The paper "Strategic Marketing and Innovation for Michael Kors " is a perfect example of a marketing case study. Michael Kors works in the retail industry and is based in Australia. The retail player has established its market in Australia and is looking to improve its market share by identifying the correct targeted market, the market segment which will help them to improve productivity and developing proper marketing strategies which will help the business achieve its goals. The retail giant also looks at having a fully developed action plan with allocated budgets so that the business is able to work on the correct dimensions and develop a niche market for its products and services.
The store looks at offering a one shopping roof experience for the high-end clothing by the proposed venture will offer the organization increased market competitiveness in the market. In contrast, the existing high-end clothing industries offer single line products in the market. To be effective and improve their market share it is imperative that appropriate marketing strategy which is aimed towards developing the business fundamentals and strengthening their core values is addressed.
This will help to find out the different dimensions and areas through which overall productivity will improve and will add towards better contribution to the business. Overall Strategy Australian economic development is on the rise as well as illustrating a growing and increasing per capita and disposable income values. As such, Butlin (2013) stated that the rise of an increased middle-level society has enabled them to purchase and buy products of the middle and high price values. Therefore, this opens up the market to not only the traditional clothes products supplied by the indigenous Australian firms but also a market for high profile clothes form international cloth industry brands across the world such as Michael Kors.
As such, the expected and forecasted continued growth of the industry into the future illustrates that the proposed venture product demand will expand and grow into the future making it increasingly viable for investment. Michael Kors needs to use those opportunities and to gain a sustainable market share they need to position their products among the customers who will seek at purchasing the products again and again and will be different from what the other competitors are looking to work at.
This will require niche branding of their product and differentiating their products from others in the market. The ideal result for Michael Kors will be to bring about a change in the perception of people towards clothing and developing the required desire and will to purchase expensive clothes. This will require identifying the different core areas and having an association with the customers so that they are able to relate to the product and are able to bring about a change in their purchasing habits. Business Situation Michael Kors at the present moment is experiencing stiff competition from other players in the market.
The organization like any other player working in the retail sector is aiming towards attracting customers based on their quality offerings. The slight difference which Michael Kors has in comparison to others is that the organization looks to attract people especially the luxury segment due to the different products being offered by them. This requires that Michael Kors is able to identify the correct market and develop strategies that will act as a differentiating factor from other players (Belout, Dolan & Saba, 2001).
This will require that Michael Kors focuses on the niche market and aims towards developing creative strategies so that they are able to attract and retain more customers. The present situation requires Michael Kors to understand the manner in which the market is evolving and needs to develop marketing strategies so that they are able to attract people towards different offerings.
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Belout, A., Dolan, S. L., & Saba, T. (2001). Trends and emerging practices in human resource management - the Canadian scene. International Journal of Manpower, 22(3), 207-215
Taylor, G. (2013). Give your marketing a digital edge. S.l.: Global & Digital.