Marketing Strategies of Garments Industry of India

Marketing Strategies of Garments Industry of India

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The ready made garments industry has been chosen for various reasons. Firstly it plays an important role for it’s directly concerned to one of the basic needs of every citizen. The garments industry operates in a highly complex environment. Indian garments industries has been creating in a rapidly changing environment particularly since mid-seventies. It is therefore important to examine what the modern trend are being introduced by the companies in their marketing strategies and cope with the changing environment because this is a fashion age and everyone is concerned about the new fashion and wants the new test specially the young generation. Second reason to choose the ready made garments industry is that the contribution of the garments sector in the sphere of production, earning of foreign exchange and investment in the Indian economy has been quite significant.  Third, the functional performance of majority of the garments sector that is in the private sector deserves a significant consideration. The profitability trends, working of garment units’ dependence of garments industries on imports are some of the areas which have also been touched upon and lastly the leadership role of garments sector in India as this is the second employment providing sector after agriculture. The garments industry alone provides the major employment to the Indian citizen as this sector is concerned to small scale industries sector.

A marketing strategy serves as the base of a marketing plan. A marketing plan contains a list of specific actions required to successfully implement a specific marketing strategy. An example of marketing strategy is as follows: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." Without a sound marketing strategy, a marketing plan has no foundation. Marketing strategies serve as the fundamental foundation of marketing plans designed to reach marketing objectives. It is important that these objectives have measurable results.

Observing how people shop, when they shop and where they purchase from is crucial for determining future marketing strategies. In 2005, only half of the American populace shopped online. By 2008, that number grew to 65 percent and continued to jump each subsequent year. This reality forced many retailers to expand their Internet presence by purchasing more online advertising and not just advertising in fashion magazines. In addition, companies were forced to improve or establish their e-stores to allow for convenient shopping. Companies increasingly partner with member-only communities and other merchants to sell product.

Marketing is the process of developing and communicating value to your prospects and customers. Think about every step you take to sell service and manage your customers:

·         Your knowledge of the market and your strategy to penetrate it

·         The distribution channels you use to connect with your customers

·         Your pricing strategy

·         The messages you deliver to your market

·         The look and feel of your marketing materials

·         The experience you deliver to your market and customers

·         The actions of your sales and service reps

·         All of the planning, preparation, forecasting and measurement of your investments

From the diagram, the main components of a marketing plan can be summarized as:

Component of the plan	Description
Mission statement	A meaningful statement of the purpose and direction of the business
Corporate objectives	The overall business objectives that shape the marketing plan
Marketing audit	The way the information for marketing planning is organised. Assesses the situation of marketing in the business – the products, resources, distribution methods, market shares, competitors etc
Market analysis	The markets the business is in (and targeting) – size , structure, growth etc
SWOT analysis	An assessment of the firm’s current position, showing the strengths & weaknesses (internal factors) and opportunities and threats (external factors)
Marketing objectives and strategies	What the marketing function wants to achieve (consistent with corporate objectives) and how it intends to do it (e.g. Ansoff, Porter)
Marketing budget	Usually a detailed budget for the next year and an outline budget for the next 2-3 years
Action plan	The detailed implementation plan

OR

The Strategic Marketing Process organizes 29 marketing subjects into three categories:

 

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