There is an increasing importance in attracting consumers in a softening retail climate through offering and reflecting what consumers want and need through the brand and their product range, ensuring they are able to maintain a loyal customer while also a ttracting future consumers and staying profitable.
Aim and purpose of report
This report aims to evaluate the success of the two high end, British high street stores Cos and Reiss‟ day dress ranges for Autumn/Winter 2011, focusing on their day dresses product range. It will be possible to measure the ranges success based upon their ability to meeting their target customer‟s wants and needs.
-Analyse the product range comparing and contrasting the two brands. -To analyse both brands current situation within the UK market through the use of PESTLE, SPICC, SWOT and the Marketing Mix.
- To compare and contrast the retailers current product offer. - Analyse how successful each retailer is at identifying and meeting the needs of their customer.
- To suggest which retailer will be more successful in terms of sales and profitability. Methodology
Through conducting observational, interactional and pictorial primary research a clear understanding of the brands, their consumers and the product range of day dresses they offer within their Winter 2011 range has been monitored and recorded. Through secondary research from appropriate online sources, books, texts, journals and published financial data , it has presented a wide understanding of the brands backgrounds, logistics all of which are necessary to achieve a comprehensive insight. Through the information gained through primary and secondary data it provides the opportunity to analyse, apply, compare and contrast the brands and their ranges helping to reach the overall aim of establishing which brands product range is more successful at meeting their customer‟s needs. However there are clear limitations within our research, as we do not have access to up to date figures and sales reports of each brand. Customer surveys, which have been conducted, should be with a larger quantity of individuals. The data used to produce the conversion rates should have been more comprehensive with data taken daily at varying times of the week to give us a more realistic average on the each brands annual store income – all of these factors shall restrict us in presenting a fully informed and precise outcome, however our f inal outcome shall be based on the research we have under gone.
First launched in 1971 as a Men‟s wear brand, Reiss is now a unisex, award winning luxury high street retailing brand with a female target market ranging in age from 20 to over 50. Reiss has 20 in-house designers, who scout the world for ideas, pore over archives and watch the street for inspiration – the company Benefits from good teamwork. The brand has plans for 250 in total, with more internationally. There are also plans for accessory shops and more concessions, and to sell clothes at different "price points" – both cheaper and more expensive – to get reach a broader audience (Independent, 2008).
The brand pride themselves on being:
‘Design-Led, Sexy, Iconic and Modern.’
„Reiss is on track for a 40% rise in sales in its current financial year, which ends on 31 January 2011‟ Financial Director Steven Downes reported that EBITDA from UK outlets would be aroun d £12.7m, up from £9.1m in the previous financial year – an increase of £3.6 million.
The figures came as Reiss revealed it would tomorrow reissue the Nanette dress worn by Kate Middleton for one of her official engagement photographs – selling at £129 and shall be retailed with two alternative colours. Reiss‟s sub-brand „1971‟ have reported that since its revamped website helped the companies UK EBITDA to rise 7% to £9.1m for the year ending 31 January 2010, with the main...
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