the fashion industry is blooming, ZARA has also joined the foreign direct investment method and this is one of the main reasons that they are still one of the leaders in UK’s fashion industry but launching new products have become very difficult in the market because of the longstanding position of the business (Cesco et al. 2021). The approximate valuation of Luis Vitton is 25.9 billion which demonstrates a powerful impact in the fashion industry this statistic shows that ZARA will face major competence in this market. 5

Key markets of floral printed trench coats by ZARA Trench coats were famously popularized by film stars like Myerl Streep and were originally developed for the British army in the first world war. Trench coats have become quite popular nowadays because they can be used in every season so it becomes a desirable product for customers (Singh, 2020). ZARA has determined to deliver new and innovative products to their customer and that is why the floral printed trench coats have been a new feather in the hat for them, Trench coats are still counted as one of the unique clothes in the UK and it is more popular among women (Aftab et al. 2018). ZARA’s direct competitor H&M is also in this same market but after the negative effect of covid-19 two of the companies faced financial losses in the fashion industry the current economic status of the UK is not also impressive so the valuation of this industry has been reduced. Issues and opportunities for the floral printed trench coat by ZARA including social and ethical issues The floral printed trench coat by ZARA is an eye-catching and fashionable garment that can be worn for both formal and casual occasions. However, when considering the social and ethical issues surrounding the product, there are a few things to consider. Firstly, in terms of social issues, the production of trench coats involves the use of resources and by-products, such as water and chemicals, which can potentially have an environmental impact. Additionally, the production of the garment may involve child labour, as well as workers being exposed to hazardous working conditions ( Pontes et al. 2020). In terms of ethical issues, the trench coat may be made from leather or fur, which raises questions about animal welfare and the use of animal-derived materials. Furthermore, the garment may be produced in factories that lack health and safety regulations, as well as workers being paid less than minimum wage ( Ruan et al. 2022). For instance, ZARA could introduce renewable energy sources to reduce its environmental impact, as well as ensure that all workers are paid a fair wage and are provided with a safe working environment. Additionally, ZARA could switch to using more sustainable materials, such as organic cotton and sustainable wool, to reduce its environmental footprint. 6

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Part 3: Segmentation, Targeting and Positioning for ZARA Figure 3: STP model (Source: blog.oxfordcollegeofmarketing, 2020) Segmentation type Criteria The target segment Demographic Age 18-40 Income The middle and the upper middle class. The aristocratic class is also targeted. Occupation Upper-class and upper- middle-class families with a wealthier income are what ZARA targets in Spain (Feiglová, 2019). Along with it, special attention is also given to the aristocratic class. Psychographic Social status Conservational and aristocratic classes belonging to modern societies are taken special care of by the company. Lifestyle People with conventional lifestyles having excessive 7

preferences over new and modern tastes are a part of the ZARA group (Chunling, 2020). Behavioural Personality Since digital grounds are preferred for shopping, progressive customers with disciplined lifestyles are generally taken into consideration. Benefits Customers with optimum care about quality make up the majority of the customers for the ZARA group. Table 1: STP model (Source: Self-made) Segmentation: ZARA is famously known for its exclusive performance in Spain as it provides quality clothes and apparel that are of premium quality. This is a well-known luxury brand that is famous for its clothing styles for men, kids and women. The dresses that are provided by the company include T-shirts, footwear accessories and even luggage. These all include a part of the product strategy of the company and are also a part of the marketing mix. Therefore, for segmentation, the company is majorly observed to focus on a modernised way of presenting designs that are always collected in such a manner that looks integrally towards presenting a refreshed category of clothing to its tentative clients (Dogan et al. 2018). ZARA therefore successfully claims to provide a variety of styles and apparel that allows customers to pick styles from. The accessibility of the product that is provided is dependent on the preference scale of the target market (Zhu and Gao, 2019). Apart from this, ZARA is also observed to focus on its market operation style by emphasising sustainability in its products so that the company can successfully and intrinsically look over the fact that it provides good quality goods and hence provides for optimum quality of textiles. 8

