Eddie Bauer Inc, offers many different products for both men and women who seek versatile, classically styled, high quality merchandise to meet their wardrobe and home décor needs. Eddie Bauer considers the location of its stores to be the most vital factor in achieving maximum sales. The company, however, must determine how it can best identify these locations in order to reach its target market. With recent demographic changes, it is essential that they gather information to answer some key questions in order to do so. (Aaker, Day, Kumar, & Leone, 2010)
The company first needs to collect demographic and geographic information relevant to potential store location choices in order to segment its market. It is extremely important that the marketing
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This will help them in achieving maximum sales.
The company’s marketing team should first collect information regarding the income level of customers who live in the vicinity of the potential store location. They should determine income of the area’s population in order to make sure that it matches that of their typical customers. They should also take a look at education level as well occupational information for the area in question. They will want to know both employment rates as well as types of employment. They should look at marital status, median age, and household size. Customer lifestyles and preferences are another important aspect of gathering demographic information. Hobbies and activities popular among customers in this area should be examined. Do they enjoy active, outdoor activities, or do they typically prefer indoor activities such as going to the movies and shopping at malls? Their purchase habits can also help to give the company a better understanding of the
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They first want to know, within the market for the potential location, who are their direct rivals? The demographic information they have collected will help in determining this. They’ll also want to determine the size of these rivals, and what their performance is within the market. Assessing popularity, as well as strengths and weaknesses of direct competitors will be helpful in determining how Eddie Bauer’s performance could match up against their competition, as well as how they might gain competitive advantage. Not only will the new store’s performance be affected by its surrounding competitors, but taking a look at competitor performance can help them to determine the popularity of these types of products within that market. (Aaker, Day, Kumar, & Leone,
Precise and comprehensive information is the basis of all successful commerce activity because it provides a vast amount of information about possible customers, existing ones and the firm’s competition. Market research allows business proprietors to establish the viability of a business venture before committing sizeable resources.
Figure out the typical customers is the first marketing strategy. Business should find the right customers who would by your product and tailor and focus its marketing effort toward them. Thus, this target market represents the group of customer offering greatest opportunity.
The case study gives some hints on Primark’s segmentation and targeting criteria, and the following graph analyses those based the assumption that segments are mainly defined by basic on personal characteristics (demographical, socio-economical, geographical, personality or lifestyle based) and "product-related
1) For a channel to succeed four location decision factors are considered; economic conditions, competition, the strategic fit, and the cost of operations. Stores need ...
Nordstrom retail stores have large hallways, and everything is presented in a very classy manner. The color scheme includes pale yellows, whites, and gold, to provide a more elegant appearance in the store in order to make the shopped feel special. The design is also seen through product organization. Compared to stores like Macy’s, which organize their products based on brand, Nordstrom organizes their products based on lifestyle. Because of this, it is easier for shoppers to find clothes similar to their style as opposed to by brand. In effect, shoppers will purchase more products. This also is a type of experiential retailing, where Nordstrom customers are able to experience the elements of their lifestyle within one section. More so, the product presentation will draw people’s eyes to products, even if they are not looking for it. This gives Nordstrom a competitive advantage in relation to other similar retail stores because it makes their store look more glamorous and high-end. While other stores may focus on value, Nordstrom utilizes the retail positioning strategy to make a customer feel more high-end and
The principles of marketing (The Times 100, n.d) are a range of processes concerned with finding out what consumers want, and providing it for them. This involves the ‘4ps’ of marketing; price, place, product and promotion. The product decision in any company involves dealing with goods that should be offered to a group of customers (Jobber & Ellis-Chadwick, 2012). Burberry maintains a product line with great width and scope in which their products fall into two main categories; fashion or continuity. Their fashion products are designed to be responsive to fashion trends and are introduced on a collection to collection basis (Burberry, n.d). Continuity products however have life cycles that are expected to last for a certain time period. Burberry also has 3 primary collections; womenswear, menswear and accessories, with the variety of products they can utilize their product mix greatly. Burberry also has...
Ron Johnson spent a great deal of time and money to promote his ideas of “stores-within-stores” by turning floor space into an area to house several branded boutiques. He did this in order to attract a target market of a wider demographic which includes age, gender, and generation. One of the m...
Marketing is not just about selling and advertising products and services. In general, marketing is associated with identifying the particular wants and needs of a target market of customers, and then working to satisfy those customers better than the competition. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution or place (Bethel, 2007). Understanding ways to identify the target market is crucial in developing market strategy. This paper is intended to define target marketing and examine a market analysis of Stacy's Pita Chip Company.
Appropriate marketing strategy is needed to reach final consumers or households. Basically, this type of customer buy product and services in the category of nice-to-have, and often to improve their quality of life. Individual consumer buys product and services for his or her own use, they are free to make purchasing decisions based on instinct, whim, or gut feeling. There are also other method to reach potential final consumers and households ;
primary marketing campaign must target families and position the new product well within that realm. They must additionally target the aforementioned cities, calling primary attention to the attributes of fashion and performance with a secondary emphasis on ecological conservation.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
The current organizational structure has numerous benefits for McDonald’s Corporation. For the purposes of improvement, the organization should further its use of geographic segments. In the recent past, the company has experienced either slow or no growth. In that respect, the organization needs to tailor its product range to different markets. This will assist in capturing attention from the various consumers. Use of segment heads will be useful in understanding different markets, hence driving growth in the organization. Increased segmentation will allow executives to track market feedback right from employees on the ground. This approach will also facilitate quicker response times to consumer needs. As a result, the organization will be able to maximize on its sales opportunities.
The marketing team determined strategies and media for advertising the products in each of the prospective countries, as well as locations of sales. The team also made a thorough study of workforce availability.
Demographically we can segment the market into groups based on age, gender, family- size, income, family life cycle and occupation.
Demographics of the area show the largest consumer base as professional adults and students ages 24-54 with household income of $52,000 and up. The primary target market are the professional wage earners, which will be a high proportion of customers that will have a greater demand for the product, the age and income breakdowns show that a large portion has enough disposable income to be able to patronize Rooms for Dessert upscale dining and entertainment. Sub-segment market is based on the heterogenous approach, “The heterogenous approach taps into the differences between consumer demands. Segmenting the market into bite-sized chunks allows your company to cater to individuals” (Bradley., N.D.). Rooms for Dessert will target customers desiring a sweet treat not necessarily a high-end dessert such as customers who are generally not concerned about health or