Michael Kors

1152 Words Jan 18th, 2013 5 Pages
Yakini Crews-Rhymer 401709

Final Marketing Management

12-28-12

Michael Kors: Internal issues: Cheap material, Fad?, Hasn’t been around long enough in the light.

Strengths: cost advantage, online growth, loyal customers, brand equity

Weaknesses: not innovative, not diversified, poor supply chain, brand recognition

Enviroment: Bootlegs/Knockoffs

Opportunities: emerging markets, innovation, online

Threats: competition, cheaper technology, price wars

Competitors- Marc Jacobs, Calvin Klein, Luis Vitton

Trends ethnic looks may be returning, by seizing this market it may be an added boon, animal prints this is a direction we haven’t seen yet. Tribal fabrics are a path that can be explored and capitalized on also.
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I want our target group to believe through our product that we will stay committed to giving them the newest, hottest fashion with an emphasis on quality.

Product: Fossil makes watches for Michael Kors and of date the accessory line hasn’t been graced by any strong branded company yet Our accessory line will be designed by innovative creators who are destined to obtain brand recognition instead of unknown designers that lack forward sight. Our materials for our new lines will include tribal print and animal print, through extensive research we have conclude that this will be a wave of fashion that if handled correctly will have a staying power that is detrimental in the handbag business.

Price: Designer watches of course will be affected by the cost of research and acquisition of a reputable designer but for the brand to be recognized they will have to start creating a slide, ie, a current price is 375$ for a rose gold plated watch. It has been noted that these watches turn colors after limited use. A partnership with Movado will enhance the novelty and the price so expect to be seeing 1000$ being a price for a watch, if only as to secure this market. Handbags also will need an upheaval in price so far. Note, prices in the range of 5000-7500$ for a bag with tribal print and/or animal print this will give the consumer recognition of this brand in a non-fad way.

Place: Fashion shows, high end retailers(Nordstroms, Macy’s, Ferragamo)

Promotion: The message

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