New Marketing Approaches for CHANEL

746 Words Feb 3rd, 2018 3 Pages
Part 6 : New Marketing Approaches for CHANEL
Introduction
Chanel’s products featured elegance, simplicity, modern, class, and luxury. Chanel’s marketing strategies included high quality products, price lining, scarcity and uniqueness. Chanel’s segmentations consist of age group of 30 to 45 years old; gender group is female; targeted income range would be high disposable income. For the other targeted gender group—male, men are predicted to buy perfume as a gift. As for user status, there were ex-users, potential users and regular users. In terms of loyalty status, it was divided into highly and potentially loyal customers. Business sector: the right place to carry business activities is cosmetic shops. For psychographic variable, Chanel targeted fashionable women. Today, Chanel has many competitors; the five main competitors included LVMH, HERMAS, DIOR, CHLOE and DG. If Chanel aims to make more profit, Chanel must be product-differentiated from the competitors. Chanel can try to make inroads into men’s market, junior’s market and introduces eco-friendly products.

Approaches towards MEN’S MARKET
Chanel has a lot of marketing strategies designed for women’s market; it also started to make penetration into men’s market, such as producing men’s fragrance. In this generation, men’s market holds great potential; it is conspicuous in Korea as Korean men use skincare products more than Korean ladies. Chanel must spend more on designing strategic segmentations by targeting men’s…

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