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Marketing Plan: Michael Kors
Transcript of Marketing Plan: Michael Kors
People: Target Market
Michael Kors targets all possible genders. Customers ranging from 25 to 54 years old, with annual income above $50,000. Kors' further growth strategy includes targeting a younger, affluent demographic, often overlooked by luxury brands.
North America is Kors' largest geographical market. It is also pushing to build its presence internationally, mainly in Europe and Asia-Pacific, with revenues in - Europe growing at 182.6% and sales in Japan increasing from $1m in 2011 to $10.2m in 2012.
Our marketing strategy is to deliver a consistent message every time the consumer comes in contact with our brand through all of our communications and visual merchandising. Our image is created and executed internally by our creative marketing, visual merchandising and public relations teams, which helps ensure the consistency of our message.
The Michael Kors brand will be featured within consumer magazines such as Harper’s Bazaar, Vogue, and Vanity Fair- magazines targeted at fashion-conscious women who look to the medium as an influence to their own personal style. The Michael Kors brand strategically places their advertisements within the special interest medium in order to attract both the magazine and consumer’s selected target.
The growth of our business depends on the successful execution of our growth strategies, including our efforts to open and operate new retail stores and increase the number of department stores and specialty stores that sell our products.
As part of our growth strategy, we intend to open and operate new retail stores and shop-in-shops within select department stores, both domestically and internationally. Our ability to successfully open and operate new retail stores, including concessions, and shop-in-shops
In the Michael Kors collection is considered the runway look of the brand. It offers accessories, including handbags and small leather goods, many of which are made from high quality leathers and other exotic skins, footwear and apparel.
The MICHAEL Michael Kors collection is the mid-tier line between the runway and MICHAEL collection. It offers: accessories, primarily handbags, which are created to meet the fashion and functional requirements of broad and diverse consumer base, and small leather goods, such as clutches, wallets, wristlets and cosmetic cases; footwear, exclusively in women’s styles; and womenswear, including dresses, tops, jeans, pants, skirts, shorts and outerwear. It is the ready- to- wear collection.
The Michael Kors collection is carried in many retail stores as well as in the finest luxury department stores in the world, including, among others, Bergdorf Goodman, Saks Fifth Avenue, Neiman Marcus, Holt Renfrew, Harrods, Harvey Nichols, Selfridges, Le Bon Marché and Printemps.
The MICHAEL Michael Kors collection is carried in all lifestyle stores as well as leading department stores throughout the world, including, among others, Bloomingdale’s, Nordstrom, Macy’s, Harrods, Harvey Nichols, Selfridges, Printemps, Lotte, Isetan and Lane Crawford.
Fundamentals of Marketing
September 17, 2013
We will aggressively grow by adding 76 new retail stores, bringing the total to 253 retails stores and an additional 68 licensed stores.
We hope to DOUBLE our Net Income based on yearly trend which we have seen an increase each year.
Generally in the Michael Kors collection, handbags and small leather goods retail from $500 to $6,000, footwear retails from $500 to $1,300 and women’s apparel retails from $400 to $4,000.
In the MICHAEL Michael Kors collection, handbags retail from $200 to $800, small leather goods retail from $45 to $200, footwear retails from $70 to $500 and women’s apparel retails from $50 to $500.