Type of paper: Report

Topic: Market, Spade, Business, Customers, Brand, Products, Environment, Trade

Pages: 2

Words: 550

Published: 2020/12/14

INTEGRATED MARKETING

Integrated marketing communication plan project - Kate Spade
Market can be denoted as a collection of people who are taking part in company’s productions, buying and finally utilizing the product, the key players in a market are the consumers and the producers. Consumers must have the potential to buy the produced products while the suppliers and distributors must the ability to move the products from the company to consumers in the market (Barrett, 1996). Market is a crucial aspect of a business when targeting to increase sales volume and hence increase returns per investment. Kate Spade is a business in a fashion-oriented market where competition is stiff and trends are changing on a daily basis. Kate Spade market can be defined by its consumers who have a taste for fashion and the new trends (Peters, 1994). The primary product that Kate Spade are jewelry, clothes, bags and trendy outfit and accessories, this places the company in a fragile market since the products are perishable.
The market size of Kate Spade in Canada is quite large. According to Craig Leavitt, Kate Spade C.E.O, Canada has a huge appetite for their goods based on the demand experienced since their epic launch. They had been partnering with Holt Ronfrew to retail products throughout Canada for quite some time. However, with the high level of demand experienced, Kate Spade found it necessary to launch a freestanding store. Moreover, in order to meet the high demand, Kate spade has also adapted the idea of developing an e-commerce site to engage more consumers. Their huge market is mostly in Toronto and Vancouver though they are planning to expand it even further.
Fashion market trends have been favoring Kate Spade for the last five years; this is because the management has been on toes to know what the consumers needs and what Quantity to avail (Peters, 1994). The ideas developed by marketing team on how to equip the store have been successful in the shop are being constantly visited, and consumers are appreciative of the products (Slater, 1994). The positive trend is seen through the rise of profit gained per year and the expansion that the company as funded for the past five years. Introduction of discounts and offers has also made the company to improve its sales and made the brand famous among fashion shoppers. The Kate Spade brand has for a long time concentrated on satisfying the consumer needs through production of unique, genuine, quality and affordable products enabling the company to gain a competitive edge in the fashion industry (Barrett, 1996). The brand managers should focus on the positive attributes that have made the brand Excel for future planning.

Market environment is paramount since it can lead to either success or failure of a company's brand; it is thus the duty of a marketing manager to critically analysis the market before venturing a brand. Kate Spade market environment comprises the internal, micro and macro environment (Hatziargyriou, 2005). Kate Spade brand operates in a Canadian market that is a free market meaning it faces stiff competition in the fashion industry due to lack of market barriers. Such market environment necessitates unique, quality and affordable product so as to make the brand stay relevant and competitive.
In planning, Kate Spade management should ascertain that its services to are of excellent quality (Byerlee, 2006). Kate Spade marketers have for a time monitored the strategies and gains of the competitors; this tradition should be maintained for future planning since it enables the Kate Spade Brand to stay ahead. Analyzing and understanding shopper’s behavior is significant because it enables marketers to understand shoppers would like their shopping environment. Moreover, management should concentrate more on building the Kate Spade brand to reach greater heights than the competitors in the market (Barrett, 1996). The brand success will greatly rely on the commitment of the marketing team to build it in all manners. Marketing team should also create a friendlier platform to interact with the consumers; this will enable them to know what customers buy from the shelves. Finally, other factors in micro and macro environment that do not relate to consumers should be tackled in ways that do not interfere with the customers.

Factors Affecting All Key Market Players

Economic Factors: Communication and relationship problems between Canadian retailers and suppliers have had huge impact to the current prices of products. This has in turn made Canadian consumers prefer to shop in the U.S. Some suppliers are argued to be contemplating to reduce the number of retailers in the Canadian market and this has caused great havoc in the industry.
Political/ Legal Factors: The underlying costs of doing business are higher in Canada and hence causing prices of commodities to go up. The government charges huge taxes for import commodities which is in turn transferred directly to consumers. Moreover, the government has set stringent rules for all retailers which sometimes reduce the flexibility of doing business.
Technological Factors: Despite there being high technological advancements in Canada, some retailers are yet to access these technologies. Moreover, these technologies require huge capital that retailers may not be having or willing to invest in. Technology has also been evolving with time and hence some retailers are unable to keep up with the pace.
Social/ Cultural Factors: Most retailers find it hard to cope with social cultural changes. For example, fashion keeps changing and hence at times retailers become outdated.

References

Barrett, C. B. (1996). Market analysis methods are our enriched toolkits well suited to enlivened markets?. American Journal of Agricultural Economics, 825-829.
Byerlee, D., Jayne, T. S., & Myers, R. J. (2006). Managing food price risks and instability in a liberalizing market environment: Overview and policy options.Food Policy, 31(4), 275-287.
Hatziargyriou, N. D., Dimeas, A., Tsikalakis, A. G., Lopes, J. P., Karniotakis, G., & Oyarzabal, J. (2005, November). Management of microgrids in market environment. In Future Power Systems, 2005 International Conference on (pp. 7-pp). IEEE.
Peters, E. E. (1994). Fractal market analysis: applying chaos theory to investment and economics (Vol. 24). John Wiley & Sons.
Slater, S. F., & Narver, J. C. (1994). Does competitive environment moderate the market orientation-performance relationship?. The Journal of Marketing, 46-55.

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WePapers. (2020, December, 14) Market Environment Report Examples. Retrieved August 16, 2022, from https://www.wepapers.com/samples/market-environment-report-examples/
"Market Environment Report Examples." WePapers, 14 Dec. 2020, https://www.wepapers.com/samples/market-environment-report-examples/. Accessed 16 August 2022.
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WePapers. Market Environment Report Examples. [Internet]. December 2020. [Accessed August 16, 2022]. Available from: https://www.wepapers.com/samples/market-environment-report-examples/
"Market Environment Report Examples." WePapers, Dec 14, 2020. Accessed August 16, 2022. https://www.wepapers.com/samples/market-environment-report-examples/
WePapers. 2020. "Market Environment Report Examples." Free Essay Examples - WePapers.com. Retrieved August 16, 2022. (https://www.wepapers.com/samples/market-environment-report-examples/).
"Market Environment Report Examples," Free Essay Examples - WePapers.com, 14-Dec-2020. [Online]. Available: https://www.wepapers.com/samples/market-environment-report-examples/. [Accessed: 16-Aug-2022].
Market Environment Report Examples. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/market-environment-report-examples/. Published Dec 14, 2020. Accessed August 16, 2022.
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