Globus Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Globus analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Globus marketing mix, help the brand succeed in the market. Let us start the Globus Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Globus Product Strategy:
The product strategy and mix in Globus marketing strategy can be explained as follows:
Globus is private brand and has in store labels like Globus and F21. The brand has wide range of casual, occasional traditional and premium clothing for men and women along with jewellery and fashion accessories as a part of its marketing mix product strategy. It believes in giving the customer complete in shopping experience. Globus offers apparels for men and women. For women the clothing range in ethnic wear and Western wear is offered. Ethnic wear for women includes dresses, kurtas, pants, salwars, skirts, tops etc. The women Western wear includes jackets, jeans jumpsuits, shirts, T shirts etc. Newer fashions are offered for every season.
For men apparels Globus offers Western contemporary range of clothing. It includes jackets, jeans, pants and chinos, shirts, shorts, T shirts and winter essentials. The fashion line launched in collaboration with Kareena Kapoor includes clothing from high fashion party dresses to casual wear. Jewellery is not included in this policy. Globus has a blog related to latest fashion and styles. In near future it is planning to refurbish the product mix.
Image: vivacitymalls
Globus Price/Pricing Strategy:
Below is the pricing strategy in Globus marketing strategy:
Globus has turnover of Rs. 250+ crores.
The brand has 'No Questions Asked Returns Policy'. If the customer is not satisfied with the product, he/she can contact through call or e-mail within 30 days from date of order. The pricing range of Globus is more or less similar to its competitor. It has employed end pricing strategy for some of the products, like 'Graphic T shirts Rs. 399', 'Best of Fashion Rs. 499'. Also it offers free shipping for the total order value of Rs.1000. It also has price reduction offers like 'Buy 2 get 40% off', 'Up to 50% off' etc. It has also adopted promotional pricing strategy and offers summer and Winter sales to get increase in footfall and for the store and sales. It also gives the option of cash on delivery to the customers along with different payment options like net banking and Debit/Credit cards, Mobile wallets (VISA, Master Cards, American Express, Paytm). Under its 'No Questions Asked Refund' policy, customer can return the product if not satisfied 100% and can get full refund of paid price.
Globus Place & Distribution Strategy:
Following is the distribution strategy in the Globus marketing mix:
Globus was founded in 1998. The first store of Globus was established in Indore in 1999. The store was spacious with area more than 35,000 square feet. Later on two more stores were opened in Chennai. The Globus flagship store was opened in Fashion capital of India, Mumbai in November 2001. By 2008, the number of stores in major Indian cities was expanded to 24 and had plans of further expansion. Currently there are 29 Globus stores. Globus merchandise is also available through e-commerce websites like tatacliq.com, jabong.com, snapdeal.com etc. It offers service of store locator on the website through which user can select the city and locate nearest store. Over the years, some of the Globus stores in premium localities (Fort in South Mumbai, Hill Road Bandra)were closed due to scalability issue and high cost of real estate. It is planning to open separate stores for men and women.
They are also planning to enter smaller cities for improvement in bottom line as youngsters in these cities have also become fashion conscious and profitability will be more in these tier II and III cities.
Globus Promotion & Advertising Strategy:
The promotional and advertising strategy in the Globus marketing strategy is as follows:
Globus is active on social media through its website subscriptions as well as presence on social networking sites like Facebook, Twitter, Instagram, Pinterest and YouTube. Globus has engaged popular Bollywood actresses as its Brand Ambassadors. The clothing line by her was to be launched through Globus. It had created new world record on December 21, 2007 by making World's largest Christmas stocking. It was filled with different gifts which were donated later to NGOs. The donors were issued coupons for the Christmas goodies bag. Globus has sign up option available to visitor for receiving more information about upcoming schemes. For user ease, the website of Globus is compatible with Macintosh as well as windows and Android. The Instagram page of Globus features attractive photographs of the latest styles in the stores. It also features advertisement videos or latest season fashion.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Globus.
People:
The brand Globus has Akshay Raheja as Vice President and Vinay Nadkarni, MD and CEO. Mr Ved Prakash was with the organization since its establishment till 2004. Globus caters to men and women both. Although in near future, the organization is planning to open separate stores for men and women. The main segment for it is young in the age range of 18-35 years who are conscious about fashion and newer trends in it. The online purchase option is available to the adults (above 18 years of age) only. The style of the clothing and accessories in keeping with the targeted segment. The style of the garments is fusion of western silhouettes with the eastern prints and motifs and thus appeals to millennial generation. Globus is also committed to establish long term association with its employees and has defined the mission building dynamic team of committed and passionate employees through sustained learning and grooming.
Process:
Globus has well defined mission statement wherein the emphasis is put on customer satisfaction and bring about continuous innovation and adaptation. Globus website is equipped with the functions like purchase of merchandise. It also gives step by step instructions for the same. Due to rising real estate prices, the brand had to shut down some of its stores before 2016. The brand has big plans to come back with revamped strategy. Globus has ambitious plans to start 70+ stores across India with total estimated expenditure of 350 cr. in the recent years. For business forecasting, the organization seeks consulting services from international players like WGSN. The company has annual allocated budget for software development related to fashion forecasting. For ease of operation, the store maintains separate registers like Manual MCN, Altering, Defect, Customer suggestion, Customer Requirement etc. For each process followed in the store, there are defines steps and relevant documentation involved for tracking and validity.
Physical Evidence:
Globus has posh stores in many popular and trendy malls in major cities like Mumbai. Globus merchandise is also available in multi brand departmental stores like Shopper's Stop, Central. The stores have youth centric vibrant ambiance wherein the latest fashion is always displayed tastefully. It defines itself as fashion, apparel and destination brand and reflects the spirit of youth through its vibrant, maverick and expressive designs. These designs provide outlet to the consumers to express themselves. The F21 label challenges the youth to experiment and urges them to be bold and daring. The looks offered range from everyday casual to special club-ware. As per the plans, the brand has decided to go for specious stores of area 8000-10000 square feet on lease basis. Brand has different loyalty programs for customers wherein Temporary(Basic), Silver and Gold cards are given to the customers as per the value of purchase. These cards have different validity and benefit packages. This completes the marketing mix of Globus.
About Globus:
Globus is a retail clothing brand from India belonging to Rajan Raheja Group.
The company is headquartered in Mumbai. The company was found in India in 1998 with its first retail store, which they aim to expanding in all the major cities and towns across India.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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