Market Audit and Competitive Market Analysis

Topics: Retailing, Downtown Los Angeles, Fashion Pages: 19 (5771 words) Published: March 5, 2011
III. Market Audit and Competitive Market Analysis


The marketing audit is a fundamental part of the marketing planning process. It is conducted not only at the beginning of the process, but also at a series of points during the implementation of the plan. The marketing audit considers both internal and external influences on marketing planning, as well as a review of the plan itself.

II.The product

Topshop is all about refusing to be pigeonholed. Each customer is an individual and relies on the brand to deliver everything from basics to cutting-edge trends. It’s the broad spectrum of ever-changing co lections that keep Topshop ahead of the style game.

Topshop’s Mainline range is a one-stop shop for the seasonal wardrobe. Created by an in-house design team, the range of instant classics sits alongside the more specialist collections.

Aiming to give the customer that little something extra, the Premium range uses premium fabrics and limited-edition designs. Absolute attention to detail is paid, right down to the linings and trims. Silk, chiffon and organza is used for dresses, blouses and skirts, whilst virgin wool and cashmere is used in coats – as well as angora, mohair and alpaca.

Largely made up of cashmere blends and silk- based fabrics, the Boutique collection is designed to build into the customer’s wardrobe. Although fashion-forward, the neutral colour palette and attention to style rather than trend ensures that timeless garments cross seasons and last for years. As part of Topshop Boutique, the company also collaborates with a host of up-and-coming design stars. From Christopher Kane to Jonathan Saunders and Louise Goldin, Topshop has produced capsule collections with some of fashion’s brightest stars.

Launched in 2001, Unique showcases Topshop’s very own design talents to an audience of fashion savvy tastemakers. Although hugely successful since the start, Unique’s reputation truly rocketed when the collection’s SS06 show made Topshop the first high street brand to appear on schedule at London Fashion Week. Today it continues to remain ahead of the game, doing the unexpected whilst retaining its accessibility.

A.Evaluate the product as an innovation as it is perceived by the intended market Rising costs of raw-materials and higher gas prices could dampen an anticipated recovery from credit crisis. Everyone agrees that burgeoning cotton prices, now more than double over last year, will have to be rolled into higher price tags. The big question is how much of that will shoppers in California be willing to absorb. Financial experts predict that in 2011, luxury and discount apparel are primed for success. As usual, innovation and new designs will be the winners when it comes to new fashion product.

1.Relative advantage “Let the good times roll?”
While most economists are playing it cautious, many of them say that “consumers in Los Angeles are coming out of their caves and back into stores“. Taking into account the growth of the global economy, the rise in labor prices and the rise in the price of raw materials globally, there are fewer alternatives for less-expensive products and that gives a relative advantage for Topshop while entering new Californian market where the Topshop might be perceived as more expensive brand for local consumers.

In order to achieve satisfaction of Californian target market all collections introduced in Los Angeles have to be in some aspects similar to already existing competitors who are fulfilling the need of local demand. In this aspect a similarity is not perceived as already existing designs but materials, cotton from which products are made.

Observability which is control theory, a measure for how well internal states of a system can be inferred by knowledge of its external outputs. In that case a special formula will be used to...
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