Market Analysis of Maro

Overview of company and products

The report “Market Analysis of Maro” aims to provide information on the website of the well-known British company JaneyB, where customers can buy knitwear for both women and men that is of the best possible quality and was designed by JaneyB.

The JaneyB website also caters to customers who are looking for knitwear of the highest possible standard. In 2015, Jane Banks launched her namesake clothing line to create items of apparel that were not only of heirloom-quality but were also easy to wear.

You may find a broad selection of knitted headwear and accessories to purchase at JaneyB. Some examples of these kinds of products are hats and scarves, to name just two examples of these kinds of products. Merino wool, cashmere, and alpaca are just a few examples of the kinds of natural fibers that are used in the manufacturing of the commodities that this company creates, all of which are created in a way that is both responsible to the environment and to society.

Other natural fibers that are used include llama, camel, and Angora rabbit. The goods that are produced by this business are manufactured in a way that is not only responsible to society but also to the environment. Due to the fact that the designs are able to withstand the test of time while still having a feeling of modernity, they are excellent for implementation in a broad variety of situations, including those that are more professional as well as those that are more personal.

Every item of knitwear that is offered for sale by JaneyB is proudly created and manufactured in the United Kingdom. These processes take place in an environment that adheres to the highest possible quality standards. This is something that the company takes a great deal of satisfaction in doing, and it has been doing so for a long time.

The corporation has determined that the supply of help to the textile sector in the United Kingdom together with the maintenance of long-standing business practises are both key priorities that need to be worked on. In addition to selling its products through its own website, JaneyB also maintains a storefront in the Cotswold’s region of the United Kingdom, where customers may buy the company’s wares in person.

Read more: Marketing Analysis of L’Oreal

Country for Expansion

It has been decided that the expansion will include Canada as part of the new territory. When compared to other industrialized countries, the standard of living in Canada is rather high. This can be attributed to the country’s excellent healthcare system, excellent educational system, and robust social safety net. This nation is consistently positioned towards the top of the list of best countries in the world according to rankings of the overall quality of life in each country.

Canada has a great reputation as a nation that is free from violent conflict thanks to its low general crime rate and stable governance. This image has been earned over the course of many years. Because of this, it is a wonderful place to begin a family or to spend one’s retirement years when one is looking to settle down.

The decision of the corporation to expand its operations into Canada was motivated by a number of factors, some of which are as follows.

1. The market in Canada is pretty comparable to the market in the United Kingdom in terms of the textile sector as well as the environment. This is the case in both countries. Customers in Canada are more than happy to part with a greater sum of money in order to acquire rain and snow clothing of a higher quality. Because JaneyB is a luxury British knitwear label, there is a significant probability that their products will be successful in this market. This is especially true in light of the fact that they are based in the United Kingdom.
2. The retail sector of the fashion business in Canada has already reached a high level of development and is experiencing rapid expansion. The major cities across Canada are home to a large number of trendy boutiques in addition to department stores that are able to cater to the requirements of a wide variety of customers. This provides evidence that consumers in Canada are interested in acquiring fashion goods from JaneyB, which is promising news for the company’s intentions to expand its operations over the long run.
3. JaneyB will have an easier time exporting to Canada as a result of the Comprehensive Economic and Trade Agreement (CETA) that was signed between Canada and the European Union. This agreement will result in the elimination of 98% of the tariffs that were previously placed on goods and services. This is only one of the numerous advantages that JaneyB will obtain as a result of the CETA. As a direct result of this, JaneyB has arrived at the realization that extending her company to Canada is the choice that presents her with the greatest amount of appeal due to the fact that the costs associated with running a business in Canada are lower.
4. The fact that Canada has such a huge and diverse population lends credence to the country’s claim that it is a multicultural nation. People from all walks of life tend to have a wide variety of preferences when it comes to the clothes that they wear, which means that this opens the door to a broad spectrum of prospective buyers for JaneyB’s wares. Because of this, JaneyB has access to a big pool of potential clients in Canada, which is a direct consequence of the situation.

Analysis of Canada

Macro Analysis

Environmental

• The rigorous environmental laws in Canada are mirrored by JaneyB’s commitment to producing apparel in an ethical and environmentally responsible manner, which is in line with these laws.
• It is possible that JaneyB may leverage the abundance of natural attractions that can be found in Canada to their advantage in their branding and advertising efforts.

