Introduction to and Fundamentals of Strategic Marketing
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You are to define each of the factors your VP of Marketing asked you to review analyze how your Company's products respond to changes in those factors, then defend your position in terms of the current market(s) for the product.
Company is Burberry or Coach
You need to consider the ways in which the market for your designer's/brand's products/goods are segmented. The key to building a case for or against what your designer/brand is doing is to present the market structure for the products/goods your designer/brand sells including how that market is segmented, the target markets served, and who competes in those markets.
If you define the target market based on demographic, socio-psychographic, and/or geographic factors; be careful to cite substantial differences in behavior (clothing chosen) of shoppers by age, income, gender, marital status, and family life style. If you don't define the target market based on demographic, socio-psychographic, and/or geographic factors; you need to explain why those factors are not applicable for your designer/brand.
What is the socio-economic class of the buyer of your clothing? In other words, in terms of the marketing environment for clothing, you need to comment on the current socio-economic environment.
Is that buyer affected by swings in the economy?
Is there competition for your current, potential, or prospective buyers' business? If so, how competitive is it, out there? In other words, you also need to consider the ease with which competitors can duplicate your products (goods), your methods and content of promotion, your methods of distribution, and your prices.
Is the buyer/wearer:
A Man or Woman
A child or adult
Big or small
Short or tall
Need Slim or regular or husky
Need Pleats or no pleats
Does the buyer want cotton, wool, blend, polyester, microfiber?
In terms of price points:
1. Is there any competition at the low end?
2. Is there any competition at the mid range?
3. Is there any competition at the high end?
You will find instructions on how to get into databases that will help you find information on companies and products at the following url
http://sites.google.com/site/zaydeealan0/tui-unviersity/searchingbrandproductcountryinformation
This does NOT require a detailed essay. Instead use section headings for each of the topics you address in your paper followed by a discussion of each of those topics. Possible section/topic headings are:
Introduce the issue -- what designer's (brand, product, or good) are you analyzing, what are the problems that designer's (brand, product, or good) faces?
(1) Analyze the environment
(2) Target Market - current
(3) Products - current
(4) Promotion - current
(5) Distribution - current
(6) Pricing - current
Evaluate the importance of the following factors by current, potential, and/or prospective customers
(1) Marketing environment factors
(2) Target Market
(3) Products
(4) Promotion
(5) Distribution
(6) Pricing
Come to a Conclusion regarding the relative importance of the factors driving choice
(1) Marketing environment factors - defense of position
(2) Target Market - defense of position
(2) Products - defense of position
(3) Promotion - defense of position
(4) Distribution - defense of position
(5) Pricing- defense of position
Available on 12 May 2010 at
http://www.fastcompany.com/1627908/a-6-step-guide-to-brand-transformation
Latest luxury-retail reports illustrate spending upswing
Coach and Burberry reported solid sales growth, bearing out predictions that luxury-retail spending is recovering. "During the recession, it was not considered 'cool' to shop. So right now, people with money are spending because of that pent-up demand," says consultant Patricia Pao. "And interestingly, so are people with less money, not just because of pent-up demand, but also due to the new merchandising direction of prints and bright colors."
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Solution Summary
The solution provides an introduction to and fundamentals of strategic marketing.
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Please find guidelines and ideas for Strategic Marketing in the attached file.
Running Head: STRATEGIC MARKETING
Strategic Marketing
Contents
Introduction 3
Market segmentation 3
Target market 5
Socio economic class 7
Conclusion 10
References 11
Introduction
Market segmentation is an important process for capturing the market. Under this process, company divides the market into sub market and sub groups have similar needs (Kim & Lee, 2011). Market segmentation is helpful for the organization in business growth, because with the help of this process, the company can easily identify the consumers' needs. Target market is the market that company chooses for conducting its marketing activity. Burberry is international clothing company that is chosen for analyzing strategic marketing practices (About Burberry, 2011).
Market segmentation
Market segmentation is process of dividing the large market and customers into different groups or segment. In every segment, people have common needs and desires. It is useful and important process for capturing the market (Kim & Lee, 2011). Market segmentation is necessary for the company before launching the product or service in the market. Through market segmentation, the company can easily fulfill the needs and desire of the customers. With the help of following factor, Burberry is segmented the market
Demographic segmentation
In demographic, company can segment the market on the basis of age, gender, income, family size, income, occupation, education, ethnicity, social class, generation: baby-boomers, generation X, etc (McDonald & Dunbar, 2004). Burberry sells clothing according to the demographic variables. Company segments the market on the basis of gender. Company divides the market into two segments: male and female. Similarly, on the basis of income, company divides the market into three segments high, low and medium income group. According to the income group, company makes the cloths.
Age is one of the important factors that company uses in segmentation. For attracting all age group, Burberry divides the market into three age group children, young and senior citizen. Company also uses occupation and educational factors for segmenting the market. According to the occupation and education of the customers, company divides that market. Clothes of the company show the persons' occupation (Kurtz, MacKenzie & Snow, 2009).
Geographic Segmentation
In the geographic segmentation, company segments the market on the basis of region, population density, size of metropolitan area and climate (Botha, Strydom, & Brink, 2005). Under population density, Burberry segments the market into urban, suburban and rural area. Climate is one of the factors that the company uses in market segmentation. On the basis of size of population, company segments the market. Suitable region provides growth to the company, so company has divided the region into country, states etc.
Psychographic Segmentation
Psychographic segmentation is an important segmentation process, because it is directly related to the customers. By analyzing Interests, opinions, attitudes, activities, personality and values of the people, company segments the market (Lamb, Hair, & McDaniel, 2008). According to the interest and attitude of customers towards the cloth, company segments the market. Personality is a combination of different features. Through personality of the customers, the company segments its market. Lifestyle of customers affects their interest and buying behavior. Lifestyle differs from person to person (Kurtz, MacKenzie & Snow, 2009). So, according to the lifestyle of the customers, company segments the market and offers that type of cloths, which are suitable to the customers' lifestyle.
Behavioral segmentation
This segmentation represents the behavior of the prospective customers. In this segmentation process, company analyzes the usage rate and status of user and segments the market (Docters , 2004). Customers' price sensitivity is another factor that company uses for segmenting the market. Brand loyalty maintains the relationship of the company and the customers. On the basis ...
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