What is the business?
Based on my pre-MBA work experience, I imagined myself have been working for 10 years in your media/fashion industry in Canada. Now, I am planning to start my own personal image consulting company - Meilleure Amie (MA or “the company”).
MA a company that gathers professionals, who assess the current status of the public’s perception and determine the best way to enhance the positive aspects of the public image, and helps its clients to achieve their best selves. Basically, this is a business where you can instruct clients on how to “sell” themselves in their best light by how to dress, speak or behave.
Why image consulting?
We have already been trapped on this topic for hundreds of years – Does your look affect your life?
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To specify our target consumer so that we can better meet their needs, we divided target consumer into various segments: High value and high potential customers.
Professional businesswomen and women who are experiencing big change in their lives (Divorcees or new immigrants) belong our high value segment. These customers have stable income resource and the drive to improve their looks and have highly probabilities of becoming regulars. High potential customer segment includes new graduates who are looking for jobs and customers who have the occasional needs to dress up. Those customers haven’t had the needs and consumer abilities yet, but occasional users could potentially turn into high value customers in the
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Instead of “consumers”, we see them and treat them as “members”.
On one hand, host get-togethers and seminars regularly. Invite loyal customers to be the guest speaker. They can choose the topics they want, whether it is an experience sharing (doesn’t necessary need to be the experience at MA), professional advices or even a life inspiration. By doing that, a customer community and networking phenomenon are fostered that will attract customers to keep going back. On the other hand, establish an exceptional loyalty programme by utilizing big data. The booming of big data era allows us to collect customers’ information and analyze their preference precisely. Send handwriting birthday cards to customers; give thank you gifts for “AM anniversaries” every year (the day she chose AM) and spicy idea suggestions around special days (Valentine’s Day, their spouses’ birthday and
“A market segment consists of a group of customers who share a similar set of needs and wants. The marketer’s task is to identify the appropriate number and nature of market segment and decide ...
Since consumers are different and have different needs, companies should focus on their “niche” market segments.
Companies start by segmenting their customers by demographics, geographics, behaviors, and attitudes (Iacobucci, 2013). Once the company decides who their segment group is, they can target
According to Exhibit 3, 50% of US Television Households are made up of the segment of Fashionistas and Planners & Shoppers. Females between the ages of 18-34 make up 50% of Fashionistas and 25% of Planners & Shoppers. Throughout history fashion has been viewed as a type of luxury that more recently is being harnessed by women of the millennial generation in this age demographic. Based on the data provided in the case, focusing on this scenario produces an increase of almost $115 million in net profit in comparison to the base numbers shown in 2007. Although TFC has never implemented a program like
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).
To begin with, it is crucial to appreciate the meaning of segmentation and targeting because these two terms lay the foundation for this report. Consequently, segmentation is dividing a market, into groups of consumers with homogenous traits in order to provide each group with the desired product. What is the meaning of targeting? It is where an enterprise evaluates every segment with an objective of identifying segments with promising business opportunities. Considering the nature of the product in question, it sufficed to mention that liquor- filled chocolates are to be sold to adults.
Believe it or not your physical appearance truly matters in the society we live in today.
Many factors should be addressed when defining a target market. These factors include market segmentation, product life cycle, and the four "P's" that make the marketing mix. Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product wants and needs. There are four major segmentation variables: geographic, demographic, psychographic, and behavioral. Geographic segmentation includes world region, country region, city, density, or climate. Demographic segmentation can consist of age, gender, income, occupation, education, race, religion, or nationality. Social class, lifestyle, and personality fall into the psychographic segment. The behavioral segment divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product (Bethel, 2007). Once the market segment is identified, that market can be targeted.
We identified our target market as Jessica Smith. She is married with two children and lives in a rural suburb outside of the city. Jessica graduated from Iowa State University with a degree in graphic design. She is currently an art director in Minneapolis, MN and makes approximately $70,000. As a creative person, Jessica is constantly looking for a way to express her personality through clothing. She lives a high-style life and prefers authentic animal skin in apparel products. For this reason, she is willing to spend more for a higher quality product. Her personality plays a pivotal role in her fashion. Being an art director, she must take risks. This is also seen in her clothing. She has a modernistic style, but likes small accents and
The fashion industry is still exceptionally fast growing and fast changing, which dictates news ideas and trends at an astounding rate. Product perception as ‘fashionable’ loses it value very soon. One day’s desired luxury item can become unwanted by the next. To update new trends, changes and fashion designs successful communication is essential (Moore, 2012: 9). To maintain good face-to-face relationship with the customer communication throughout all channels is highly important (Carr, 2013:5)
Target Customer: - In order to going to market. The Asian customer are targeted and more broadly Indian students and employees should be more focused.
Lululemon, a premium yoga-focused retail chain, serves two market segments. One segment consists of consumers who are characterized as “trendy urban” and the other segment consists of “wealthy” consumers. The “trendy urban” segment, in summary, is fashion oriented or active women who live in metropolitan areas. The “wealthy” market segment is affluent women who live in either urban or suburban areas. As discussed below, these two market segments are defined by differences in demographics, geography as well as behavioral and psychographic characteristics.
In addition, the target market can be segmented in terms of the behavioral, psychographic, geographic market, products related feature, as well as socioeconomic target market. This is because the market focuses on a certain age group and people a higher income level. As such, the common features for the market can be said to the level of income which in this case constitutes the high income level people. The other feature of the target market is that it constitutes of the young people who are sensitive to innovative products and are ready to pay premium prices for the new Apple products. In addition, the target market constitutes of the wealthy individuals who can afford the products as they are sold at higher prices compared to other similar products in the
Consumers today continue to be fascinated by personal appearance and fashion styles. Fashion, and the way we present ourselves through clothing
Once a business has successfully completed segmentation based on the market into various groups the targets will be chosen. As we all know no one unique strategy will be able to appeal to all consumer segments therefore being able to come up with different strategies for specific targets are a vital aspect of marketing.