As these collaborations bring success, we may move forward with large designer names such as Carolina Herrera, Derek Lam, Vera Wang..etc. Forever 21 currently holds the position as the retailer of cheap product. The need for this improvement will have people taking Forever 21 as a serious fashion retailer that offers economically high fashion product, without the “cheap” factor. Reasons for this renovation - Gain new clients in all markets. Increase in quality of women and men’s apparel and market to clientele ages 25-45.
Title: Coach Inc. Executive Summary: Statement of the Objective: To study the issues involved in sustaining a premium image for a brand, even while reaching out to a larger market To understand the role played by product innovation in the success of a fashion goods company Statement of the Problem: Is its Advantage in Luxury Handbags Sustainable? 3 Alternative courses of action: a. Make new distinct designs of luxury handbags that fit to different classes of people in the society. b. Conduct a research that would help coach Inc. prevent counterfeit products from imitating coach’s design c. Promote the product and its quality in different countries to know more about coach.
However it has adapted to the current business environment and is now seen as one of the higher end shops on the high street. This means consumers are willing to pay higher prices for Topshop products even if they have less money, because they see Topshop as a long established high quality brand. Topshop mainly targets customers for repeat spending; therefore they build up a lot of customer loyalty. Topshop have had an
The characteristics of women in the target segment varies greatly and distinctly from others. This strategic multi-segment are women who can afford to buy a product that is higher than the average price in return for superb quality and up to date fashion. They like to look good with what they are wearing and want to maximize the potential of their body. They also like to look and feel comfortable but at the same time, want to feel well-kept and dressed. They do all of this focusing more on the end result than on the immediate effect on their wallet; unlike other women who buy similar products but in less expensive stores.
The other barrier to entry faced by potential firms is product differentiation such as differentiate their products through packaging or secret ingredient in order to persuade customers that their products are more unique and superior than rival brand. For instance, L’Oreal launches Garnier hair colouring line, Belle Couleur that help men and women to be gorgeous and to express their personalities through cosmetic. (c) Explain with reasons, the likely demand curve(s) faced by the individual firm in the hair care industry. (3 marks) Price Price D D --------------------------- --------------------------- ------------------------- ------------------------- P2 ---------------- PB
SWOT Analysis: Target Mission: “Our Mission is to make Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional guest experiences by consistently fulfilling our “Expect More. Pay Less,” brand promise.” Goals: To provide shoppers with exceptional value through an upscale discount store and through online shopping. Vision: “To support our mission, we are guided our commitments to great value, the community, diversity and the environment.” Description: Target is a retail store that prides themselves on quality items and great customer service at a low price. They strive to commit to their communities and foster diversity. Strengths • Target has a high market share; they have at least one store in every state except for Vermont • Target is on the Fortune 500 list and is ranked as #38 as of 2012 • Target has large, clean stores that are anesthetically pleasing • Target has stronger quality products than competitors • Target owns many subsidiaries such as Target.com, Target Financial Services, Target brands and Target Commercial Interiors • Target offers a great variety in products, they sell anything from clothing to jewelry to food • Target sells the most gift cards in the United States • Target has a well established national brand and has many partnerships which allow for special collections that are not available in other stores Weaknesses • Since products are of better quality, they are more expensive than competitor products • Target has low international expansion compared to competitors • Target stores do not play music, customers often complain of “silent” shopping • Target brand is not as popular as competitor brands • Target has recalled many products • Target is a union free company, so they do not pay an attractive wage to their employees
Burberry vs. H&M The expression quality over quantity really came into play as I was comparing Burberry to H&M. Burberry, the exclusive store, was a much more pleasant experience then shopping in H&M. However, H&M is way more affordable, especially in today’s economy. H&M will do the job if one needs a trendy outfit to go out in, but Burberry has clothes, jackets, scarfs and handbags that are made to last a life time using the best fabrics and great stitching techniques. When I was examining the window display for Burberry, it had a focal point on their new winter jackets. Everything was very neat, and set the mood to look at their jackets. For H&M, their window display was all over the place.
Customers will choose to buy a product that they believe offers them the most value, this perception of value leads to created expectations. The consumers assessment of the value they receive from a purchased product will influence their satisfaction and repurchase behaviour. A company can influence a customers perceived value by strengthening or augmenting the product offer with services, personnel and image benefits. By having a customer-centred approach, a company will achieve higher customer satisfaction through adding more value to the core product. A satisfied customer is more likely to repurchase, and also create new
And fashion, while often not intended for the masses, needs to sell. Thus models are chosen because they embody society’s current ideal, and we’re more likely to buy fashion modelled by women we find desirable. So what is behind out changing beauty ideals? Is it the women we see in the media that influence us? Or is our changing taste influencing what the media chooses to portray?
Other than that, a company can have an advantage in the production cost with a proper and strategic plan. To have a lower cost but higher productivity, a company might outsource a portion of its operation. Lower cost can be an advantage because the company can sell their product with the same or regular price as its competitor from a less capital, so that the profit will be higher. Strategic location is another advantage that can determine whether the business will become successful or fail. The location can be used to predict how many potential customers are available.