Part4: Action Steps/ Recommendations
Introducing an online shopping platform will be a significant move ofembracing the new technological changes that have transformed thecommerce field. In fact, most people are ignoring the traditionalretail stores because the online platforms seem more convenient. Inthis case, OMG’s management has ignored the opportunity, and itmight undermine its sustainability in the long-run. Hence, theadopting the approach will be a practical solution that will assistthem in expanding their market segments. The technique will targetthe customers that spend a large part of their time working, and theydo not have enough time to find the clothes they might need. Theonline platform will provide access to the jeans they might need, andthey will also enjoy the discounts and other offers that can rewardthem for being loyal customers (Dinner, Van Heerde, & Neslin,2014). The industry has intense competition and establishing theonline shopping platform is one way of having a competitiveadvantage. The approaches adopted will embrace the new technology andalso target new market segments such as the younger people that usethe internet in undertaking most of their tasks. In summary, mostpeople will look at online shopping as a proper way of diversifyingand reaching more customers.
Improving the marketing strategies will be an important way ofreaching more clients and increasing the sales. More important, theyshould adopt the digital techniques in finding the younger peoplethat do need to understand what OMG stores offer. For instance,Facebook and Instagram can provide perfect opportunities to marketthe store and ensure that the information on the products reachesmore people (Dinner et al., 2014). Currently, it seems like themanagement has not exploited such platforms in finding more peoplethat can prefer the clothes. OMG can also focus on some moreappealing adverts that will reach new market segments such as thecowboys that are known to love the blue jeans. For instance, they cangenerate adverts that have the cowboys wearing the wrangler jeans andtheir matching coats. Using such techniques can assist them inreaching the cowboys that have established such clothes as theirsignature outfit as well. They can clearly benefit from focusing onthe preferences of the cowboys that love denim. Creating such designsand marketing them properly will be an important way of reaching moreclients in the long-run. In summary, the changes will increase theawareness and most likely boost the sales that the stores have beenmaking in the recent past.
OMG can diversify and create new market segments so that they canhave a competitive advantage over the other players in the industry.The fashion industry often has various big firms that are dealingwith the male and female clothes. However, most of them such asRaleigh, BLK DNM, Rag + Bone and Paige Denim are some of the storesin New York that offer stiff competition. Most of these outletsassociate themselves with the premium customers that needhigh-quality products, and they will not mind higher prices. Giventhe intense competition in that particular part, OMG should focus onthe middle-class clients, who prefer the cheaper outfits. In fact,they can specialize on the street-wear to make sure that they reach anew market segment. More important, the approach will expose thecompany to new clients that prefer the rugged denim and otheraccessories that match with those particular clothes. Lastly,increasing their visibility through fashion shows and exhibitions isalso another way of ensuring that more people know what they offer(Buil, De Chernatony, & Martínez, 2013). The techniques willmake sure that they have diversified their market focus andintroduced more designs that their clients might love.
Buil, I., De Chernatony, L., & Martínez, E. (2013). Examiningthe role of advertising and sales promotions in brand equitycreation. Journal of Business Research, 66(1), 115-122.
Dinner, I. M., Van Heerde, H. J., & Neslin, S. A. (2014). Drivingonline and offline sales: The cross-channel effects of traditional,online display, and paid search advertising. Journal of MarketingResearch, 51(5), 527-545.