organisation Name & History
This report will be addressing the metrics established by Lands' End. Lands' End was founded by Gary Comer along with friends Robert Halperin and Richard Sterns. Initially began as a retailer for sailing suppliers in a mail order format; however it now focuses on creating a lifestyle brand with its offering casual apparel, outerwear and swimsuits for adults & kids with a nautical style, maintaining a strong connection to its sailing heritage. After a successful acquisition in 2002, Sears (a chain of American department stores) is now the parent company of Lands' End, along with Kmart. The corporation has also established online partnerships with Debenhams and House of Fraser department stores within the UK.
Type
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Lands' End aim to obtain customers through creating value using high quality goods is reflected in premium pricing and elements of psychological pricing (e.g. coat price = £199). The organisation targets ABC1 families (more specifically parents), who have an interest in the outdoors. By establishing a large portfolio of products this enables broad (in effect a lifestyle brand) this encouraging existing customers to purchase from each category. The Business to business (828) is also addressed through corporate gifting and with state of the art embroidery.
Competitors
As Lands' Ends moved away from its origins and field, it attained competitors associated to the clothing industry. They consist of similar establishments focusing on lifestyle with a wide and diverse product offering. For instance: American Eagle, LL.Bean, JCPenney and Joules within the UK
Task lb: b-c five pages
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Land' End still maintain a solid customer base with steady monetary movement. Due to the age of the company, decisions do not have to be made as rapidly and more detailed complex plans can be manufactured. At this point it may re-envision itself with an alteration of mission statements and aims. It is very unlikely for Lands' End to do this as quality goods with lasting materials is a core value which attracts the majority of its custom. This would result a major loss of USP. The priority at maturity levels are simple, maintain the past profit levels (Anon., 2016).
Page 4 of 23 Lands' End operates within the market of clothing and retailing, this is the main contributing factor to the organisations ability to acquire and retain customers. In addition to this the clothing industry has become one of the most saturated markets (Antonshak, 2016).
Acquisition and retention rates are important to an organisation as they offer crucial data to assess their customer flow. As a private limited organisation their goals are to generate value and profits consistently within the organisation which can be maximised by assessing and appropriately responding to these
Task 1c:
Metrics which measure acquisition and retention for Lands' End customer Segment
Customer profiling
CHAPTER 1 – LOWE’S HISTORY Lowe’s started as a small hardware store by Lucius S. Lowe in North Wilkesboro, North Carolina, in 1921. After Lucius died, his son James Lowe inherited the business and ran the store with his brother-in-law Carl Buchan until both of them were called away to serve in the United State Army during World War II. While they were serving in the Army, the business was ran by Lowe’s mother and sister. Carl Buchan was wounded and discharged from the Army in 1943 and then he returned to operate the business.
A person bought payed more to get a product with a brand name. Even though it was more expensive, it was worth it. “Is It Worth It”, by Scholastic Scope, examines the controversy of whether it is worth to pay more for brand names. Designer brands are worth purchasing because it makes a person feel where he or she belongs. First of all, wearing brand name labels makes a person feel like he or she belongs.
Situational Analysis: Strengths Target Corp. retailing company known for diverse products has internal strength in contrast to its competitors in Canada. After setting their goals high: to reach a profit of 3 billion just from the Canadian locations, it fell short, but with a positive outlook to reach high profits in 2014 all thanks to the company’s strengths in resources, competences and methods. The company’s strengths could be recognized after viewing its products with competitive pricing, the partnership with Starbucks1 and the well trained staff. Once the strengths are recognized, the company is able to use this information to its advantage, maximizing its profits.
Healthcare organizations (HCOs) face a number of difficulties within its organization each day, including patient acquisition and patient retention. It is commonly believed that getting individuals to their healthcare facility is the most challenging aspect that HCOs face. Of course, new patient acquisition could be a challenge without an efficient marketing strategy, but the challenge does not stop there. One of the biggest challenges for many practices today is maintaining a high patient retention rate. Pushing a patient from a one-time-visitor to becoming a frequent visitor of a specific healthcare organization involves much more effort than expected.
Why has Loblaw’s strategy been successful? Loblaw success can be attributed to its efficient operations, its customer loyalty programs, the popularity of its private label brands, and large-scale purchasing efficiencies. Loblaw has showed a good understanding of the Canadian grocery market due to its time-tested strategy. The company has presence in virtually all Canadian provinces with a tailored value chain that helps them achieve high revenue and standards. Additionally Loblaw offers competitive wages and benefits.
