M003LON – Marketing in a Global Age
Marketing Plan for LK Bennett - London
Done By: Preeti Bhargawa
This brief has been prepared to develop a marketing plan for LK Bennett, a luxury fashion brand based in UK, London, as the company has been able to make 17% of profits even in such a downturn of economy. Also, Lloyd’s banks have credited 16 million to LK Bennett to open stores in US. So, LK Bennett has plan for international expansion other than US stores. Company has a cash reserve of £ 9,579,000 with them so they have a leverage to expand. This marketing plan is to briefly discuss feasibility and the marketing strategies to make it successful launch. We are launching 4 stores in India of 1000 sq ft each in 4 metropolitan cities of India. Total cost estimated on each store would be 1.50,10,000 Crore INR on each store and estimated profit is 2.5 crore form each store. This plan is prepared for the time span of three years. In this plan we will first develop SMART objectives which talks about the aim of preparing this marketing plan. Objectives indicating future market share for the organization by the end of three years, expected sales growth and revenue, expected customer satisfaction and retention for the organization. It analysis SWOT, PEST for the company so as to understand where company actually have a standing also helps to identify feasibility of entering into new market. Also, a market research is conducted to understand market segmentation, targeting and positioning of the company in Indian market. In this brief we have developed marketing strategies for a perfect launch of LK Bennett in Indian Markets. We have derived implementation plan to understand practical feasibility of the plan in long run. Also, we have developed estimated financial plan which includes investment budget and marketing budget to make it execute in practical terms. And then we have focussed on process of monitoring and control so as to understand authenticity of market plan with respect to achieving its objectives. We have developed a contingency plan too, to have an understanding about all difficulties and risks involved in implementation of this plan. Index
| Page No.
| Situation AnalysisMicro Analysis 2.1 Market Summary2.2 SWOT2.3 PEST 2.4 Market Research
| S.M.A.R.T Objectives
| Marketing Strategy4.1 Market Segmentation4.2 Target Markets4.3 Positioning
| Implementation 5.1 Innovation and Diffusion Process 5.2 4p’s of Marketing 5.3 Product Life Cycle
| Financial Analysis
| Monitoring & Control
LK Bennett is a luxury fashion brand of UK offering sophisticated collections of shoes, ready-to-wear, handbags and accessories for women that reflects its unmistakable British heritage, showcasing a modern blend of femininity, colour and style. This luxury British fashion house was found by Linda Kristin Bennett in 1990. This brand was primarily renowned for its signature collection of shoes which were favoured by stylish women & celebrities. Due to its popularity, it rapidly became one of the most favoured luxury women footwear brands, which in 1998lead to the introduction of women wear collections. As the result of a significant step in the expansion strategy, 10 years later, Robert Bensoussan, co-founder of Sirius Equity and Phoenix Equity Partners, invested in the brand, gaining major shareholding of 70%in the company. In December 2008, Annick Gorman was appointed as Creative Director, who previously held similar creative positions at Cacharel, Galeries Lafayette & Celine, to direct the brand’s design philosophy. Brand presence:
It has over 135 stores in the UK, US and Europe and the company plans to open 10 more stores in US cities over the next three years. Product Ratio:
Present: Out of total annual sales...
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