Retail Marketing Final Project (THE MOONARK)

Executive summary:

            In this report we have talked about Monark which is a new upcoming brand by Royal Tag, As Royal tag has a big name in the market of formal dressing in Pakistan and have a number of outlets all over the major and big cities of Pakistan. By analyzing the changing environment and trend of fashion Royal tag realize that going in formal segments will not be going feasible anymore and decide to go into a new market segment which is Casual wears with a new brand named as MONARK

            Although they have a very decent market place in their exist brand and also have a huge number of loyal customers attach with it but while going in causal market they are not going with this brand as according to the Retail Head of Royal tag people have an image of formal dressing with royal tag so while going in causal market this will affect the sales due to the existing image in customer mind so that why they decided to go with a new brand with a fresh image in customer’s mind

            Monark will be launched in all the places where the existing brand Royal tag has its market but with a separate outlets and their prices will be on the basis of their competitors they will use all the advertising means which have been used by Royal tag and they will also offer event base promotions, special promotion, discount offers and other promotion to capture more customer and to advertise their brand.

Introduction:

Monark is sub brand of Royal Tag which is owned by two brothers Mr. Tariq and Mr. Kashif. Monark was established to provide good quality casual wear garments for men analyzing the changing environment and trend of fashion Royal tag realize that going in formal segments will not be going feasible anymore and decide to go into a new market segment which is Casual wears with a new brand named as Monark and will be launched in all the places where the existing brand Royal tag has its market but with a separate outlets  

Owner ship:

Monaek sis launch by Tariq Mehboob  he is looking over all  operations and he is the one who is making strategies at the corporate level. Of monark.

Value Chain of Monark

Value chain basically represents the total bundle of benefits offered to the customers through the channel of distribution. Different elements comprises of the value chain, which includes store location and parking, retailer ambience, level of customer service, the products and services, which are carried, product quality, retailers image. Each element would be discussed below.

Store location strategy

Store location is one of the prime considerations in a customer store choice. Location decisions have long term strategic importance. Monark’s primary trading area of the store encompasses 50 to 80 percent of stores customers this area is closest to the store and possesses the highest density of customers and highest per capita sales. The proposed location of Monark is a posh area, where people have the buying capacity for men fashion. .The store has adequate parking facility and store has good visibility from the road. Recently Monark will made five outlets 4 in Lahore and one in gugrawala and they launch their brand after Eid. 

Type of store

Monark retail outlets are very much 0f a specialty store as all of their outlets are located in business districts . Monark retail outlets consist of narrow width but depth assortment containing average to good quality causual products

 Store Experience

From the time customer enters to the retail outlet when customers   will leave from the outlet they must needs to have good experience across several touch points: so Monark will provide outstanding or superb experience to customers in our store through Trial room, Interaction with staff, after sales experience, billing at POS, ambience of the store, Parking facility and fully air-conditioned store. 

Customer relationship management

Loyal Customers are the backbone of a business. A companywide business strategy designed to enhance profitability, revenue and customer satisfaction by focusing on highly defined and precise customer groups is what we call "customer relationship management Monark focus its energies on more consumer-driven approaches. The company's efforts to appeal to younger consumers with the help of their casual brands like t-shirts polo shirts and pants to satisfied the needs and wants of the consumers with their quality products to build a strong relationship with customers and increase customer life time value. Monark has the capability to identify each and every customer and their relationship with their products and services. It also gives the opportunity to cultivate a one-to-one relationship with each customer that play a vital role in customer relationship management.

Customer Service:

The customers satisfaction occur when the value and customer service through retailing experience meet or exceed customer expectation Today the Pakistani consumer expects a better experience overall. The consumer wants sharply priced, fashionable apparel to expand their wardrobe both at workplace or at home. Costumers no longer wants to dress up just for work place they also wants to look good at home so Monark will provide customers with excellent shopping experience with customers services and sales team such as easy access, quality, customer service and styles flattering to our target consumer Monark will also provide Convenience, Value for money and Quality Assurance of our products to the customers.because Monark’s primary concern will be ensuring that their consumers will be happy with the fit and style of their purchase, In addition, Monark will make every effort to satisfy their customers and identify and tailored their customers’ needs or wants Monark goal is to implement a superior customer service system with the help of friendly reception and an inviting atmosphere of their retail outlets

Freshness of category

Monark will provide new product promotions, new designs, new colors, new styling etc. It will help Monark engage and retain customers; results in sale generate and repeat traffic.

Product and service categories.

The product Monark offering to the customers are as follow.  

Ø  Casual Shirt

Ø  Polo Shirt  

Ø  Pants  

Ø  5 Pockets  

Ø  Chino

Ø  Jeans

Ø  coats

. This brand successfully creates the designs which reflect simplicity, gracefulness as well as colors. The casual wear will be Monark main staple for fashion conscious men.

