Mr Price Marketing Strategy
Mr Price has been around and popular for about 29 years with their impressive range of products. The Mr Price Group is continuously seeking new markets-Evidence of this is their large geographical spread all over the world. Not only is Mr Price known for keeping up-to-date with the latest “trends” of “fashion” but they are known for their unbeatable prices. From the beginning, Mr Price has been a cash-driven retailer with over 80% of their sales being cash.
The Mr Price timeline:
1979: Founders Stewart Cohen and Laurie Chiappini met.They developed a relationship based on trusting one another and sharing similar interests and a positive vision
1985: Stewart and Laurie were both interested in starting a factory shop but were unable to afford
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If customers are unhappy with the quality found at Mr Price they will seek better quality elsewhere.
• Many companies are competing for the same target market in the clothing industry and so Mr Price needs to ensure that they use the most effective marketing and advertising techniques and that their quality and service is almost unbeatable
• Mr Price should compile a competitors profile in order to keep a “close eye” on their competition and the moves that they make. This is a good way for Mr price to stay ahead of the market
THE AVAILABILITY OF SUBSTITUTE PRODUCTS:
• A substitute product is a “different” product that satisfies the same need, in MR Prices sake a substitute product would be if a customer goes to Mr Price to find a scarf and they don’t find anything they may walk over to Markham’s and buy a warm jacket instead of wasting money on a
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It is simply new businesses that may open and potentially take your customers
• If there is lots of profit in a market a new business may open
• If there are not enough suppliers to meet the demands it also gives room for new companies to open
• This threat of new entrants is diminished if there is brand loyalty towards Mr Price
POWER OF SUPPLIERS:
• It is important to have a extremely good relationship with your suppliers to avoid late deliveries, poor quality, over pricing and allowing your competition to grab your opportunities and customers
• Mr Price can suffer financially or get a negative public perception if this is not done
• It is important for Mr Price to get their stock delivered at the right quality, quantity, time and place to ensure the business runs
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