C K Tang A Case Study Marketing Essay
This article is approximately the marketing strategies that needs to be utilized by the C K Tang business. C k Tang Enterprise has various activities like departmental retail store retailing and merchandising. Which are basic? It has other stores also like its flagship shop for selling huge range of merchandise, fashion store known as as Tangs studio as well as the Tangs studio shoes and Tangs shoes shop. At present the location of the Tang studio is in the flagship retail outlet and shoes shops are located in Center stage and Causeway point. Here we are going to discuss about the philosophy of Tangs like honesty, value for money etc also about its aim, mission, targets and tactics that are applied by this company in the market. In this article we are going to discuss various marketing strategies like Re-posting strategies, merchandise strategies which are directly related with the products of the company, price strategy which includes how prices ought to be set by the company, place strategy and many more for C K Tang Firm.
Repositioning strategies are the strategies that involves the identity change of a product, repositioning can be in accordance with the identity of the product made by us and in the thoughts that are collective of the prospective market. Repositioning strategies should be adopted by the C K Tangs Company to improve the identity of the merchandise and it ought to be dependent on the taste and specifically the demand of the persons of Singapore. One of the repositioning is performed in the brands which suggest changing the positioning of a manufacturer. For example the fashion store of C K Tangs Provider was positioned as the most recent fashionable items store for children and this was not linked to its core ideals. C K fashion retailer, the parent brand (stylish clothes) was known for its futures to market fashionable garments to the persons of Singapore in line with the taste of the neighborhood people. So this store or manufacturer had wants repositioning and after the repositioning they are going to fare extremely well on the market. This is one of the best types of repositioning in the C K Tangs Company which company should apply this strategy if they would like to grow uniquely in the market of Singapore. Repositioning in the C K Tangs company ought to be applied by:
Increasing relevance to the customers by providing several types of fashionable products like sneakers etc, Repositioning should be applied by producing the brands very considerable like their makes of clothes, shoes or boots etc. (Ries, 2003)
The most significant thing for repositioning that should be considered by the C K Tangs company is bringing in the brand new customers. Though, C K Tangs is already providing the most recent fashion clothes at the reduced price with a technique to bring in the brand new customers. More strategies should be adopted for bringing the new customers because this helps in repositioning plans. Repositioning could be applied in various makes of C K Tangs Provider like the brands of shoes etc and this ought to be done by the business by making the brands contemporary. The corporation should follow some ideas for applying the repositioning like they should distinguish the functionality pathway signals which should convey and convince the customers of the position of new company. They should develop programs related to products or services for ensuring the continuous performance of the indicators mentioned above. Repositioning is recognized as the nice strategies so among the benefits of repositioning is moving a product. The meaning is to move any product in the thoughts of the customer to another place. It can help in setting the mind of the clients towards the particular product or service. Consequently C K Tangs Company should utilize the repositioning strategies to set the minds of the customers towards their product in the Singapore.
Product is that point which chooses the establishment and achievements of the company so every business company needs strategies related to the product that they are deciding to start in the market. C K Tangs business have used different item strategies which include the kind of product which is dependant on the taste of the neighborhood people etc looked after includes the approaches for the production, supply and distribution of the products to the client. They have generally launched the merchandise with the different tactics like they made approach of their item which is fashionable apparel and accessories but they still need ways for making product strategy. When C K Firm introduce their product in the market they should inquire themselves a number of the questions for the merchandise strategy and they are what is the merchandise aimed at? What benefits they expect? Other queries that they should question themselves are how do they plan for positioning the product in the market? And the last issue to be asked them is certainly what differential advantages will the merchandise offer over the rivals in the market?
Before product strategy the corporation should understand that marketing isn’t only finished . for giving products but they should take into account that market is actually about providing changing advantages to the needs which are also changing as well as the demands of the customer. C K Tangs Firm should view the merchandise in several levels like first of all they should start to see the core product, then using the item and at the previous they should consider the augmented product. The best market elements and decisions that needs to be considered by the corporation before keeping product are:
Design of the product, the standard of product, different features of the product which also includes the unique features that the competitor’s product don’t have and the previous and the main is usually branding. C K Tangs should abide by each one of these factors to get achievements in the complete market of Singapore.
