SIMULATION PERFORMANCE & INDIVIDUAL STRATEGIC DIGITAL MARKETING PLAN ASSIGNMENT
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Introduction - SIMULATION PERFORMANCE & INDIVIDUAL STRATEGIC DIGITAL MARKETING PLAN
Cody & Co. is a new brand in the shoe making industry of UK. However, they have enough experience in their field of shoe making sector for the modern man. They have an inspired collection of sneakers that are drawn from the inspiration of both Britain and the continent. They are also making continuous effort to break the traditional pattern of shoe making structure and moving towards sustainable practice. The report highlights the internal and external digital marketing strategy. It reflects the organizational strategy as well as marketing objectives. A digital marketing strategy and analysis has been provided. At last, the measurement of their activity, the review and certain recommendations have been provided which will help the organization to enhance their overall business pattern.
Cody & Co. is a British shoe making footwear brand which is using predominant material at their Sheffield factory. They are only using premium material and takes the footwear making business seriously. The PESTEL analysis will help the organization to understand their current marketing position and will help them to expand.
Political: The company operates its business online and thus they are globally selling their products which greatly influence their performance. It is important for the organization to consider certain factors such as taxes, legislation and stability of the country in which they are operating their business. The ongoing financial instability can sometime effect the organization but creating employment opportunity will diversify the demand of the product and its workforce.
Economic: This is an important factor and is mainly depended upon cost, demand and profit of the organization. It is therefore important for the organization to keep themselves aware of any change in policy such as tax and other factor which can affect the financial stability of the organization. Although the business is growing internationally, they are mainly dependent upon the market of UK which generates their major market share.
Social: Social factor plays a major role in indicating the taste of the customer preference and move them towards bulk shopping experience. The company has a large number of products made with excellent quality material that enhances the taste of the customer and provide them excellent shopping experience.
Technology: The technical factor has bought a lot of opportunity for the organization to expand their market presence. They have provided online shopping facilities and brought ease in the shopping experience of the customer with online payment facilities and same day deliver option.
Environment: The company is committed towards reduce the global carbon footprint. They have a sustainable practice of making shoes and thus they create shoes with only sustainable material. They are also dedicated towards minimizing the waste in their stores by increasing social conscience within their customer.
Legislative: Government policies and legislation impact the performance of Cody & Co. The government has introduced certain norms that mentions the company cannot increase the price of the product without prior notice. The company is working upon reducing the cost of manufacturing and also provide various promotional offers to benefit the customer with excellent practice and services.
Cody & Co. is a made in UK shoe brand that showcase the wealth of experience of the maker. The footwear industry creates handmade sneaker for modern man. They are also inspired by impressive design and progressive looks that also include sustainable practice within their business environment. Evaluating the market of Europe, the company has a lot of highly appreciated customers but the competition is also large. Companies such as Crown Northampton, Draper of Glastonbury and Bill Tannery gives a lot of competition to Cody. They have a well-established market and is serving their customer since 1937.
It is important for the management of Cody & Co. to analysis their competitive analysis that will help them to understand their product differentiation and relevance. They will also have to focus upon the growth strategy and bring change in the taste of the customer. It is important that the customer react positively to their product and services. The SWOT analysis will help the organization to understand their market evaluate their presence.
SWOT Analysis
Strength: Cody & Co. focuses mainly upon their design and premium quality product that defines the taste of their customer. They have a well-developed supply chain management and their online presence has provided them a lot of opportunity to extended customer.
Weakness: They do not have excellent offline presence in different parts of the world and limited number of physical stores. The COVID 19 has also caused a lot of drops in the sale of the products. Certain issues have also been observed related to the treatment of their employees.
Opportunity: The eco-friendly and sustainable market practice that the company has developed has provided them a lot of opportunity to gain maximum customer presence. The influencer marketing strategy has also provided a lot of strategy to promote lifestyle brands. Collecting data from the customer base will help them to provide personalize suggestion and therefore it is important to capitalize upon technology.
Threat: The major threat that the organization is facing is related to its competition. China’s giant fashion market has gained a lot of customer presence. The company uses premium products and thus price wars are always there. The COVID 19 has caused a reportedly drop in sale to nearly 44%.
Market Analysis
The shoe manufacturing company has occupied a large customer base with their excellent products and services. Their hand made shoes are made with premium quality products are sold both in UK as well as throughout the world with their online market presence. The company is trying to expand their market to US and also thought of operation and expansion in Asia. However, the company has underperformed in the recent year because of the pandemic. However, they are trying to regain the market with their satisfying performance. Cody & Co. has also decided to showcase their product in retail stores and make extensive improvement in the field of sustainable practice. The company is trying to act both defensive and focusing upon growth characteristic. They are adding new spaces and creating growth characteristic by adding new spaces, developing their product mix strategy and enhance their productivity and improvement. They are continuously expanding their market and is focusing upon generating higher revenue with cost effective strategy. The company is also trying to create mid-range products for niche market and therefore working upon generating maximum presence in the market. The company has an important projection and future in both online and offline market. The handmade sneakers is the major demand of young boys and girls. The premium quality products have provided them excellent opportunity to satisfy the needs of the customer.
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Digital marketing objective: This is a very helpful strategy by which the corporation will be known to the world in a very short period. Incorporating strategic marketing, there are many platforms where Cody & Co can launch their products, enabling them to be recognized by others.
Competitive strategy: This strategy is followed by the corporation so that they can create a product as per the rates, look, material etc. of the surrounding (Adelekan and Attah, 2021).
Marketing objectives: The marketing objectives are the strategies that are to be taken by the corporation to create a good product so that they can satisfy their consumers by providing the same to them (Li, et al., 2021).
Financial and non-financial objective: The Corporation is creating the new launches, they have to take care of the financial things like the rates of the products, rate of raw material etc. so they can provide accordingly to their consumers. The services which are non-financial objectives also have to be good, so that the goodwill of the corporation will not get spoiled.
Digital Marketing Strategies and Analytics
Market Segmentation Analysis
Market segmentation is a method of separating an aimed market into smaller, more elaborated categories. Generally, it sections into consumer and audience into different groups which can share the same features. However, there is four market segmentation analysis which Cody & co follows. The description is as follows:
