Reflection of Concept Application
WORK TOGETHER WITH EXPERTSMIND'S TUTOR TO ACHIEVE SUCCESS IN REFLECTION OF CONCEPT APPLICATION ASSIGNMENT!
Problem:
Visit the same retailer and select one branded product from the total range and write how, in your opinion, that brand demonstrates the marketing concept(s) taught that week.
REFLECTIONS ON CONCEPT APPLICATIONS
Introduction
The following report has been made to give an insight to different marketing concepts. The various marketing concept have been demonstrated and evaluated in context of David Jones, one of the most popular and leading departmental stores of Australia.
Background of the organization
David Jones Pty. Ltd or more familiarly known as David Jones is a high-end and upscale departmental store based in Australia. Woolworths holdings Limited, a South Africa based retail group has its ownership since the year 2014 (Wu & Li 2018).. A Welsh trader named David Jones founded it in the year 1838. It is the most antiquated and still successfully running departmental store in the world. It is still operating under its parent business name.
Week 1: Concept of Product Development
MAC in David Jones
MAC is one of the most rapidly growing cosmetics brand in the world. It lionizes originality, variety, and individualism. MAC products are available in a myriad range of colors. They are vibrant and customized to meet the need of every individual MAC user (Bom, Ribeiro, & Marto 2019). It supplies its products in the cosmetics market by selling products that are suitable for all sexes, ages, races and are available at very affordable rates. The color products offered by MAC (primarily the lip products) are developed with utmost care. The colors are unique and are made by extensive research. It is formulated by blending several pigments, keeping in mind the customer's desire and need in context of the international cosmetics market. The texture and formulation of the products are long lasting and are very comfortable to use. MAC is coming up with a huge range of products with are different in terms of texture, durability and pigment opacity to meet the need of the professional as well as amateur customers frequently. The company provides the products in adequate amount against the price point as well. MAC offers very classy packaging of its products as well. These are not only luxurious to look at, but also very sleek and travel-friendly for the users. MAC often collaborates with celebrities and some of their products emerge into the market as limited edition product as well. These products might have a limited shade range (picked up by celebrities or leading makeup artists) or a limited edition packaging (often embossed with signatures of the celebrities). Over the years, they have incorporated some other strategies to develop their products like - considering the benefit of the customer before the price point, providing gratuitous products to the customers and building credibleness among their customers. They also have different segments of price-point for different range of products.
Week 2: Concept of Promotion
Van Huesen in David Jones
Van Huesen is an apparel company based in America. It is owned by the Phillip- Van Huesen Corporation. They principally produce formal and corporate wear. They have a huge range of collection in both women and gents section. In this cutthroat world of competition, Van-Huesen has to maintain its position and reputation in the market (Chandon, Laurent & Valette 2016). Hence, they had to come up with some promotional strategies to secure its goodwill. The brand makes optimum use of digital platform to popularize them even more. Very diplomatic and debonair audio-visuals are used as television advertisements. This advertising method helps to communicate the brand with its future customers. It conveys about the value that comes in association with the brand. Apart from the general television advertisements, Van-Huesen uses other digital methods of promotion as well. With the usage of very high-quality user-interface, a very polished and chic website has been made. Images have been incorporated into the website for attraction of a greater number of target customers. It also facilitates the customers to experience an easy and seamless shopping. Some additional strategies of promotion by Van-Huesen include featuring themselves in some of the leading fashion and lifestyle magazines. Magazines like GQ, Men XP, and Cosmopolitan have a stable base of customers. Hence, being featured in these undoubtedly attracts new customers for the brand. The brand has collaborated with celebrities like Mick Fanning (Australian Surfer) and Nargis Fakri (Indian Actor) who have promoted the brand for them. Van-Huesen marks its presence along with other leading designers and celebrities on flamboyant fashion events like- New York Fashion week. They have introduced a point scheme for the customers as well. For each purchase of Van-Huesen product, some points will be attributed to the customers, which they can redeem for their next purchase of Van-Huesen products.
NEVER MISS YOUR CHANCE TO EXCEL IN REFLECTION OF CONCEPT APPLICATION ASSIGNMENT! AVAIL AFFORDABLE AND RELIABLE REFLECTION OF CONCEPT APPLICATION ASSIGNMENTS HELP SERVICES OF EXPERTSMINDS.COM
Week 3: Concept of segmentation
Yves Saint Laurent in David Jones
Yves Saint Laurent (YSL) is a deluxe clothing line and a pioneer in the perfume industry. A grand portion of the company's revenue is earned from sale of its perfumes. The main segmentations in the perfume industry can be stated as- psychographic, demographic, behavioral, and geographical as well to some extent.