Economic

The economy of Canada is thriving, and there is excellent reason for this growth: the nation enjoys a low unemployment rate and a reliable financial system. This establishes a favorable environment for the expansion of JaneyB’s business.

Canada has negotiated free trade deals with a number of different countries, including the United States of America, Mexico, and the European Union, to name just a few. Because of this, the majority of trade prohibitions have been eased or eliminated, which means that it may be easier and less expensive for JaneyB to extend her firm into Canada than it was in the past.

Social

• Canada is a fantastic market for JaneyB’s wide range of products because of the country’s diverse population and culture, each of which has its own set of priorities when it comes to style.
• For instance, Canadians share a rising concern about the environmental and social effect of the products they buy, which is why JaneyB’s dedication to sustainable and ethical fashion development is so welcome.

Micro Analysis

Strengths

• An Economy That Is Both Stable and Growing The economy of Canada is both stable and growing, and it features a low unemployment rate and a reliable banking system. All of these elements working together produce an atmosphere that is suitable for the growth of JaneyB.
• A Political and Legal Climate that is Stable Canada has a political and legal climate that is stable, which includes strong protection for intellectual property rights and help for small and medium-sized enterprises. Canada also has a favorable business climate. Given that Canada offers a positive climate for business, the aforementioned elements may prove to be favorable to JaneyB’s plans to expand its operations.
• Multicultural Society Because Canada is home to such a huge and diverse population, JaneyB is in a unique position to be able to advertise its wares to a wide range of cultural communities, each of which is likely to have a unique aesthetic sensibility with regard to the kinds of clothes they choose to wear.
• A dedication to the ethical and environmentally responsible production of goods. The fact that JaneyB is committed to the ethical and environmentally responsible production of clothing is congruent with the values that are held by customers in Canada, which enables the possibility for brand distinctiveness.

Weakness

• Due to the presence of a large number of well-known brands, both locally and internationally, the fashion industry in Canada is extremely competitive.
• It is possible that Canada’s relatively high cost of living will have an effect on JaneyB’s pricing approach as well as the company’s bottom line.
• Because of Canada’s ever-changing weather, it’s possible that demand for JaneyB’s knitwear will shift with the changing of the seasons.

Cultural Issues

Before making the move to Canada, JaneyB needs to think about the following aspects of Canadian culture:

Multiculturalism

Canada’s multiculturalism is well-known in the rest of the world because the country is home to a diversified population of people who come from a wide variety of racial, cultural, and ethnic backgrounds. As a result, the multiculturalism that exists in Canada is well-known to the rest of the world.

This cultural consideration ought to be taken into account whenever JaneyB works on the design or marketing of its products. This will ensure that the commodities offered by the organisation are accessible to a wide variety of clients and that they will appeal to a wide variety of clientele.

Bilingualism

 It is essential that JaneyB give this facet of the situation some thought before penetrating the Canadian market. Since both English and French are recognized as official languages in Canada, it is vital for JaneyB to take into mind this particular facet of the country’s linguistic landscape.

The responsibility for ensuring that all of the organization’s products display labels written in both English and Spanish lies with the organisation. Additionally, it is required that all employees who work in customer service be able to carry on natural conversations in both of the languages.

Social Consciousness

One element that is contributing to the increase of social consciousness in Canada is a deeper knowledge of the social and environmental repercussions of the things that Canadians purchase. This is a component that is one of the contributing factors. The commitment that JaneyB has made to make apparel in a way that is both ethical and environmentally friendly aligns well with the values that are held by customers in Canada, and these values are compatible with the commitment that JaneyB has made.

It is vital that the corporation maintains an emphasis on the relevance of this component in the marketing activities that they do in order for the firm to earn the patronage of Canadian customers. This is because the company wants to earn the patronage of Canadian customers.

Variations

 The climate throughout the course of the year In light of the fact that the weather in Canada tends to behave in a predictable manner, JaneyB should bear this fact in mind when developing new items and promoting the sales of existing ones.

The corporation ought to provide products that are appropriate for the different seasons, such as knits that are thinner during the warmer months and knits that are thicker during the colder months. These things should be made available for purchase at retail establishments.

Important historical and cultural events

Throughout the course of a year, Canada plays host to a number of notable cultural events and festivals all across the country. The Calgary Stampede and the Toronto International Film Festival are two examples of these kind of celebrations that take place each year. JaneyB is in a position to reap the benefits of these events by selling its wares and use them as an opportunity to engage with a more diverse audience. It is possible for JaneyB to gain from the occurrence of these occurrences.

