Product: Product concept and justification
The yoga pants that will be provided by the company will be designed in such a manner that the customers can be comfortable wearing it. It will be available for the female customers who are more concerned in keeping themselves fit and healthy in the modern world. It will be designed in such a manner that will help the customers in bending and moving without any hassles. The product will be designed in such a manner so that it can withstand the physical activities of the customers (Goworek, McGoldrick & McGoldrick, 2015).
The product will be made of a mixture of cotton and spandex so that it can provide comfort to the customers. The spandex can be stretched easily that will help in absorbing the movements of the customers. It will make the product durable in nature as well. The cotton will help the fabric to breathe so that the customers do not sweat too often. It will absorb the sweat and make the customers comfortable as well. The waistband will be elastic in nature so that it can fit the customers in a proper manner (Yu, Ramanathan & Nath, 2014).
The product will be available in tight-fitting, flared and boot-cut so that it can suit all the demands of the customers. The traditional style of boot-cut is very famous for the company but the company is also trying to diversify its products by offering different styles to the customers. It can also be worn as casual wear or club wear according to the requirement of the customers. This is due to the fact that the waistband will provide extra flexibility and comfort to the customers when they will be wearing it (Fernie & Sparks, 2014).
The yoga pants of Lululemon can be provided to the customers with a zip line on the sides. It will be at the same price, which can be availed by them. The zip line will be provided on the sides of the pants so that it can help in building up a fashion statement among the customers as well. While wearing it to a party, the customers can open the side zip line so that the pants have a slit. This will help in increasing the glam quotient among the fashionable people. The pants will be used in both the formats that can be used during the time of exercising and as a fashionable wear as well (Varley, 2014).
The price of the product will be kept at 80 AUD, as the strategy of the company will be oriented towards increasing the level of profits. They will also follow the price skimming strategy where the introductory price of the product will be higher due to the advantages that it will be providing to the customers. It will also help the company in gaining a competitive advantage over the competitors that are present in the market due to its unique feature that they will be providing (Varley & Rafiq, 2014).
The price of the product will be set in this manner, as the major competitor of the company is Nike and the price of their products are very high. This will enable the company to increase its advantage in the market, as more number of products will be sold. The customers will be purchasing the same quality of pants at a lower price from the company. This pricing strategy will help the company in the short-term to accomplish its goals so that it can success of the company can be guaranteed in the long-term. It will also help the company in widening its angle of marketing, as it will include large number of shoppers. The increase in the level of attraction will help the company in separating the customers who are looking for only specific products. This helps in widening the market of the company as well (Krasyuk et al., 2017).
Augmented feature of the product
The company will also earn extra due to its sales partnerships. This is due to the fact that the partnership of the company with other companies will help Lululemon in earning extra profits. The marketing will be done at a premium rate so that it can attract more number of customers and help in increasing the chances of purchasing the products from the partnership company as well. The company also has a higher brand position, as it can differentiate the products that are being offered in the market (Zimmerman & Blythe, 2013).
The product will be available online and the customers can place their order online as well. The company will be partnering with an e-commerce site so that the products can be delivered by them. This will also help in increasing the level of sale for the e-commerce site as well. The company will also be providing discounts to the customers who will be ordering in bulk or more than three products so that it can help them in saving up their costs (Yu, Ramanathan & Nath, 2014).
One of the major elements for the company is to distribute the products in a proper manner so that it can help the customers to purchase it from the nearest stores. This will also result in increasing the level of attraction among the customers, as the products will be available in all the major stores. The company will be selling the products directly from its own outlets so that it can result in keeping the profits at a higher level. The company will also be partnering with other major retail chains that are present in Australia such as Woolworths. This will help in increasing the rate of attraction of the company towards the company (Carpenter et al., 2013).
Another major thing for the company will be to advertise the products in a proper manner so that the customers can get proper knowledge regarding the location of the stores where it will be available. This will have a huge impact on the company, as the sales will increase, which will result in increasing the level of profits for the company as well (Varley, 2014). The company will be providing the products in the warehouses of the online sites so that it can help them in disbursing it whenever the customers are ordering the products. This will result in providing the delivery to the customers in an efficient manner and within the stipulated period of time. The products will also be distributed in various health clubs spread across the country so that the customers can have a better experience with the company (Zimmerman & Blythe, 2013).
The use of the online marketing techniques by the company will enable the revenue to increase by 6 percent, which will help in gaining financial advantages in the market. The company will also be selling through the wholesale channels so that it can compete against Nike and Under Armour and increase its rate of profitability (Fernie & Sparks, 2014). The wholesale channels will also allow the customers in purchasing the products at a cheaper rate, as it will be sold directly to them. This will help the company in gaining a competitive advantage in the market as well. The use of these distribution channels will help the company in effectively meeting the demands of the customers so that it can result in gaining a competitive advantage in the market. It will allow the company in increasing its revenue generation so that new features and products can be introduced in the market as well (Carpenter et al., 2013).
References
Carpenter, J. M., Moore, M., Alexander, N., & Doherty, A. M. (2013). Consumer demographics, ethnocentrism, cultural values, and acculturation to the global consumer culture: A retail perspective. Journal of Marketing Management, 29(3-4), 271-291.
Fernie, J., & Sparks, L. (2014). Logistics and retail management: emerging issues and new challenges in the retail supply chain. Kogan page publishers.
Goworek, H., McGoldrick, P. J., & McGoldrick, P. J. (2015). Retail marketing management: Principles and practice. Harlow, UK: Pearson.
Krasyuk, I. A., Krymov, S. M., Medvedeva, Y., Chernisheva, A. M., & Lashko, S. I. (2017). Marketing Management in Retail Chains. International Journal of Applied Business and Economic Research, 15(12), 83-91.
Varley, R. (2014). Retail product management: buying and merchandising. Routledge.
Varley, R., & Rafiq, M. (2014). Principles of retailing. Palgrave macmillan.
Yu, W., Ramanathan, R., & Nath, P. (2014). The impacts of marketing and operations capabilities on financial performance in the UK retail sector: A resource-based perspective. Industrial Marketing Management, 43(1), 25-31.
Zimmerman, A., & Blythe, J. (2013). Business to business marketing management: A global perspective. Routledge.
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