This article is approximately the marketing strategies that needs to be utilized by the C K Tang company. C k Tang Company has various pursuits like departmental store retailing and merchandising. That are general? It includes other stores also like its flagship store for selling huge range of merchandise, fashion store named as Tangs studio room and also the Tangs studio shoes and Tangs shoes shop. At the moment the positioning of the Tang studio room is in the flagship store and shoes shops are located in Middle point and Causeway point. Here we are going to discuss about the school of thought of Tangs like integrity, value for money etc also about its purpose, mission, objectives and strategies that are executed by this company on the market. In this specific article we are going to discuss various marketing strategies like Re-posting strategies, product strategies that happen to be directly related with the products of the company, price strategy which include how prices should be establish by the business, place strategy and so many more for C K Tang Company.
Increasing relevance to the consumers by giving different kinds of elegant products like shoes etc, Repositioning should be employed by causing the brands very serious like their brands of clothes, shoes etc. (Ries, 2003)
The most important thing for repositioning that should be kept in mind by the C K Tangs company is bringing in the new customers. Though, C K Tangs is already providing the latest fashion clothes at the reduced price with a strategy to bring in the new customers. More strategies should be adopted for delivering the new customers because this helps in repositioning policies. Repositioning can be applied in a variety of brands of C K Tangs Company like the brands of shoes etc and this should be achieved by the business by causing the brands modern. The corporation should follow some recommendations for using the repositioning like they should identify the performance pathway impulses that should express and convince the clients of the position of new brand. They must develop programs related to products for making sure the continuous performance of the indicators mentioned previously. Repositioning is considered as the good strategies so one of the features of repositioning is moving a product. The meaning is to go any product in the minds of the customer to a different place. It can help in setting the mind of the customers towards this service or product. So C K Tangs Company should use the repositioning ways of set the thoughts of the customers towards their product in the Singapore.
Product is the fact that thing which chooses the establishment and success of the company so every business company needs strategies related to the merchandise that they are deciding to establish on the market. C K Tangs company have used different product strategies which include the type of product which is based on the preference of the neighborhood people etc looked after includes the strategies for the production, supply and circulation of the products to the client. They have always launched the merchandise with different strategies like they made strategy of their product which is fashionable clothing and accessories however they still need ways for making product strategy. When C K Company create their product in the market they must ask themselves a few of the questions for the product strategy and these are what is the product targeted at? What benefits they expect? Other questions that they must ask themselves are how do they plan for positioning the merchandise on the market? And the previous question to be asked them is what differential advantages will the merchandise offer over the competitors on the market?
Design of the product, the quality of product, cool features of the product which also contains the unique features that the competitor's product don't have and the last and the most crucial is branding. C K Tangs should follow all these factors to get success in the complete market of Singapore.
For every company the price of their product is very important and various strategies are needed by the company for pricing their product. The primary problem that C K Tang Company is facing is of sales and their market show. So for taking away this kind of problem they can be suggested to look at the penetration costs strategies where they should arranged a minimal price of their product which will help them in increasing the sales with their product and also their market show. Another prices strategy that needs to be employed by the C K Tang company is your competition pricing strategy. In which the price is set compared to the price of the product of these competitors. This company has many competitors in the market so before preparing price because of their product they have to take into consideration the price of the competitors. For example if the price of the shoes of the competitor is just about $100 then C K Tang company should establish a price of $90 for the same quality boot to be sold on the market. This strategy is going to help them in increase of demands and the top revenue and also in recording the whole market detail by detail. Pricing technique for the travellers should be done in the different manner that ought to be predicated on the type and finances of tourists. This plan is needed by the C K Tangs company because exchange has made it cheaper for the visitors to visit Singapore. C K Tang should concentrate on the maximum goods at affordable charges for attracting increasingly more customers. (Learning goals)
Promotion of something methods to make the product that ties launched in the market popular by the owner of that product. C K Tang should follow a promotion strategy in which they should hire a lot of people for promoting their new launched product like they launched the Citibank Tangs Visa Cards in like manner make it more popular on the list of audience they should follow third strategy. They must use the neighborhood journals and local newspaper publishers for the campaign of their shop shop business C K Tangs company should follow the sales campaign strategy in their retail, shoes etc for increasing the sales for a while plus they should use the promotional strategies like money off coupons and special deals on various items. The two types of strategies that must be followed by the C K Tangs company for promoting their different business products are push and yank strategies. A drive strategy uses the sales force of company and also campaign activities related to trade and its own purpose is same that to set-up demand for their product by the consumers. They ought to use this strategy for their fashion store as the merchandise is promoted by producer to wholesalers, then your wholesalers promote it to retailers and lastly from them it is advertised to the consumers. The strategy of thrust promotion helps in selling right to the consumer for example selling bank cards straight. (Product strategies)
Another strategy that needs to be employed by them is the pull strategy. Though this plan requires more spending on ad and consumer campaign for building demand but also for C K Tangs Company this plan is very useful because they have a business of retailing. A good example of yank strategy is the advertising and promotion that ought to be very heavy of children's towel matching to new fashion mainly on the television. The corporation should choose the updated promotional strategies like the full promotion of their up to date fashion clothing and accessories to the people find out about their up to date. So, all these strategies must be accompanied by C K Tangs Company to grow at fast rate in the market.
