Marketing assignment on the current situation analysis and swot analysis ofTarocash

Question

Task: Conducting a situation analysis plays a significant role in optimising the marketing strategy and market position for an organization.

Answer

Introduction to the marketing assignment-
Evaluation of the marketing assignmenthas taken a significant role in optimising the marketing strategy to emphasise market position in this competitive business market. Hence it also improves the investigation outcome regarding industry analysis and internal research as well. This marketing assignmenthas intended to analyse the marketing activities of Tarocash.

Background of the company-

Figure 1: E-Commerce revenue analytics
(Source: Ecommercedb.com, 2022)

Tarocash mainly deals with formal suits in men's clothing through online and offline marketing ways to attract the consumer base with premium quality products at affordable prices in the Australian market. It has been reported in themarketing assignmentthatTarocash is operated by the Foschini Group which generates the largest amount of e-commerce net sales in Australia (Ecommercedb.com, 2022). The official website of Tarocash showcases Stephen and Michael Leibowitz founded this organisation in the year 1987 (Tarocash.com.au, 2022). Moreover, Tarocash gets up to 95.1 million US dollars every year (Ecommercedb.com, 2022). Thus, Tarocash has obtained up to 5.4 million US dollars in sales in recent years which has driven its rank towards 11842 in the year 2021 (Ecommercedb.com, 2022).

Situation analysis-

Analysing the macro-environmental factors in themarketing assignment

Table 1: PESTLE analysis
(Created by author)

Analysis:
It has been investigated in the marketing assignmentthat the Australian government highly supports homemade clothing brands and local fabrics. As a result, the government charges extra tax for fabrics which can restrict international imports for the company. Recession due to the covid-19 pandemic generated up to 56% declaration in online sales and 87% declaration in-store sales which affected revenue generation of Tarocash (Brydges, Heinze &Retamal, 2021). Along with this increase, the unemployment rate can affect the business activity of the concerned organisation. More to a similar context the marketing assignmentresearch demonstrated that online shopping in the fashion industry has increased up to 19.6% in the Australian market which can develop the market evaluation activities for Tarocash (Ibisworld.com, 2022). Moreover, 86.5% of the Australian population uses the internet which can improve the availability of organisation products in front of target customers (Statista.com, 2022). Moreover, maintenance of the modern slavery act by improving supply chain sustainability and eco-friendly execution by reducing fabric waste can develop the business sustainability of the concerned organisation. In order to maintain the environment of sustainability, the organisation provides bags made from 80% of recycled material (Tarocash.com.au, 2022).

Analysing the micro-environmental factorsin the marketing assignment

Table 2: Porter’s five forces analysis
(Created by author)

Analysis:
Evaluation of Porter's 5 forces in the marketing assignmenthas showcased the Australian government providing high taxation and creating a high benchmark for fashion retail which reduces the threat of new entrants. On the other hand, Tarocash has strong competition from Bachrach and Slater Menswear which can distract the main customer base (Tarocash.com.au, 2022). The application of multi-channel supply chains reduced the bargaining power of suppliers for this concerned organisation whereas increasing options in front of the target consumer base have increased the beginning power of customers. Moreover it is found in thismarketing assignment, significant brand reputation has reduced threat related to substitutes.

SWOT analysis-

Table 3: SWOT analysis
(Created by author)

Analysis:
Tarocash provides innovative ideas in the designing of Men's clothing. It has been reported in the marketing assignmentthat the organisation implements highly innovative ideas in reducing production costs and improving product quality for a formal suit that has developed their customer satisfaction accordingly. Moreover, the participative leadership nature and collaborative Organisation culture improved the organisational ethical practices within the workplace and have created a strong employee base (Tarocash.com.au, 2022). On the other hand, issues related to financial management have forced the organisation to sell its owners to the Foschini group. However as per the marketing assignment, the organisation can improve their customer retention activities and high revenue generation by maintaining ethical practices and innovative ideas in selecting fabrics and designing methods. In contrast, a lack of financial strength and transformation of the owner can affect the decision-making activity of Tarocash which can create a threat from competitors.

Target market and positioning-
Market segmentation-
Market segmentation is one of the most important attributes that can help the organisation to conduct market surveys and which influences innovative decisions. It has been reported in the marketing assignment that Tarocash mainly targets male customers from 18 years to 35 years old as their demographic segmentation (Tarocash.com.au, 2022). In order to psychographic segment the organisation's target fashion-conscious consumer base. More about the concern organisation also target its consumer from the middle class and upper-class consumer base. In order to improve the market survey and market segmentation, the organisation has evaluated the mindset of fashion-conscious consumers through 97 stores in Australia in geographic segmentation.

