You are required to demonstrate your understanding of marketing theory as it relates to a real world setting. This assessment relates to the content we cover in Topics 4-8, use these lectures and resources as a guide to what you need to consider in your assessment. You will perform better in the assignment if you are able to integrate marketing theory into your analysis and use academic theory to justify your proposals.
Your scenario for Assessment 2: Following on with your consultancy work for your chosen company, you are now required to respond to your client’s desires to launch a new product/service (choose product or service as you deem relevant to your client).
Part A – Report
You are required to prepares a 1500 word report which provides 1) an overview of your market segmentation, targeting and positioning, including a detailed target market avatar, and 2) an overview of your product/service pitch. You will also prepare a 10 minute recorded pitch for your product or service to convince your client this is the way to go.
In preparing ths Assessment, you need to demonstrate you have built on your ideas and any feedback received in Assessment 1, use your research from Assessment 1 to justify decisions about your target market avatars, their wants and needs, and similarly, justify the decision you make for your new product/service with this evidence. Of course, you should also bring in new research where relevant.
For this assessment, as you are building on research from Assessment 1 and developing further in this assessment, you should include a minimum of 15 academic references and 6-7 contemporary reputable industry sources.
Report Structure – Use the following structure to organise your report: Title page
Executive Summary
Table of Contents
1.0 Introduction
2.0 Scope of Report – summary of consulting work so far (i.e. a few key points from your
Assessment 1 and include any responses to feedback or refinments in your thinking) and
purpose of report
3.0 Segmentation, targeting and positioning strategy
3.1 Include relevant subheadings 4.0 Product/Service Pitch
5.0 Conclusion References
The case is
Rad Eddie is a high-end fashion label specialising in organic denim ranges. Established in 2004 by two university friends, Alex and Soni, the label has experienced steady growth and featured in several high profile fashion weeks over the years. At the beginning of 2020, Rad Eddie had an international distribution network, with partners in world-renowned fashion hotspots such as Paris, New York, Hong Kong, Singapore and Sydney. However, the global pandemic of COVID-19 brought a rapid halt to international trade and Rad Eddie’s supply chains and key markets were drastically affected. As the world looks to recover from the impact of COVID-19 and businesses navigate the economic and social realities of a post-COVID global marketplace, Rad Eddie’s owners are now seeking your advice as they look to recommence design, manufacturing and supply/retail of their fashion products over the next few months.
Rad Eddie’s owners are very conscious that one of their key target markets (i.e, young women aged between 20-30 who love to socialise and keep on-trend) have had their lifestyles terribly impacted through such things as the closure of social venues (e.g. cafes, restaurants and nightclubs). This COVID-19 event not only affects how these women spend their time and their money, but a proportion of target market were working in the hospitality industry prior to COVID-19 shut downs. Many are now without incomes, and those who are in employment are very conscious of saving extra dollars due to the uncertainties of the economy at the moment. As many are without their normal social outlets, their need to have new outfits for a special occasion or work functions has decreased.
Rad Eddie’s owners have also established a strong commitment to sustainability over the last decade through initiatives focused on their staff and contractors, and their environmental impact. COVID-19 presents a range of ethical and corporate social responsibility considerations for all businesses attempting to recover their businesses from COVID-19. In some cases, businesses have been motivated to embark on added commitments to sustainability, in other cases, the focus on economic survival will see businesses cut commitments to social and environmental initiatives.
Here launch the new product that is Denim Bag.
And follow the step to describe about it and
write the report
This report presents a comprehensive marketing strategy for Rad Eddie, a high-end fashion label specializing in organic denim ranges. In response to the challenges posed by the COVID-19 pandemic, Rad Eddie aims to launch a new product, the Denim Bag. This initiative seeks to revive the brand’s growth and address the changing needs and preferences of its target market: young women aged 20-30. The report outlines the segmentation, targeting, and positioning strategy for the Denim Bag and presents a compelling product pitch. Leveraging the brand’s commitment to sustainability, this endeavor aligns with Rad Eddie’s core values and demonstrates its adaptability in a post-COVID world.
