The paper “ Sass & Bide - the Company’ s Goals, Hierarchy of Strategies, Industry Analysis, Five Competitive Forces" is a meaty variant of a case study on marketing. In recent years, the rate of competition amongst different companies in the clothing industry has significantly surged. This has been increased by the degree of technological expertise and eased barriers to entry for new ventures, in addition to the increased rate of population, which offers the desired market for clothing products. Pride & Ferrell (2011) claims that advancement in technology has led to the effectiveness of small business ventures over the recent years that allows for competition with well-established organizations. It is this success that Sass & Bide is capitalizing on in order to expand its service in other neighboring in a period of 3 years.
Based on the realization of how marketing can be a good foundation for a growing business, the major concern of this paper to Identify the weighty mission, SMART objectives, and strategies that can make Sass & Bide increase its performance and dominate the Australian market share. To contextualize this strategic marketing plan, the paper will analyze the industry in which Sass & Bide will operate in terms of five competitive forces, macro, and microeconomic levels.
They will also look at the relevance of marketing research in the context of the product, pricing, distribution and promotion policies on marketing decisions and the reason why segmentation, targeting, differentiation, and positioning will be a good strategy for the business. 2.0 Objectives2.1 Mission StatementThe mission statement operates as a standard in which Sass & Bide considers its actions and decisions. Sass & Bide (2013) states that the company is dedicated to making the best quality, obscure and beautiful wear that is accessible to all women and to create value through trust, provision of quality, better service, and innovation.
By making clothes that are accessible to all women, the aim of this company is to target both high income and low income earning women (Sass & Bide, 2013)2.2 The Company’ s GoalsCreating SMART goals will allow Sass & Bide to understand widely where its duties fit and what the company’ s core competencies are. This also facilitates the company to concentrate on its performance as opposed to activities and allows it to gauge its success (Hanson, Hitt, Ireland & Hoskisson, 2011).
Up to now the main target market for Sass & Bide has been the local market (Australia). However, the company aims at and “ has the potential of opening it outlets in the neighboring countries like New Zealand and Indonesia amongst others” (Sass & Bide, 2013) before venturing into European nations and the US to compete with famous clothing company like “ Gucci, Mark and Spencer, Burberry Fashion House and House of Diehl among others” (Marketing.
2013). First, targeting other cities within Australia is a realistic objective that if more concentration is given will take a period of 2 to 3 years. After that, global expansion can take another 3-5 years. Global expansion will be pegged on the context of its performance in the local market. 3.0 Hierarchy of strategiesEach organization, regardless of its age or size, must have some kind of Hierarchy of strategies that take place at various levels, that is, corporate, business, operational and functional (Sass & Bide, 2013).
In young business ventures like Sass & Bide, this could consist of the concepts put forth by the founders. The corporate strategy here was to venture into the fashion industry, particularly women’ s wear which is a big boom in Sydney and Australia in general.