A/ Assignment recap

Part 1  Marketing Audit

●      Brand mission(s) with proper in-text citation

●      Situational analysis across various models (5Cs or PESTLE) and the brand SWOT

●      Identifying competitors (Who is your key competitor? Why? And its SWOT)

●      Defining target audience (including demographic, geographic, psychographic, usage & benefit)

●      Identifying the Marketing Mix across the 7P’s

Part 2  Brand Personality

●      Brand image and identity, covering market perceptions, attributes and symbolism

Suggested structure

I. Marketing Audit

1. Brand mission

2.PESTEL

3. SWOT

4. Competitor

5. Target audience

6. 7Ps Marketing mix

II. Brand personality

B/ Key term definition

PESTLE

An acronym that represents a framework used in strategic analysis and business management to assess and understand the macro-environmental factors that can impact an organization or industry.

●      P - Political: The impact of government policies, regulations, and political stability on an organization or industry. It includes factors such as government stability, taxation policies, trade regulations, and political ideologies that can affect business operations.

●      E - Economic: Economic conditions and trends that can influence an organization. This includes factors like inflation rates, exchange rates, interest rates, economic growth or recession, and consumer spending patterns. Understanding the economic environment is crucial for making financial decisions.

●      S - Sociocultural: Societal and cultural influences on business. This includes demographics, cultural norms and values, social trends, lifestyle changes, and consumer behavior. Companies need to adapt to evolving sociocultural factors to meet customer preferences and expectations.

●      T - Technological: The impact of technology on the organization or industry. It includes advancements in technology, innovation trends, research and development, and the rate of technological change. Staying up-to-date with technological developments is crucial for competitiveness.

●      L - Legal: Laws, regulations, and legal issues that can affect business operations. This includes labor laws, environmental regulations, intellectual property rights, and industry-specific regulations.

●      E - Environmental: The impact of environmental issues and sustainability on the organization or industry. This includes factors related to climate change, environmental regulations, sustainability practices, and the organization's carbon footprint.

SWOT analysis is a strategic planning tool used by organizations to assess their internal strengths and weaknesses and external opportunities and threats. The acronym SWOT stands for:

●      S - Strengths: These are the internal attributes, resources, or capabilities that give an organization a competitive advantage or contribute to its success. Strengths can include a strong brand, skilled workforce, innovative products, or efficient processes.

●      W - Weaknesses: These are also internal factors but represent areas where the organization may be lacking or facing challenges. Weaknesses can include a lack of resources, outdated technology, poor management, or inefficient processes.

●      O - Opportunities: Opportunities are external factors or situations in the external environment that an organization can capitalize on to achieve its objectives. These might include market trends, emerging technologies, favorable regulatory changes, or new customer segments.

●      T - Threats: Threats are external factors or conditions that could potentially harm the organization's performance or disrupt its operations. Threats might include competition, economic downturns, changing consumer preferences, or regulatory hurdles.

Marketing Mix 7P’s

●      Product: This represents the core offering or service provided by the business. It includes considerations like product features, quality, design, and any additional services or features that enhance the core offering.

●      Price: This refers to the pricing strategy chosen for the product or service. It involves setting the right price that aligns with market demand, competitive positioning, and profitability goals.

●      Place: Also known as distribution, this P focuses on how and where the product or service is made available to customers. It includes decisions about channels, locations, logistics, and the overall distribution strategy.

●      Promotion: This encompasses all aspects of marketing and communication aimed at promoting the product or service. It includes advertising, public relations, sales promotions, social media marketing, and any other methods used to reach and influence the target audience.

●      People: In service industries, employees play a critical role in delivering the service and shaping the customer experience. The "People" element focuses on the recruitment, training, and motivation of employees to ensure they provide excellent service and represent the brand effectively.

●      Process: This P involves defining and optimizing the processes and procedures used to deliver the service. It includes elements like service design, efficiency, and the customer journey to ensure a seamless and positive experience.

●      Physical Evidence: This relates to the tangible cues or physical aspects of the service environment that customers encounter. It can include things like the appearance of physical facilities, equipment, signage, and other sensory elements that contribute to the overall impression of the service.

C/ Detailed guideline

I. Marketing Audit

1. Brand mission

Briefly introduce the brand history (the founder, established year), what do they sell, what is their style and unique selling point, what story are they telling?

Example (brand EILEEN FISHER based in the US)

Established in 1984, EILEEN FISHER is a prestigious fashion label renowned for its premium collection of minimalist clothing. Instead of conforming to or creating the latest fashion fads, the brand is dedicated to offering modern women enduring comfort, uncomplicated style, and refined sophistication. Furthermore, EILEEN FISHER has made significant strides in embracing circular fashion practices to minimize its environmental footprint and promote consciousness regarding overconsumption.

2. PESTLE

Following the PESTLE framework to analyze relatable macro factors, you should choose factors having impact on your chosen brand. Research on statistics, data and industry insights are compulsory for this part.

Example

Political

EILEEN FISHER, recognized as a trailblazer in sustainable fashion, places a significant emphasis on Corporate Social Responsibility (CSR) policies, particularly within the United States. While CSR remains a non-binding framework, signifying that businesses and fashion houses are not legally obligated to comply with it, the heightened awareness among the public regarding environmental concerns and human rights issues has compelled both business leaders and politicians to take sustainability seriously. U.S. government agencies such as the Environmental Protection Agency (EPA) and The Department of the Interior (DOI) play a pivotal role by offering guidance to support firms' sustainable growth. Their guidance covers regulations and directives across various domains, encompassing air quality, land use, pesticides, hazardous substances, waste management, water resources, and overarching sustainability considerations (epa.gov). Given that the fashion industry stands as one of the world's most significant contributors to environmental pollution, these guidelines wield substantial influence over the manufacturing processes and operations of fashion businesses, including EILEEN FISHER.