This report provides a comprehensive analysis of the marketing research conducted for Tommy Hilfiger. It includes a situation analysis, opportunities and threats, classification of segments, and other research. The report also covers the profile of the target market, sales forecast, perception, and marketing variables.
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Tommy Hilfiger Marketing Research – Module Code: B8MK102 Lecturer: Dr.Shakeel Siddiqui 15. DEZEMBER 2017 Shirin Ghotbi, Rachel
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Executive Summary Introduction Brief overview present research problem Objectives Research Problem in Detail why it needs to be solved via marketing decisions Outline alternatives Explain info needed to make correct decisions Secondary Research Situation Analysis(Rachel) Company Profile(Rachel) Key Players in the Market(Shirin) Market Information(Shirin) Brands, shares, etc Overview of market trends(Shirin) Opportunities and Threats(Seda) Opportunities: 1.Fashion is an ever-evolving trend. Therefore, the biggest opportunity for Tommy Hilfiger is to innovate in the style of apparels (Jobber and Ellis- Chadwick, 2012). Since the technology is evolving, the company has various opportunities to expand its stores and carer to the expanding needs of the customers.
2.They can also expand their product lines and get into the unexplored sectors in the developing countries where the market is still untapped. 3.The income of the new emerging economies has increased considerably therefore; it can invest in those economies and take advantage of the situation (Perreault Jr, Cannon and McCarthy, 2013). Threats: 1.There are various international brands present, which have been giving competition to Tommy like Polo, Ralph Lauren, Levis and others. 2.The economic condition of the globe is slowly moving towards a slowdown, which can cause a reduction in the demand for a premium priced product like Tommy Hilfiger (Hollensen, 2015). 3.The fashion is constantly changing which can lead to inventory issues. Classification of segments(Seda) Generation Z- Generation Z is referred to as that group of people are born after 1995. This group can be roughly varying from 5-22 years of age. Tommy believes that these are the people who are capable of becoming the most powerful segment in the world and that this segment includes certain group of youngsters who have a certain budget mind. They tend to have finicky buying habits (De Mooij, 2013). This segment of the market consists of the variables like: Demographic (Age) - Consists of people between the age 5-22 years of age. Behavioural (Pattern) - They have a finicky pattern of buying.They tend to buy very often.
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Psychographic (Style)-There sense of style is modern as well formal. This is best for Tommy as it offers a similar line of clothes However, it is because of the size and this budget that the Gen Z has been the target for various brands and retailers. It has been predicted that by 2020, this segment is proposed to reach 2.6 million. One of the major highlights of this group is that they are the first ones in the world to be connected by Internet and Smartphone. Hence, to target this group,thebrandusespersonalizedandinteractivemethodusingdigital technology. It has been observed by Tommy that Gen Zdoes not always plan to shop using their smart phones instead they also prefer to sop in stores, however, the Gen-z is the main user of the company`s mobile applications and websites. These people are open to various options available in their Smartphone and thus like to browse before buying. It is also believed by Tommy that as soon asthissegmentlikessomethingtheytendtobuyitwithoutasecond consideration (Czinkota and Ronkainen 2013). They also tend to take advice from various store associates as compared to other groups. Since this group likes to shop both in store and on app. Tommy has come up with various collaborative ideas to cater to the needs of this group. It has displayeditsmerchandizeonTommyHilfigerapplicationsaswellasother applications around the globe. Tommy has realized that the brand as a retailer has to be agile and cater to all these needs. Therefore, Tommy is constantly experimenting to meet these demands. Male/Female
The male female segment takes care of the Demographic variable based on Gender. Male: The brand is recognized for adding a tint to the classic American style with a modern and fresh twist which is inspired by the brand`s love for rock culture. Tommy Hilfiger- Focuses on a 25-40 year old consumer HilfigerDenim-Concentratesonthe18-30yearolddenimoriented consumer HilfigerTailored-Alsotargets25-40yearold.Thislineintegratesa sharpandsophisticatedstyleofmenswearheritage(Kapfererand Bastien, 2012). Female: Since women have a classic sense of style from a young age, Tommy targetswomenfromtheagegroup18-38.Inthesamemanneras men`s wear, Tommy integrates classis American style with a twist. The brand offers various accessories and clothing lines for women. These lines vary from corporate wear, to casual and include party wear too. Other Research Profile of Target Market Sales Forecast Perception Marketing Variables
References Czinkota,M.R.andRonkainen,I.A.,2013.Internationalmarketing.Cengage Learning. DeMooij,M.,2013.Globalmarketingandadvertising:Understandingcultural paradoxes. Sage Publications. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Jobber, D. and Ellis-Chadwick, F., 2012.Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education. Kapferer,J.N.andBastien,V.,2012.Theluxurystrategy:breaktherulesof marketing to build luxury brands. Kogan page publishers. Perreault Jr, W., Cannon, J. and McCarthy, E.J., 2013.Basic marketing. McGraw- Hill Higher Education.