Marketing strategies is a thoughtful analysis of a product and the target market to design a series of strategies focusing on the competencies while ensuring to overcome the weaknesses of the product. The core purpose behind devising marketing strategies for any product is to fulfil the marketing objectives or goals set by the organization for the promotion and sales of a product. Chanel is one of a kind brand which every individual is aware of. A high end line of beauty products particularly their perfumes have made the brand spark in the cosmetic industry. The reasons for such high popularity of the product besides the high quality, is the effective marketing of the product.
Innovation capability Throughout the collaboration history of H&M, there is a common characteristic shared by collaborating brands is that these brands are all luxury designer brands. This is a continuance of H&M in spirit of innovation. In apparel industry, designer is always the core innovation power and image of a brand, therefore, the collaboration of H&M and these luxury brands brings a positive influence in enhancing its innovation capability. In the past, in-house designers of H&M shoulder subtotal innovation work, it is a great challenge to internal human resources because apparel industry acquires sustainable innovation and high feasibility in production. Compared with other resources, the VIRO performance of innovation and human
There are some advantages and disadvantages of this brand. Strengths First of all, advantages of Gucci is in there established, very strong company identity. They have the ability to control their distribution channels.Its aggressive strategy achieved through communication is additionally another of Gucci’s benefits. In some time, Gucci changed its strategy of carrying one brand to branching out to a some brand groups. This strategy is also improved by other companies as Louis Vuitton and Prada.
In the case of suppliers, there seemed to be many suppliers of leather for the luxury goods industry. This made their bargaining power very weak. To add to this, luxury good manufacturers such as Prada, Louis Vuitton, and Armani among others had the resources and capabilities to easily integrate backwards and find means of supplying their own raw materials. Also, due to the high standard quality required by the manufacturers of luxury goods, suppliers seemed to be rather at the weaker end of the table, since they could easily switch among the many available suppliers to
Having a positive consumer-based brand equity can lead to long term revenues, greater margin profit and success in term of marketing communication. To develop successful strong brand equity, it involves several stages that have been assembled as a set of brand building blocks. The brand building blocks also aims to identifies areas of strength and weakness as well as to provide guidance to marketing activities. Professor Kevin Lane Keller introduced a pyramid model known as customer based brand equity model that focusing on understanding how customer felt, recognize, heard etc. on the particular brands based on their experiences using the brand over the time.
This in turn would assist the organisations to comprehend the requirements of the customers’ expectations from the organisations. Therefore, it can also be stated that mass media helps in developing an excellent communication with the customers. According to La Rocca et al. (2015:170) stated that by communicating well with the customers assist the organisations to understand the expectation of their customers. The proper means of communication enable the companies to enhance their sales level thereby increasing the profit margin as well.
The widely used print mediums are newspapers, magazines, and brochures and broadcast medium such as television, radio, internet. On the other hand he is saying about the importance of consumer perception. Any business in this world can get success, when it start attracting and retaining the consumers with profit and this goal is achieved when company builds a strong consumer perception for its product or service. He described the role of consumer perception in determining the behavior of customers. Consumer perception can be built through a number of ways which include the appearance, feel, price, quality of the product and by fulfilling the promise made by the product and previous experience.
For example, a local electronics retailer may try to distinguish itself by focusing on elite set of customer service relative to competitors offering similar brands. Advertising also helps to build a brand loyalty for products. This means that targeted customers not only like and buy your brand, but they have an emotional attachment to it. In this case, customers go out of their way or spend more to buy from you. Rewards programs or frequent shopper programs are common ad techniques to develop and build upon
Through affective strategies, Audi USA has made many people to like the brand and have a positive feeling for the brand; the hope is that when people develop these feelings, they will purchase that specific brand. The development of feelings is usually followed by cognitive feelings and this is where Audi has capitalized on its advertising efforts (Assmus, Farley, & Lehmann, 2011). The company's ads have been created to evoke, liking, positive emotions and favorable feelings towards the product. YouTube is one of the platforms the company uses to enhance its affective advertising strategy. Audi USA YouTube is full of commercial shoots on products.
Consumers usually purchase those products and brands for which they have a favourable attitude. Favourable attitude towards the brand name is frequently the result of repeated satisfaction with other products produced by the same company. So developing favourable attitude for their product is the key strategy of all the companies. From the marketers point of view it is very important to understand the consumer’s attitude for the success of the