Outline Introduction Marketing of men s and women s suits Target market Competitive climate Product image Conclusion Banana Republic Introduction Banana Republic is a retail apparel company operating in Canada. The company sells a wide variety of men and women apparel. The three categories of men s suits sold by Banana Republic include Modern suits, tailored suits, and Br Monogram. The modern suits have a natural shoulder seam with relaxed armhole. The design has enough room overall. The tailored suits have a natural shoulder seam like modern suits, but with higher armhole and slightly trim overall. On the other hand, Br Monogram have a designed shoulder seem, which is designed with highest armhole and a trim fit overall. Marketing of men s suits The Banana Republic Company has been working hard to market men s suits over the years. This has been done through print and outdoor advertising. In addition, the company has used direct mails, in-store displays, as well as its website to advertise men s suits. Furthermore, the company advertises men s suits on the editorial pages of several fashion magazines and publications (Cardona 6). The Banana Republic Company uses promotions to leverage the strength of its products in the market. The recent collaboration with Mad Men to promote its products across all stores in North America underscored the company s commitment to strengthen its brands in the market. Through this marketing strategy, the company maintains customer database that enables the company to communicate directly with customers (PR Newswire, para. 5). The men s suits should be sold through market niches due the increasing competition from specialty stores and discounters. This will involve the narrow definition of the market segments to establish market niches and concepts. A strong understanding of the developed niche markets enables the company to gain a strong understanding of the target markets. In this case, the company can take advantage of its large network of stores in the provinces to market the three brands of men s suits. Niche markets will also enable the company innovate its products for the specific and differentiated target markets. Additionally, niche marketing will enable the company to have a strong understanding of consumer trends. Thus, the company will develop a strategy to increase its sales volume in the niche market created. Target market Market segmentation, targeting, and product positioning are important components of a marketing plan for any company. Research reveals that the company has several target markets. The Banana Republic Company targets male and female market segment. The target market is segmented by age, income, minority, and Caucasian segments. The target market includes working men and women, as well as college and university students. Income segment targets customers with an income range of $50,000 to $80,000. The potential market segment for the company is the women s segment, which has shown positive growth in the recent past. The purchase of women s clothing is strong as compared to the other men and unisex segments. This is according to the 2003 sales statistics depicting the Canadian retail apparel industry. The sales of women s clothing accounted for almost half of the of dollars spent on purchases of clothing and accessories in Canada (Lin para. 4). From these statistics, women segment represents the most potential target market segment by the Banana Republic Company. Competitive climate The apparel industry in Canada is characterized by high competition and fragmentation. The distributors, retailers, importers, manufacturers, and licensors are critical to the competition in the industry. Market competitors can devote significant financial resources to strengthening their brands. Intense competition coupled with many other industry dynamics may result in reduced sales volume, high costs, and decreased profit margins. The Banana Republic competitors come from established regional and national, departmental chains, discounters and specialty stores, as well as independent retail stores (Gap Inc. para. 9). The main products by for Banana Republic include Club Monaco for men, H & M for men, Levi s, Sperry Top-Sider for men, Bass for men, Zara men, and Urban Outfitters for men. The major competition areas include marketing to diverse market segments, merchandise sourcing, marketing support, brand recognition, pricing, response to customer fashion demands, and product design. Product image Creating a good product image is helpful in strategically positioning of product within the market (McLoughlin and Aaker 48). In order for the company products to remain appealing to the consumers, it should improve the image of the products offered in the market. This can be done through market research to gather information to understand fashions, color, styles, price, fabric trends, and competitive forces that could be sources of innovation to improve the product image. After all these, the company can focus on marketing its capabilities to create a strong brand identity. Thirdly, the company can directly control the marketing of the product by franchising its stores. The matrix below shows how the product can be positioned in the market. This depends on the market segment being served by the company. Modern suits 1 Tailored suits Br MonogramBr Monogram Modern suits 2 Tailored suits Br Monogram 3 Tailored suits Modern suitsBr Monogram Modern suits 4 Tailored suits From the chart above, the company should position men and women suits in section 3. In this section, the product is less endangered by intense market competition and offers great chances for making marketing adjustments in the future. Conclusion Research results show that the apparel retail industry in Canada is highly competitive. The company has to position its products in the market strategically in order to withstand competitive pressure from other players in the industry. This can be done through improving product image through innovative product design.
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