Wednesday, May 20, 2009
♥ 3 elements - Target Market
Our target market chosen for our choice of retailer is Men’s wear. In this case, the retailers that are in the market had to consider the fact that majority of the men make purchases for clothes when a certain buying situation is to their delight. For example, if a male executive wants to buy a business shirt, he would most probably buy them from a department store or a store like G2000. But reasons that enticed him to buy a business shirt from a luxury brand would probably be during a sale. So this clearly sets out between luxury brands from average brands.
Another point on how these retailers segment their target market is through their geographic factors. For example, setting up a business wear store in the Middle East would be a challenge as most businessmen in the Middle East are not open to these apparels due to religious beliefs. Also for example setting up a retail store in Singapore would be much easier compared to another country like Japan, because of the four seasons that they have unlike ours which is one season all year round. Retailers would have a different approach to retailing in a four seasons country.
For the demographic factors, retailers have to clearly target the right market with regards to the pricing of their products. If their products are high end goods and priced high they would have to target the group of male customers such as business executives.
Lastly, these retailers position themselves in an attractive manner by wearing their apparels so that they would be uniquely different from the crowd.
Another point on how these retailers segment their target market is through their geographic factors. For example, setting up a business wear store in the Middle East would be a challenge as most businessmen in the Middle East are not open to these apparels due to religious beliefs. Also for example setting up a retail store in Singapore would be much easier compared to another country like Japan, because of the four seasons that they have unlike ours which is one season all year round. Retailers would have a different approach to retailing in a four seasons country.
For the demographic factors, retailers have to clearly target the right market with regards to the pricing of their products. If their products are high end goods and priced high they would have to target the group of male customers such as business executives.
Lastly, these retailers position themselves in an attractive manner by wearing their apparels so that they would be uniquely different from the crowd.
5:27 PM
