MKT10007 Fundamentals of Marketing Semester 2, 2023. Assignment 4 Date of Submission: 2/7/2023 Name: Chong Wei Yan 1
Table of Contents Contents Page Number Front Page 1 Table of Contents 2 Target Market Analysis 3 Brand Extension and Product Strategy 4 Competitor and Positioning Analysis 5-6 Marketing Mix 6-7 References 8 Appendices 9-11 2
Gucci strategically positions itself as a brand that fosters inclusivity and serves as a symbol of luxury, style, and modernity. With the multiple product lines, Gucci appeals to different segments of the population (Lectra, 2021). The company is currently planning for a product extension to reach a broader target market. As the brand manager of Gucci, this proposal will include the analysis of our target market and other competitors, brand extension and positioning strategies, and the marketing mix for the new product. Target Market Analysis Persona A (Refer to Appendix A) B (Refer to Appendix B) The fit of the segment with the brand's identity/positioning Persona A is an academic lecturer that teaches in several universities. He aims to serve the academic entities and develop beneficial self-reputation. Based on demographics, the persona is more focused on his career and has less desire for luxury products. Persona B is a full time student in university while running a business. Due to the financial situation of students and the high-end price of Gucci products, students may not be the primary target audience. Size and growth Demographic : Persona Persona A enjoy a A lives in a dual-career historical perspective family, which indicates he is time-poor. Based by current trends. He on his occupation and lifestyle, his purchasing patterns for luxury products are changing. Demographic: Persona B is a student with zero income. According to her income, age and life stage, the persona has less desire and ability to afford luxury goods. Structural attractiveness and is not influenced possesses traditional thinking and prefers proven products. (Strategic Business Insights, 2023) As there are many luxury brands in the fashion industry, the intense competition and price wars may be less attractive to the persona. C Persona C is a manager who in the food and beverage industry. He is an outgoing person that engages people, and socializes to build relationships with customers. Having a professional and positive image is crucial for a manager. Economic: As a manager, Persona C has higher buying power to spend on non-essential items with his disposable income. Persona C is a hardworking and goal oriented individual. His image and status is synonymous with Gucci's personality, therefore it is easy to attract the attention of this persona. (Refer to Appendix C) (Strategic Business Insights, 2023) Based on the analysis of the three personas, Gucci will select Persona C as the new target market. The characteristics, lifestyle and personality of the persona aligns with the brand's image. According to Maslow's hierarchy of needs, Persona C is eager for self-esteem needs such as recognition and social status, and he has the ability to afford luxury products. 3