Impact of New Marketing Realities on Coach’s Marketing Strategy
External environment or the growing new marketing realities immensely impact the specific market strategy in case of Coach. Coach is known as the well-known brand of accessories establish 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 come up with the different social and cultural consideration of the market. Coach effectively address its particular issue of struggling brand due to the tumbling sales which ultimately decrease the market share of the organization (Soni, 2015). Coach overcome this particular issue by considering the importance of the evaluation of the changing market need and focus 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 the proper and effective marketing research. Coach adopt different proactive approaches to observe the thorough market scenario by concerning to 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 to the demand of the customers from the Coach organization (Beer, 2011). This particular feature considers the element of the demand of the luxury products for the middle class of the society. The features of mall intercept, focus group, and online feedback from the customers can be effective strategies for the organization to use particular consumer perception for the enhancement of the product.
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 case of Coach to make inferences about its effectiveness. There was the need for the alternative market plan due to its wide range of the products which can be characterized as the luxury products (“Is Coach’s Transformation Plan Working?” 2016). The company of the Coach adopts the new market plan by initiating the new product line to its customers which was the 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.
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