Introduction Rad Eddie: A Brief Overview The Impact of COVID-19 Objectives of the Report
Scope of Report Consulting Work Recap Feedback Integration Purpose of Report
Segmentation, Targeting, and Positioning Strategy 3.1 Segmentation 3.2 Targeting 3.3 Positioning
Product/Service Pitch 4.1 The Denim Bag 4.2 Unique Selling Proposition (USP) 4.3 Pricing Strategy 4.4 Promotion and Marketing Channels
Conclusion
References
Rad Eddie: A Brief Overview
Founded in 2004 by university friends Alex and Soni, Rad Eddie has gained recognition in the fashion industry for its high-end organic denim collections. Before the COVID-19 pandemic, the brand had successfully expanded its reach internationally, with partners in fashion hubs like Paris, New York, Hong Kong, Singapore, and Sydney.
The Impact of COVID-19
The onset of the global pandemic in 2020 disrupted Rad Eddie’s operations, particularly affecting its international supply chains and key markets. As the world strives to recover from the pandemic’s repercussions, Rad Eddie seeks to reestablish itself by restarting design, manufacturing, and retail activities.
Objectives of the Report
This report outlines a strategy for Rad Eddie to launch a new product, the Denim Bag, to cater to the evolving needs of its target market, young women aged 20-30. It explores market segmentation, targeting, and positioning strategies for the Denim Bag, all while considering the challenges and opportunities presented by COVID-19.
Building on the insights and feedback from Assessment 1, we have refined our approach and integrated new research to inform the Denim Bag launch strategy.
Feedback received in Assessment 1 has been instrumental in shaping our marketing strategy, ensuring a more informed decision-making process.
This report aims to provide a comprehensive plan for launching the Denim Bag, aligning it with Rad Eddie’s sustainability commitment while navigating the post-COVID marketplace.
Segmentation, Targeting, and Positioning Strategy
To effectively target young women aged 20-30 impacted by the pandemic, we segment the market based on psychographics and demographics. These segments include fashion-conscious individuals seeking sustainable options.
Our primary target audience comprises young women aged 20-30, balancing their preferences for trendy fashion with sustainability concerns. Secondary segments include individuals looking for versatile, eco-friendly fashion.
We position the Denim Bag as a sustainable, versatile fashion accessory that complements Rad Eddie’s organic denim range. Emphasizing its eco-friendly materials and timeless design, the Denim Bag will appeal to those seeking both style and sustainability.
The Denim Bag is a stylish, versatile accessory crafted from upcycled denim fabric, aligning with Rad Eddie’s commitment to sustainability. Its spacious design accommodates daily essentials, making it suitable for various occasions, from casual outings to work-related events.
Sustainable Fashion: The Denim Bag is created from upcycled denim, reducing waste and promoting eco-conscious fashion.
Versatility: It caters to diverse needs, seamlessly transitioning from day to night.
Premium Quality: Maintaining Rad Eddie’s reputation for high-end fashion, the bag boasts superior craftsmanship.
Fashion with Purpose: By choosing the Denim Bag, customers support Rad Eddie’s dedication to ethical and sustainable practices.
We propose a premium pricing strategy to reflect the Denim Bag’s quality and sustainability. Pricing will be competitive within the high-end fashion market while providing value for eco-conscious consumers.
Utilizing social media, influencer collaborations, and Rad Eddie’s existing distribution network, we will create buzz around the Denim Bag. Additionally, we will emphasize its sustainability aspect through content marketing, highlighting the brand’s commitment to social and environmental responsibility.
Launching the Denim Bag is a strategic move for Rad Eddie in adapting to the post-COVID marketplace. By targeting young women aged 20-30 with a sustainable and versatile accessory, Rad Eddie can reinvigorate its brand and demonstrate resilience in the face of challenges. This venture aligns with the brand’s values and ensures a prosperous future.
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