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Marketing management Assignment pdf approach
Chanel- Segmentation, Targeting & Positioning Strategy as Marketing assignments examples
The success of any business depends upon the market targeted and since the choice and usage of fashion products differs from persons to persons. There are various factors responsible such as Age of the user, affordability, need, features and services users are expecting (Wilson and Waddams 2010).Business like Chanel must evaluate Segmentation, targeting and positioning strategy to tap the potential market.
The market segmentation can be done by understanding the nature of the group of customers at high end range so as to analyze their choices, price range which they are more like to prefer and thus how study is made to recognize the customers of more importance. Those customers who are interested in buying products available with the company are likely or potential customers.
The company will build its positioning strategy once it made research on the trapped market to understand customer’s need. To attract customers from all parts of the country it is very important to choose right channel or medium for advertising and publicizing the products and services which could leave an impact. Trapping a particular market always helps a company in reaching the right customers .And this method is preferred over other methods. (Rosch, 2010)
Recommendations for this marketing assignment pdf
The various recommendations for Chanel to improve its sales using STP are as follows:-
ProperSegmentation Strategy
Segmentation refers to the division of broad market into markets suiting the products of Chanel. The analyses of the potential markets are mainly done by senior analysts of Chanel to evaluate the performance of the company. Surveys and feed backs will be taken and the data gathered from different customers will be then used in preparing plans for enhancing the services and attracting a huge crowd. Segmentation of the market is done on the basis of age, sex, Family life cycle, work, psychographic etc. as given below for Chanel:-
Age
Age is one of the important factors to be considered. It is found that age from 15-25 are more interested in high range fashionable products.
Sex
The usage of the products differs for both man and women. In case of Chanel the entire products is designed for Women. (Raffate, Chater, and Firth 2009)
Psychographics
In this method company tries to understand the lifestyle of the users which can be either individuals or organizations or institutions. These factors are important to understand the requirements and act accordingly. We found that women with higher disposable income have more preference for high range fashion product. So this will be the suitable segment for Chanel.
Positioning Strategy
The Chanel is known for its high end fashionable products like Bag, clothing accessories etc. Hence, the target segment is women from age 15 to 54 years having very high disposable income. In order to increase its sales and brand name Company mainly focuses on this segment by positioning their products as per the needs of these segments.
Targeting Strategy
Through an effective targeting strategy, Chanel would attempt to successfully reach out to its target market. Various media channels would be used to create messages which the corporate houses find to be appealing, so that they actively come to our company as client.
Television – TV commercials would be created to hit the target market. The commercials should be dignified and yet appealing to the high end women.
Radio – Radio jingles related to the programs would be broadcast in every popular news channel to father attractions of target segment.
Billboards – Billboards will be placed at strategic location and create general awareness in the later part so as to gain the attraction of major customers.
Brochures, posters – Brochures and leaflets would be distributed showing different high range products to target segment.
Besides these social Networking would be a very effective tool for the purpose. Facebook page would be created which the target customers can visit, know about the program and leave their comments. Regular updates about the program and online counselling would be made available to update them about our product mix and advantages.
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