Targeting
Evaluation of the collective information is the main process of Tarocash to target the consumer base. It has been reported in the marketing assignmentthat Tarocash collects information from internal record-keeping and provides periodical promotional images about new products (Tarocash.com.au, 2022). As a result, it can improve the customer attraction to organisation activities. In addition, implementation of rapid male regarding the customised products and services as per the consumers' interest can improve the organisation's targeting strategy.

Market positioning
Improvement in privacy policy to develop information security has improved the organisation's ethical representation in front of the consumer base. It has been reported in themarketing assignmentthat the company implements managerial procedures to safeguard to secure the collected information online. In addition, the implementation of an innovative idea in using the fabrics has developed its market position in this present scenario (Tarocash.com.au, 2022). The organisation also maintains the largest cotton sustainability program by developing supply chain activities.

Positioning map

Figure 2: Market positioning map of Tarocash
(Created by author)

Marketing mix analysis-

Product
The marketing assignmenthas highlighted that Tarocash provides a large range of varieties in men's outfits. It has also been reported that the concern organisation also provides a personalised tailoring service to the consumer base with the help of a trained trailer. The organisation also provides a smart finish and hassle-free experience for quality (Tarocash.com.au, 2022). The organisation provides three steps to get this personalised service for an excellent outfit. According to the opinion of Sinclair et al. (2020), random innovation as per situational maturity is able to emphasise the organisation's sustainability in this competitive market scenario. In this section of themarketing assignment, the organisation monitors their product sustainability through 99% fabric Mills And 100% of garment factories (Tarocash.com.au, 2022). Along with this, the organisation also shares partnerships with better cotton initiatives that improve customer satisfaction accordingly. The company also improve plastic-free packaging for developing products and services.

Price
Implementation of creative thinking in the budget in the fashion industry can help organisations to emphasise business development in this present scenario. It has been reported in the marketing assignmentthat Tarocash mainly follows the premium pricing strategy along withproduct line pricing and competitive pricingto improve customer retention activities. It has been evidenced that the organisation provides facilities related to Paypal, eBay and others for online transactions which have improved the marketing sustainability in this present scenario (Tarocash.com.au, 2022). Demonstration by Brydges, Retamal& Hanlon (2020), has depicted that effective maintenance in premium pricing strategy along withproduct line pricing and competitive pricing strategy plays a significant role to attract a consumer base that improves brand recognition in this present scenario. It has been reported that the organisation provides discounts and sales for casual wear which has developed their revenue growth in this present scenario. Moreover, this premium market strategy has encouraged consumer insight to get a loyal consumer base. It has also been evaluated in the marketing assignmentthat Tarocash also provides free delivery over a certain amount that developed customer retention activities as well (Tarocash.com.au, 2022). It has also been reported that the implementation of a premium pricing strategy along withproduct line pricing and competitive pricing strategy in this economic recession due to the covid-19 pandemic has also attracted the target customer base which improves the brand reputation of Tarocash with a high customer base as well.

Place
Evaluation of the Geographic segmentation improves the organisation to evaluate the customer’s demand. It has been reported in the marketing assignmentthat Tarocash mainly focuses on the Australian customer base. Moreover, the marketing assignmenthas also highlighted that Tarocash provides services from Booragoon, Elizabeth, Palmerston and other areas (Tarocash.com.au, 2022). Organisation also provides online delivery to Australian consumers by taking a wide range of products and services through wholesale distribution. It has also been reported in the marketing assignmentthat in this location the organisation provides services related to the customised tailoring service for the best fit with the help of a corporate system of vertical marketing. According to the opinion of Silva et al. (2019), it has developed the organisation's customer retention strategy and marketing development in this present scenario. More to a similar context the organisation conducted a standard delivery and 365 days written in any location in Australia.

