Cambridge satchel company marketing assignment

Pricing – As stated by Magloff (2012) Pricing identifies the demographic that are willing to pay above the norm to feel they are getting a more exclusive product. Pricing is used to maximise profit where there are no substitutes for the product. Porters 5 Forces – This can identify the strength of your current competitive position, and the strength of a position you’re considering moving into alongside identify the competitive threats within the market. Positioning Map – Illustrates on a graph the comparison between like brands, by marking them ccording to their price and perceived quality.

PPC – Pay Per Click, a method in making your site more visible online SEO – Search Engine Optimisation, a method to make your site more visible through search engines SMART – Specific, Measurable, Achievable, Realistic, Time Bound SOSTAC – Situational Analysis, Objectives, Strategies, Tactics, Actions, Control SWOT – A method of analysing a company’s strengths and weaknesses through an internal audit while comparing it to the external factors of opportunities and threats that are present within in the macro environment. TCSC – The Cambridge Satchel Company

Furthermore when issecting what social class the brand attracts it ranges from A to D where TCSC is attracting more the A to B demographic. When looking at the positioning map* the high quality product of TCSC is encroaching into the territory of Radley, Burberry and other premium fashion accessory brands. As result it would be wise for TCSC to capitalise on a proven model such as social media marketing to drive traffic to the website. 238 Strategy 1. Emma Stone has been widely photographed carrying TCSC products and has been documented in todays entertainment culture she has become a globally ecognised superstar, as stated by Crotty (2013) she has been on three magazine covers this month, including Vogue. As Of current she is not endorsed by any brands, if possible it would be an ideal situation to recruit Emma Stone to TCSC and have her become a brand ambassador to be seen with the new purse.

This would encompass the theory of borrowed interest as fans of her would go on to research TCSC and hopefully continue to purchase the new purse, alongside targeting a wide demographic of consumers that is not necessarily tapped into by competing brands. When you look at the positioning map* TCSC is in a unique position where it can alance being a quality product, with a premium price whilst being accessible to a diverse target market by releasing a purse that will be more affordable that its other products. 166 Page 5 strategy 2. SEO is best increased through the integration and promotion of core content within the current website. By making the consumers interaction with the site seamless, there are fewer steps to find contact details, register, or to complete a sale which can relate to a higher success rate. By encouraging reviews it directs the traffic to the website and Can cause a buzz on blogs and ncreases presence on social media; however it is vital to maintain a balance to allow customers to use whichever medium they are comfortable with.

This is effectively free marketing by viral advertisement and word of mouth all for the cost of one product. 65 Tactic 1. 2 To get a cover of a prestigious magazine you need an iconic ambassador, as mentioned previously Emma stone is just that in the making. In order to utilise Emma Stone effectively she needs to be seen regularly in magazines using her TCSC purse, although not necessarily on the cover of industry leading publications such as Vogue. However to increase the brand profile, for her to go on record with a publication such as Vogue and discuss TCSC product portfolio would be beneficial to the brand.

To justify a premium pricing strategy you only have to look at what Magloff, L (2013) states, “ in n attempt to skim the cream of the market” for example TCSC would use their IJSP, how the product is handmade and the factor of British design alongside the power of being endorsed by a global celebrity. By being involved with quality publications such as Vogue this is reinforced. 1 73 Figure 3. Emma Stone (potential brand ambassador) on the cover of (left to right) Vogue, Summer and Teen Vogue. Fashionista (2013) Page 7 Tactic 2. The reasoning behind SEO is to build a reputation among customers; it is through this channel that the brand name becomes more visible on search engines such as Google and Bing. The objective for TCSC is within three months to become the most relevant returned result for the words Cambridge, Purse and Satchel. In agreement with Hibu (2013) what this does is broaden awareness in new market sectors or new geographical areas, which is highly relevant in the case of launching a new product such as the purse.