For every single business company in the whole world, place plays a very important role in its create and its own success. Through the starting of the business enterprise to the success or inability of business, place has an extremely big hand in all these things. A very important thing about C K Tangs Company is place where it is at present. The corporation is situated at the Orchard highway and this place is correct since it is easily reachable by buses, cars and the other means of transfer. The Orchard street where the corporation is situated is usually packed with the shoppers constantly and specially on weekends and on the holidays of public. All of these things help this company in increasing the needs of the products as each and every time they can be surrounded by folks. This company is opening its store daily so they ought to follow various things related to place.
The main thing for the selection of the place is very based on the merchandise that should be sold. For instance if you want to open up a non vegetarian restaurant then your best place because of this type of restaurant is the place where majority of populace favors no vegetarian things. Therefore the C K Tangs should retain in mind the merchandise and then determine the place accordingly. If they want to open up the new store for reselling the classy clothes and accessories for young people they should open up in the place where major population includes teenagers or the area which is regularly been to by the children with the demand of elegant clothes and accessories. They also needs to keep in head that place should be easily seen by the neighborhood folks of Singapore by buses, taxis etc. They ought to choose the place which is approved by the government and all the guidelines should be studied into consideration before beginning the shop. So they are strategies that needs to be adopted by the corporation for choosing the area. (Keller, 2007)
COMPETITIVE STRATEGY Benefit:
Competitive strategy is related with how a company is able to get benefit of your competition through a means which is very distinctive from the opponents in the market. Based on the style of porter which is dependant on the competitive advantage and then for creating the defendable position within an industry competitive strategy can take some actions which can be offensive or defensive and the main purpose is to face competitive forces efficiently and then able to generate a return on investment which is superior. You can find three strategies which include control of cost, differentiation and emphasis. The first strategy is cost command strategies in which for confirmed level of quality it demands being the company of low cost within an industry. In the purchase price warfare C K Tangs Company should produce more cheaply so that they can remain in income for a long period of time. From the competitive benefits and by keeping cost leadership strategy in concern the corporation should target market which is very extensive. Although market of Singapore is quite extensive however in future they ought to turn to find more extensive markets. The corporation should find the ways like improvement of process efficiencies, unique gain access to gaining, optimum outsourcing and vertical integration decisions making etc for acquiring cost advantages. This plan has some dangers also so Tangs Company should utilize this strategy carefully and should apply in the correct place.
Another strategy is the differentiation strategy and this type of strategy demands for the merchandise or service development that offers unique attribute that is treasured by the clients. Tangs Company should use these differentiation policies like for their fashion store they have to utilize this strategy and really should make differentiation based on the new inventions in the clothing sense and the latest accessories according to the needs and wants of the various folks of Singapore. By giving various discount rates on the new classy clothes is the way that should be used by the Tangs Company to make differentiation. This uniqueness provided by the business will allow a premium price change for this by the business. Each one of these things also permit the company's product to be better than and different products that are in competition. Like in the electrical products of Tangs company differentiation should be predicated on the working features of the electro-mechanical components and one electrical product could work every day and night in continuation etc should be launched for making the differentiation. These unique features of the product also helps when the prices are increased by the suppliers then company may manage to passing along the costs to its customers and the clients who cannot find the products which become its alternative.
For making the differentiation strategy the tangs company should have access to the research which are leading in the market; teams for the development of highly skilled as well as the creative product; a solid sales team should be developed by the Tangs company which have the ability of conversing the strengths that happen to be perceived by the product efficiently. Differentiation should be predicated on the features like in furnitures prepared by the Tangs company should have a distinctive feature of more durability and attracting capacities and this kind of uniqueness are extremely very important to the management of differentiation strategies. For succeeding the main thing that needs to be done by this company is making the image of the brand which is best in the complete market. Every strategy has risk associated with it which strategy of earning differentiation also have some risks. The most frequent risk that is associated with this differentiation strategy is the imitation done by the competitors and the changes that occurs in the tastes of the folks. One of the biggest risks for the differentiation strategy is the businesses which uses the emphasis strategies may be able to have more differentiation in their sections of market.
Another strategy is the focus strategy which is predicated on the segments which can be narrow and under the boundaries of this portion attempts are created for achieving either an good thing about cost or differentiation. Tangs Company should sometimes use the concentration strategy also because from this the company looks forward to the high amount of the commitment of customer and this loyalty by the customers discourages the other organizations or group from competing immediately.
Tangs Company should have lower volumes and must have less power of bargaining with the suppliers. It is suggested that company should follow a technique that is differentiation-focused plus they must manage to passing higher costs to the clients. The risk related to this strategy is the imitation and aim for segments changes. So C K Tangs Company should follow these approaches for the competitive gain and all these differentiation strategies are essential for the Tangs Company. (Porter, 1996)
After reading and talking about all the works and strategies of C K Tangs company and recommending the strategies that they need to abide by it is concluded that C K Tangs company have a lot opportunities because advantageous exchange rate has allowed the travelers from European countries and North America to visit Singapore cheaply so each one of these tourists represents a new market for C K Tangs where they can sell their products. C K Tangs have much weakness but one of the primary weaknesses of these is that of long-term terms they have taken with banking institutions for financial helps which is seriously indebted with liabilities so C K Tangs Company should also focus on this. The corporation has many dangers also but all the strategies reviewed are going to help them to face all the dangers. It is concluded that C K Tangs Company should employ the service of purchase systems for making easier for the customers. The $2. 5 million investment of SAP retail is going to help company's management for long term as it provides the IT infrastructure. THE ULTIMATE conclusion is the fact If C K Tangs Company follows the above recommended marketing strategies then they will definitely develop in every their business in Singapore and you will be able to contend with the opponents as all these strategies are unique and must for each company for marketing.
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