B. Competition Who are our competitors? Name: Ralph Lauren
Product Features: With golden mallet brands such as Polo by Ralph Lauren, Chaps, RRL, Rugby, Club Monaco, and RLX Ralph Lauren, the company designs and markets apparel and accessories, home furnishings, and fragrances.
Strengths: -Ralph Lauren’s retail stores focus on showcasing the “World of Ralph Lauren” by offering a wide selection of luxury products to customers. -The largest part of its revenue comes from its wholesale division, which sells Ralph Lauren products to department stores. -Ralph Lauren has taken complete control of its own brand in Asia providing more control over the company. -The company has managed to beat analyst estimates in an especially poor season for consumer spending through controlling costs and increased sales in Europe.
Weaknesses: - Due to exchange rates, in fiscal 2008, those fluctuations led to a loss of $6.4 million.
-Though having stores throughout the world exposes the company to multiple different markets; it also exposes the company to the whims of changing exchanging rates.
-Although there is a diverse range of products within the Ralph Lauren brand, it is largely dependent on its Ralph Lauren polo tops and “Create Your Own” polo which enables you to choose the color of the polo and horse and the fit of the top that you would like.
Name: Donna Karan International Inc.
Product Features: The firm designs and sells men's and women's clothes, including suits, sportswear, accessories, and shoes, under the Donna Karan New York, DKNY, DKNY Jeans, and DKNY Active labels. Strengths: -Leading fashion designer in America and creator of Donna Karan New York and DKNY - Labeled as innovative and world-class fashion designer whose clothes worn by many famous personalities -DKNY known for its excellent branding and advertising - Global Presence including China, Canada, Dubai
Weaknesses: -Still trying to penetrate into the international market
-Controversy for using fur of animals for preparing fur coats
-Fake imitations affect brand and sales Name: Calvin Klein Inc. Product Features: From its men's briefs to its haute couture, Calvin Klein is known for clothing, as well as fragrances and accessories that are all about attitude.
Strengths: -Modern and minimalistic brand with excellent brand equity -Company has licenses for cosmetics, jeans, and menswear, sports, watches, jewelry etc. -Strong brand name and good marketing -Global distributed system is excellent and has a reach in over 21 countries.
Weaknesses: -Products are expensive and premium which means limited target audience, and brand switching
-Fake imitation and duplicate products are affecting sales
E. SWOT Analysis Strengths:
Hollywood film celebrities have worn Michael Kors on red carpet.
Michael Kors clothes and accessories were shown in the reality shows on TV
The company claims that the brand has a high recall
Kors is the youngest recipient ever of the Geoffrey Beene Lifetime Achievement Award and even bagged the Fragrance Foundation’s FiFi Award for Lifetime Achievement
Threats
- Other brands offer more styles and cuts - Similar products available in other brands thus switching cost is less
We will use the following promotional vehicles: Advertising Television: Commercials to provide consumers with a sense of fashion of how Kors clothing should be worn. Magazines: Photo shoots of the various products that Michael Kors offers to its consumers
Television and magazines are the 2 most effective ways of promoting our product. Through television commercials we can entice people to want to look like a Michael Kors owner. Magazines provide an image of class
Favorite Brand Paper MKT 421 December 10, 2014 Favorite Brand Paper In this essay I will identify a brand in which I am passionate. Will explain three reasons why I am passionate about this brand and if the company is building loyal customer relationships across different groups. I will also include two other competitors in the same industry and explain why I chose my brand over the competitors. The hard part of this is deciding which brand that I find passion in. I am not one to pick one brand for…
Final Marketing Plan Paper MKT/421 Team B January 21, 2015 The Michael Kors Smart watch is designed to attracted men and women so there will be two different types that will feature the same benefits. The Michael Kors smart watch will feature three watches each for men and women that will have every single phone operating system tied to it. The three watches will be the same they will just be different color. The three different colors will be white, black and rose gold. The watch…
MICHAEL KORS: Answer 1 a) Michael Kors has an effective and vast distribution strategy comprising of retail, licensing, wholesale and extensive online retailing b) They have invested heavily on creating strong brand recall value by adopting the following strategy: i) The celebrities are involved in showcasing MK designs in platforms like award functions, red carpet, social; this in turn also encourages fashion bloggers to discuss about the brand online. ii) Michael Kors is a judge for a reality…
Consumers’ perception of Vera Bradley is more as a casual designer brand, which can be considered as an advantage because the company is not directly competing with the aforementioned rivals, due to the company’s uniqueness. Another advantage of this view is that the items sold at Vera Bradley are cheaper than Kate Spade, Michael Kors and Coach. The main thing for Vera Bradley would be the understanding of its role in the accessible luxury brand market without going further than where they can actually…
a go-to brand for women in the aspirational luxury segment. But it has lost some of its luster as its target audience defected to flashier labels from outfits such as Michael Kors KORS -1.37% Holdings Ltd., Kate Spade, owned by Fifth & Pacific Cos., FNP -0.40% and Tory Burch. Increasing competition from these and other brands in recent quarters has cut into Coach's growth, especially in North America compared with competitors Industry Structure and Competitor Analysis Michal kors After the…
price tag, which has recently become a luxury for many people. Moreover, costs are going up since the fashion brands need to cover their own additional expenses. Buying new, expensive clothes might be the first budget cut that one has to make in such tough times. However, Barrie’s article does offer some advice to help fashion brands stay afloat. To achieve this, she says that brands need to be more “consumer centric, gaining greater insight into shoppers’ preferences – both in how they buy:…
designer. He is the head designer for Marc Jacobs, as well as Marc by Marc Jacobs, a diffusion line, with more than 200 retail stores in 80 countries.[1] He has been the creative director of the French design house Louis Vuitton since 1997. Michael Kors (born Karl Anderson, Jr.; August 9, 1959)[2] is a fashion designer based in New York City. He is best known for designing classic American sportswear for women. Calvin Klein Inc. is a fashion house founded by American fashion designer Calvin…
“entitlement disorder”. They think everyone owes the something for nothing. It is ridiculous to me. Many of my clients come into the office driving a Hummer, Mercedes or Jaguar. They are wearing brand new name brand clothes and sneakers (some still have the tags on them), have Coach or Michael Kors purses, nice hairstyles and fresh acrylic fake nails. How do they get away with that? Well,…
who are starting up in business. CONCEPT OF BRAND Do you have a brand concept for your business? What do people say about you when you enter or leave a room? Do you stand out? Do people view you, your business, the same way you do? Have you ever researched? THERE is no one accepted definition of a brand, only a set of perspectives that share a significant degree of agreement: visual/verbal approaches * positioning approaches brand image approaches * added value approaches …
English 12- Period 2 31 October 2014 Let’s Talk About Sex Sex. A subject usually reserved for behind closed doors that has made its way into our homes and the minds of customers everywhere through suggestive advertisements. Sexual connotations in advertising help companies to sell their products by appealing to a customer’s subconscious and making the customers want the product unknowingly because they think it will bring them sex. Advertising in itself is everywhere: in magazines, on your TV,…