Marketing Plan for Hugo Boss by Kelvin Lac https://padlet.com/kelvin_lac/11a157ivorfg Microsoft office is better than this en-us 2018-11-04 17:54:11 UTC 2018-11-14 09:43:31 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png Introduction kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218131 In 1923 Hugo Boss founded the clothing company in Metzingen, near Stuttgart in the south of Germany. The brand initially manufactured uniforms for the Nazi's storm troopers, Wehrmacht and Hitler Youth during World War II until 1948 where the brand shifted to men's premium suit, eventually in 1997 made a diffusion line of mens and womenswear. ]]> 2018-11-04 17:56:10 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218131 Company & Competitor Analysis kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218176 SWOT Analysis:
Strength:
  • Diverse product portfolio, Hugo boss has all clothing range to fit any occasions, in addition to this, every look, they also have a range of accessories, watches, jewellery, makeup, eyewear to compliment the clothing. 
  • Brand of Repute, Hugo Boss has built a name for itself in the fashion space through years of presence in the high-end designer wear market. It has showcased in the world's leading fashion shows in Milan and Paris which have also given it the image of an upmarket apparel brand. 
  • Wide Distribution network, Hugo Boss has a wider channel of distribution in comparison to the competitor as it has 60,000 points of sales across 100 countries. Sold through independent stores, online retailers, and top-grade retail outlets. 
  • Clear Product differentiation, each market segments are tagged under different label, this clear differentiation has made it simpler for the shopper to choose from the wide range of offerings that the company provides. E.g. evening wear, formal, casual, sports and accessories for both men and women. 
  • Brand loyalty, through unique designs, seamless manufacturing and quality material Hugo Boss has been able to create a stream of loyal customers who couch for the brand and indulge in a repeat purchase. 

Weaknesses:
  • High pricing, Hugo Boss is priced at a premium and thus can target only the upmarket urban segment. This limits it to a niche market and catering to the demands of that market. 
  • Over-dependence on designers, Hugo Boss relies entirely on the unique designs that are churned out by its designers for its brand success. 
  • High costs of advertising, luxury brand usually do not follow a run of the mill advertising strategy and look up to exclusive channels for advertising. 

Opportunities:
  • Change of customers preferences, with more exposure, more professionals in workplaces and more spendable income people are preferring to invest in designer wear and aspire to wear custom-designed clothes. This is creating a surge in demand for luxury brands of apparel.
  • Growing need for being unique, one reason why people prefer to invest in designer wear is so that they can carry a look that is different from the rest.  Trend if percolating in the upper strata of society with the result that demand for branded designer wear is growing. 

Threats:
  • The threat of counterfeiting, most designer brands face a ot of threats from cheap counterfeits and steals and though there is a rampant move to curb such activities nothing much has happened in this sphere. 
  • competition, there is a stiff competition in the designer apparel space. Some of their closest rivals include Versace, Christian Dior, and Dolce & Gabbana.
]]> 2018-11-04 17:56:28 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218176 Marketing Objectives & Strategy Formulation - STP kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218192 HUGO BOSS demands the highest standards for quality, design and finishing, product safety, animal welfare and species protection, as well as environmental protection, in order to fulfil customer expectations.

STP:
Market segmentation:
  • Age: 18-40
  • Income: high disposable income
  • Age: male & female
  • Region: 100 countries (majority in MEDC)
  • User rate: businessmen, first timers

Market targeting:
  • HUGO targeted the businessmen and upper age bracket (mid 20s to 40s). 
  • BOSS targeted the younger market and lower age bracket (teenagers to mid 20s).

Market positionning:
  • Modern sophisticated.
  • Progressive contemporary.
  • Modern active
  • Casual urban chic

]]> 2018-11-04 17:56:35 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218192 Marketing Strategy Formulation – Branding & Internal Branding kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218226 Branding:
  • Multi-brand strategy for targeting individual consumer segments.
  • Promoting a performance-oriented corporate culture. 
  • Growth strategy for achieving the long-term financial targets. 
  • Increase in consumer proximity.

Internal branding:
  • Targeted promotion of the corporate culture.
  • Employee Diversity.
  • Promoting young talent is an integral part of the human resources policy. 
  • performance-orientated compensation.
]]> 2018-11-04 17:56:46 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218226 Product Management kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218278 Sourcing and Production:
  • Majority of production by independent suppliers.
  • strategic management of the suppler network as a success factor. 
  • Global distribution of sourcing activities.
  • Quality assurance encompasses entire production process.
]]> 2018-11-04 17:56:56 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218278 Pricing Management kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218322 With its BOSS brand, the Company is reaching out to status-oriented, rationally-minded customers who wish to dress in a classic yet modern and high-quality style. Pricing for this segment is considerably more expensive as the quality of material used, labour cost to hand make majority of the products and the luxury premium service thats given to the high price tag. The BOSS customer has exacting standards when it comes to quality and fit, and attaches great importance to an advantageous value-for-money proposition. The shopping experience must also meet the highest standards, particularly with regard to personal services.

HUGO is targeted at customers who are significantly more fashion-conscious and who consider their style of dress to be an important element in expressing their personality. Pricing for this segment is cheaper than most competitors as this targets a broad and generally younger customer base fashionable business and casual wear collections that are distinguished by their progressive designs and clear fashion statement, sacrificing the quality but upholding the premium service and the brand itself. ]]> 2018-11-04 17:57:11 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218322 Distribution Management kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218345 HUGO BOSS is systematically aligning its distribution to its customers’ purchasing behaviour. Both brands are sold via the Group’s own retail business as well as wholesale, via both bricks-and-mortar retail and online. In this connection, the Group attaches particular importance to a globally consistent brand image. Against this backdrop, retail prices have been largely harmonised in the various sales regions over the last few years. The significance of the Group’s own retail business will continue to grow. However, the Group also sees selective growth opportunities in wholesale.]]> 2018-11-04 17:57:18 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218345 Integrated Marketing Communications Management kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218379
  • The planning process of the company is only based on group planning with considering of the local circumstances for Hugo Boss Planning related to a rolling three-year period and prepared annually. Based on targets set by managing board.
  • The managing board is informed of the operational development on a monthly basis in the form of standardised IT-supported reports with differing levels of detail. 
  • investment controlling, assesses planned and implemented investment projects in respect of their contribution to achieving the company's profitability targets.
    • ]]>     2018-11-04 17:57:28 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218379     Implementation & Control kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218398
  • Managing board as a whole responsible for company management, allocating authorities and responsibilities.
  • Focus on increasing free cash flow, increase enterprise value.
  • Networking capital, managing inventories, trade receivables and trade payables.
  • capital expenditures, focus of investment activity is currently on the expansion of own retail activities.

    • ]]>     2018-11-04 17:57:36 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218398     Branding kelvin_lac https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218564 The BOSS core brand:
    Boss offers sophisticated, modern collections focused on quality design. BOSS menswear has reached icon status for its tailoring, but offers more than the perfect suit The collections also feature casual and athleisure pieces, presenting a complete wardrobe for fast-paced modern lifestyles. 

    The HUGO brand:
    The HUGO collection is designed for those who take their own approach to style. HUGO menswear presents sharp cuts and clean designs that stand outside of the status quo. With tailoring at its core and a strong casual influence, HUGO questions the established notions of menswear to create clothing for those who lead rather than follow. ]]>     2018-11-04 17:58:30 UTC https://padlet.com/kelvin_lac/11a157ivorfg/wish/300218564