After reading this text, join the Ransford Business School Online and you get more Take the example of Benetton, founded in Italy in 1965. Benetton, which for years had enjoyed great success with a unique brand of clothing and provocative advertising, had to rethink its marketing strategy when new fast fashion competitors such as Zara and H&M entered the young fashion market and started capturing market share and brand loyalty through a comprehensive marketing strategy. Zara understood the new patterns of consumer behaviour of teenagers and young adults – markets that craved new styles quickly and cheaply and were happy with ‘disposable clothing’. Zara studied the marketing mix variables and saw that global supply network management, service process and physical evidence such as store layout and design were more important than traditional marketing expenditure on advertising. Zara’s advertising budget is 0.03 per cent of it...
Publishes eclectic topics on human worldviews; Marketing including desires; needs, wants; aspirations, choices, preferences, lifestyles, behaviours, values; social constructions, trends, culture, politics, religions, ---- and ultimately human perspectives. John teaches online at the Ransford Global Institute: https://ransford.yolasite.com/