For every company the price of their product is vital and various approaches are needed by the business for pricing their product. The main problem that C K Tang Business is facing is usually of sales and their market show. So for removing this type of trouble they are suggested to adopt the penetration pricing strategies where they should set a minimal price of their product and this is going to help them in increasing the product sales of their product and in addition their market talk about. Another pricing strategy that needs to be used by the C K Tang company may be the competition pricing strategy. In which the price is set in comparison to the price of the product of their competitors. The corporation has many competitors available in the market so before setting cost for his or her product they should take into consideration the cost of the competitors. For example if the price tag on the boots and shoes of the competitor is around $100 in that case C K Tang organization should set a cost of $90 for the same quality footwear to be sold on the market. This strategy is going to help them in boost of needs and the large profits and also in capturing the complete market step by step. Pricing strategy for the tourists ought to be done in the different manner which should be based on the sort and budgets of vacationers critique paper example. This strategy is needed by the C K Tangs company because exchange has managed to get cheaper for the travelers to visit Singapore. C K Tang should give attention to the utmost merchandise at affordable prices for attracting a lot more customers. (Learning objectives)
Promotion of a product means to make the merchandise that ties launched in the market popular by who owns that merchandise. C K Tang should abide by a promotion strategy where they should hire some individuals for promoting their latest launched merchandise like they released the Citibank Tangs Visa Card so to create it more popular among the audience they should abide by third approach. They should use the local magazines and local newspapers for the promotion of their retailer store organization C K Tangs business should follow the product sales promotion strategy within their retail, shoes or boots etc for raising the sales for a while and they should use the promotional strategies like funds off coupons and special offers on various items. Both types of strategies that must definitely be followed by the C K Tangs business for promoting their diverse business products are push and pull best writing services strategies. A push approach uses the sales team of company and in addition promotion activities linked to trade and its goal is same that to produce demand for his or her product by the consumers. They should use this technique for their fashion store as the merchandise is promoted by maker to wholesalers, then the wholesalers encourage it to retailers and finally from them it is promoted to the customers. The strategy of force promotion helps in selling right to the buyer for example
selling credit cards directly. (Product strategies)
Another strategy that should be used by them is the pull strategy. Though this strategy requires more shelling out for advertisement and consumer advertising for building demand but for C K Tangs Business this strategy is very helpful because they possess a organization of retailing. A very good exemplory case of pull strategy may be the advertising and promotion which should be very weighty of children’s cloth according to new style mainly on the television. This company should adopt the up to date promotional strategies like the full advertising of their updated manner clothing and equipment to people know about their updated. So, each one of these strategies must be followed by C K Tangs Company to grow at speedy rate in the market.
For each and every business company in depends upon, place plays an essential role in its set up and its own success. From the starting of the business to the achievement or failure of organization, place has a very big submit all these things. The great thing about C K Tangs Enterprise is place where it really is at present. This company is situated at the Orchard street which place is correct because it is quickly reachable by buses, autos and the other method of transport. The Orchard street where the corporation is positioned is always filled with the shoppers constantly and especially on weekends and on the holiday season of public. All of these things help this company in increasing the requirements of their items as every time they are encircled by the people. The corporation is opening its retail outlet daily so they should stick to various things related to place.
The main matter for selecting the place is completely based on the products that are to be sold. For instance if we want to open a non vegetarian restaurant then the best place for this type of restaurant is the place where majority of population favors non vegetarian issues. So the C K Tangs should remember the product and then decide the area accordingly. If they would like to open the new store for selling the stylish clothes and gadgets for young people they should open in where major population includes young people or the area which is frequently visited by the youth with the demand of stylish clothes and equipment. They should also remember that this place ought to be easily visited by the neighborhood people of Singapore by buses, taxis etc. They should select the place which is authorized by the government and all of the rules should be taken into consideration before opening the shop. So they are strategies that needs to be adopted by the corporation for choosing the place. (Keller, 2007)
COMPETITIVE STRATEGY ADVANTAGE:
Competitive strategy is related to how a company has the ability to get advantage of the competition through a means which is totally distinctive from the rivals in the market. According to the model of porter which is based on the competitive benefits and for creating the defendable position within an industry competitive technique takes some activities which are offensive or defensive and the primary purpose is to handle competitive forces successfully and then in a position to generate a return on investment which is superior. There are three strategies which include leadership of expense, differentiation and focus. The first approach is cost leadership approaches in which for a given level of quality it demands being the producer of low cost in an industry. In the purchase price war C K Tangs Organization should produce extra cheaply so that they can stay in profit for an extended period of period. From the competitive advantages and by keeping expense leadership strategy in thought this company should target market which is very broad. Although market of Singapore is very broad however in future they should turn to find more broad markets. This company should find the ways like improvement of method efficiencies, unique gain access to gaining, ideal outsourcing and vertical integration decisions making etc for acquiring cost advantage. This plan has some risks likewise so Tangs Organization should utilize this strategy carefully and really should apply in the right place.
