Marketing Plan Analysis and Presentation Part 2 Research Template PDF

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Summary

Research Template for the marketing presentation, focuses on the marketing plan analysis for Lululemon and goes into depth....

Description

Marketing Plan Analysis and Presentation: Part 2 – Research Template Directions: Using the company and research sources from the Topic 2 assignment as a starting point, conduct additional research to acquire information related to consumer behavior, product or service, and price associated with the company you selected. In the “Research Summary” section, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company marketing objectives and business needs. Information to be Researched Describe the customer segments and target markets.

Describe characteristics of the target markets that will affect product/service and pricing decisions.

Describe how the company differentiates its product and

Research Findings

Resource Citation Information

The market segments of lululemon serve mainly two market segments. One Quiroz, M. A. (2018, December 31). A growth strategy for segment are customers characterized as lululemon 2018. Medium. Retrieved March 7, 2022, “trendy urban” and the other segment from https://medium.com/@michaelangelo_q/a-growthstrategy-for-lululemon-68819680e511 consists of “wealthy” consumers due to the high prices of the products. This displays the target market that lululemon is trying to attract as well, being athletic apparel known for yoga but athleisure as well. Because the characteristics of the target market include expensive as well as Quiroz, M. A. (2018, December 31). A growth strategy for athleisure the product is affected due to lululemon 2018. Medium. Retrieved March 7, 2022, the need of high-quality material. from https://medium.com/@michaelangelo_q/a-growthstrategy-for-lululemon-68819680e511 Consumers must feel like they are getting their money’s worth in a product. Included in the price of purchase are free tailoring and a lifetime warranty within the quality of their products. Lululemon differentiates themselves in many ways from competitors through Quiroz, M. A. (2018, December 31). A growth strategy for the use multiple methods and strategies. lululemon 2018. Medium. Retrieved March 7, 2022, © 2019. Grand Canyon University. All Rights Reserved.

positions its brand.

Describe a consumer buying behavior model for this company and brand.

Describe the product mix.

The companies sale methods partner with local entrepreneurs as well as athletes with a passion for their community. A large focus that the company prides themselves in is quality over quantity and create lifelong relationships with athletic teams and business’s to ensure lifelong loyalty. Lululemon utilizes many different vendors ensured on having the same business goals as lululemon themselves and being transparent. Due to the higher prices that lululemon consists a lot can be seen of the buying behaviors of their customers. A consumer buying behavior model often explains why and how customers are making purchasing decisions. Within the lululemon brand customer justify paying higher prices based of the promise of high quality. IF they pay more now for a high-quality product than they will have to make less purchases in the future. The brand targets customers from higher economic standing but comes with the connotation of healthy living, mindfulness, and self-improvement. Lululemon is a diversified range of apparel for men, women, and children while also offers educational information on fittings, sizing, fabrics and their care, yoga, and goal setting. There is a variety of products available 2

from https://medium.com/@michaelangelo_q/a-growthstrategy-for-lululemon-68819680e511

Walker, R. (2009, July 21). Marketing pose. The New York Times. Retrieved March 7, 2022, from https://www.nytimes.com/2009/07/26/magazine/26FOBconsumed-t.html

Bhasin, H., & Me. (2019, May 9). Marketing mix of Lululemon Athletica. Marketing91. Retrieved March 7, 2022, from https://www.marketing91.com/marketingmix-of-lululemon-athletica/

Describe the product lines.

Describe the service processes.

Discuss physical evidence of service,

suchs as jackets, vests, sweaters, tank tops, leggings. Shorts, skirts, bags, accessories, and many other products. Lululemon utilizes a marketing strategy found in selling a lifestyle rather than a product. While the lifestyle is marketed the company also markets a large series of apparel for men, women and children as mentioned in the product mix. The variety of products that lululemon offers has something for everyone related to the athleisure category. It brands products as a steppingstone to an active and enjoyable lifestyle making it possibly for the products to be priced so high. The service process refers to how a service is provided or delivered to a customer. Within the lululemon brand because they don’t own their manufacturing facilities, they take great care in selecting their vendors to identify vendors that will offer the greatest quality. Information’s flows from the design process to the shelves in retails stores in the shortest possible time. Lululemon utilized in store community service as well as easily accessible online forms that easily gets you a new product if you had a problem with your previously purchased item. The lululemon brand offers a variety of service options such as in person stores, 3

Bhasin, H., & Me. (2019, May 9). Marketing mix of Lululemon Athletica. Marketing91. Retrieved March 7, 2022, from https://www.marketing91.com/marketingmix-of-lululemon-athletica/

Responsible supply chain. Responsible Supply Chain | lululemon athletica. (n.d.). Retrieved March 7, 2022, from https://info.lululemon.com/sustainability/responsiblesupply-chain

The Services Space. lululemon. (n.d.). Retrieved March 7,

service scape, and ambiance.

