INTRODUCTION:Clothing has been a choice of lifestlye to many and is believed to describe their personalities.My essay is about the famous Mark and Spenser clothing retail store which was founded in 1884 by Michael Marks and Thomas Spencer and was established in Leeds United Kingdom. They are said to have over 703 stores in the UK and 364 stores spread across 40 countries. Their core line of business/products include the various types of clothing from mens wear to womens which further includes swimwear, beachware, classic wear and so on and thus this essay will focus on Marks and spencer’s clothing line of development.
Market segmentation:Before a product can be developed and is ready to be launched one of the major marketing strategy known as market segmentation is used in order to divide the broad aspects of the target market into smaller subsets of consumers who may have the same or similar needs or requirements satisfied by the marketing mix.. This can be divided in aspects of the consumers demographics(age,gender),Psychographic,Behavioural and geographic. Marks and Spencer need to have their market segmentation in order to further understand the demands and complexity of consumer needs and it can be better targeted to a specific customer base to find out new or existing properties of their products to further improve the efficiency of their business.
The Essay on Clothing Market And The Dotcom Impact
The clothing retail business is always trying to keep pace with ever-changing fashion trends of the time. The industry is comprised of a fierce competitive market, which is composed of large chains (ex. the Gap), small independent retailers (ex. Pink boutique in Carytown), and of the emerging dot.com e-tailers..such as delias.com. With Generation Y now entering as a consumer segment, the fashion ...
| VARIABLES | YOUNG GUNS | BIG SHOTS | OLD TIMERS |
GEOGRAPHIC | DENSITY | URBAN/METROPOLITAN | URBAN/METROPOLITAN | URBAN/METROPOLITAN |
DEMOGRAPHIC | AGE | 5-24 | 25-45 | 46-70 |
| GENDER | MALE & FEMALE | MALE & FEMALE | MALE |
| INCOME | <800 | <5000 | <2000 |
PSYICHOGRAPHIC | LIFESTYLE | DEPENDANT | LUXURY AND CLASS ORIENTED/TRADITIONAL AND CULTURED | TRADITIONAL |
BEHAVIOURAL | PRICE SENSITIVITY | HIGH/ECONOMIC | PREMIUM | MID-PRICED |
| USAGE | MEDIUM | HIGH | MEDIUM |
| PERCEPTIONS/BELIEFS | ATTRACTIVE AND FASHIONABLE | STYLE/SMART | CULTURAL |
| BENEFITS SOUGHT | BUDGET ORIENTED | QUALITY AND SERVICE | QUALITY AND SERVICE |
Young guns are young children to young adults with the age of 5-24 who are interested in Marks and spencer as a type of casual wear for young teenagers and also to be intact with the latest fashion styles and trends that modern clothing has to offer. Big shots are the middle aged working class people who look for class and style as a status of wealth, elegance and smartness in their attire. Old timers however are the retired senior citizens that look for service who may still love the taste of culture and tradition that Marks and Spencer’s has to offer.
WHAT IS TARGET MARKET?
A target market is defined as a specific group of customers the business has aimed to deliver its marketing goals and objectives through the product and its goods towards. After proceeding with the target segmentation, the business will choose a target market from the segment depending upon the various factors which will best suite that particular group of people in which it will spend its money, resources and time to offer the best and the most attractive type of goods or services the business has to offer to the consumers in the form of marketing mix in order to maximise its growth and deelopment of its products. From the above we can see that big shots will be the most suited criteria as it follows with the similarities and the commonness of the good the business is trying to offer.
VALUES SOUGHT BY BIG SHOTS:The target market for Marks and spencer would very will be the big shots targeting both the men and women who seek quality and style as they will be having different priorities and attitudes towards their way of life. Marks and spencer provides this by giving top notch quality in textiles and clothing as they use advanced textile techology labarotories for the past 20 years. The target in specific of gender which is women in this case at the age of 25-45 would be a worth customers which will provide them with high returns and growth in the future. Marks and Spencer would be targeting working class women who are energytic active and rich and this would be due to the fact that the women at these ages are working class women who might travel a lot and would want to look as elegant and classy as possible.
The Term Paper on Segmentation And Target Market Assignment
Unilever is an international conglomerate consisting of over 400 brands in several different markets. From creating brands to mergers with other companies, Unilever is dominating many markets by offering thousands of products to different consumers. This research will discuss the history, market segmentation, and the target markets of Unilever. History In the 1890’s, William Hesketh Lever ...
Both men and women working would fall under this category as they would want a luxury product which offers them all class, style and would want them to look fashionable which would seperate them from the average normal people which could demonstrate their symbol of status and class.Marks and Spenser also offers their clothing in a unique manner as it is also made to look cultured and traditional which would also benefit the target market at this segment as both men and women would need traditional wear for some particular occasions and this brand offers them wide range of varieties which would suit to their benefits when it comes to holiday seasons or business trips for certain occasions.
Marks and Spensers also offers other accessories which comes with the clothing attire such as ties, cufflinks and custom made buttons as their own trademark of symbol and prestige which will offer the customer’s with what they desire at this target market.
