There are five key areas that are involved in marketing decisions in which will be used for this GFW strategy. They are a guideline to help make the right decisions and construct a well-defined marketing plan and strategy (Zigu, 2008).
Knowing about the consumer will help businesses or events market to them in the best ways to help reach to a wider audience and increase sales and awareness of the event or business (Hall, 2012).
GFW’s main consumer will be 18-25 year olds as there will be current university students who will look to these events for inspiration for their own work and other graduates looking to see their competitors. This is clear to see from primary research as majority of people who said they would attend or have attended GFW before are 18-25 year olds. The event however will also attract friends and family members of graduates who are in the show and there will also be members of the public who are just interested in areas of the fashion industry. Knowing these main consumer types will help with choosing the best ways to market GFW 2017.
Image A shows a SWOT analysis of GFW. A SWOT analysis has been created for GFW in order to identify the external and internal factors that will affect the overall event and to help set goals and monitor whether they have been accomplished (Hill, 2017).
Knowing who the competitors are and what they are offering will help in making a strategy for GFW 2017 that stands out to the customer. It will also help improve the event and set realistic goals on how successful it will be.
There are a large number of different competitors for GFW 2017 which are mainly fashion events taking place in the next 6-9 months. For example, The Future Of Fashion Programme takes place every January and helps facilitate and increase the entry of emerging talent into the fashion industry (The Future Of Fashion Programme, 2017). Another example of an upcoming fashion event which is one of GFW’s main competitors is London Fashion Week taking place yearly in February and September. ‘Your most dangerous competitors are those that are most like you’ (B, Henderson, no date). Therefore it is important that a marketing strategy for GFW is created that makes the event stand out from its competitors and unique.
Every year GFW tries to gain sponsors to provide the event with money in order for it to be carried out. Some previous sponsors have included Topshop, River Island, L’Oreal and George. GFW aim to gain as many sponsors as possible each year in order to support the graduates at the event and so it continues to run successfully and this is shown through a quote taken from a Vogue article: ‘Despite the tough economy, we felt we should pull out all the stops to come forward and support our young graduates’ (Lambert, 2010).
Image B shows a PEST analysis for GFW which has been created in order to identify all the external factors that might affect GFW 2017.