Impact Of New Marketing Realities On Coach’s Marketing Strategy
The external environment or the growing new marketing realities immensely impact the specific market strategy in the case of Coach. Coach is known as a well-known brand of accessories established in the United States of America and the international market. It is immensely crucial for the Coach to formulate its marketing strategy by critically considering the macroeconomic facet of the potential market. It is evident that the changing paradigm of the luxury industry of accessories comes up with different social and cultural considerations in the market. Coach effectively addresses its particular issue of struggling brands due to the tumbling sales, which ultimately decreases the market share of the organization (Soni, 2015). Coach overcame this particular issue by considering the importance of the evaluation of the changing market need and focusing on the quality of its product more than quantity.
Appropriate Marketing Research To Investigate Consumer Perception
It is immensely vital for the organization of the Coach to assess the consumers’ perceptions regarding the brand with the help of proper and effective marketing research. Coach adopts different proactive approaches to observe the thorough market scenario by concerning the consumers’ demand and the particular perception about the brands and products offered by the Coach in the market. Different research tools are applied to get necessary information concerning the demand of the customers from the Coach organization (Beer, 2011). This particular feature considers the element of the demand for luxury products for the middle class of society. The features of mall intercept, focus groups, and online feedback from the customers can be effective strategies for the organization to use particular consumer perceptions for the enhancement of the product.
The Article Relates To The Coach Mini-Case
It is observed that the organization of Coach adopt the extensive market plan to overcome the decreasing form of the profit and market share. It is crucial to evaluate the transformation plan in the case of the Coach to make inferences about its effectiveness. There was the need for an alternative market plan due to its wide range of products, which can be characterized as luxury products (“Is Coach’s Transformation Plan Working?” 2016). The company Coach adopted a new market plan by initiating a new product line for its customers, which was a blend of the leather heritage to the new trends. The strategy of market mix helps the organization to change the traditional facet of the marketing trend.
References
Beer, M. (2011). Coach Inc.-Is Its Adventure in Luxury Handbags Sustainable?
Is Coach’s Transformation Plan Working? (2016, April 18). Retrieved from https://www.forbes.com/sites/greatspeculations/2016/04/18/is-coachs-transformation-plan-working/#79ef6724da8e
Soni, P. (2015, January 16). Understanding Coach’s Marketing Strategies. Retrieved from https://marketrealist.com/2015/01/understanding-coachs-marketing-strategies
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