Figure 4: Perceptual map for ZARA (Source: Self-made) Targeting: The target customer for ZARA generally lies between 18 to 40 years and is also observed to have an income that ranges from and medium to high income. Therefore, the customers who are targeted by the company are based and observed according to the different tastes and preferences of their fashion awareness. The individuals that are targeted to overcome the hurdles and provide the clothing, are generally, busy individuals and are taken into account for aiming at customers buying products on impulse (Chen, 2022). Therefore, as it can be observed, ZARA takes special care and attention to the fact that individual needs and preferences are taken optimum care of by the company. Therefore to reach out to the market in an exclusive manner, the company focuses on its approach to opening stores in areas which have high traffic and then providing them with assured quality keeping in mind the regularity of the price that can be easily afforded (Segran, 2019). Additionally to this, an organisation is also expected to have a recognition of the segment members and hence establish segment profiles. To this note, ZARA is observed to use an undifferentiated market segmentation but it also provides typical market segmentation to young individuals as they are the more tentative and prospective customers of the company. 9

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Figure 5: Increasing fashion businesses in the UK (Source: marketingexpertus.co.uk, 2022) Positioning: ZARA is observed to position itself in the market under the tagline of "cheap quick fashion" as it proclaims to aim at catering to the needs of global customers in a predominant manner (Zhu, 2022). ZARA has been observed to grow as a global brand and the success of the company is highly dependent on the way the company performs to establish itself under the high design profile designers, under the company's approach to quick fashion. As a representation of that fast fashion, the rapid limitation has been observed to make the company emphasise fast manufacturing and hence quick sale is also guaranteed so that the response to the market demand is overlooked and catered to in a synchronised manner (Yin, 2022). ZARA is observed not to spend much on its advertising but is also noticed to have a massive social media following that leads to the excessive working of the market tactics. Part 4: Recommended extended marketing mix Product mix of floral printed trench coat by ZARA One of the prime policies of ZARA is their availability of stock throughout the year to cater to the rising demand. ZARA aligns its belief with sustainability and is committed to creating environment-friendly and low wastage of products. As ZARA is an ecologically conscious brand it does not fail to impress the current generation of socially responsible consumers (Rahman and Triyonowati, 2022). ZARA has grown its fan following through global 10

expansion and designing products to match the needs of customers in a wide range of regions. ZARA’s floral printed trench coat products are high in fashion yet maintain the price within the range. One of the specialities in its production is that it does not outsource any of the products making the products within the control of the company. ZARA is highly vigilant about what sells in the market and what does not, due to this the products that do not receive a good response are instantly withdrawn from production to reduce production and wastage and at the same time make space for a newer style (Zhu, 2022). Being an expert in their field ZARA does not fail to combine modernism with the traditions of various regional areas in making its floral printed trench coats. The pricing strategy of the floral printed trench coat by ZARA ZARA has kept its pricing strategy of floral printed trench coats to match the pockets of the general public who wish to wear clothes with a premium finish and quality. ZARA saves a huge chunk of money through advertisement and marketing that it invests to improve its quality and applies the fund to research and development. ZARA should keep its prices for floral printed trench coats quite low and gives tough competition to the other rival premium and high-end fashion brands (Abdel-Jaber, 2021). ZARA has to keep an eye on its overheads and improve its planning and execution so that the products can be priced down to further improve its market share. ZARA should set pricing that is based on region and country and also which gives tough competition to the rivals of the existing country (Chunling, 2020). ZARA has various discount schemes which it uses timely to boost its sales at the time. The sales are of various types and the percentage of sales varies from time to time and depending on the occasion that brings more customers. However, it must be kept in mind the pricing is still premium and not easily affordable for the general mass and students who could opt for cheaper and more reasonable options (Chen, 2022). The floral printed trench coats still make it a successful purchase as it fulfils its promise to match the high- quality material of fabrics and design of the trench coat that the customers are extremely satisfied to own. 11

Figure 6: 4P marketing mix (Source: medium, 2022) Promotional strategy of flor al printed trench coat by ZARA ZARA’s owner never gives press interviews or organizes any press conferences same as their competitors. Even though investing in advertising ZARA must always prefers to invest in new outlets. This is why ZARA's advertisements do not appear on television. Although they always try to suitable their store very popular and expensive points of cities, and in any mall generally, their stores are always in front. And their outdoor advertisement like banners and holding are catching the attention of everyone (Smelik, 2018). They should focus on youths and working females, and it has a huge follower base on different social media platforms. ZARA has a massive social media following. It has 30 million Facebook followers and 45 million Instagram followers. It's worth noting that ZARA doesn't put its logo on their products and ZARA believes they do not need a more promotional activity for attracting more customers. But as per the increasing competition in the market, ZARA should also use different social media platforms for product promotion (Chowdhury et al. 2021). In terms of attracting more UK customers, For the new product floral printed trench coat, ZARA should run innovative and engaging online campaigns for attracting target customers. ZARA should also invest in social media influencers for its product promotion. ZARA can also use different social media marketing tools like email marketing, digital marketing, or online ads on 12

