Bossini projectThis is Bossini?s project?s final part, according to the analysis of part one I list Bossini?s 10 weakness/problems, so in this part we need to give creative design solutions to resolve those problems/weakness one by one! it must based on reality and should be practicable! In the part two, you had summed up and analyzed Red Bull, A&F and M&S ?s Marketing Strategy and some experience , so you could use for the references. give examples, how are you going to resolve Bossini?s problem. in what way? give the details.. such as Bossini could use Sports-and Event-Sponsoring to improve their brand image, how they are going to do it? what kinds of sport?each weakness/problems give details solutions.Part one:Weaknesses / problems analysis1. The prices of Bossini are low and hence people will see no difference buying street fashion which has the same price ranges to buying Bossini. The customers who are loyal to the brand are few and of specific origin. There is therefore less local loyal customers especially in China mainland.2. The second weakness is that Bossini is seen as a very cheap and practical brand. This means that it has to charge high prices to counter this belief. The high prices will in turn lead to loss of consumers who cannot afford the high prices and hence loss of profits. The perception of Bossini being a low class brand has also led to its expansion in the high class market. This expansion utilizes a lot of resources and this leads to reduced profits.3. Brand identityOne of the biggest strength of Bossini is its reputation. It is well known across the Asian region. It also has a strong brand image of being a cheap and affordable brand hence it appeals to the low income segment which has very many consumers (Nielsen). Although Bossini?s overall business is successful, but not every product line is successful under Bossini. It has been expanding pragmatically its ?Bossini? stores while consolidating its ?Bossinistyle? stores as a revamp in the Mainland China market. It opened 72 more ?Bossini? stores but 34 closed ?Bossinistyle? stores in 2011. Due to the weak brand identity in China market, the operating loss in this market was attributable to the ?Bossinistyle? stores consolidation.4. Brand imageAccording to Nielsen one of the most famous marketing research company postulates that the society regards the Bossini brand as a low class brand that only targets the low class people because of the nature and quality of its products. This is a weakness to the company because it has a bad reputation to the high class society and it will take a lot of resources such as money and time to convince and change the perception of the society.5. Even though Bossini has opened lots of stores in the Mainland China, the net sales per square feet in 2012 (HK$900/sq feet) is still lower than HK$1,500/sq feet in 2008. (Bossini 20112 annual report) It implies that even more stores can bring in more sales to the group, but the marginal benefit is diminishing. The sales growth in the Mainland China cannot catch up the speed of opening new stores. There are many reasons to cause this happen and one of the reasons is some stores are competing each others. That means that geographic area might have too many Bossini stores. However, the management still needs to open more stores due to fierce competition by other brands. If Bossini slows its pace to expand, it might lose its business and the net sales per square feet is even worse. Nevertheless, the net sales per square feet in the Hong Kong market performed extraordinary well and it rises from HK$5,700 per square feet (2008) to HK$11,000 (2011). It is very important since Hong Kong is the one the cities with highest rental cost in the world and a strong sales per square feet can help reduce the pressure of high rental cost. Retail businesses are strongly affected by rental cost.6. Brand awarenessThere are several competitors such as Giordano and BANLENO that offering similar products into the market, Bossini has to fight hard to maintain its position in the market7. Threat of substitutesBossini faces the threat of many substitutes that have appeared in the market as a result of new entrants. This means that people might prefer to go for the substitute products and hence Bossini will suffer by lowering their prices hence reduced profits8. The other weakness of this company is that it does not have outlets and hence presence in the European market. This is a disadvantage on getting potential customers and hence super profits because the European market is very big and has so many fashion lovers who would be interested in their clothes.9. Since in mainland China its multiple shops are located in high-traffic areas, Bossini was abled to use in-store promotions and displays that raise the visibility of the characters and its apparel range. Furthermore, retail incentive coupons available from popular magazines that allow consumers to purchase other merchandise at a discounted price. But perhaps they should spend more on traditional advertising, as they spend less on advertising and promotion than close competitors. A competitor of Bossini is Giordano. They are seen as more upmarket than Bossini, while being stylish and trendy. However, Giordano promoted a ?lifestyle? image, even though it is positioned similarly to Bossini. So, Bossini could re-launch its image, to be more stylish and thus promoting a lifestyle and not just a brand through a series of television commercials, print media, radio and outdoor advertising etc.10. Bossini has make use of the power of internet, it has its own corporate website in different language as one of the platform to advertise and create brand awareness by uploading it latest products and promotions with just a click of mouse however I feel that Bossini?s China mainland shopping website was not good enough than it Hong Kong shopping website. Bossini HK is more developed and innovative website than China mainland website, and is more creative in the sense of designing of the webpage. Bossini Hk also provide more useful information on its company product and promotion sales going on, it benefits the consumer greatly as well as it is very accessible for the consumer.!
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