TIMING/LENGTH (IN MINUTES): 20’
In this activity, you will learn what marketing and a commercial strategy are, and the link with the Fashion Industry.
A commercial strategy is the implementation of coordinated marketing and sales resources aimed at achieving the business objectives that a company sets for itself.
The commercial strategy is determined on an analysis of the strengths and weaknesses of the company and a study of its environment.
The company must pay particular and permanent attention to its market positioning, in terms of location, activities and products. Indeed, it must optimize its pricing policy and improve the relations it maintains with its customers and partners.
A company’s business strategy is based on four principles:
-Strategic analysis of the environment
-The establishment of objectives and priorities
-The elaboration of a marketing-mix that groups together the marketing actions envisaged (Product, Price, Promotion, Place)
-Monitoring and analysis of results.
But what is marketing? The term “marketing” can have several meanings, but in general it is described as “the management process responsible for identifying, anticipating and satisfying customer requirements profitably” according to the UK-based Chartered Institute of Marketing (CIM).
“The process of stimulating the interest of existing and potential customers in products and/or services“.The building of a brand image and the success of one’s organization therefore depends on marketing. Having a good marketing strategy allows you to promote and popularize your company’s products and services. Investing in marketing is the best opportunity to make people discover and sell your products and is therefore indispensable.