Application and Theories of Marketing
Added on 2021-02-18
12 Pages4015 Words27 Views
|
|
|
MarketingManagement
INTRODUCTIONMarketing management is defined as disciple of organisation that focus on practicalapplication and theories of marketing methods, techniques and orientation inside corporation andits activities and resources (Homburg, Jozić and Kuehnl, 2017). This facilities various functionsand tasks that are involved in proper distribution of products and services. It is also defined asproper analysis, implementation, planning, controlling of programmes for designing to bringexchanges at target market in order to achieve goals and objectives of business. The givenassignment is based on Michael Kors Holdings limited which was founded in 1981 at LondonUnited Kingdom. It is multinational fashion organisation which deals in selling of shoes,handbags, watches and other accessories. This report covers five issues which explain aboutindustry, their vision, mission and others. It also covers 5Cs of organisation along with otherinformation related with market research and intelligence. The market strategy and tactics hasbeen developed by organisation to achieve goal and objectives.ISSUE 1The chose organisation for given project is Michael Kors Holdings limited which is alsoknown as Capri Holdings Limited. This is international fashion company corporate in BritishVirgin Islands having office at London and headquarters in New York. It is public limitedorganisation which was started by Michael Kors in 1981. This organisation sells various productssuch as shoes, accessories, handbags, clothes, watches. It has above 550 stores and 1500boutiques in different countries. The mission statement of respective organisation is bringingsophisticated lifestyle for men and women globally whether they are roaming for business toParis, Tokyo, New York or travelling to Bali, Aspen and Capri for pleasure. Michael KorsHoldings limited has used various marketing tools for creating awareness in mind of consumers.As it is already renowned brand in market but also it has various tools such as businessmagazine, social media (Hüttner, 2018) (Icha and Agwu, 2015). This can create amongconsumers more regarding arrival of new product in market. The respective organisation isunique brand in market which takes care of quality and design for offering to consumers. It haswide collection of different products divided into two categories such as men and women. Inmale segment, it deals in apparel, bags, accessories, cologne, wallets, footwear, watches andothers. Similarly, in female segment, it has different products such as wallet, footwear, jewellery,handbags, watches and others. Under each category also different types of product are served. It1
is unique brand across nations which provide huge variety of goods and services to theirconsumers. For creation of marketing strategy, brand plays an effective role as known brand canbe earn maximum profits and gain then new or unknown brand in market. Thus, value is createdthrough providing high quality goods and services in market which automatically converted intobrand.ISSUE 25Cs of Michael Kors Holdings limited5Cs are important for organisation to know about their business and other activities. The5Cs of Michael Kors Holdings limited are described below:a. CompanyThe key resources of Michael Kors Holdings limited are: high quality product, skilledmanpower, renowned brands, variety and others. The strengths of organisation are presenting invarious domains of fashions, multi channel distribution strategy. It has high presence in socialmedia, celebrity clients for buying of products and positioning (Lovelock and Patterson, 2015).Weaknesses of company are poor presence in Asia countries which create problems forconsumers, possess niche market and criticism in managing business. There are variousopportunities available for Michael Kors Holdings limited such as expansion of market in kidssegments and emerging market in those place and countries where it does not carry anyoperations. This organisation carries threats in terms of competition such as Tommy Hilfiger,Dolce and others.b. CustomersMichael Kors Holdings limited has segmented market on basis of geographic,demographics and psychographic factors. It has mainly focus on men and women living insociety. The respective organisation has focused on income group people between $100,000 and$250,000. It positions itself in market in order to serve their consumers in better and effectivemanner. The behaviour of consumers is good regarding product and prefers trendy and latestfashion clothes and accessories (Morschett, Schramm-Klein and Zentes, 2015). As need anddemand of consumers changes frequently with change in time and situation. The products ofrespective organisation are found in department stores which help brand to expose in marketchannel. As it has good presence in US domestic market and at international level which helpthem to face challenges and compel business to gain new customer base.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
The Branding Strategies of Michael Korslg...
|12
|4042
|174
Marketing Plan for Michael Kors Smartwatch: Product, Price, Place, Promotionlg...
|17
|3850
|147
Macro and microenvironment of the fashion retail brand, Michael Korslg...
|7
|1517
|500
Market Study and Marketing Plan for Michael Korslg...
|15
|2469
|94
Michael Kors PESTLE and SWOT Analysislg...
|9
|2784
|117
SWOT Analysis of Michael Korslg...
|16
|1275
|129