This assignment deals with the marketing approach of a product. Marketing approach involves segmentation of the product, targeting strategy to reach the maximum number of people and positioning of the products to get a stable market for the product as well as for the brands. In this study, menswear of the brand Jack London has been chosen to understand the marketing strategy to promote the products of the company. Jack London was founded in 2008 and only sells the product of men’s clothing (Jack London. 2016).
The main motto of the product segmentation is to make the variation of the products according to the changes in market and demand of the consumers. Product segmentation results in the increasing share price of the company. However, for the positive response to the market survey and analysis of the market and customer’s demand is necessary. Wedel and Kamakura (2012), mentioned that segmentation of the products help the companies to understand the product value among the consumers Segmentation of the products include five main bases as stated below:
As mentioned by, Brooksbank (2013), targeting requires consideration of survey and targeting a particular audience to sell the products. Targeting involves the size of the market, accessibility, potentiality of buying the products. Jack London requires going through the market analysis so that, they can get an idea of whether the market is appropriate or not. Moreover, accessibility is one of the prior concern as if people cannot reach the products easily they will lose their interest. Thus, segmented products must get the promotion based on the particular criteria, such as the company deals with only menswear, activities of men from different age and class can be précised during the campaign and advertisement of the products.
The positioning of the goods is the last step for the STP model of marketing strategy. It expresses the evaluative image of any product in front of the consumers (Zeriti et al. 2014). Furthermore, Jack London can also position their products in such a way that clearly depicts the comparison of their products from the products of the other companies.
Therefore, from this analytical study, it can be said that this study has covered all the aspects of the requirements. It has included the Segmentation-Targeting-Positioning model of the marketing and has put a descriptive review on this three approaches. Segmentation requires different attributes such as demographic, geographic and psychographic; targeting requires approaching specific mass for particular products and positioning for the products involves placing products in an aspect of market making the products more acceptable to the consumers by allowing competition with other companies.
Here, few recommendations have been provided for the products of the Jack London to help the company in stable business and endorse their products in a way that is more viable. This company has stores across different places in Australia, thus marketing for their products require different strategies, as described in this study.
As all the information, provided here, is relevant to the current approach of marketing strategy, this study can be revised for further extensive research.
Brooksbank, R.W., 2013. Successful marketing practice: a literature review and checklist for marketing practitioners. International Journal of Wine Marketing.
Cui, G. and Choudhury, P., 2015. Effective strategies for ethnic segmentation and marketing. In Proceedings of the 1998 Multicultural Marketing Conference (pp. 354-358). Springer International Publishing.
Jack London. 2016. Jack London Store. [online] Available at: https://shop.jacklondon.com.au/
Kim, A.J. and Ko, E., 2012. Do social media marketing activities enhance customer equity? An empirical study of luxury fashion brand. Journal of Business Research, 65(10), pp.1480-1486.
Liao, C.N., Hung, J.Y., Kao, H. and Wu, C.J., 2014. Marketing strategy model: A conceptual framework for micro-enterprises. Human Systems Management, 33(4), pp.199-206.
Sharma, A. and Lambert, D.M., 2013. Segmentation of markets based on customer service. International Journal of Physical Distribution & Logistics Management.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
Zeriti, A., Robson, M.J., Spyropoulou, S. and Leonidou, C.N., 2014. Sustainable export marketing strategy fit and performance. Journal of International Marketing, 22(4), pp.44-66.
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