With a more interactive and integrated marketing communication system even further segmentation of these consumer groups is possible. Murphy says, money will not be spent on ads just for the sake of advertising. To help with the promotion of the Mini collection, special ads can be placed in parenting magazines both online and in traditional print format. It is located in San Francisco, California. They have utilized institutional advertising in order to enhance the image of the company as a whole and they have also been known to use product advertising, which is specific to certain clothing lines they want to sell. Typically, these kind of products don't have substitutes, but the consumer does their research in order to find the right product for them.
The most commonly well thought-out demographics segmentation for insurance companies are the need for reliable quality, ease of purchase, continuing use, stress-free environment and ease of access when service is needed. Because of the marketing channels used by Banana Republic, young professional women, like college males, have also been underdeveloped as a potential market segment. This poses a potential problem for the future of the company because they run the risk of losing their first target group, however, it seems beneficial for the company to expand who they aim their product at. Old Navy offers trendy and stylish clothes at the affordable price. Gap is known for its stylish look and quality clothes, which are set at the moderate price. Attaching links in these messages to related products and the Banana Republic website, the promotion would be able to move the consumer from desire to action quicker.
From Old Navy's item of the week - a special item at a special price each week - to its much-talked-about campaigns. Banana Republic is also concerned with the sourcing of the raw materials they use for their clothing. Print media in metro stations would be an effective way to reach these women. However, it started reducing the number of stores thereafter to improve store productivity and shifted its focus to boost direct-to-consumer sales. As we look deeper into our Consumer Analysis, we find even more specific psychographic data, such as the target's preference for Gap within the Apparel and Fashion. Ads placed here would serve as a way to create awareness in this segment.
Banana Republic must increase their use of multiple channels to reach consumers and communicate the value of their products to target audiences. Banana Republic also allows employees to take out Banana cards which allows employees the freedom to participate in regular customer sales. Since 1969, customers have looked to Gap for updated, casual clothing and accessories that help them express their own personal sense of style. Good press releases can often build up consumer excitement and goodwill about the brand. Large retail corporations are great examples of segmenting and targeting audiences. By looking further into the Interests for our Banana Republic Factory Store Customer analysis, we can find specific likes and preferences - here we see Banana Republic and Starbucks are the two most popular by Reach.
Calhoun says, which include free downloads from iTunes, 20 percent off fares from Virgin America Airlines and special rates at Kimpton Hotels. The quality design and durability of the clothing also means that the clothing can last through the workday, and right into after work events. If we want to find the most Relevant interests under the Interests category, we see that Apparel and Fashion and Retail offer the most potential for getting the most Reach and highest popularity within our target demographic. These events would help generate interest in the products and provide Banana Republic with way to directly connect with their target audience. While these ads would help create awareness within the target segment, in order to create value for the consumers more targeted promotions would be needed. National Center for Academic Statistics. The price of this brand are less than Banana Republic, but higher than Old Navy.
Are there weaknesses in the Gap Inc. Banana Republic could schedule to appear as guest speakers at various business organization events to promote their brand and raise awareness for their product. National Center for Academic Statistics. Competition from existing brands means more brand switching Opportunities 1. It introduces new products and provides information to the media. We have Fashion Sophisticates and Fashion Followers on the women's side, and on the guy's side we have a segment called Looking Sharp and another called Regular Guy.
This means determining how many and which segments to target. Table 299, Degrees Earned by Level and Sex: 1960 to 2009. That consumer quest for value is also being recognized by offers in the City Insider Guide, Mr. Despite the lower store count, overall revenue growth will benefit from this consolidation. Behavioral: brand loyalty, benefits, and occasions. From work to casual occasions, Banana Republic offers covetable, uncomplicated style.
According to the Pew Research Center, 89% of online adults age 18-29 use social media 2013 making it a great way to reach the young professional women segment. Banana Republic is considered as a high quality brand, which offers luxurious apparels along with covetable style. Another potential risk of this new segmentation is that the sales of the new product should Banana Republic design clothing specifically aimed at the younger customers can cut into sales of the old product. In order to reach this audience Banana Republic needs to look specifically at cities, where many of their jobs and social activities are located. For the three months that ended on Aug. The esteem need consists of self-respect and self worth, so this brand can be considered as the best option to place in this category of the Maslow's hierarchy.
At Gap, the company offers its products at higher prices than Old Navy and targets working professionals along with teenagers. A similar competitive reaction is likely to be experienced in the young female professionals market as well. After establishing market segments, companies should evaluate each one and decide the best way to market. The increasing focus by the company to broaden the market is also a weak point, as it is responsible for the decreasing sale of this company. Banana Republic believes that by getting a consumer to take out a Banana card it will create longterm customer loyalty.