Due to their huge success, control over suppliers can be always be maintained by the company. Rivalry among the competitors is the force to reckon with and it is the one that will decide the future profitability of the fashion industry. Competition in fashion is very high since there are only a handful of competitors when looking at the giants. Future Industry evolution Scenario 1 The future of today’s world is technology.
When launching a new product or service, a company needs to develop the key group of customers in which they are targeting. There are many steps in identifying the target market; one of these steps is to look at past marketing plans in a company and collect information to produce a customer profile. This profile is important because “it influences the objectives, creation of the communications message and the channels and media mix being selected” (Gbadamosi and others, 2013, p. 275). When this profile is solidified, the appropriate methods to make a successful marketing plan can take action to launch the new product or service. Nordstrom’s Treasure & Bond, is a new clothing line by the leading fashion specialists, targeting 18-30 year
Therefore, the source of competitive advantage for Barclays would be quality customer care as envisaged in their strategy in citizenship and continuous development of new and unique products for the market. The ability to enjoy economies of scale from supplies and large capital structure should also offer Barclays, a hand in increasing competition. Institutional capabilities and endowment Barclays bank has both physical and intangible resources to help it grow to a leading financial institution in its strategic plans. It has both distinctive and threshold capabilities to allow it create a competitive advantage against its rivals (Warner, 2010).
Businesses can attract and identify their customers and target market by understanding customers’ needs and wants, also understanding the welfares of their products. There are many ways to identify customers in a consumer market and some of them ways or methods could be using research such as primary & secondary where the business would find out key information based on their customers and also primary research is done by the business whereas secondary research is done already and can be found easily. Businesses can also use socio-economic climate which is when the information is based on their target market allowing the business to put their customers in different types which is called market segmentation. Different target groups are chosen for different products or services as they have different needs and wants from each other where they require different products or services for example; age groups as old people would have different requirements compared to teenagers as they would prefer simple products and technologies whereas teenagers are into advance and new technologies or services which meets their
Market are segmented in order to make it easier for businesses to target these segments according to the features and habits they exhibit. These segments must be definable, specific, profitable, and is has room to grow. The following outlines the segmentation for the market of Mercedes Benz broken down into demographic, behavioral and psychographic segmentation. Demographic Segmentation: Markets can be segmented by geography where the business would market its offering towards individuals living in a certain area.
It maintains only 20% inventory at its stores and it customers would like to be able to have forty-eight hours to place orders and receive them on time. This can be achieved if it has an exclusive distribution arrangement with a partner who could cater to this need. HomeHelp would be able to get increase the number of professional decorators (Propartners) who are their customers. These Propartners are currently getting their requirements fulfilled through independent dealers due to their flexible delivery programs as it results in an increase in efficiency and improvement in cash flow position for them. To this effect, the exclusive distribution agreement with Woodmere would be the perfect for them resulting in reduction of channel costs for both and enable them to deliver a superior product to the end
Terms of Reference H&M also known as Hennes & Mauritz is one of the most leading apparel companies globally; one of creativity and style. The company is one which believes that it should offer to its customers fashion and quality at the best price. The aim of this report is to assess H&M’s company organizational culture as well as the core competencies and capabilities of the company; and how it has used these to attain the position at which it is at today in the fashion and apparel industry.
Customers will be a loyal customer if their opinions and needs are met by a company. I believe this is the most important building block. I have worked as a manager of a retail card and gift store in Wantagh for the past five years. Throughout my five years, I take great pride in the customers that shop with us. If there is something that I can do to help my customers or order them a certain product, I don’t hesitate.
According to TrackMaven, market segmentation is the process of dividing the market of potential customers into groups, or segments, based on different features. The created segment consists of consumers who will respond to the same marketing strategy and who share the nature of the same interests, needs, or locations. McDonald uses demographic segmentation as their main types of market segmentation. According to Sakshi Natani (2016), McDonald in Malaysia used mainly demographic segmentation, which divided in age, income, family-life cycle and social class.
1. MARKAT SEGMENTATION Market segmentation is a strategy that is generally used by a company to identify and define the target customers, and provide the supporting data for the marketing plan elements. There are five types of market segmentation which are demographic segmentation, geographic segmentation, psychographic segmentation, benefits segmentation and volume segmentation. • Demographic Segmentation Demographic segmentation is market segmentation according to age, family size, religion, race, gender, income and education. By using this segmentation, a company can categorize the needs of consumers more easily and target its consumers more accurately because demographics can segmented into several markets.