Executive Summary
The core objective of Marketing is to perceive and satisfy customer needs for products and services. For successful development and implementation of marketing strategies and business plans, an understanding of the nature of the target market and consumer behavior and needs is critically important. It is integral for marketers to carry out market analysis research on the market and products they plan to sell. This report details marketing analysis for a new line of body shapers known as the Kim K Miracle Body Shaper. The report highlights Kim K Miracle Body Shaper’s unique selling proposition to its target market, which predominantly consists of middle-aged women, aged 20-45. We discuss the demographic and psychographic factors affecting this market such as, market segmentation, consumer behavior and income. Additionally, regarding the product’s unique selling proposition, we hone in on how Kim K Miracle Body Shaper compares to different competition. An analysis of potential marketing strategies reveals a multi-dimensional approach that incorporates Marketing mix which involves the incorporation of four marketing elements (4Ps) – product, price, promotion and place. Regarding the nature of Kim K Miracle Body Shaper’s target market, the report will detail an environmental scan analyzing external factors such as, social, economic, technology, and competition in order to gain market data on the product’s audience analysis.
The report also features prospective ethical and social responsibility issues that may arise during the marketing process of Kim K Miracle Body Shaper, the pros and cons of these issues and impact. Finally, a recommendation of the best marketing strategy is presented.
Product
The new proposed product is the Kim K Miracle Body Shaper, an undergarment line consisting of different designs and sizes aimed at enhancing body features by portraying a slimming effect on women’s stomach, thigh and butt area. Kim K Miracle Body Shaper’s key differentiating factor and unique selling point is in the quality of the fabric used to make the shapers. The body shapers are made from quality, strong and ultra-thin material that is guaranteed to be durable and seem invisible under your outer garments. The rationale behind the creation of this product was to make a body shaper that was not bulky and visible like the ones currently available in the market.
Marketing Mix (The Four Ps)
Marketing mix which involves the incorporation of four marketing elements (4Ps) – product, price, promotion and place. It includes adopting a diversified marketing concept of combining and coordinating these four elements into marketing plans. The quality of the product or service is taken into consideration, ensuring that the best is offered to the consumer at a lucrative and competitive price. Various promotional initiatives and proper distributional channels that can be implemented are discussed taking into consideration geographical and demographic relevance (Borden, 1964).
Product
When marketing a product, it is important to take into consideration whether the quality of the product aligns with the marketing proposition and pricing. As mentioned, Kim K Miracle Body Shapers are made from quality, strong and ultra-thin material that is guaranteed to be durable and seem invisible under your outer garments.
Pricing
Pricing has the effect of influencing and stimulating consumer behavior regarding the intent to make a purchase. For the Kim K Miracle Body Shaper, pricing will be considerably lower than those of rivaling undergarment body shaping retailers. Body shapers are essentially premium products. Therefore, setting prices that are relatively lower has the potential of influencing consumer buying habits in our favor. Also, low pricing is a market entry mode aimed at initiating building of customer relationships. The price range for the body shapers will be $ 45-60.
Promotion
Kim K Miracle Body Shaper will debut as an exclusively online market product. The use of virtual markets is overtaking the traditional modes of physical shopping and for that matter, rival companies are paying attention to online shopping platforms. The importance of virtual markets has prompted the need for aggressive online marketing
Place
Current trends and patterns within the industry indicate that online selling is the preferred method among other industry incumbents. Additionally, customers also prefer online shopping. The major reason for these preferences are varied, from the large number of inventory overload in physical stores to mere avoidance of shopping hassles. As that, the distribution of Kim K Miracle Body Shaper to customers will be through shipping to the provided addresses after an order is made and payment is finalized.
Environmental Scan
An environmental scan is an analysis of the internal and external environment influencing the marketing of a product. It includes social, economic, political, technological and legal factors that may either positively or negatively affect the marketing of Kim K Miracle Body Shapers. When considering the social environment, the target market is dynamic and robust with many potential customers. The best marketing methods to use are market-oriented methods. Taking into consideration the economic factor, the implementation of lower prices than competitors is a good marketing strategy but will equally be sustainable to the business such that here will be no losses due to using that pricing strategy. Therefore, there is potential to make significant sales and profits. The nature of the market is highly competitive. Essentially, body shapers are categorized as fashion retailing items and that market is highly competitive. Due to the volatility, unpredictability and short life cycles of the fashion industry, the industry is often characterized with shifting relationships between fashion retailers and customers that may affect company image or reputation. However, the Kim K Miracle Body Shaper is unlike any other in the market and can compete effectively with other products in the market. Finally, there are no legal restrictions on marketing the body shapers apart from normal regulatory compliance associated with setting up any other advertisement.
