Marketing Strategy: Nine West Shoes - Book Report/Review Example

Marketing Strategy - Nine West Shoes categorizing to larger sizes 10 and above Nine West is a known American brand which is popular among the different women for its unique designs and sleekness. Nine West manufactures excellent handbags and shoes. When all the other shoe retailers are busy catering the needs of women with average shoe size, Nine West has penetrated the shoe market with unique different approach. Nine West targeted the women with the larger shoe size ranging from 10 and above (11, 12 and plus sizes). Considering the need of such women with larger shoe size, Nine West has segmented the market in a different way which was never done before by any other shoe retailer. Nine West has tried its level best to cater the needs and demands of the women with larger shoe size. Since Nine West has a name and strong market value therefore; it is expected that it will penetrate the market to a greater extent. Four P’s of the marketing play an important role in determining the success of the marketing plan and for the product itself. Product itself is an important element of the marketing strategy which determines the need and the demand of a specific group or segmented customers. Price is an important factor which Nine West should consider and how they can penetrate the market through this important factor. Third and fourth important factors of the marketing strategy are; Place and Promotion which play a significant role in shaping the success of a potential product. Nine West has made sure that this marketing strategy will help them to create customer awareness, to develop customer loyalty and trust as well as how they can be more customer oriented y introducing a new product line in the market under their name. There are few competitors in the market who are catering the needs of the women with larger shoe size. However, Nine West is the most trusted company; women trust most. Target Markets: Nine West is targeting two major segments of the population in women. Professionals: Professional including women athletes pay special attention while selecting the right shoe for them. These professionals include full time working ladies. These women earn more than 45,000$ dollars (approx.). Large size shoes are not only suitable for working place but they can also be worn for leisure time. Since these shoes are catered to fulfill the needs of women with longer working hours who need different shoes to match with their different outfits. Since women love collecting shoes that go perfectly with their outfits and needs therefore, it is expected that women with larger shoe size will be spending more on purchasing shoes to meet their everyday requirements. Housewives: It is an ideal situation for Nine West to target housewives due to their income strength which is generated by their husbands. Since, these women have no issue in spending a lot of money on their clothing and shoes therefore; for Nine West targeting this segment is an easy job. Nine West may consider this group an ideal one because of their availability of time and money. This group has an edge over other groups because of money and time that they possess. Nine West has focused all its strength towards targeting this specific segment. Marketing Mix: Nine West has focused especially on catering the needs of women with large shoe size. Nine West has developed a uniquely different approach to pricing, product development, packaging and promotion. Product: Nine West is offering upscale shoes for women with large shoe size. Nine West has categorized its range of shoes into: Sandals Professional yet stylish shoes Dress shoes Athletic shoes Sneakers/loafers Pumps or high heels Nine west promises quality and durability in their products. It would be much easier for the women all around the world especially in America, Australia, South Africa and UK to search for shoes according to their need and demand. Women in these countries are generally taller with large shoe size. In a way, we can say that these shoes will be higher in demand. Nine West has made itself available in all parts of the world; the major countries and the cities. Women are more conscious about sleekness and style of their shoes. Therefore, the company has kept in mind to give the best quality shoes according to their size in perfect style. Nine West can make these shoes available at an average price with company’s warranty. These shoes will be catered to fulfill the style and comfort needs of the women with large shoe size. “Comfort” and “Quality” are the two most highlighted features of these shoes. Packaging: Nine West has emphasized more on packaging of the product rather on any other component. Nine West offers its shoe products wrapped safely in a cloth bag; placed in a cardboard box to make it more secure for the customer and to give them an ease in travelling. Therefore, women can carry their shoes even without the cardboard box. Place: The company needs to focus on how they will make their products available to the customers living in far and flung areas. Nine West would surely be using warehouses and distributors to sell their products. As we know that Nine West is an international chain that is more famous for their handbags and shoes therefore, the company will try their level best to cater the needs of all the women with large shoe size around the world. Company would prefer taking their orders online because majority of people prefer shopping online no matter where they are from. So it would be the highest priority of Nine West to fulfill the needs of their valued customer without a delay in shipping their product, if a country is situated outside America. Promotion: Nine West needs intense promotional activities to make their customers aware of their product. The company needs to publicize their product in all kinds of electronic and print media, which will grab the attention of the customer. Obviously, at some point, the company needs to promote their product on various events such as Christmas, Easter, and Valentine’s Day and on other special event where the women emphasize more on their dressing and spend lavishly on themselves. The company should also promote their product through advertisements between the most famous programs to grab the attention of the female audience and especially between the programs that revolve around females. Price: Price is the biggest factor where Nine West needs to pay more attention. They should opt for the reasonable prices that can penetrate the market while competing with other rivals in the market. Since the shoes are categorized differently therefore, different categories of the shoes will have different prices. The average price should range between 40$-65$ depending on the category of the shoes. Special discounts and allowances on special events will get more customers to the company. Pricing should be used as a tool for competing in the market. Nine West can also offer special price coupons to their valuable customers. Pricing strategy can bond the customer forever with the company. Read More