Mimco Marketing Mix
The following document will outline potiential new business opportunites for Mimco and also investigate what the objectives are of these opportunites and what stragagies will be implemented to generate sales and revenue growth. 1.0 Mimco Environmental Analysis
1.1 External Macro Influences Marketing Environment Category | Specific Trend, Change or Event | Monitoring Information Source | Demography | More women are choosing careers over family, therefore they have more disposable income. The median age for women to get married today is 28, which means there are many young women in Australia with a significant disposable income to spend on them selves. | www.abs.gov.au | Economic Conditions | Consumer spending appears to have turned the corner following the strongest monthly growth in sales in 18 months, according to the latest Commonwealth Bank Business Sales Indicator (BSI).Mimco is considered a shopping good, therefore sales can be influence by interest rates, unemployment rates, rate of the Australia dollar. The stage of the business cycle, the economy is moving from rescission to recovery.Mimco ‘s CEO, Iain Nairn, has previously discussed the importance between balancing cash flow in and out of the business very closely with sales retails figures. In tougher economic climates where sales have been forecasted lower, Narin has managed this by reducing orders and production costs during this period. | Internal reports, Income Statements, Balance Sheets, Profit & Loss Statement, Sales data.External sources, Retail Trend Data, Financial Figures, Market Trend Data.www.abs.gov.au | Competition | In fashion, it is all about brand and product; hundreds of billions of dollars are spent each and every year in the fashion industry. Indirect competition from every other firm trying to win the customers purchasing power. Monopolistic competition – many competitors, Mimco’s product is differentiated by quality and brand, predominately has control over
1.1 External Macro Influences Marketing Environment Category | Specific Trend, Change or Event | Monitoring Information Source | Demography | More women are choosing careers over family, therefore they have more disposable income. The median age for women to get married today is 28, which means there are many young women in Australia with a significant disposable income to spend on them selves. | www.abs.gov.au | Economic Conditions | Consumer spending appears to have turned the corner following the strongest monthly growth in sales in 18 months, according to the latest Commonwealth Bank Business Sales Indicator (BSI).Mimco is considered a shopping good, therefore sales can be influence by interest rates, unemployment rates, rate of the Australia dollar. The stage of the business cycle, the economy is moving from rescission to recovery.Mimco ‘s CEO, Iain Nairn, has previously discussed the importance between balancing cash flow in and out of the business very closely with sales retails figures. In tougher economic climates where sales have been forecasted lower, Narin has managed this by reducing orders and production costs during this period. | Internal reports, Income Statements, Balance Sheets, Profit & Loss Statement, Sales data.External sources, Retail Trend Data, Financial Figures, Market Trend Data.www.abs.gov.au | Competition | In fashion, it is all about brand and product; hundreds of billions of dollars are spent each and every year in the fashion industry. Indirect competition from every other firm trying to win the customers purchasing power. Monopolistic competition – many competitors, Mimco’s product is differentiated by quality and brand, predominately has control over
References: 7.1 Rix, P. 2011. Marketing a Practical Approach, McGraw-Hill Australia Pty, Ltd 7.2 Smart Company http://www.smartcompany.com.au/retail/witchery-and-mimco-push-ahead.html (accessed 17 March 2011) 7.3 Digital Outlook http://www.digitaloutlook.com.au/article/mimco (accessed 17 March 2011) 7.4 Taboo http://www.taboo.com.au/taboo_campaigns_mimco_ss10.html (accessed 19 March 2011) 7.5 The Report http://www.theprreport.com.au/2010/11/taboo-group-use-bloggers-to-help-launch-fashion-brand-mimco/ (accessed 19 March 2011) 7.6 NAB http://www.nab.com.au/wps/wcm/connect/nab/nab/home/about_us/8/5/32 (accessed 20 March 2011) 7.7 CBA http://www.commbank.com.au/about-us/news/media-releases/2011/180311-business-sales-indicator.aspx (accessed 20 March 2011) 7.8 Budde http://www.budde.com.au/Research/Australia-Digital-Economy-E-commerce-Trends-and-Statistics.html. (Accessed 20 March 2011) 7.9 MIMCO website http://www.mimco.com.au (accessed 20 March 2011)