Each marketing strategic option attempted in 3. PromotionOption i ii iii iv v Products can be advertised through Television Company can create a separate website to promote both of its online and retail business Pumpkin patch can also promote its products in children fair. VRIO analysis illustrates the question of valuable resources, their rarity, imitation and organizational structure and fit. All these factors have been covered up in the following table:. Company has maintained its valuable level and it never let down any opportunity and makes most of their uses.
Like, Pumpkin Patch accepted an opportunity of launching Urban Angel and made profit out of it. If its resources are not valuable enough, it will result in competitive disadvantage and vice-versa.
Pumpkin has its full control on resources and there is a level of rarity in firm which it has maintained. The rarity control leads Pumpkin Patch to its competitive advantage. Company also ensures the rarity of its resources in order to utilize them at the time of utmost requirement. In this context, there may be financial, technological, physical and organizational rare resources for use. Pumpkin patch imitates when it seeks the least cost in obtaining competitive advantage. In addition, it chooses the best possible alternative available for imitation with its valuable and rare resources.
Additionally, Pumpkin patch has set a standard format for its valuable, rare and imitate resources. It states that if resources are valuable and rare but costly to imitate, it will provide a sustained competitive advantage.
On the other front, if resource are not costly to imitate, it will leave the organization with temporary competitive advantage. By doing this company enjoys the sustainability of competitive advantage. Afterward, Pumpkin Patch has also management control system techniques in their business practices to manage their organizational framework Pumpkin Patch, Pumpkin Patch obtains a sustainable competitive advantage if it has organized and structured its business systems, process and resources carefully and effectively.
Similarly, Pumpkin Patch has organized its key competitive advantages are as follows:. Pumpkin Patch Ranking has been done on the basis of their impact on profit and growth of Pumpkin Patch:. Products can be advertised through Television 1Company can create a separate website to promote both of its online and retail business 2Pumpkin patch can also promote its products in children fair.
There may be two types of risks associated with investment return. One is systematic risk which is non-diversifiable and another is non-systematic which can be diversified. Following table has estimated the risk and return for Pumpkin Patch:. HIGHPumpkin patch can also promote its products in children fair.
Costs ,Slight Sales Increase,. Increase in Brand awareness , image and information about the kids wearMEDIUMPromoting the product brand through providing discount coupons and cash vouchers8, max vouchers. During the past six to seven months, it has faced volatility in its market and has taken support for improvement. It headed towards its online mail orders in US and earned reasonable profit in this regard. Corrective actions: Pumpkin Patch should impose some effective strategies to generate more revenue and improve its position in global market of children wear.
It is suggested pricing strategy for Pumpkin Patch which will help improving its customer base and strategic position in the market. In case of Pumpkin Patch, kids will like candy, flossy, stylish and colourful dresses. Babies can also be offered non-clothing items like toys and gifts packages for them. Users or Target Market Infants, newborn babies, children from age group up to fourteen and pregnant women who require comfortable dresses to wear during their pregnancy.
There are other brands also available to compete with which have good stand in the market. All these are biggest markets in New Zealand and well known to people of New Zealand. Status quo of Pumpkin Patch will not be changed easily and would not be acceptable because brand name has been already created and maintained by the company with its existing status quo.
Company has to focus on its approach to retail stores from global market perspectives to increase the overall sales of the company. For that, company needs to expand its market to multiple countries such as China and Malta that may be a good market for Pumpkin Patch. For this, company has to be in same market but increase the market share. Apart from this, it should also focus on its pricing strategy.
People are considered to be price sensitive rather than anything while making a purchasing decision. Therefore, Pumpkin patch should penetrate the market with its strategic pricing scheme. Pumpkin Patch should develop new products but within the same established classes for children wears.
It should expand its market to the new areas like offering non-clothing items of babies of every age and maternity cloth for pregnant women.
For this, Pumpkin Patch should adopt a marketing strategy which should be a combination of all above mentioned strategies except status quo. It needs to open new retail stores, start with new distribution centres and logistics systems. Pumpkin Patch already have variations in its product line. Winter and summer collection would be on the basis of seasonal demand and maternity products will also be produced on the demand that may be latent pattern of demand.
Every company follows an internal framework for communication of marketing strategies and objectives to the stakeholders. Pumpkin Patch has also included a well-defined format for communication to the stakeholders about their planned marketing activities and goals.
Pumpkin Patch has been suggested an effective market plan according to its nature and distribution chains of business. Plan is as follows:. Receive assured help from our talented and expert writers! Did you buy assignment and assignment writing services from our experts in a very affordable price.
To get more information, please contact us or visit www. June 13, June 3, September 14, This approach is mainly used in Australia and New Zealand and efforts made the success. Children wear industry of New Zealand reported sales forecast on the basis of their survey Overall survey of apparel and children wear industries of New Zealand Documents Marketing Activities Description Impact on profit Retail stores Brand presence in stores, Company owned retail stores This applied to each and every targeted segment of Pumpkin patch.
Wholesaling Franchised stores and department store formats The impact on profit was measured on the basis of feedback received from the customers. Moreover, Company seeks its major development and growth coming from following; Its persistent expansion of retailing with third party which is out of the country through opening department stores in Europe, Australia, the Middle East, The United States, Asia and South Africa; Sustained growth of its market focusing mainly on Australia; Continued growth of its online revenues through its key websites in New Zealand, Ireland, Australia, The United States and the United Kingdom.
Environmental area Impact Demographic: There is one newborn baby comes every 8minutes and 35 seconds in New Zealand Statistics New Zealand, This represents the ration of earning per children of Pumpkin Patch. The demographic factor makes an impact on its business and raises the revenue for company. Political: New Zea land is known for its stable political system. The country has two party systems in its political practices. In simple words, the government of New Zealand is very business friendly and stable.
Therefore, there would not be so many issues for Pumpkin Patch to sustain in New Zealand market. The political framework of New Zealand will provide favorable environment for its business to prosper.
The increased service tax on goods and services in New Zealand and in other countries and political unrest distressed the quality and manufacturing process of Pumpkin Patch. Marketing Activities Description Impact on profit Required resources Retail storesBrand presence in storesThis applied to each and every targeted segment of Pumpkin patch.
Software system, Business portals, holder of portals, online brochures 3. Strategic options for marketing activities: 3. Option Description 1 Products can be advertised through Television 2 Company can create a separate website to promote both of its online and retail business 3 Pumpkin patch can also promote its products in children fair.
All these factors have been covered up in the following table: Valuable Company has maintained its valuable level and it never let down any opportunity and makes most of their uses.
Rare Pumpkin has its full control on resources and there is a level of rarity in firm which it has maintained. Imitable Pumpkin patch imitates when it seeks the least cost in obtaining competitive advantage. Similarly, Pumpkin Patch has organized its key competitive advantages are as follows: Quality, best designs and marketing strategy Well-established brand name in both retail and online sales Superstar position in children wear market Centralized distribution and proper logistics systems Vital opportunities for growth Diversified market for business prospect One of its key competitive advantages is that no any other apparel company has such capability to offer the investment story like Pumpkin Patch 3.
Selecting marketing strategies: 4. Pumpkin Patch Ranking has been done on the basis of their impact on profit and growth of Pumpkin Patch: PromotionOptionRanking Products can be advertised through Television 1Company can create a separate website to promote both of its online and retail business 2Pumpkin patch can also promote its products in children fair.
This will also help cultivating its brand image in the market. Market segmentation: It can develop different target markets for different age group of children such as new born babies, small children up to nine years, pre-teen and infants. Moreover, retail stores will represent greater brand value of the products Wholesaling: Wholesaling will complement retail stores where it is not possible to open the stores.
Strategy Time frame The company should open at least one new store in its anticipated market, like in Ireland where it can grab a large market share. On the other hand, it can also renew its existing stores to get them an attractive outlook for the customers For this, Pumpkin Patch requires at least 6 months It should increase the number of new product designs and lessen the time period for product development It needs less than 6 months but should be completed on a continuous basis In addition, Pumpkin patch should increase the number of its distributors for target market Sachs, It would take around 1 to 3 years It can develop its new market by creating an effective investment system.
Options can be China, Lebanon and Malta. It requires at least years for market development in new countries. In case of Pumpkin Patch, kids will like candy, flossy, stylish and colourful dresses usage and usersThe basis of using products in wearing good quality dresses. Stakeholders Objectives Customers, employees Stakeholders will be communicated through a process of communication; employees are delivered with the marketing and organizational objective by the management or through meeting and conferences.
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