Table of Contents: 1 Cover Page 2 Table of Contents 3 Part 1: Target Segmentation 4-5 Part 2: Brand Extension and Product strategy 5-7 7 Part 4: Marketing Mix 7 Conclusion 8-10 References 11-14 Appendix Part 3: Competitor and Position Analysis
Part 1: Target Segmentation Persona (Refer to Appendix) Persona 1 Generation Z (1997 onwards) 2 The fit of the segment with the brand's identity/positioning Those who fall under this category are your Generation Z which include impulse buying (Djafarova & Bowes, 2020) as well as a need for sustainable and responsible fashion consumption. (Williams, A., & Hodges, N, 2022) Size and growth Generation Z is what is currently making up the fashion industry. (Wang, n.d.) They are responsible for 32% of sales in the luxury goods market and is looking to increase to 45% by 2025. (McCormick & Ram, 2022) Structural attractiveness Skechers will achieve targeting this group, by being ethical and sustainable. Along with a trendy and comfortable shoe.
Persona 2 Millennials (1981 -1996) Persona 3 Skechers also targets this Baby Boomers group quite well. They do so with different support built in their shoes. (1946 - 1964) Skechers caters for part of this segment because it is for your family with children. The practicality of finding shoes for the whole family. The older millennial is settled down with young kids and ready to buy comfort and practicality from Skechers. (Barroso et al., n.d.) Baby Boomers are an aging group, however willing to pay the However, a small price and showing change may be just the aesthetic of the shoes being produced. brand loyalty. (Coleman et al., 2006) Skechers already serves well for this group. They have shoes for children and adults. Skechers is already serving this group. From my analysis above, the gap in the market is within Generation Z and therefore we should be targeting this group. Generation Z want a trendy shoe however what will be different is the comfort that Skechers manufactures in their shoes. (Paris, 2022) Apart from this they want an ethically sourced shoe that steers away from fast fashion. (Vajkai Kovács & Zsóka, 2020) Part 2: Brand Extension and Product Strategy I want to provide the comfort of a Skechers shoe along with the trends of today. From assessing my segmentation table above, we are moving forward to launching a product for Generation Z. This will be achieved through a brand extension. A brand extension will be most suitable because Generation Z need a new product line but still represented under Skechers. The new name will be 'Elevation'. Generation Z want luxury, sustainable and responsible fashion; they are the current market for future trends. Brand elements: 'Elevation' is ethical, sustainable, comfortable and a luxurious brand therefore keeping it to its own, will give it that class. 'Elevation' will continue to have the Skechers logo, as it is, easily notable, however will also include its own symbol. This will help differentiate it into its own without confusing current customers for Skechers. It