Psychographic segmentation is very important in context to perfume industry as it helps to divide the customers according to their personality and the lifestyle they adhere to. Every perfume has its characteristic genre of fragrance- floral, citrus, woody etc. YSL designs its perfumes considering every form of lifestyle and reflection of personality.
Demographic segmentation is important to divide the target customers in terms of their gender and age. The customers within age range of 14-22 have a separate preference for the choice of fragrance. Customers of age range 30 years and higher have a different fragrance choice. Similarly, males and females have different preferences. YSL has a wide range of celebrity perfumes formulated for both men and women customers (Bang, Joshi, & Singh, 2016).
Behavioral segmentation aims at determining the occasion of the optimum purchase of perfumes .It has been noted that the purchase of YSL perfumes and their advertisements increased significantly during the Christmas and New Year. Perfumes are a very common option for gifting. It can thus be concluded as the reason for the hike in the sale and increased advertisement of YSL perfumes.
Geographical segmentation is the least considered aspect of segmentation in the perfume industry. It is used to determine which part will possibly buy perfumes at higher price points. Though less talked, this segmentation is very important from the promotional point of view because it helps to identify which perfumes to be advertised more in which areas. It is more applicable in context to YSL limited edition and celebrity-signature perfumed which are usually pricier.
Week 4: Concept of Optimal Pricing
Hot wheels in David Jones
Hot wheels is a well-known name among children and adults as well across the world. It is a company manufactures toys. It is a very well reputed company dealing with interests of children- toys. This company is based in America and owned by Mattel. Principally, its customers are children. However, it has gained immense popularity among adults who love collecting limited edition toy cars and various other attractive models (Agrawal, Singhal, & Agarwal 2016). The company takes into account that typical pricing range is very necessary for it to attract more customers and expand its business territory. Hot wheels faces tough competition from other toy manufacturers. To overcome these situation Hot Wheels has developed some unique strategies for pricing. Firstly, the price point of the toys have been kept very reasonable. This allows customers from a wide range of socio-economic background to use their products (Kojima ,2018). As mentioned above, since the main customers are children, this strategy has a humanitarian base as well. Later, Hot wheels started selling their products through online shopping portals as well. This made the brand accessible to larger people. This further cut down the price of their products because the company was able to save its distribution cost. Reasonable price point of product along with superior quality and a wide variety of products to choose from helped this company to earn higher profits.
Week 5: Concept of Marketing Max
Tissot in David Jones
Tissot is an auxiliary brand of the popular Swiss company - The Swatch Group that manufactures deluxe watches for men and women that are diversified not only based on the gender of the consumer. Several factors like Dial shape, size and color, strap material and type and the type of the watch are kept in mind while designing the watches. Unusual items like wood, mother of pearl and stones have been used by this company to design watches. The watches are very classy, elegant, and unique at the same time. One of its most well known collections, the T-collection, brought women's watches in the market, which was not only very delicate and had a feminine touch to it, but also was very edgy ( Ernst & Dolnicar 2018). It had all the technological specifications and features that any watch-admirer would love. Being a deluxe brand, undoubtedly the price point of these watches are high. However, the company does not invest much in brand promotion and advertisements. Most of its customers are elite and sophisticated people who can afford such luxury product. The company instead of spending money on brand promotion and advertisement indulges on putting the money on creating and inventing new designs to attract more customers (Fan & Zhao 2015).The company maintains a large and even network distribution. Instead of focusing on giant TV area, it concentrates on making terminals of distribution. In order to guarantee its presence among its customers, Tissot has strategically opened some deluxe watch boutiques and flagship stores in posh areas. This secures their reputation among their elite customers as well. Tissot has marked its presence in more than 160 countries.
Conclusion:
The above report discusses the concepts of product development, promotion, segmentation, optimal pricing, and marketing mix in context to the various brands available at David Jones. Critical evaluation of those concepts have been provided in the report as well.
HIRE PROFESSIONAL WRITER FROM EXPERTSMINDS.COM AND GET BEST QUALITY REFLECTION OF CONCEPT APPLICATION ASSIGNMENT HELP AND HOMEWORK WRITING SERVICES!