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Effect of brand on consumer behavior
Effect of brand on consumer behavior
Consumer perception on brand image
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For Tapestry to be successful, it is crucial to understand what makes the company strong. This is what the retailer can dictate (Berman & Evans, 2013). It is also crucial for the business to know their opportunities, so they can take hold of it. Knowing where a company is strong ensures that the retailer knows what to continue to do. Tapestry can take their strengths and opportunities to eliminate weaknesses and minimize threats. For example, the company owns three “brands” (Berman, 2017, para. 2). According to Berman, “This includes Coach, Stuart Weitzman, and Kate Spade” (2017, para. 2). The company even has strong market presence, and it is well known. It is the “leading company in the handbag industry” (Data Monitor, 2009, p. 5). This …show more content…
4). For example, the company sells products through the web (Tapestry, n.d.). This takes advantage of the opportunity of gaining more revenue through the trend of purchasing on the internet. There will be over a nine percent increase in revenue from this (Market, Line, 2017). These strengths bring the opportunities of reaching many different target markets and having collaborations with other major companies. For example, “Selena Gomez” did a collaboration with the business (Espinoza, 2016, para. 1). If the company was not as recognized and successful as it is today, there would be no way that they would be able to collaborate with major celebrities. The business is targeting millennials (Espinoza, 2016). This allows this retailer to effectively reach their target market because it goes hand in hand with their consumers’ interests. It is also positioned as “affordable luxury” (Abrams, Friedman, & Paton, 2017, para. 1). This is especially important to appeal to younger consumers who may not make a large salary. The company is also targeting people in their forties (Kashyap, 2016). The differing product offerings and brand images allow the retailer to attract more than one market …show more content…
Knowing where the company is weak can help this retailer improve. This is another factor that the company can dictate (Berman & Evans, 2013). For example, the business does not directly produce their goods (Market Line, 2017). Until next year, the company’s footwear brand is also having “style misses and delays with their products” (Bhasin, 2018, para. 8). These weaknesses go hand in hand. Not obtaining merchandise on time is a direct result of having “independent manufacturers” (Market Line, 2017, p. 5). Another thing that occurs from this is not being able to know the exact value of the “raw materials” that the bags are made from (Market Line, 2017, p. 5). This merchandise is produced in other continents, as well. This brings the “threat of foreign exchange risks” (Market Line, 2017, p. 4). Since these transactions are never the same “rate,” the company needs to be careful with their financials (Market Line, 2017, p. 4). In the past five years, there has only been one year of “sales growth” for this business (Market Watch, 2018, para. 1). The company has even gotten more “debt” (Market Line, 2017, p. 4). This is from getting their newest brand. While it is supposed to bring the company more revenue in the future, it is costing them now (Market
The company had to be the second largest retailer shop in the US; it has many advantages that come along. The customers well acknowledge the company and its brand have been well established.
They also have a strong supply chain: well diversified suppliers, compelling brands, point-of-sale technology, and effective cost and inventory management (Zacks Equity Research, 2012). Their improved website functionally, JCP Rewards program, and in-store Sephora departments are also key strengths to note.
Companies need to invest in quality management, continually delineating improvements in the quality of their products, services, and processes. Consequently, quality is one of the most crucial tools in organizational success and growth of organizations, thus becoming a competitive strategy. Another significant strategy in the case of Nordstrom is related to technology. Every business has the priority to sell more and accelerate growth.
Industry competitors. Staples has made a name for themselves and is the leader in their industry, a close competitor to them is Office Depot as they are also a fellow primary office supply store franchise. Other competitors to be considered are corporate chains that profile office supplies alongside other products within their inventory. Additional competitors can include, but are not limited to Amazon, Walmart, Target, BJ’s Wholesale Club, and Costco (“Staples, Inc. Company Profile,” n.d.).