Discuss the roles of company employees in service delivery.

Define the company’s pricing objectives and discuss whether the objectives are profit- or sales-oriented.

virtual shopping, shopping appointment options, and online purchased gear that can get to you in hours. The in-store hemming option offers the ability to get the perfect fit for the products that you are interested in, no tags or receipts are required, just a product to hem. If you have a problem with the product, you purchased you are able to make a claim online and they will either physically replace your product or send you a gift card for the amount that the product was. Employees at lululemon take on the role of educating guests on the fabrics, features, fit and functions of the products, the culture and community that the company belongs to. By properly educating the guests they are empowering them to make decisions by themselves based off of the facts that were provided by the employees and there is no guessing that has to be done by the customers. Authentic conversations serve as a key to delivering the best in store experience as well as offering online interactive communication with sales associates. Lululemon utilizes a strategic pricing model broken into a three-fold model. The model is broken into functional garments at a high yet consistent price point with little to no discounting but

2022, from https://shop.lululemon.com/story/services

Contract educator. lululemon athletica. (n.d.). Retrieved March 7, 2022, from https://info.lululemon.com/stores/us/sanfrancisco/sanfranciscocentre/jobs/contract-educator0095840

Quiroz, M. A. (2018, December 31). A growth strategy for lululemon 2018. Medium. Retrieved March 7, 2022, from https://medium.com/@michaelangelo_q/a-growthstrategy-for-lululemon-68819680e511 4

Provide an example of current company pricing strategies.

Describe pricing tactics (discounts, etc.) that are used to drive short-term demand

with the awareness that consumers will pay full price. The pricing strategy is based on the overall value of the products as perceived by the consumers. Consumers understand they are paying higher prices for a higher quality product as well as carrying the logo of the popular lululemon. Lululemon’s objectives are profit oriented as displayed by their high prices, they are not looking to make more sales, but rather consistent sales from loyal consumers at higher prices. Lululemon is prices higher than most competitors such as one jacket being as high as $150 dollars. The consumers perception of value plays a large role in the pricing strategy that is consistent without increasing or decreasing. There are minimal discounts, but consumers are aware of the price of the products they are paying for and do not expect discounts or flexibility. Customers feel that they are paying high prices due to higher quality and quality promises. If a customer invests $100 in one pair of leggings but the company ensures that if that pair of leggings ever gets damaged, they will fic or replace them. The pricing tactics of lululemon focus on long-term demand rather than shorttern demand because their products are priced much higher than competitors but

Turk, R. (2021, March 9). Lululemon succeeds due to pricing rather than trends. FashionUnited. Retrieved March 7, 2022, from https://fashionunited.uk/news/fashion/lululemonsucceeds-due-to-pricing-rather-thantrends/2019072244364

Turk, R. (2021, March 9). Lululemon succeeds due to pricing rather than trends. FashionUnited. Retrieved March 7, 2022, from 5

last longer. Lululemon rarely brings its products base prices down by more than 20-30 percent while competitors discount much more than that. The pricing has remained the same since about 2017 and leads to a strong shopper awareness of pricing and not expecting price reductions. The release of new products and seasonal releases effect the tactical decisions on customer demand with the understanding of the stand still prices.

https://fashionunited.uk/news/fashion/lululemonsucceeds-due-to-pricing-rather-thantrends/2019072244364

Research Summary: In 250 words, discuss how the company could use these types of research findings to develop a marketing plan in order to meet the company's marketing objectives and business needs. Lululemon can utilize the findings within this research to better market their products to desired consumers. The company can understand that the target market is very narrow as of now, and by broadening their target market they can reach a wider variety of consumers. Compared to competitors lululemon rarely discount their products which could be seen as a concern A large objective of the company is to market a lifestyle rather than just products, but from consumers perspective the products are the focal point of the company, unless you are part of the businesses tied to the company such as yoga companies or gyms. Lululemon utilizes a marketing strategy found in selling a lifestyle rather than a product. While the lifestyle is marketed the company also markets a large series of apparel for men, women and children. The variety of products that lululemon offers has something for everyone related to the athleisure category. It brands products as a steppingstone to an active and enjoyable lifestyle making it possibly for the products to be priced so high. Overall lululemon strives to attract a certain personal, this meets the current companies marketing objectives which draws the question if the company needs to change anything. With its high prices and high quality lululemon attracts a high economic clientele which is exactly in their marketing objective. This research only further supports the marketing plan that lululemon utilizes meets the needs of the company. If a new strategy wanted to be developed than the area in which lululemon fails to advertise to could be further targeted.

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