Understanding The Client And Getting The Right Market Information Essay Example

factors when initiating a SWOT analysis. Topshop possesses various strengths, such as the capability to provide trendy items at affordable prices. Through its online presence and network of over 500 stores, Topshop has the ability to reach a diverse range of customers and expand its potential market. Furthermore, by collaborating with organizations like Age UK, TRAID, and Starlight, Topshop bolsters its brand reputation by building trust among stakeholders.

Topshop enhances its brand image through its partnerships with celebrity designers, models, and media culture. This enables Topshop to continually introduce thrilling new products and bolster its reputation on the high street. In addition to its online website, Topshop utilizes various social networking platforms including Facebook, Twitter, Tumblr, Blogs, and YouTube. These platforms enable Topshop to reach a diverse audience and boost sales by providing updates on the latest products and events.

Topshop offers a range of services in-store, such as a Style Advisor, Topshop Card, Gift Cards, Sprees and Student discount, providing a personal touch to each customer. However, a weakness of Topshop is its large store size on the high street, making it challenging for the company to effectively manage all staff and products. Consequently, a significant management cost is incurred. Additionally, unlike customers of small boutiques, not all customers can have a personalized shopping experience.

Topshop's focus on product quality often results in higher prices for a "high street retailer", which can discourage customers from shopping. However, the company's targeting of younger, fashion-conscious customers who regularly spend money on fashion products is a key reason why the brand will survive recessions and other challenges. Partnering with celebrities helps Topshop create fame

and attract more customers. This strategy has also allowed Topshop to expand its offerings by opening hair salons, beauty bars, and even venturing into the male market with TopMan.

The success of Topshop's global expansion and increased profitability can be attributed to the use of popular models like Kate Moss, which has helped the brand gain worldwide popularity. Currently, Topshop benefits from being able to introduce collections by well-known designers and celebrities. However, it is important to consider how the recession may affect consumer spending habits. Topshop is widely recognized for its fashion-forward and respected high street brand status. They have partnerships with various brands including Kurt Gagar Shoes, Ragged Priest clothing brands, Unique Brands, and office shoe brand - all available in-store.

Topshop has a large online customer base, but many still prefer shopping in-store to test products and enjoy the high street experience. Customers receive personalized emails with information about Topshop directly in their inbox. The company provides a diverse range of products to meet their customers' needs. To understand their competition better, Topshop analyzes factors such as product positioning, market share, strengths, and weaknesses. They also take into account political and economic impacts, as well as technological advancements like the interactive runway, to fulfill their customers' demands.

Various factors can affect the threats to Topshop's competitive rivalry, including slow market growth, high fixed costs, high storage costs or perishable products, and low switching costs (Hooley et al., 2004). The current competition between market rivals can be based on price or non-price factors (Campbell et al., 2004). Topshop is faced with threats from competitors like H;M, who collaborate with top

designers and fashion icons to introduce new lines and increase sales.

Topshop's expansion worldwide will involve competing directly with companies such as ZARA, which already has a strong global presence. On the high street, Topshop competes directly with fashion brands like River Island, H&M, All Saints, and ZARA. They offer similar products at similar prices and target similar audiences. Additionally, the inclusion of celebrities like Kate Moss who currently collaborates with Topshop could also impact their target audience given her history of drug problems.

This could discourage potential customers from shopping here. Other threats to Topshop can be easily identified using the TEMPLES method. Technological – Topshop must stay ahead in terms of online shopping and the use of mobile browsers. Economical – Topshop aims to be cost-effective in production. However, with the current financial climate and inflation, Topshop must ensure competitive pricing to ensure sales growth instead of decline. Market – Topshop must continually expand their market.

To prevent falling behind competitors, Topshop must closely monitor political factors such as foreign trade regulations and new governmental decisions. Changes in regulations can render some of their policies ineffective, creating challenges for the company. Regarding legality, Topshop is required to fulfill online orders within 30 days unless there's an alternative agreement. Customers have the right to cancel their orders and receive a full refund within 7 days of purchase.

The requirement to bring back items in their original packaging is not applicable to every product. In terms of environmental concerns, it is crucial for Topshop to concentrate on recycling and incorporating eco-friendly methods so as to compete with H, a company renowned

for its dedication to the environment. Moreover, Topshop must remain up-to-date on population demographics in order to efficiently target products and tactically position stores based on socio-cultural factors. Ultimately, it is of utmost importance for customers to have faith in and perceive the Topshop brand as possessing favorable characteristics.

According to Marian Burk Wood's Essential Guide to Marketing Planning (Chapter 6, page 129), establishing an emotional connection with customers and being perceived as superior are essential for a brand. Topshop has effectively accomplished this by taking a bold and innovative approach to clothing and fashion. Despite being a high-street brand, Topshop's participation in London Fashion Week and its support of emerging talent in the UK through the New Generation Scheme have resonated with fashion-conscious shoppers.

Customers trust and are attracted to the brand because they feel secure in keeping up with trends. TopShop's makeup and accessory collection is appealing to its target audience as they already have trust in the store and perceive it as superior. The personal shopper service available in TopShop stores enables customers to establish an emotional bond and make decisions regarding new looks.

TopShop uses Celebrity endorsements to enhance customers' feelings of being a star and establish trust in decision-making. The company's objectives must adhere to the SMART criteria, which means they must be Specific, Measureable, Attainable, Relevant/Realistic, and Targeted/Time orientated. If objectives do not meet these criteria, they are not specific enough to be utilized by the company. (Fill 2005) Specific objectives entail clearly defining variables and enabling precise outcomes to be determined. Measureable objectives involve setting a measure of activity against which performance can be assessed.