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different apps or e-commerce platforms (Anguelov, 2021). For attracting more customers and increase revenue share in the UK, ZARA should be focused on its customer’s choices and demands. Distribution Strategy of floral printed trench coat by ZARA ZARA has a massive reach, with stores in over 90 countries and over 2200 outlets. ZARA also operates its online store and is also available on different e-commerce platforms. It follows the vertically integrated business. Effective supply chain management makes ZARA more unique than others of its close competitors. It employs a one-of-a-kind business model, where they launch products in a limited amount and for a very short period which is known as the FOMO (Fear of Missing Out) strategy. This strategy helps to increase customers' footfall in their stores regularly. Their store persons are very attentive to know the customer's tastes and preferences and what they need (Cooke et al. 2021). Once there was a pink scarf campaign going on and their store person found this need, store managers send orders to headquarters and within twice a week the pink scarf was available in their whole outlets the world (Chen, 2022). Thus, it can be said that, ZARA has an effective supply chain system, so for more expansion of business in the UK. For the new product of ZARA, the floral printed trench coat ZARA should improve its delivery system too. ZARA can deliver products to customers' homes with the help of the digital supply channel least they should start it from London after that they can apply it in the entire UK (Yide, 2021). With digital supply, the channel company must be focused on the physical supply chain system too. ZARA doing well in terms of place or distribution strategy but still, they have lot many untapped areas they can launch new stores in emerging markets. Part 5: Discussion and implementation of the issues The collaboration aspect of management that looks over the divisions of marketing, manufacturing, financing and management is observed to provide the ZARA company with typical challenges to face. The corporation might have the problem to face challenges that is related to the introduction of floral printed trench coats, in the Spain industry of retail, which in turn is to create confusion in the operation of the hr marketing sector due to a lack of communication and collaboration, between different sets of organisational behaviour (Ramlatchan et al. 2018). Without the needed teamwork, collaboration is observed to hamper the working capability of the firm and hence this results in the suffering of the workflow. Communications are observed to play a crucial role in the entire process of fostering teamwork in the workplace therefore the issue faced regarding the working of teamwork, the 13

human workforce is observed to typically experience issues related to workload and assistance in the process of introduction of new products (Li et al. 2019). Therefore, to this note, it can be added that the person should have the needed knowledge of using the orders to provide the given set of results so that, it can justifyingly give appropriate results leading to working of specialised qualities and hence create distinctive stuff. Apart from this, issues are also faced in terms of the internal process of marketing which might arise as a result of the new products that are observed to show an implementation of new releases of products and services. It can be also stated that issues related to the financial meltdown of results from the internal process of market competence might also affect the integrity of the demand for the newly introduced set of floral printed trench coats (Alzoubi et al. 2022). Therefore, in addition to this, sufficient GR activities are also needed to be taken care of to launch the new products so that the ZARA business is carried on, in a synchronised way. Part 6: Conclusion From the above discussion, it can be concluded that the floral printed trench coats by ZARA are expected to attract a wide range of customers. The floral printed trench coats add another feather to ZARA's existing trench coat collections. However, ZARA must constantly strive to expand its customer base while also keeping prices within the customers' reach and with the same strategy to feel customer unique and trendy by their limited availability of products. For their new product, ZARA should adopt a digital supply chain system in the UK. They should also increase their customer reach via the adoption of different strategies. They should also offer some after-sale services to make a good image in customers’ minds. Similarly, the company can sustain a good employee management system. With the continuous support and effort by the team of ZARA, This newly introduced product the floral printed trench coats will get a good market potential same as others. 14

