Barneys Marketing Plan - 1630 Words

BARNEYS MARKETING PLAN Executive summary Barneys is planning to extend the target market by embracing budget fashionistas as well as current target customers who are fashion connoisseurs with a high disposable income and cutting-edge taste. It is because, according to Spending Pulse, Sales of luxury goods fell 27.6% in December 2009 compared with December 2008 including credit cards and cash. The pullback in luxury spending due to the deteriorating economy brought about a sharp slowdown and a torrent of extraordinary markdowns last year. The competitors including Bergdorf Goodman, Saks Fifth Avenue, and Neiman Marcus have been saddled with excess inventories and double-digit sales decrease. In order to do extend target market, Barneys†¦show more content†¦The recent promotion was offering merchandise at a 75% discount last year. S.W.O.T. analysis žStrengths: Hip image of providing unique mix of established designers and new costumers Private labels allowing full control and high markups Co-op offering chances to draw budget fashionistas with its young, experimental, downtown feel merchandise Good store locations appealing to both tourists and locals žWeaknesses: Aggressive expansion strategy derived from the new owner’s desire to recoup the investment: this has greatly increased expenses for opening stores. Lack of leadership: The former president and chief executive, Howard Socol, resigned in 2008 July and hasn’t yet to be replaced. Taste level which is not widely accepted: with its cutting-edge image, Barneys has a narrower appeal and customer base than other luxury department stores. žOpportunities: Growing trends towards contemporary apparel and accessories: customers started to look for practical and wearable items in everyday life rather than expensive statement outfits. Continuing strong growth in online sales: according to the report from the Census Bureau of the US Department of Commerce, online purchases amount has increased by more than 9% to $34.61 billion in the second quarter of 2009 compared with the amount during the same period of 2008, and online sales of apparel has generated $26.6 billion.Show MoreRelatedBusiness Plan of Asian House Restaurant11688 Words   |  47 PagesBusiness/International Marketing Hongmei Zeng Business Plan of Asian House Restaurant Bachelor’s Thesis 2011 ABSTRACT KYMENLAAKSON AMMATTIKORKEAKOULU University of Applied Sciences International Business Hongmei Zeng Bachelor’s Thesis Supervisor January 2011 Key words Business Plan of Asian House Restaurant 45 pages + 3 pages of appendices Ulla Puustelli, Senior Lecturer business plan, restaurant, Asian House, marketing The purpose of the thesis was to make a practical plan for setting upRead MoreManual Of HND Marketing Planning Fina14769 Words   |  60 PagesHND Business- Unit Manual- Unit 14- Working with and Leading People UNIT MANUAL (STUDY GUIDE) Marketing Planning Unit 19 HND BUSINESS N E NELSON COLLEGE LONDON L S O N C O L L E G E Copy right Author Editor Version Nelson College London Alfred Mbeteh Nazim Uddin V1-August 2013 HND Business- Unit Manual- Unit 14- Working with and Leading People TABLE OF CONTENT Table of content ...........................................................................................................Read MoreThe Success Of A Company Tesla Garments Strategy1383 Words   |  6 Pageslevels beyond the wildest imaginations. 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