Etiquette

Business Before beginning any kind of economic activity in Canada, JaneyB is going to need to educate herself on the appropriate ways to conduct business in the local culture. It is essential for JaneyB to keep up her reputation for being kind and subdued because Canadians have a reputation for being such reserved and nice people.

In order to secure a seamless introduction into the market, the corporation needs to be aware of the cultural norms and conventions that are typical within the Canadian business community. Because of this, the company will be able to steer clear of any problems that could arise.

Market Analysis of Maro, Entry Strategies

When it comes to breaking into the Canadian market, JaneyB has a few different alternatives available to her. Each potential strategy has both advantages and disadvantages, and selecting one will be contingent on a number of factors, such as the goals of the organization, the resources it has available, and its level of comfort with taking risks. The following are some potential strategies of breaking into the market that have been studied.

Exporting

Since entering the Canadian market through exporting does not necessitate establishing a physical presence in the country, this makes it the safest approach to enter the market. The goal of this business endeavor is to offer products to customers in Canada. By utilizing this strategy, JaneyB is able to determine whether or not the business will be profitable and boost awareness of their company without having to spend a significant amount of money.

However, this strategy does have a few limitations, such as a lack of supervision over the organization’s distribution networks and the likelihood of greater overhead charges linked to things like the clearance of customs and the transportation of goods. Both of these drawbacks are a result of the technique’s reliance on international shipping.

Licensing

A Canadian company has been granted a license to use JaneyB’s intellectual property, which includes the company’s brand name and its technologies. By employing this strategy, JaneyB may be able to enter the Canadian market more quickly and at a lower cost. This strategy does not come without its drawbacks, however, as the company may have little control over the way its brand is presented and the quality of the things it sells.

Joint Venture

When entering into a partnership with a company based in Canada, it is necessary to found a new company that is jointly owned and managed by the two companies involved in the partnership. Through the utilization of this tactic, JaneyB is able to reap the benefits of the Canadian company’s familiarity with the regional market as well as the administrative limits. The original organisation will have less influence over the new company, and cultural and linguistic differences will likely make it more difficult to communicate with the new company.

Direct Investment

The establishment of a new office, retail location, or manufacturing facility in Canada is an illustration of a direct investment. It is possible that this strategy will assist JaneyB in keeping a tighter grip on its distribution routes, as well as the reputation of its brand and the quality of its products. Nevertheless, there is a cost and a danger involved with this strategy due to the fact that it takes both time and money to establish a physical presence, and there is also the prospect of having to overcome cultural and legal obstacles,

Marketing Mix

JaneyB has the responsibility of deciding whether or not to adjust its marketing approach in order to be competitive in the new market it is entering. The product, the price of the product, the promotion, and the location make up what are known as the “four Ps” of the marketing mix. The following provides an explanation and justification for the many parts of the marketing mix that ought to be altered or harmonized for the Canadian market,

Product

Given that Canada is known for its propensity for high-quality goods and its chilly climate, it is likely that the premium British knitwear products that JaneyB has to offer will be successful on the Canadian market. However, in order to make their products more appealing to customers in Canada, the firm may need to expand the variety of sizes and styles available for purchase. Labeling and packaging of products may need to be altered by the company in order to bring them into conformity with the standards set by the Canadian government.

Price

JaneyB needs to take into account the price sensitivity of the consumers in Canada before settling on a price point for the Canadian market. It is possible that the company may need to make adjustments to its pricing strategy in order to maintain its premium image while still remaining competitive with other local brands. When calculating its prices, the company could also need to take into consideration the current exchange rate, in addition to any taxes that may be relevant.

Promotion

JaneyB’s promotion strategy will need to be tweaked in order to appropriately target Canadian consumers. It is probable that the firm would seek the support of a regional advertising agency to create campaigns that will be favorably welcomed by Canadian clients.

Furthermore, the corporation’s marketing and branding may need to be modified in order to align with Canadian cultural norms and preferences. For example, in order to appeal to Canadians, who are recognized for their environmentally conscious behavior, the corporation may need to focus more emphasis on the sustainability practises it utilizes.

Place

In order for JaneyB to sell her products to customers in Canada, she needs to figure out which means of distribution have the most chance of being profitable. It is highly likely that in order for the company to successfully enter the market in Canada, it will be necessary for the company to develop strategic relationships with either conventional Canadian stores or online shopping platforms.

In addition to this, the business may need to revise its logistics and shipping processes in order to account for the varied topography of the nation.