Market Segmentation
In order to understand consumer behavior, it is important to analyze the market and understand the intended target demographic. The essence of market segmentation is to divide the intended target market into segments to facilitate specific focusing of marketing activities. Demography refers to the structure or segment of a population. A market analysis of the Kim K Miracle Body Shaper target market indicates that that by a higher percentage, females are exclusively likely to make a purchase. This demographic includes women aged 20-45. In particular, women who are conscious about their weight and shape constitute majority of the target market. Further analysis of demographic variables indicate that women younger in age from 20 years to 35 years of age have the potential of becoming frequent buyers. Also, being a premium product, Kim K Miracle Body Shaper’s target market significantly includes women with income such as working mothers.
Ethical Issue
One possible ethical dilemma that might occur is subliminal advertising. “Subliminal advertising is defined as embedding material in print and video messages that are not consciously perceived.” (Rogers & Smith, 1993). It is possible to be criticized for neglecting to present the image of the ‘every-day’ for advertising campaigns regarding the models chosen to showcase the range of body shapers. Women may feel they are represented too unrealistically or the selection of models does not cater for all races. Also, the portrayal of full figured, beautiful women might generate negative feedback from the more conservative side of the demographic audience (Barnett & Sharp, 2016). This would be considered as one ethical issue because conservative people will not like the idea of people showing off their figures. Secular images aren’t too popular among certain regions but are in others (Nelson & Hye-Jin, 2008). Ethical issues have the potential of influencing consumer decisions and behavior concerning making a purchase. It is important to mitigate violation of ethics, for example if customers feel misrepresented, they may avoid making any purchases. Whereas, if the advertisement campaigns are realistic and relatable, customers will be drawn to the product.
Social Responsibility Issue
One of the ways in which companies increase brand reputation and image is through Social Responsibility which involves upholding transparency, accountability and sustainability to customers. For Kim K Miracle Body Shapers the social responsibility issue would be body image barriers. Showing actual images of someone wearing the body shaper would be an effective advertisement to sell this product. Before and after pictures of people wearing the body shapers and what form fitting outfits look like on them would be the selling point for the product because it shows transparency which customers will respond to positively (Hwang & Kandampully, 2015).
Global Marketing and the Internet
The proliferation of a myriad of digital marketing channels intensified competition even further and prompted industry incumbents to align their marketing strategies along digitalized networks. Different channels have different interfaces and specifications, and will consequently appeal differently to customers and serve distinct purposes. The benefits of digital marketing is that it fulfills the intent and goal of marketing aimed at reaching a wide scope of customers from all over the world and building customer relationships more effectively and at the swipe of a finger. There are various approaches to digital marketing, online/web marketing, social media, direct emailing, digital magazines, mobile messaging, etc. However, the most promising channels for globally marketing Kim K Miracle Body Shaper would be through online marketing through the product’s website, other sites, and social media such as Facebook, Instagram and Twitter.
Recommendation
The revolution of information technology systems has significantly changed how people communicate and has dramatically effected globalization in all aspects, including marketing. Being an online product, the best way to market Kim K Miracle Body Shapers is through online platforms. The importance of social media networks for retailing is undisputable, as evidenced by the presence of various body shaper retailing brands across all media networks. Social media marketing is usually run by PR or marketing specialists who have the expertise to manage data appropriately by using a ‘pull’ strategy in identifying affiliates and consumers who are interested in the brand (Khang et al., 2012). Kim K Miracle Body Shapers should establish presence in several social media networks such as, Facebook, Twitter, Pinterest, Google plus, Snap chat, YouTube where the brand displays and showcases content in the form of videos, digital publications, photo galleries, etc
References
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Nelson, M. R., & Hye-Jin, P. (2008). Nudity of female and male models in primetime TV advertising across seven countries. International Journal of Advertising, 27(5), 715-744. Doi: 10.2501/S0265048708080281
Khang, H., Ki, E.J. and Ye, L. (2012). Social media research in advertising, communication, marketing, and public relations, 1997–2010. Journalism & Mass Communication Quarterly, 89(2), pp.279-298
Rogers, M., & Smith, K. H. (1993). Public perceptions of subliminal advertising: why practitioners shouldn’t ignore this issue. Journal of Advertising Research, 33(2), 10-18.
Tabuchi, H. (2015, April 24). Spanx Tries to Loosen Up Its Image. The New York Times. Retrieved November 18, 2016 from https://www.nytimes.com/2015/04/25/business/spanx-tries-to-loosen-up-its-image.html