Another strategy is the differentiation strategy and this sort of strategy demands for the product or service development that offers unique attribute that’s appreciated by the customers. Tangs Company should make use of these differentiation plans like because of their fashion store they should utilize this strategy and should make differentiation based on the new innovations in the clothing impression and the most recent accessories in line with the likes and dislikes of the different people of Singapore. By giving various discounts on the new fashionable clothes is the way that needs to be employed by the Tangs Company for making differentiation. This uniqueness supplied by the company allows reduced price change for this by the company. Each one of these things also permit the company’s item to be much better than and different products that are in competition. Like in the electrical products of Tangs firm differentiation should be predicated on the working capabilities of the electrical pieces and one electrical merchandise can work every day and night in continuation etc ought to be launched for making the differentiation. These exclusive features of the product also helps when the costs are heightened by the suppliersâ€™ then provider may be capable of passing along the costs to its buyers and the clients who cannot find the products which act as its substitute.
For producing the differentiation approach the tangs company should have access to the study which are leading available in the market; teams for the development of highly skilled and also the creative product; a strong sales force should be produced by the Tangs company that have the ability of communicating the strengths which happen to be perceived by the product successfully. Differentiation should be predicated on the features like in pieces of furnitureâ€™s prepared by the Tangs company must have a distinctive feature of more sturdiness and attracting capacities and this kind of uniqueness are very important for the control of differentiation strategies. For succeeding the most important thing that needs to be done by this company is making the photograph of the manufacturer which is strongest in the complete market. Every technique has risk connected with it which strategy of earning differentiation also have some risks. The most common risk that is associated with this differentiation strategy may be the imitation performed by the rivals and the changes that occurs in the style of the people. One of the greatest hazards for the differentiation approach is the companies which uses the concentrate strategies may be able to get more differentiation in their segments of market.
Another strategy is the focus strategy in fact it is based on the segments which are narrow and beneath the limits of this segment attempts are created for reaching either an good thing about cost or differentiation. Tangs Company should sometimes utilize the focus strategy likewise because from this the company enjoys the high amount of the loyalty of customer which loyalty by the clients discourages the other businesses or group from competing directly.
Tangs Company must have lower volumes and must have less powers of bargaining with the suppliers. It is suggested that company should pursue a strategy that is differentiation-focused plus they must be with the capacity of passing bigger costs to the clients. The risk linked to this strategy may be the imitation and goal segments changes. So C K Tangs Organization should follow these strategies for the competitive benefits and all these differentiation strategies are important for the Tangs Firm. (Porter, 1996)
After reading and discussing all of the works and tactics of C K Tangs enterprise and suggesting the tactics that they should abide by it is figured C K Tangs firm have so much prospects because favorable exchange rate has allowed the visitors from Europe and THE UNITED STATES to visit Singapore cheaply so all these tourists represents a new marketplace for C K Tangs where they can sell their items. C K Tangs have got much weakness but one of the biggest weaknesses of them is that of long-term terms they have taken with banks for financial helps in fact it is intensely indebted with liabilities therefore C K Tangs Enterprise also needs to focus on this. This company has many threats as well but all of the strategies discussed are likely to help them to handle all the threats. It is figured C K Tangs Business should hire purchase systems for making easier for the customers. The $2.5 million expense of SAP retail will help company’s management for long-term as it supplies the IT infrastructure. The Final conclusion is definitely that If C K Tangs Provider follows the above suggested marketing strategies then they will definitely grow in every their organization in Singapore and you will be able to contend with the competitors as each one of these strategies are unique and must for every company for advertising.