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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
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...
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.
By putting the warehouses in strategic locations, you provide better access to those customers in more remote locations. By taking advantage of this, Under Armour will not only expose itself to new customers, but will be able to continue to dominate the athletic performance apparel industry.
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.
Some core competencies that must be exploited are: Brand Kmart is an existing well-known and trusted national brand in USA Kmart has private label and designer clothing that is well endorsed Infrastructure Kmart has a large number of well-located, low-cost, leased stores in urban far away from competitors through out the country ( Appendix B ). Staffing Confidence by the market in Kmart is created by the achievements of its staff and management. With the turn-around strategy in place, new blood has been put into the top management structures. In any renewal there will be retrenchment as unprofitable stores are closed. This can be used as an opportunity to retain and move high performing staff to where they are needed and to get rid of non-performing staff. Anderson the chairperson of Kmart is well supported by Wall Street and the board of Directors. These new staff members enter the company with needed skills to address problems in certain areas that previously were poorly managed such as inventory control and merchandising. Store locations, layout and Performance Stores conveniently located away from competitors like Wal-mart and Target therefore less to compete for customers face-to-face. There are 250 non-performing stores who have already been identified as being more cost effective to close than continue with running costs. Expertise exists in-house for the planning of store layout and appearance to meet different customer segments. This concentration of effort will enable focus on key areas Technology Kmart has already invested in good retailing systems. The system can be use to control inventory, supplier payments, track customer buying and monitor income versus profit margins across all stores. Research and Development The planning department is well established and in cross-functional to provide various perspective. The planning department to ensure that strategies at all levels are executed can further use the access to past data and knowledge of changes in buying patterns. Financial Backing JP Morgan Chase has agreed to support Kmart to avert the current threat of closure due to bankruptcy.
It is important for LVMH to continue to distinguish themselves from other luxury brands, and by continuing to acknowledge that their products are desires and not necessities. They sell luxury, and image. It would be advisable to have better relations with their customers, to increase customer loyalty, but to also get into the minds of the consumer to give the consumer what they desire, all the while staying ahead of the competition. Researchers should be assigned to each specific business unit; it would be a good idea to treat each unit as a separate entity, all-contributing to the same end. By individually enhancing each unit, and eventually collaborating in the end, LVMH will be most profitable. Internet ventures are very important, we live in a time that thrives on technology, and making efforts easier for consumers will be key. Continuing to portray an image or a message with each product will contribute to the brand differentiation. The continual acquisition of profitable names and organizations will continue to increase the profitability of LVMH.
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.
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
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.).
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.
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.
in this segment are often brand conscious and enjoy the latest fads and trends. They...
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.,