Marketing Mix of Ecstasy Essay Example

Marketing Mix of Ecstasy Essay Example Marketing Mix of Ecstasy Paper Marketing Mix of Ecstasy Paper INTRODUCTION This is a report about the marketing 7ps issues of one of the leading fashion houses of Bangladesh, Ecstasy Fashion. This company is very famous for its superb quality men’s wear. Quality is the first priority of Ecstasy Fashion. From the begging to the end of this report, we have sort out how a company can be successful by performing 7ps marketing activity from the very beginning. HISTORY OF CATS EYE Ecstasy Fashion Accessories, Inc. started its operations in 1983, exporting fashion jewellery and accessories. With a solid background of 20 years in the field of fashion jewellery manufacturing, the company with 50 employees and 82 subcontractors is looking forward to a steady growth; especially in the European markets. Well the small company Ecstasy Fashion started its business with one outlet only. Now they have around thirty one branches in the major cities of Bangladesh such as Dhaka, Chittagong, Sylhet, Khulna etc. In this way the journey of Ecstasy Fashion started and now they are one of the highly appreciable, profitable RMG Company of Bangladesh. Ecstasy Fashion is very conscious about its reputation status thus we can see the reflection of status in its highly interior showrooms with highly trained salespeople. Their focus is to satisfy their customer and their target market actually covers different age groups especially from teen age to onwards. MISSION VISION OF ECSTASY FASHION The mission statement of Ecstasy Fashion is â€Å"To be the most popular and trusted Men’s wear Brand manufacturer and retailer of the country. † Goals and Objectives of Ecstasy Fashion are: From the inception the goal is to create a style statement that suits the discerning individual, while keeping a stringent eye on quality yet being affordable. The unique styles are created based on years of experience and keeping up with global trends that have placed our brands as the leaders in the market. Moreover we want internationally recognition. That’s why we are working hard to meet the quality standard of the international market. We are focused on high productivity, team orientation creativity. MARKETING MIX OF Ecstasy Fashion Marketing mix is the full combination of 7P’s (Product, Place, Price, Promotion, People, Process, Physical environment). Ecstasy Fashion does all the activities (manufacturing, sales, and distribution) by themselves. Here is the marketing mix of Ecstasy Fashion: 1. Product In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. Ecstasy Fashion produces different types of products for men. They have their own production house in Narayanganj. They have no distributor or retailer. They don’t sell in wholesale. What they do is that after production, directly by their own transportation vehicle they send their products to their showrooms. Because of no supply chain, they can keep their products price reasonable. Another important thing is that they don’t store inventory. Ecstasy Fashion purchases their product material from China, Malaysia Bangkok mostly. They also use Bangladeshi materials for production. Product Categories: ? Shirts ? T-Shirts ? Blazers ? Polo T-Shirts ? Belts ? Trousers ? Ties ? Jeans ? Seasonal Dresses (Winter Collection, Summer Collection etc. ) 2. Price The sum or amount of money at which a thing is valued, or the value which a seller sets on his goods in market; that for which something is bought or sold, or offered for sale; equivalent in money or other means of exchange; current value or rate paid or demanded in market or in barter; cost. It is the motto of Ecstasy Fashion to increase its market growth as possible while protecting the captured market share. Ecstasy Fashion believes that customer loyalty is needed to remain profitable. Ecstasy Fashion sets their price considering their mark-up price, perceived value price by the customers competition based price. They always charge effective pricing to beat their competitors. They have different price level to meet the need of different income people. Price ranges: |Shirts |550-1400 TK. |Trousers |850-1400 TK | |Blazers |4000-6500 TK | |Belts |450-1000 TK | |Ties |400-950 TK | |T-Shirts |250-800 TK | |Jeans |850-1500 TK | |Seasonal Dresses |Not Fixed | 3. Place Any portion of space regarded as measured off or distinct from all other space, or appropriated to some definite object or use; position; ground; site; spot; rarely, unbounded space. Ecstasy Fashion has Thirty one outlets n Dhaka, Chittagong, Sylhet to sell their products. They are planning to establish more ou tlets so that customers can easily buy their products from convenient location. 4. Promotion Promotion is communicating with the public in an attempt to influence them toward buying your products and/or services. Ecstasy Fashion does its promotional activity by using billboards, magazines and newspapers to reveal their ads. Especially this year they are arranging special discounts for their customers and own composed CD’s for their customer’s conveniences so that customers can know in details about their organization. They believe discount is an effective method to create customer interest. Other promotional activities they perform are sponsoring fashion shows, free t-shirt campaign etc. 5. People Ecstasy Fashion using good and well stuff. They are providing good salary and taking well skill stuff for good service. They also trained them to how to interact with customer? Ecstasy has sixty seven employees in showroom and behind the showroom fifty people like transportation etc. 6. Process In Ecstasy there process is well then others. Ecstasy process system fast like when customer in showroom they are always ready to provide the service quickly. When customer needs to change the size they collect from stock. Everything is in display. Sold cloths not refund. Trail room here checks the cloth for customer. 7. Physical Environment Where is the service being delivered? Showroom is well decorated in Ecstasy Fashion. Here customer can get cloths and other using product easily. They always using well smell spray in there showroom for attracting the customer. They have also changing room well. Recommendations 1. Ecstasy has good quality in there cloths but here is little higher price then others. It may be the burden for their potential or actual customer. So they should profit there margin and not in quality and also think about their higher price 2. They open showroom now in three divisions. They should cover others divisions. 3. Ecstasy complaining system is not good. Sometime there product may be failed in provide customer satisfaction. They should think about it. 4. Ecstasy provides all the new collection news in internet. That’s why few people miss the collection. They should use newspaper and billboard for giving more information about there collection. Conclusion In report we focused the 7ps marketing of Ecstasy Fashion ltd. This report is only based on marketing mixed. All data Collected from Internet and that are very recent. The study group tried our best to complete this report. BIBLIOGRAPHY www. ecstacyfashion. com www. lifestyle. com [pic]