Promotion
Promotional activities are the main way for emphasising the consumer's attachment toward organisation activities with an in-depth analysis. It has been reported in the marketing assignmentthat Tarocash uses social media such as Instagram, Facebook, Twitter and others. More to a similar context the organisation also provides customised email as per the mindset of the target customer base. As a result of this personalised promotional activities of the organisation becomes a significant way to conduct their market survey accordingly (Tarocash.com.au, 2022). It has also been reported in themarketing assignmentthat the organisation has depicted on their official website that they follow the modern slavery act by the Australian government which improved their brand reputation in this competitive business market (Tarocash.com.au, 2022). As a result, it improved the air promotional activities in this present scenario. Along with this, the company has also provided information through personalised SMS phone calls and others to the loyal customer base for expanding the information throughout the target audience.

Physical Evidence
Conducting business in both online and offline segments helps the organisations to develop interaction capabilities with the target consumer. As a result, it helps the company to improve their market survey and others. It has been evidence in the marketing assignmentthat Tarocash has almost 97 stores in Australia with glass doors and eye-soothing lighting along with a calm atmosphere (Tarocash.com.au, 2022). On a similar note, Tarocash has implemented 24/7 interaction with the target audience through online websites. Moreover, the organisation also provided a customer helpline number for emphasising customer attraction (Tarocash.com.au, 2022). It has also been reported in the marketing assignmentthat the implementation of personalised tailoring services of this organisation is one of the most significant examples of Physical evidence that developed consumer attraction significantly. Hence the organisation provides only three-step to select the best fit and personalised tailor for getting an intended dress (Tarocash.com.au, 2022). As a result, It helped the organisation to improve its marketing strategy in this competitive business scenario.

Process
Increasing concern for environmental sustainability has improved the organisation's business activities toward eco-friendly implementation. It has been investigated in the marketing assignmentthat the organisation has implemented 80% of recycled material in creating bags for delivery (Tarocash.com.au, 2022). As a result, it developed the corporate social responsibility of this organisation in a competitive market scenario. Along with this, the company evaluated collected information through the online Record-Keeping method that developed their innovations as per the consumer's demand while delivering through wholesale distribution. It has also been reported in the marketing assignmentthat the consent organisation has applied physical, electronic and managerial procedures to safeguard the personalised information of the consumer base (Tarocash.com.au, 2022). In a different context, the organisation also collected information from the government website about rules and regulations to minimise the legislative hazards. Moreover, the organisation also improved the evaluation process in supply chain management to develop product quality that has emphasised its business activity. It has been reported in the marketing assignmentthat Tarocash has started to donate its unsold garments to charity to ensure its corporate social responsibilities (Tarocash.com.au, 2022). Along with this, they use textile waste for landfills and others to reduce carbon footprint and accelerate environmental sustainability with green innovation.

People
Sustainability workforce development has improved the organisation and business perspective towards a high competitive advantage. It has been analysed in the marketing assignmentthat the organisation mainly applies the triple bottom line model to maintain sustainable workplace development. It has been reported in the marketing assignmentthat the triple bottom line theory supports the simultaneous growth in 3 segments: people, product and profit (Sinclair et al. 2022). As a result, the organisation supports the employee with a collaborative business culture that develops their business perspective accordingly. It has also been reported on the official website that the organisation monitors the execution of supply chain management to ensure the product quality of governments (Tarocash.com.au, 2022). In addition, Tarocash has implemented legislative rules about employees' wages to develop employee satisfaction red in this present scenario.

Recommendation-
Recommendation 1: Implementing a customer-centric pricing strategy
It has been reported in themarketing assignmentthatTarocash implements a premium pricing strategy to attract a top-class consumer base. According to the opinion of Anand& Kaur (2018), implementation of customer Centre price in strategy can develop the organisation's business perspective in this competitive business market. Thus, Tarocash is recommended to implement customer-centric pricing strategies to provide strong competition to the organisations Bachrach, Slater Menswear and others. Moreover, it also can improve the brand reputation of this organisation as well.

Recommendation 2: Implementing transformational leadership style
It has been reported in themarketing assignmentthatTarocash has a strong employee base with innovative ideas. However, the organisation can develop their competitive advantage by implementing a transformational leadership style along with this collaborative organisational culture (Noriset al. 2021). As a result, it can improve the employee's engagement by reducing power distance. It can cover various dimensions like cross-cultural engagement, global expansion and others from a business perspective through the participating nature of employees.

Conclusion-
It can be concluded that a marketing assignmentevaluation provides a holistic view of the market that improves the decision-making activities as per the business objective. The present marketing assignmentevaluated the market report through internal and external evaluation for the organisation Tarocash which is located in Australia internal and external evidence.

Reference list
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