Discuss about the Marketing Opportunity of your Choosen Company.
Marketing opportunity study of a company signifies the business opportunities of a company in terms of enticing new customers to buy their products and thereby help to increase the productivity rate of a company. Marketing opportunity helps a company to forecast its future business vision (Mullins, Walker & Boyd Jar, 2012). This report outlines the fact to state the business opportunities of Zara’s secret through marketing.
Marketing opportunities of Zara:-
Zara is a globally recognized fashion company in the world. Zara specializes in providing run away fashionable clothes and accessories to the customers, all over the world. Zara is headquartered in the northwestern city of Arteixo in Spain (Caro, 2012). Amancio Ortega is credited for originating the concept of Zara in the year 1975. According to the financial reports in 2017, Zara has earned the commendation of administering up to twenty unique attire collections, per annum. In terms of marketing opportunities of Zara, a lot of literature has been attempted in this issue.
Marketing Opportunity related to Product quality and range:-
If the topic of product is discussed, then it can be said that Zara is the only fashion company in the world who does not spend resources excessively on advertisement and yet manages to sell its products at huge numbers. Zara provides a wide range of sublime products such as children’s dresses, men’s attire, women’s stylish attire, eye-catching lingerie wear and others. As per reports, Zara places 450 million products at all its worldwide stores in a year. Indeed, Zara possesses ample market opportunity in terms of their product quality and range.
Marketing Opportunity related to Place:-
If the topic of place is discussed, then it can be said that Zara is self reliant in all its marketing activities. Zara has single-handedly integrated all the departments of design, prefabrication and distribution under in its own unit. This is one of the key factors in the rapid expansion of Zara stores all over the world. In the coming years, Zara is expected to spread its wings in every possible global location. Indeed, Zara possesses ample market opportunity in terms of place.
Marketing Opportunity related to Target Consumers:-
If the topic of target consumers is discussed, then it can be said that Zara has artfully captured the attention of the target audience in fashion. Zara manufactures collections, which are suitable to people in the twenty to thirty age bracket. Generally, people of this above range are extra conscious about the overnight changes, which occur in the fashion world. Therefore, in order to sustain the attention of the fashionable young, Zara continuously implements new cuts and changes in their products including shoes, trousers and blazers. This actuates the trendy and the stylish lot to venture into Zara for fashion modernity and novelty. Indeed, Zara possesses ample market opportunity in terms of holding the competitive attention of the target consumer.
Marketing opportunity related to pricing:-
If the topic of pricing is discussed, it is widely known that Zara practices affordable pricing strategy in all its product portfolios. The most mentionable fact here is that the customers are genuinely appreciative of the availability of reasonable priced products at Zara. The marketers at Zara have started to practice affordable pricing strategy by implementing modifications in their indoctrination and development prices (Caro & Gallien, 2012). This has made Zara among the top affordable fashion firms in the world. Indeed, Zara possesses ample market opportunity in terms of their pricing strategy.
Marketing Opportunity related to promotion strategy:-
If the topic of promotions is discussed, Zara is one of the least promoted fashion firms in the business world. The unique selling proposition of Zara is that the marketers of Zara are extremely proficient in the assumption of the demands and needs of the consumers and this is what distinguishes it from the other big fashion house rivals (Gamboa & Gonclaves, 2014). The promotional quality of Zara is reasonability, specialty, variety and distinction. Indeed, Zara possesses ample market opportunity in terms of their promotion strategy.
In the conclusion, it can be said that marketing is a very substantial concept of business management. Marketers are highly responsible for bringing glory and fame to a company by increasing the productivity, market share and the ultimate revenue share. Zara is a brilliant example of a company who has successfully established itself in the global market by having high-yielding market opportunities.
Caro, F. (2012). Zara: Staying fast and fresh. The European Case Clearing House, ECCH Case, 612-006.
Caro, F., & Gallien, J. (2012). Clearance pricing optimization for a fast-fashion retailer. Operations Research, 60(6), 1404-1422.
Gamboa, A. M., & Gonçalves, H. M. (2014). Customer loyalty through social networks: Lessons from Zara on Facebook. Business Horizons, 57(6), 709-717.
Mullins, J., Walker, O. C., & Boyd Jr, H. W. (2012). Marketing management: A strategic decision-making approach. McGraw-Hill Higher Education.