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Transcript of Lululemon
It was first opened in the beach of Vancouver BC Company Founder The company founder was Dennis “Chip” Wilson
The entrepreneurial skills that the founder of Lululemon has are determination, persistence, goal setting, understanding, planning, etc.
The form of business is sole proprietorship Company slogan & logo Lululemon’s slogan is Yoga. Love. Run. Peace.
Lululemon’s logo is a stylized “A”, which stands for “Athletically Hip.” Company Products/Services They make technical athletic apparel for yoga, running, dancing, and other sweaty pursuits.
These products are a want rather than a need
Highly expensive line of athletic wear. Innovation or Invention The products that Chip started making was high end athletic wear and it was an innovation Human Resources Jobs that Lululemon has to offer are:
Is an important job; they assist the consumers in purchasing products.
They also give advice to customers on their products and their active life. For example, telling the consumers about their free yoga classes.
Has a big role in running the store by helping the customers out, and without them the store would have bad service.
Is who helps with the transactions of goods to services and then sells it to the public.
This is another important part of the success of Lululemon because the managers are the ones to control sales, and also the revenue that comes into the franchise. 4P’s of Marketing Product
Promotion Product: Lululemon provides many products for both men and women
The Lululemon products are mostly for people who do daily exercise
Their athletic apparel provides extra comfort and long lasting quality Price: Prices are different for each Lululemon product.
Lululemon is a highly expensive brand
These are some of the price ranges for some products Lululemon offers:
o Tanks: $40- $70
o Tops: $58-$100
o Jackets & Hoodies: $100-$200
o Bottoms: $100-$200
o Bags: $40-$150
o Accessories: $12-$80 Place: Lululemon offers the consumers to purchase the products online or from the direct locations.
Their products are only sold at Lululemon stores.
They have stores available in countries all over the world. Promotion: Lululemon has many ways to promote their business.
Having their stores located near local malls or streets so it is easier for the consumers
Through social media such as Facebook
Offering free yoga classes, which attracts customers and tempts them in to buying comfortable clothing and taking more yoga classes Production Balance Sheet Income Statement Profitability Throughout the years Lululemon has been doing well with their profits since it has been founded. Each year the profits increase by a couple hundred million. The company is making money. The products they sell are very expensive but the quality and it being Lululemon helps with the sales. For the past year or so their net income has been dooming since more and more people recognize and value the brand. Who:
Lululemon put false and inaccurate labels on their clothes. Their VitaSea shirts labels stated that it contained 24% seaweed fiber when, it really didn’t. The New York Times sent a VitaSea shirt to a laboratory to be tested out. The results from the test proved the Lululemon VitaSea shirts was just a cotton shirt.
Novemeber 14, 2007
Lululemon had admitted that it was wrong and admitted that they themselves did not test the clothes for seaweed but trusted the manufacturers. They had also promised that in the future, they will test clothing to make sure it contains the materials as listed on the labels.
Ethics is the difference between right and wrong. This article relates to ethics because what Lululemon did was absolutely wrong and they were not truthful to their loyal customers. Article Summary Article Lululemon Athletica's 'Seaweed' Clothing Contains No Seaweed
November 15, 2007 —
Lululemon athletica, a yoga-inspired clothing line, has often been touted as an ethical business. On November 14, however, the New York Times reported that, VitaSea, which the company claimed contained seaweed, in fact, did not. Considering that consumers pay more for organic clothing, the report raises questions about Lululemon.
A Canadian-based company that has become a favorite on Wall Street since going public in the summer of 2007, Lululemon athletica has received favorable reviews from investors, consumers, and environmentalists alike. The company produces reusable shopping bags, has a manifesto, and sells a variety of lines intended to reduce stress, provide antibacterial benefits and allow “people to live longer, healthier, more fun lives.”
The company does not use union labor, but it does pay its workers above-average wages and offers numerous benefits, including yoga classes and health benefits. The company has about 40 stores and showrooms in the United States and calls its in-store employees ‘educators’ while customers are ‘guests.’
The New York Times sent a VitaSea shirt to an independent laboratory, which found no significant difference in mineral levels between Lululemon’s shirt and a cotton t-shirt. Seaweed contains vitamins and minerals and the VitaSea shirt was supposed to be 24 percent seaweed fiber (along with 70 percent cotton and 6 percent spandex), which means there should have been a noticeable difference. When asked by the Times, Lululemon admitted it did not test its clothes for seaweed, but took the manufacturer’s word. According to consumer advocates, however, it is the company’s responsibility to ensure that its marketing is accurate. Susan Greenberg, executive director of the National Consumers League said, “Consumers expect and trust companies to be honest with them.”
Lululemon has stated that in the future, it will conduct its own tests to make sure its clothing contains the materials on the label. Corporate Social Responsibility (CSR) Lululemon is not the typical corporate company; their vision is through personal responsibility. They encourage their employees to be responsible for their individual actions.
Lululemon has two programs:
This program offers free yoga/fitness classes, taught by local ambassadors from the store community
Lululemon's goal is to spread positive influence to the communities on their health, then they can further their goal of elevating the world from mediocrity to greatness.
This program takes place in Lululemon's Store Support Centre, Guest Education Centre and Distribution Centre
This program takes action on reducing the company's six largest waste streams: fabric, paper, packaging, garbage, product, and store construction Stock Graph Company Stock Performance The stock value of Lululemon decreased in the past week. The value has decreased by 7 rounded down from 72 to 65. The stocks in the time period of a week had been a jumpy pattern; it would get high and then decrease. It hasn't decreased by a whole lot but did decrease a bit. Looking at the profit/revenue collected, the stocks for Lululemon are soon to rise once again. Stock Graph
We would personally invest in Lululemon's stocks in the future because Lululemon stocks will increase greatly over time. With the stocks increasing over time we will be able to make a profit by selling them when the prices are at an all time high. Lululemon is a company that is popular all seasons around and there are very low chances of company going bankrupt. Lululemon will stay around and is not likely to decrease greatly since it has been a trusted company for more than 15 years. Lululemon Stock Investment Thank You!