Discuss about the Marketing Principles for Targeting Strategy.
This assignment deals with the marketing approach of a product. Marketing approach involves segmentation of the product, targeting strategy to reach the maximum number of people and positioning of the products to get a stable market for the product as well as for the brands. In this study, menswear of the brand Jack London has been chosen to understand the marketing strategy to promote the products of the company. Jack London was founded in 2008 and only sells the product of men’s clothing (Jack London. 2016).
Segmentation of the Products:
The main motto of the product segmentation is to make the variation of the products according to the changes in market and demand of the consumers. Product segmentation results in the increasing share price of the company. However, for the positive response to the market survey and analysis of the market and customer’s demand is necessary. Wedel and Kamakura (2012), mentioned that segmentation of the products help the companies to understand the product value among the consumers Segmentation of the products include five main bases as stated below:
- Geographic: This type of segmentation is done based on the location. Preference and requirement differ with the different region; thus, products segmentation is required according to the geographic variation. Jack London has stores in Melbourne, Perth, Adelaide and Sydney; thus, geographic segmentation of their products is required. For an instance, it can be said that Melbourne has winter for most of the times in year thus whereas, Sydney enjoys seaside warm weather; thus, the company can focus on the woolen products for the men in Melbourne and can promote cotton products for the Sydney.
- Demographics: According to, Sharma and Lambert (2013), the main purpose of the demographic segmentation is to get an idea about the demand of the products as per the age, income, gender and race of the population. In this case, Jack London can give priority to the colors such as gray, white and black for the elder people while bright and dark colors are for the young people. Moreover, Australians have a distinct fashion style than that of the European style; hence, all clothing for the men must incorporate the casualness in their style. Moreover, Australian people prefers “greater freedom” in their clothing; thus, the company can develop a new range of shirts and pants, made of materials like silk and linen as both of these materials are lightweight.
- Psychographic: Psychographic segmentation involves analysis of the lifestyle, interests and activities of the particular population and diversification of the products as per the criteria (Kim and Ko 2012). Hence, segmentation of the clothing for men can be done by their daily activities such as, they can promote classic fitted pants for the daily wear of the men as it will be more comfortable for them, whereas Jack London can advertise skinny-fit products for the young generation and college goers rather than office goer men.
- Benefit: Cui and Choudhury (2015), mentioned that pricing and benefit is a significant concern for any organization during the segmentation of their products, as all the strategy can only be fruitful when the company can cover up the costing of the promotion and segmentation by gaining profit over the segmented products. A company can provide the discount on clothing at the time of launching to draw more people and leave a positive impression about the products as well as the enterprise. Apart from that, products can be made by mixing different material such as shirts made from polyester and cotton. This strategy can help to balance the customer satisfaction and market value of the company.
- Usage-rate: This step requires periodic survey and analysis of the findings to understand current trend of the fashion industry (Liao et al. 2014). During the winter, woolen products and warm clothing are needed to be more advertised whereas, cotton products are more preferred for in summer.
As mentioned by, Brooksbank (2013), targeting requires consideration of survey and targeting a particular audience to sell the products. Targeting involves the size of the market, accessibility, potentiality of buying the products. Jack London requires going through the market analysis so that, they can get an idea of whether the market is appropriate or not. Moreover, accessibility is one of the prior concern as if people cannot reach the products easily they will lose their interest. Thus, segmented products must get the promotion based on the particular criteria, such as the company deals with only menswear, activities of men from different age and class can be précised during the campaign and advertisement of the products.
Approaches for the Positioning of the Products:
The positioning of the goods is the last step for the STP model of marketing strategy. It expresses the evaluative image of any product in front of the consumers (Zeriti et al. 2014). Furthermore, Jack London can also position their products in such a way that clearly depicts the comparison of their products from the products of the other companies.
Therefore, from this analytical study, it can be said that this study has covered all the aspects of the requirements. It has included the Segmentation-Targeting-Positioning model of the marketing and has put a descriptive review on this three approaches. Segmentation requires different attributes such as demographic, geographic and psychographic; targeting requires approaching specific mass for particular products and positioning for the products involves placing products in an aspect of market making the products more acceptable to the consumers by allowing competition with other companies.
Here, few recommendations have been provided for the products of the Jack London to help the company in stable business and endorse their products in a way that is more viable. This company has stores across different places in Australia, thus marketing for their products require different strategies, as described in this study.
As all the information, provided here, is relevant to the current approach of marketing strategy, this study can be revised for further extensive research.
Brooksbank, R.W., 2013. Successful marketing practice: a literature review and checklist for marketing practitioners. International Journal of Wine Marketing.
Cui, G. and Choudhury, P., 2015. Effective strategies for ethnic segmentation and marketing. In Proceedings of the 1998 Multicultural Marketing Conference (pp. 354-358). Springer International Publishing.
Jack London. 2016. Jack London Store. [online] Available at: https://shop.jacklondon.com.au/
Kim, A.J. and Ko, E., 2012. Do social media marketing activities enhance customer equity? An empirical study of luxury fashion brand. Journal of Business Research, 65(10), pp.1480-1486.
Liao, C.N., Hung, J.Y., Kao, H. and Wu, C.J., 2014. Marketing strategy model: A conceptual framework for micro-enterprises. Human Systems Management, 33(4), pp.199-206.
Sharma, A. and Lambert, D.M., 2013. Segmentation of markets based on customer service. International Journal of Physical Distribution & Logistics Management.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
Zeriti, A., Robson, M.J., Spyropoulou, S. and Leonidou, C.N., 2014. Sustainable export marketing strategy fit and performance. Journal of International Marketing, 22(4), pp.44-66.