Monday, February 3, 2020
Lululemon Marketing Anaylsis Research Paper Example | Topics and Well Written Essays - 1500 words
Lululemon Marketing Anaylsis - Research Paper Example The company boasts of her ability to incorporate fashion and style in their products, which has ensured her strong brand recognition and high number of sales. The companyÃ¢â¬â¢s concentration in Canada is much better especially brand awareness than in the US despite the fact that it has more stores in US than Canada. Current Market According to Tucker, Lululemon identifies itself with a high quality as well as exclusive yoga and sporting apparel strictly meant for female (Web). It operates in numerous stores across North America, Australia and New Zealand where it offers womenÃ¢â¬â¢s wear for yoga, dance, running and other sport events. Most of the companyÃ¢â¬â¢s customers are high-income women that are insulated to prices and the downturn of the economy as was evident in 2008 when the sales grew despite economic challenges. It has more stores in U.S compared with Canada that contributed to the $452.9 million revenue and gross of $ 223. Lululemon intends to make her US brand as better as the Canadian one because US has more stores than in Canada. The company is putting a lot of effort boost her brand awareness in the US market (Tucker Web). The organization has successfully returned to the community that gives it support such as hosting free yoga events around town. The company focuses on high quality products, which attracts higher prices for her upper income women target. Lululemon ensures prestigious and exclusive products that act as fashion forward and shows a healthy, well off lifestyle. The expensive high-end workout apparel has seen it standing even amid recession in 2008 due to the current market perception of the brand. Target Market LululemonÃ¢â¬â¢s target market is 18-34 fit, health conscious and fashion forward, high-income females who are the companyÃ¢â¬â¢s vital customers. The active young thinking woman who are appearance conscious, physically fit and well educated. Lululemon targets mostly the upper and middle class females residing i n North America with the niche marketing strategy by pursuing a narrowly defined market segment. The niche market strategy has greatly contributed to the success of the company thus making it remain a primary market target. In the recent past, the company has been striving to gain reach the male workout market for some time (Tucker Web). New male clothing brand with very high quality is another target market that the company looks forward to dominate. The males targeted are educated and physically active and appearance conscious aged between 16 and 45 living in North America. It is also targeting the pre-teen girls who may not be identified with the more mature females as well as more for more value proposition within all brands of the company. The target customer for Lululemon is very complex, active as well as health and is aimed at carrying out product expansion and matching the lifecycle and social status of those women. Current Marketing Strategy Acording to Ellis, LululemonÃ¢â ¬â¢s goal is to implement brand extension and reposition brand awareness that may result into 10% total growth as well 5% female growth within the next one year (Web). The strategy also involves holding a challenge in five Canadian cities and general 10% increase until 2025. The company has laid down various marketing strategies that may boost her sales and cover wider market. There are special marketing displays proposed by the management that helps in displaying products in stores for customers to distinguish between the products.