References Abdel-Jaber, H., (2021). The Devil Wears Zara: Why the Lanham Act Must Be Amended in the Era of Fast Fashion. Ohio St. Bus. LJ , 15 , p.234. Available at: https://moritzlaw.osu.edu/sites/default/files/2022-03/08.%20Abdel-Jaber_0.pdf Aftab, M.A., Yuanjian, Q., Kabir, N. and Barua, Z., (2018). Super responsive supply chain: The case of Spanish fast fashion retailer Inditex-Zara. International Journal of Business and Management , 13 (5), p.212. Available at: https://d1wqtxts1xzle7.cloudfront.net/61061578/Zara_Case_Study20191029-42781-f73lj1- libre.pdf?1572387307=&response-content-disposition=inline%3B+filename %3DSuper_Responsive_Supply_Chain_The_Case_o.pdf&Expires=1671805084&Signature= X91fnY7qsGsvAv1BbQh4mKVhbmCi4QJFhaJBTKy6JJ4ls8ZPi18fY1UeOEhQF5pGBCP0xg GYny7N34l-p0XPrPtUZ1LyFOq~HU8NAKNRfrDnT- IIOfHXrTDY1CMGHddb~nD7mRwV9Ufp2JzwptyzefWvTt1mkZ2awzaBVSuSkpkdEEmmq7R tUsQUHH0LZXaHv8ugpxNmOM2smtytx2ijenmF9~CCCFLBVF9kDaw5YxuAcTBIa0YcfS3JC MeflEgni3xOl2JF2a~6ZqAK69w7mLD93aPmWufUqBkixLqr0CrMuyVNDvz9eqTFTea2e~MiK qLY7YTWVSMFFYZzHzcTDQ__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA Alzoubi, H.M., Ahmed, G. and Alshurideh, M., (2022). An empirical investigation into the impact of product quality dimensions on improving the order-winners and customer satisfaction. International Journal of Productivity and Quality Management, 36(2), pp.169- 186. Available at: https://www.inderscienceonline.com/doi/abs/10.1504/IJPQM.2022.124711 Anguelov, N., (2021). The Sustainable Fashion Quest: Innovations in Business and Policy . CRC Press. Available at: https://books.google.com/books? hl=en&lr=&id=nj4qEAAAQBAJ&oi=fnd&pg=PT7&dq=distribution+and+promotion+byZARA+i n+UK&ots=lvtnUKoP1y&sig=LB-1YU-TpldxkdtjfZeaJXkneX4 Berbiche, N., Hlyal, M. and El Alami, J., (2020), April. Exponential success through integrated supply chain optimization, ecomotional intelligence and reputation-based leadership: Zara model. In IOP Conference Series: Materials Science and Engineering (Vol. 827, No. 1, p. 012058). IOP Publishing. Available at: https://iopscience.iop.org/article/10.1088/1757-899X/827/1/012058/pdf Cesco, S., Zara, V., De Toni, A.F., Lugli, P., Evans, A. and Orzes, G., (2021). The future challenges of scientific and technical higher education. Tuning Journal for Higher Education , 8 (2), pp.85-117. Available at: https://s3.eu-central-1.amazonaws.com/eu- 15

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spglobal.com, (2022). ZARA owner Inditex faces headwinds but still outruns rival H & M . [Available at: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news- headlines/zara-owner-inditex-faces-headwinds-but-still-outruns-rival-h-m-50958006], [Accessed on: 24-12-2022]. statista.com, (2022). Sales Inditex group worldwide by format . [Available at: https://www.statista.com/statistics/456505/sales-inditex-group-worldwide-by-format/], [Accessed on: 24-12-2022]. Yide, S., Value Creation Strategy Analysis of ZARA since Internationalization. Academic Journal of Business & Management , 3 (11), pp.13-19. Available at: https://francis- press.com/uploads/papers/UcxOatfXKvREcYixpaXPPbT2wKSUz3Rg9f3hKz4n.pdf Yin, Z., (2022), July. How Fast-Fashion Brands Went Viral—Taking Zara as an Example. In 2022 2nd International Conference on Enterprise Management and Economic Development (ICEMED 2022) (pp. 538-542). Atlantis Press. Available at: https://www.atlantis- press.com/article/125975489.pdf zara.com, (2022). About the business of ZARA. [Available at: https://www.zara.com/in/], [Accessed on: 23-12-2022]. Zhu, G. and Gao, X., (2019). Precision retail marketing strategy based on digital marketing model. Science Journal of Business and Management, 7(1), pp.33-37. Available at: https://www.researchgate.net/profile/Guoan- Zhu/publication/333678454_Precision_Retail_Marketing_Strategy_Based_on_Digital_Marke ting_Model/links/5cff05274585157d15a1fda4/Precision-Retail-Marketing-Strategy-Based-on- Digital-Marketing-Model.pdf Zhu, T., (2022). International Business Strategy of fast fashion Brands (On the example of Zara). Journal of Education, Humanities and Social Sciences, 4, pp.221-227. Available at: https://drpress.org/ojs/index.php/EHSS/article/download/2770/2660 19

RBP020L061A_Strategic Marketing (1)

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