HunteHunter Boot Marketing Mix Strategies
Marketing Strategies Marketing strategy is a process that can allow Hunter Boot to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage (Baker M 2008). Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of Hunter Boot and the formulation, evaluation and selection of market-oriented strategies and therefore contributes to the goals of the Hunter Boot and its marketing objectives (Christian et al, 2008)
Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. Plans and objectives are generally tested for measurable results. Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include the marketing mix plus performance analysis and strategic constraints.
External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, ultural or political/legal environment likely to impact Hunter Boot’s success (Aaker D 2008). Marketing Plan Marketing plan is a comprehensive blueprint which outlines Hunter Boot’s overall marketing efforts. Marketing plan describes the marketing environment, outlines the Hunter Boot’s marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
Hunter Boot’s marketing planning consists of following steps: (1) Perform a situation analysis Background data on the market, product, competition, distribution and macro nvironment (2) Set marketing objectives Defines financial or marketing objectives, eg sales volume, cash flow; change in market share, average selling price (3) Marketing Strategies ( Module 5- 10) Develop marketing strategies to achieve marketing objectives Select target market(s) where the firm’s offerings are best suited Develop marketing mix strategies: Presents broad marketing approach that will be used to reach target segments and achieve the plan’s objectives (positioning). Details the elements in the mix – what will be done or changed with respect to each, to support the objectives.
Include product design, packaging, branding, support services, and product variations and features Pricing strategies: Include setting prices for final consumers, wholesalers, and retailers based on costs, demand, or competitors’ prices Promotion strategies: Advertising, sales promotion, public relations, direct marketing, personal selling Distribution (place) strategies: How, when, and where the product is available to targeted customers (4) Implement and Control (Module 1 1) Implementation is challenging and can be improved through Internal marketing – implementation plans become the ‘product’, Value driven rganizational design Organization design can be modified to ettect better implementation and should be considered by management. Control means to measure how the achievement of objectives is progressing. Actions may be modified to facilitate achievement of objectives. Modifications to the marketing plan may be made if new information is forthcoming. Hunter Boot Situation Analysis When looking at Hunter Boots there are various threats, which fall into place.
The first and possibly most obvious is the threat of competition and new entrants into the market, which may disrupt Hunter Boots.
One example of this would be the innovation of Wedge Wellies, which diversified the simple Wellington boot to become a new fashionable, wears as well as selling festival specific Wellington boots which will rival Hunter Boots (Wedge Wellies 2012). Also the other more obvious competitors such as Dubarry, Dunlop and Le Chameau. Hunter has done well in their strength on diversifying their products to help challenging rival companies such as the Wedge Wellie. This is shown in the collaboration between Jimmy Choo and Hunter Boots to create a limited range of Wellington Boots (Dusil, M 2009) as well as the use of iversifying other products such as having phone pockets in the Wellington Boots.
Hunter Boots also has such strengths as great celebrity endorsement ever since Kate moss wore them at Glastonbury 2005 they have been the much needed necessity for every festival goer as well as other such stars as Sarah Jessica Parker Wearing them in New York (White, B 2011). Also Due to this great marketing and celebrity endorsement means that Hunter Boots are very strong particularly in their well- developed and existing brand name and reputation as well as a good customer base. Which works well as the threatening changes in trends and consumer preferences an cause problems but Hunter have done well to keep customers and keep up with trends and stay popular through the celebrity endorsement.