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By: Ella Bumgardner
Market planning is important because it helps the company promote the product and services that help meet the needs of the target market.
Lulu lemon's target market is mostly teenage girls- young adults. They also target young teen boys and young adults. This a workout clothes store too so mostly for athletic people.
There are many competitors with lululemon.. For example Nike, Athleta, Under Armour, Dicks sporting goods.
Product management is important because the managers are accountable for building products to achieve main business objectives and solve customers needs.
3 different products that my company sells is
- Shorts for both men and women
- Tank tops and Shirts
- Jackets and pull overs
One improved product that lulu lemon has come out with is they improved their jackets and pullovers. This fall they have a new type of jacket that is a different style and comes in different colors as well.
It is important because it defines the value that your product are worth for your customers to use.
The three prices of the items above are
shorts: $58.00-68.00
jackets: $228
tank tops/shirts: $64.00-78.00
Lulu lemon is definitely on the more pricey side and a lot more expensive than some other companies. Lulu lemon is so expensive because they make very good quality clothes.
Channel Management helps in developing a program for selling and serving customers within a specific channel.
Customers of Lulu lemon receive their products in many ways. For example when customers come into the store they can purchase their product in the store, customers can place a online order as well as in store pick up
Lulu lemon gets their products to their customers by delivering the products to their house. Lulu lemon also has many pop up shops which allows more customers to purchase more items.
Promotion is the most important of all the functions. It sets a business apart from its competitors. A company has to stay ahead of your competitors in order for customers to keep doing business with you.
Lulu Lemon is one of the only companies that never has to have a sale because their products are so popular. Items go out of stock so quickly because customers love their products and will purchase them for any price.
If and when they have promotions it is usually during the holiday seasons
Lulu Lemon rarely has any other form of promotion because they don't need it! They sell their products so quickly and efficiently and customers love their products.
Importance
One way Lulu lemon receives satisfaction review from their customers is you can leave a review of their products on their website.
Another way they can receive customer satisfaction is on their Instagram account you can direct message them and also leave them a review.
Lastly in the store some of the times they have places where it says you can leave a review about their store and products.
How would you describe the buying experience?
What convinced you to buy the product?
Do you feel like the product is worth the price?
Selling is important because in order for a company to be successful they have to be able to persuade the customers to buy the product. Usually companies that listen to their customers needs and wants are more successful.
Lulu lemon sells their products online and in stores