One of the major aspects of popular culture that has become very dominant in our society, especially with teenagers is shopping. Shopping culture has allowed not only for teens to look like famous people they see on television, but also for companies to become producers of articles of clothing which with replicate or very closely resemble an item of clothing which is considered cool, or popular at that point in time. From being producers of the cool and popular items, it is here where clothing stores then start to come up with ideas of how they can influence more and more teens to buy these items. One store in particular which has become a very popular distributor of clothing items which are seen as “in” or “popular” at the time is Forever 21. Forever 21 is a rather large clothing store where teenagers typically
Organizing. According to Hill, Jones & Shilling (2015, p. 397), organizational structure is an important factor when attempting to gain a competitive advantage. Currently, Staples is not in the best competitive position. Therefore, it has been hard to maintain employees and for employees to stay focused and motivated in their day to day responsibilities. Staples has a functional organizational structure and ordinarily this should be a strength of an organization, but in this case it is a weakness.
Management experience will also play a large role in the success of the forecast. The current team is quite new and will gain some needed experience over the next year in the hopes of staying on track for success. The ability of management to ensure product is readily available for the client, their training techniques with new and seasoned associates, and general management style will ensure success or spell defeat for the store.
Every retail store creates an identity for its customers. Everyone asks themselves before starting any day, “What am I going to wear today?” Our clothes are important to us, not just because they cover us and keep us warm, but because they allow us to express ourselves. Our wardrobes give us identities. Through comparison with some of its sister brands and analysis of its ads and spatial design, it is clear to see that Old Navy creates an identity for the lower middle class mom as someone who maintains for herself and her family, the American standards of presentability.
This target demographic fits our business as well as our mission statement very well. Those in this category tend to lead a more active lifestyle and place more emphasis on fitness and outdoor activities. They also tend to have more of a disposable income making them more likely to spend money on the activities and hobbies that our store caters to. To differentiate from our competitors, we will place an emphasis on product quality. This will be achieved during the inventory selection and purchasing process by identifying high quality manufacturers and formulating meaningful relationships with them.
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...
I found in interesting that the company exploits a relatively small amount of marketing, less than 1 percent of revenue. They are able to keep a tight hold on their brand as most of the stores are company-owned.
Millennials have influenced how these luxury stores broadcast themselves when it comes to the advertising and the experience of shopping. In the article, “Think Tank: Why Millennials Are the Future of Luxury,” Gabrielle Rein, the cofounder and creative director of Viceroy Creative, a boutique creative, design and marketing agency based in New York states that, “According to digital marketing research there has been a 400 percent increase from last year in the Instagram posts of fashion brands.” “The goal is to get ordinary people to crave extraordinary things so that when they grow up and make it big, that extraordinary purchase will be their everyday.” Social media sites like instagram are a great way for these companies to get famous social media celebrities advertise their products. It is common that most millennials follow at least one or more famous social media star.
Penney's approach to strategy is best measured using a SWOT analysis, which maps out the company’s strengths, weaknesses, opportunities, and threats. For instance, J.C. Penney's strengths include a strong liquidity position, an efficient supply chain, and a broad product and service offering. J.C. Penney's liquidity position grew to lend the industry from 2014 to 2015 (J.C. Penney Company, Inc., 2015). Strong liquidity against its competitors provides J.C. Penney with an advantage while funding any potential opportunity that arises in the market. Its supply chain facilitates the flow of goods between two thousand four hundred domestic and foreign suppliers, distributors, and stores (J.C. Penney Company, Inc., 2015). Its efficiency enables J.C. Penney to generate higher margins, which allows for lower prices for customers. Moreover, it allows the business to operate in a cost effective manner. The broad product and service offerings help the company serve the diverse needs and preferences of its customers. J.C. Penney also has the largest apparel, home furnishing, and general merchandise catalog in the United States (J.C. Penney Company, Inc.,
‘’ASOS is a global online fashion and beauty retailer and offers over 50,000 branded and own label product lines across womenswear, menswear, footwear, accessories, jewellery and beauty with approximately 1,500 new product lines being introduced each week.’’ (ASOSPLC.com) ASOS is faced with external macro environmental factors which affect both their ability to differentiate themselves from their competitors and affects their overall success. ASOS states they’re ‘’creating a unique multi-channel shopping experience where twenty-something fashion lovers can network, share ideas, create their own style and of course, shop.’’ (ASOSPLC.com) Bearing this target audience in mind ‘’about 74% of the population aged 16 to 24 are employed.’’
in this segment are often brand conscious and enjoy the latest fads and trends. They...