Tuesday, May 5, 2020

Marketing Strategy for Kate Spade New York - myassignmenthelp

Question: Discuss about theMarketing Strategy for Kate Spade New York. Answer: The marketing system of Kate Spade New York was busy exploring opportunities in order to capture more of $270 billion of the accessories of the market. A deep market research has been done, which reveals several other options for the purpose of tapping the new customers. After the research, the Kate Spade came across there the variety in bio metrics can be observed in the girls belonging to different age groups (katespadeandcompany.com, 2017). The women who are fashion buyers between the age of 16 and 24 are not aware of the Kate Spade New York, is one of the most important issue for the Kate Spade in New York. The other young customers were in love with the brands of Kate spade, but they were not ready to buy anything from the shop. Along with this the women who are between the age from 45 and 50 are also not well aware about the brand (Cchabra Sharma, 2014). Therefore, the Kate Spade in the beginning was not aware as well about the choices and selections of the new audiences. Ther efore, in order to address this issue, the organization became aware about their brand identity, to target new customers was also a challenge, and this might lead to the diminishing of established identity of brand and well craft of brand (katespadeandcompany.com, 2017). The core customer of Kate Spade from the year 2012-2011, are the women who can be either 14 or 60 but they are optimistic, happy and the women must possess the different way to look at the life go through quite exciting life (katespadeandcompany.com, 2017). Their target market was women especially who are confident and smart enough. However, after Kate Spade decided to make its brand famous, the company started understanding the psychology of the audience in order to make their market growth popular and profitable. The company divided the audience into many certain groups (Keller, 2017). In Group 1 is the people who purchase products which they feel appropriate for any particular occasion, the group 2 is the women who utilized fashion as only a treat and the group 3 being highly practical as they buy fashion for their regular wear. The market tried to incorporate everyone and through the redefining of his or her brand, they want market for everyone (katespadeandcompany.com, 2017; Cch abra Sharma, 2014). With the increase of competition with the other business that faces most of the times, it has become important to develop the character of the brand of the company though its identification and branding of strategy (katespadeandcompany.com, 2017). Kate Spade have always looked for offering quality product and effective branding is at their heart of production. The brand of Kate Spade tries to understand the psychology of the customers in the beginning to understand the knowledge of the audience (Keller, 2017). Through this understanding, the brand of Late Spade tried to grow their sales by reaching out to the new customers. The brand reflected the creativity, fragrance of their products, and focuses on making its brand as lifestyle brand (Cchabra Sharma, 2014). The brand of Kate Spade was consistent enough of brining profits to their company by selling their products at low price. Other than this, Kate Spade brand is optimistic and target women irrespective of their age to their com pany. It reflects the growing hope in the women and other than this, with time, it as well became a common brand for the people of New York. Therefore, on the basis of the taste and choices of the audience, the characterization of the brand has been made (katespadeandcompany.com, 2017). The foremost suggestions that are needed for the Kate Spade is that in order to reach the women whose family income is low, the company is selling products at low price, if this continues then there would be deficit in profit and as a result in the competitive market, the value of the company would come down (Keller, 2017). Another most important part of the branding is that the company needs to understand about themselves so that it is possible to connect the actions with the markets environment. The company needs to understand the vision mission and the attributes of the brand, it turns better that the owner of the company can link all those parts of the mission and vision with the importance of the brand. In order to make the companys brand famous, the firm can organize powerful or the events of higher profile in order to attract people and this would result to an increasing visibility of the brand and would influence the buyers more. It is important for the Kate Spade company to stop reinventing themselves or inflating or overstating the message (katespadeandcompany.com, 2017; Akgun et al., 2013). References Akgn, A. E., Koo?lu, ?., ?mamo?lu, S. Z. (2013). An emerging consumer experience: Emotional branding.Procedia-Social and Behavioral Sciences,99, 503-508. katespadeandcompany.com. (2017).Kate Spade Company - HOME.Katespadeandcompany.com. Retrieved 22 October 2017, from https://www.katespadeandcompany.com/web/guest;jsessionid=94E70A40ECCA465AA3261A2D3460F36A Keller, K. L. (2017). Managing the growth tradeoff: Challenges and opportunities in luxury branding. InAdvances in Luxury Brand Management (pp. 179-198). Palgrave Macmillan, Cham. Leekha Chhabra, N., Sharma, S. (2014). Employer branding: strategy for improving employer attractiveness.International Journal of Organizational Analysis,22(1), 48-60.

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