Scrambled merchandizing

 A situation that occurs when a retail business offers a mix of unrelated products that do not reflect the company's original focus. Scrambled merchandising often reflects a scattered product management approach and can make a negative impression on consumers since they might not be sure what sort of products the retailer offers. Monark scrambled merchandizing that they offer to their customers are

Ø  Belts

Ø  Socks

Ø  Cufflinks

Ø  Ties

Ø  Hat

Product quality

Monark commits to provide casual product of latest and stylish design with quality clothing options for men.

BRAND PERSONALITY

.The overall brand personality of Monark is Innovative Stylish Fashionable Modern Fresh Welcoming and Elegant where customers can go to transform themselves with beautiful clothes and take advantage of the Style Assessment and other services that help they determine the right clothes for themselves.

Expected customer service  

Monark will provide new product promotions, new designs, new colors, new styling size, exchange policy; return policy, claims of damaged products, alterations.  It will help Monark engage and retain customers; results in sale generate and repeat traffic

Augmented customer service

Monark will provide their customers with a product catalog which included different types of products that are available at their outlet. They also sent messages to their customers about latest promotions and discounts that are taking place at their outlet.  

Strategic planning   

Is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy It may also extend to control mechanisms for guiding the implementation of the strategy.

Mission 

Monark mission is to provide quality products to customers and explore new markets to promote or expand sales of the company through casual wear fashion clothing selling high quality clothing through good governance and dynamic and energetic sales team to achieve finest and flexible prices of products for sustainable and equitable growth and prosperity of the company.

Objectives 

Ø  Satisfaction of our customers through our products and services

Ø  Maintain store loyalty among current customers

Ø  Selling high quality product to our customers at affordable prices

Ø  Built good relationship with customers and create a brand image in the mind of customers or increase customer life time value.  

Ø  To create or increase the value of our company or increase the competitive  advantage in the markets

 

 

Value

The values of Monark is as follow 

Ø  Teamwork 

Ø  Quality products and services 

Ø  Integrity

Ø  Reliability 

Ø  Passion

Ø  Commitment

Environmental analysis

Many opportunities are found by identifying trends (directions or sequences of events that have some momentum and durability) and mega trends (major social, economic, political and technological changes that have long-lasting influence).Within the rapidly changing global picture, the marketers of Monark are monitoring the following six major “Environmental Forces

·         Demographic Environment 

·         Economic Environment  

·         Political-Legal Environment  

·         Social-Cultural Environment

MARKET segmentation   

Target Market

Monark is male apparel retail store so males are our clear target customers. The males we target with our products and offering are  range in age from 18 to onwards Monark  target the Elite Class Upper Middle Class They attract customers  with casual wear  providing  high quality fashionable clothing to their customers

 

 

STRATEGY & IMPLEMENTATION

MARKETING STRATEGY

Monark provide causual wear with high quality fashionable clothing and exclusive personal services. Monark. Company is promoting its products with the help of 

·         print media 

·          electronic media, 

·          Newspapers, Signboards,

·          Television commercials,

·          Internet

DIRECT MARKETING

 Monark using direct marketing to taking their message directly to the customers the sources they are using are as follow.

·         Mail order catalogues

·         Bulk mail

·         Personalized letters

·         Email

·         Telemarketing

·         Point of sale displays

·         Packaging design

·         Social media applications such as Facebook or Twitter

·         Blogging

·         Mobile phone promotions using technology

·         YouTube

·         E-commerce 

Selling strategy

Monark plans to generate sales via target market strategy these efforts will be targeting customers as well as single-visit tourist consumers. Monark will also implement a referral program rewarding customers who refer new customers with discount coupons Monark will conduct a direct-mail campaign to targeted consumers that they have signed up through  in-store mailing program. Monark will accept cash and payment via major credit and debit cards Returns and exchanges must take place within 30 days of purchase and receipts are mandatory

 Promotion strategy

Monark introduce and promote their products and services through The following promotional tactics for awareness of their brand are as follow

·         Coupons

·         Discounts

·         Loyalty incentives

·         discounts on special occasions &festivals

·         Discounts on off season sales

Pricing strategy
Monark will be committing to provide high quality clothing for men and the prices will reflect a range of mid-to-high pricing. Monark focus will be on keeping the price less than our competitors.

 Visual Merchandising:

Monark will be using visual merchandising software at their head office who makes visual merchandising plans for their outlets.. The Visual marchantizing  plan is send to each and every outlet on seasonal basis and then the in charge of the outlet set the displays according to the VM plan.

Recommendations and suggestions