MARKETING
Most of the marketing of the company is focussed on reputation driving client interest as well as specifically targeting potential clients by the current CEO.
PRODUCT RANGE
The only service they company provides is consultancy. Most of the consultancy services of the company are based on hourly consultant rates that vary from project to project. Average rates are Principle Consultant US$1,000/hr, Consultant US$350/hr, Assistant US$100/hr
TARGET MARKET
The target market of The Lock Group is Governments, establishedfashion event owners and established fashion brands. There is a consultancy relationship between the company and target market because they are selling a service, the events and clients fall under three categories:
Main and reoccurring clients of The Lock Group include, Woolmark,Dubai Fashion Week, Quatar government, Sands retail group who own and operate the Venetian resort in Macao as well as Calvin Klein Global.
PROMOTION
The company relies on industry publicity around the projects The Lock Group works on. The Lock Groups gains media and publicity on the events they produce and therefor gain promotion. In addition to this the company CEO is in demand as an industry spokesperson.
Types of sales promotion under taken by the business is distribution of its company profile to targeted potential clients.
PRICE
Pricing of consultancy hours is based in an international competitive market place. The price depends on the size of the job as well as the hours needed to work.
PLACE
Outline the distribution channel used by the business (in the case of manufacture/wholesaler)
Outline the distribution strategy Used (intensive, selective, exclusive)
Not applicable to The Lock Group as they do not produce ordistribute a good.
EFFECTIVENESS OF MARKETING STRATEGIES
The Lock Group deems their marketing strategies fairly effective. Clients find out about the company through reputation, Internet and past event and history, the media and publicity as well as through an online blog with a large audience of 100,000 people per week.
Promotion has not been effective in a recent case when the consultancy was beaten by an international consultancy called Boston Consulting and ‘Bain and Co’ consulting groups due to the fact that the company was not big enough. The promotion of the business was not on a large enough scaled and therefor the company lost the job purely based on its size.
Strategies The Lock Group could adopt is that the business could expand their consulting services as well as marketing and promotion and their regional offices. The continuous marketing of The Lock Group services via industry and trade publicity has been successful in developing continued growth and development
MARKET EXPANSION
The Lock Group plans on expanding their market by investing in further marketing communication activities in prime international markets. There are huge opportunities to expand client base due to many Fashion weeks and Governments looking to expand their fashion industries, this would give business to The Lock Group because this is their area of expertise.
- Product
- Price
- Promotion
- Place
Most of the marketing of the company is focussed on reputation driving client interest as well as specifically targeting potential clients by the current CEO.
PRODUCT RANGE
The only service they company provides is consultancy. Most of the consultancy services of the company are based on hourly consultant rates that vary from project to project. Average rates are Principle Consultant US$1,000/hr, Consultant US$350/hr, Assistant US$100/hr
TARGET MARKET
The target market of The Lock Group is Governments, establishedfashion event owners and established fashion brands. There is a consultancy relationship between the company and target market because they are selling a service, the events and clients fall under three categories:
- Fashion weeks (Fashion week events around the world)
- Governments (Governments wanting to extend their fashion industry through events and new ideas)
- Fashion Brands (Individual fashion brands wanting to hold fashion events and expand their brand)
Main and reoccurring clients of The Lock Group include, Woolmark,Dubai Fashion Week, Quatar government, Sands retail group who own and operate the Venetian resort in Macao as well as Calvin Klein Global.
PROMOTION
The company relies on industry publicity around the projects The Lock Group works on. The Lock Groups gains media and publicity on the events they produce and therefor gain promotion. In addition to this the company CEO is in demand as an industry spokesperson.
Types of sales promotion under taken by the business is distribution of its company profile to targeted potential clients.
PRICE
Pricing of consultancy hours is based in an international competitive market place. The price depends on the size of the job as well as the hours needed to work.
PLACE
Outline the distribution channel used by the business (in the case of manufacture/wholesaler)
Outline the distribution strategy Used (intensive, selective, exclusive)
Not applicable to The Lock Group as they do not produce ordistribute a good.
EFFECTIVENESS OF MARKETING STRATEGIES
The Lock Group deems their marketing strategies fairly effective. Clients find out about the company through reputation, Internet and past event and history, the media and publicity as well as through an online blog with a large audience of 100,000 people per week.
Promotion has not been effective in a recent case when the consultancy was beaten by an international consultancy called Boston Consulting and ‘Bain and Co’ consulting groups due to the fact that the company was not big enough. The promotion of the business was not on a large enough scaled and therefor the company lost the job purely based on its size.
Strategies The Lock Group could adopt is that the business could expand their consulting services as well as marketing and promotion and their regional offices. The continuous marketing of The Lock Group services via industry and trade publicity has been successful in developing continued growth and development
MARKET EXPANSION
The Lock Group plans on expanding their market by investing in further marketing communication activities in prime international markets. There are huge opportunities to expand client base due to many Fashion weeks and Governments looking to expand their fashion industries, this would give business to The Lock Group because this is their area of expertise.