snapshot 1 lululemon

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School

Carleton University *

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1800

Subject

Marketing

Date

Jan 9, 2024

Type

docx

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3

Uploaded by MasterBravery12829

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Prepare the following questions for discussion in your TA session: Q1) What does it mean to you to be a market leader? The be the leading influence and innovation in a market, having the capability. to influence consumers not just to follow the consumers wishes. For example lululemon has influenced consumers so much that they have changed the market. Instead of athleisure being worn only for yoga, they have now replaced jeans and regular clothing for day to day. Q2) What is Lululemon product(s)? What is Lululemon’s differentiation in the market? First brand that specifically catering to women’s needs and bodies, extremely good quality fabrics. Overall aiming to be a lifestyle brand not just an athleisure brand. It filled the niche of luxurious athletic wear. Innovated first in yoga and women. Q3) What are their primary markets? Describe their customers. Middle to higher class induvial especially women. The fact that the stores rarely discount or go on sale speaks to how their target consumers are willing to pay full price and do not have a problem with paying such high prices. This also instills a specific environment and lifestyle with lululemon apparel. Enriching its fanbase and consumeristic customers further. Q4) How do you define competition? Who is their major competition? Why are these competitors? Gym shark and other high-end athleisure wear, like Nike and adidas, these are competition because they target the same category of consumers, middle to high classes of women providing them with comfortable and good quality fabrics, not only for those who are active, but for those who also are invested in this lifestyle lululemon has created. Gym shark especially specializes in only online, so consumers are provided with extreme user friendly and
accessibility when shopping. Nike and adidas cover a broad spectrum from shoes to clothing and from babies to adults. Moreover, different brands are targeting the new trends of athletics like hiking etc. Lululemon is successful however, it needs to maintain this steady success because if they do slip up, these wide set of competitors can easily slip in and take its place. Q5) What is the difference between selling through Lululemon stores versus online? What is the benefit? The internet has influenced people and is the influence of trends. To be fit is trendy now therefore maintaining an online presence not only on social media but for buying, makes it easier for consumers to continue buying new and new products. There is no difference in buying online and in person for lululemon, everything is the same size all way around, thus this saves time and facilitates accessibility for consumers. Q6) What factors in how Lululemon does business contributes to their market leadership? It continuously builds bridges between daily life and athletic wear, they consistently innovate new products to bridge these two worlds together, such as the ABC pant for men, bridging comfort and work again. Its constant innovation instead of remaining in the same position, they constantly grow farther from the competition, always keeping them one step behind. Their goals continuously push them to be more and more innovative to stay ahead. What are your key takeaways about business from this business snapshot? For a business to remain successful, it must continuously be innovative and invoke consumers to buy more constantly. Market leadership means being of value to customers, everything used for value is for probability for stakeholders.
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