Retail positioning aims to provide competitive edge by differentiating the retailer from its competition. This differentiation can be achieved through retail offerings that appeal to, and are easily identifiable to by its target market. This process is done by selecting market segmentations and matching them to the retail offerings as precisely as possible. It is vital to understand the consumers needs and wants in order to make a proper match and be distinguished from other retailers. Nordstrom distinguishes itself from other retailers by positioning itself as an upscale fashion store with outstanding customer service, and its multichannel approach.
All in all, Peak Design has the advantage in the technological and economical environment among the other macro-economic factors, on the selling and marketing of their product. The product itself can act as the selling point to suit the various needs of the consumers. With the right marketing technique, Peak Design has successfully put the integrated market plan to good use, identifying the most suitable group of consumers to make the best out of the product's potential success. Last but not least, plans and strategies were put into actions and that result in a flawless bag, the Everyday
When there are many companies out there with the same products, these companies rely on branding to get their products across (Advertising Strategies.) Cover Girl is a very popular cosmetic brand, but there are other brands just like it. What makes Cover Girl so different from its competitors are the amounts of ads it has, not just in print but also commercials, as well as the sponsorship it has. In just this issue of Seventeen Magazine there were over eight Cover Girl advertisements. Commercials for Cover Girl are seen on the daily.
Marketing Analysis 1. Provide a brief summary of the situation at The Fashion Channel (TFC) including the reason TFC hired Dana Wheeler. (5 pts) The Fashion Channel, a newly successful cable news network, is widely popular and gained large profit since its creation in 1996. Its huge success its due to its 24-hour, 7 days a week broadcast of specifically fashion related content and ads. Other cable networks like CNN caught on to the huge potential and appeal to this fashion sensation, and have given TFC significant competition and TFC is looking to drastically change its marketing strategy through segmenting and positioning.
They are targeting middle class women as the prices of products are fairly priced for the quality of bra for sale. Women are able to purchase from a wide variety of styles of bra/underwear, color, patterns and designs. Customers are also able to purchase various items from work out items, to perfume and makeup. The quality of the product is always high and customers are often willing to spend more on lingerie at Victoria’s Secret than at other stores because of the diverse merchandise offering. This has also created loyal customers for Victoria’s Secret, creating a following that allows for them to have a better understand of their customers wants and needs.
Cover girl uses the ideology that women should look beautiful at all times. They use different celebrities to target different audiences to diversify their customer base. Companies use these techniques in their multimillion-dollar advertisement campaigns. Every business wants to sell the audience on why the audience should buy their product. What better way to do that than to use celebrities with influence over the public to help do
Consumers make purchase decisions based on a product’s symbolic meanings and images, which can be used to create and enhance self-image. According to Graeff, (1997) brands associated images let consumers express who they are, what they are, where they are and how they want to be viewed. A person expects positive reactions from his significant referents, and brand image becomes a symbolic tool for goal accomplishment (Grubb and Hupp, 1968; Grubb and Stern, 1971). A person attempts to communicate to his significant references certain things about himself by using symbolic products. Consumers’ purchase decisions are significantly influenced by social value in that consumers perceive various brand images as either congruent or incongruent with the norms of the reference groups to which they belong or aspire (Grubb and Stern, 1971; Solomon, 1983).
In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
Moreover, they would pursue this study to know how do customers are convinced by human brands to patronize the brand that they endorsed. Theoretical Framework Figure 1. Thomson’s ARC Theory To provide anchor and support for the study, the researchers cited a framework conceptualized by Matthew Thomson in his study in consumers’ attachments to the celebrities (2006). This concept is derived from the theory of Ryan and Deci (2000) which states that if an object is responsive to a person’s needs for autonomy, relatedness, and competence known as the “A-R-C, intense attachments may result. In his studies, Thomson defined the following needs for attachment: Autonomy is defined as “a person’s need to feel that his or her activities are self-chosen, self-governed and self-endorsed” (Deci and Ryan 2000, Ryan and Deci 2000).
It is a less risky strategy. It includes branding and advertising. For example, Air Asia 's non-price competitions include flyer programs, flight schedules, in-flight service, online services, and promotional expenditures (such as advertising, sales promotions, coupons, free gifts or special orders). Sales promotions like Matta Fair, Air Asia provide many advantages such as vouchers, discounts, and buy one get one free. Those benefits can build a good relationship with the customer because they like to pay less and get many benefits to purchase products and services.