PERCEPTUAL MAP: Perceptual map is a rough perception of where the different brands stand among each other in the mind of the consumers in the target market. As we can see clearly Marks and Spensers offers top quality clothing and it has placed it to be medium high pricing and therefore when we take a look at the map we can see that although their main competitors may be Zara and H&M they could place their brand near the high quality and high pricing section where they could outcomepete the famous brand such as HUGO BOSS and Louise Vuittton as they do not produce top notch clothing compared to Mark and Spenser as it is merely the name of their brands which has goten them to that section. The GAP which is close to the vertical line could be the key area for Mark and Spencer to place their percieved idea of their product.
The Essay on Why Is a Product/Customer Focus an Important Characteristic for Successful Entrepreneurs
A product/customer focus is a pivotal characteristic that entrepreneurs must have in order for the entrepreneur themselves and their business to be successful. With that said, an entrepreneur with a product/customer focus is one that clearly understands the needs and wants of their customers and thereby producing and developing products that enhance people’s lives, but also products that meet and ...
Positioning is a process of conjuring a specific marketing mix to influence present and prospective customer’s overall perception of a brand, product line or organization (Charles .W, Carl .D, Joseph .F, 2002).Positioning is when the business makes promises to the consumers and not only that but the toughest task is to keep that promise in fullfilling their desires which could result in making unfavourable decisions by the company.
Marks and Spencer’s achieves this by adapting a different strategy which will differentiate their product compared to the rest of their competitors which are large in number. They do this by focusing on important parameters of the clothing industry and they offer the customers with relaxing and high quality products. By providing them with comfort and quality they would be able to achieve customer loyalty and would be able to develop brand equity in the future.
There are several other features that Mark and Spencer delivers which could gain them the competitive advantage.
LUXURY AND COMFORT | * Provides comfort and relaxation to the users * Provides quality |
SERVICES | * Online purchases available made to the users doorsteps when purchase of a product is made * Retail shops around the world including Malaysia in KL * Online options made to convey the different products available at stores(convinience for the customers) * Customer care services available at selected areas of the retail stores |
PRODUCT | * Offers wide range of clothing varieties for different people’s taste and desires * Available accessories that comes with the product |
The Essay on What Is Quality Product Customer Customers
"WHAT IS QUALITY?" QUALITY MANAGEMENT STRATEGIES ASSIGNMENT 1 A MSC IT MANAGEMENT Martin Gallin agh 10 th February 2003 What is Quality? NB: Throughout text, Product = Both Product/Service. Definitions Using the correct Tools (resources: raw materials, machinery, time and people) in the right way so that they are converted to the required outputs. It is in the process that quality is made or ...
IMAGE | * High image which is well known throughout the globe * Uses eco-friendly garments and resources while making the products |
From the above we can see that Mark and Spencer’s has got a major comepetitors advantage in terms of their USP which differentiates their product from the rest with its strategy of giving the customers comfort and quality. Asides that their services and product varieties also has a strong hold on the current market for clothing
MARKETING MIX:Jerome Mcarthy proposed the 4 P in terms of classifying the market strategies carry out and maximise consumer awareness of the product and to deliver it as per their desires and choice. The additional three P’s will also be mentioned as it will attract and reach out to their customers at a maximum potential.
PRODUCT | * Blazers & Formal Jackets * CashmereChinos * Coats & Jackets * Fleece * Jeans * Jumpers & Cardigans * Knitwear * Polo Shirts * Shirts Casual * Shirts Formal * Shirts Made to Measure * Shoes & Boots * Shorts * Sportswear * Suits * Swimwear * Thermals * Ties & Bow Ties * Tops & T-Shirts * Trousers * Nightwear & Slippers * Socks * Underwear * Lingerie * Womans wear * *
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PRICE | 50-1000(USD):(for clothing) |
PROMOTION | Advertising through magazines and paper.Events in Milan and Paris for fashion week and parades.Specal discount Sale on occasions such as christmas and New years. |
PLACE | Retail stores around the world and some in KLOnline shipping made available through the social media such as the world wibe web |
PEOPLE | Well trained salesmen Good customer responsesGood delivery of the product with neat packaging and extra care |
PROCESS | Well customized and features given by the business |
PHYSICAL(EVIDENCE) | High quality productComfort, luxury and class.Professionally made using latest technology for textile and garments to make their product. |
CONCLUSION:Mark and Spencer offers variety of products including their core product which is clothing and it offers both luxury and comfort mixed with class and elegance to suit the needs and wants of the customers and its differentiation strategy seems to be unique towards their competitors as they provide comfort and relaxation which is hard to find with these top quality products when compared with Louise Vuitton and Armani.
The Essay on Customer Satisfaction Quality Service Product
Customer Satisfaction Strategies What is customer satisfaction? We are in the midst of a revolution in business. Some call it a customer revolution, others a quality revolution, others a service revolution. Organizations are attempting to obtain increased customer satisfaction by focusing on the quality of their products and the service provided. This movement toward quality has produced ...
BIBLIOGRAPHY:
WEBSITES=
* http://www.marksandspencer.com/
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* http://www.g-cem.org/eng/content_details.jsp?contentid=2360&subjectid=107
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* http://www.wisegeek.com
