Competitive Analysis
Discuss About The Journal Multinational Financial Management.
Historical background of Levis brand can be dated back to the 90’s in the streets of Sanfransisco. The company was founded by a tailor who had a great passion for making jeans. As time went, more and more people went on to purchase and that how it became popular until today. Its growth and popularity came all through 1990’s when modern jeans appeared for the first time in the market. The market segment at that time was mainly the working people who saw it affordable and durable to purchase such a trouser (Alt, J. and Iversen, T., 2017).
From the early 60s, Levis brand experienced drastic growth this was due to the fact that it was popular amongst all people ranging from the youths all the way to the aged people. This made the Levis brand to command the market and encountered h sales. It expanded from a blue jeans clothing line to a modern fashion designer since the dynamic evolution of wants had changed. The Levis brand acquired another company that made it introduce modern stone washing that manufactured at a higher capacity to satisfy customers need.
The branding element in the Levis designs had some drastic measures in its growth. They included the following: -The copper rivet. This was a unique branding element that made the trouser stand out of the other competitors as it had the company’s initials rounded on it which made it easy to tell and identify the company it belonged to (Alt, J. and Iversen, T., 2017). The copper rivet shared the company’s initials and logo. This was to ensure that the Levis brand was well known.
The pocket flasher was another branding element that was used, this was made after most people complained of the copper rivet since it was becoming a hectic to many from its positioning at the back of the pocket as made them uncomfortable especially when sitting on furniture.
The red robs. This was created by the levis team so as to distinguish it from the other models that were in the market.it became famous since it held the name of the brand Lewis. This helped the brand to reduce competition that was already piling up backing those days.
The leather perch was uploaded later on to carry the brands logo. This was added since the parent company tenure was due to expire and they wanted to remain relevant in the market. The leather perch made it stand out as unique from others since it created an illustration to the customer that the jeans were original (Kiel, I.H., 2014).
Recommendations
Printing was the next branding element. By this time, it was still new for the jeans to be printed and therefore it was a new experience for the customer to see that their jeans were printed in a particular was using well-structured tailor-made lines.
Scratching was also done on the cloth so as to attract its unique characteristic and help stand out. All this time the branding strategies were introduced so as to ensure that the jeans stayed in the market (Kiel, I.H., 2014).
The above-discussed branding elements made the Levis jeans grow highly in the market in such a way that even today they still enjoy a larger share of the market.it helped to shape the company in the market.
Levis Strauss and company started operations and is operating in a highly competitive business market that is fragmented with new industries. Its position is still high in the market due to the good and well-managed team that has helped the organization to beat the odds and come out as a top used the brand in the world. Loyalty within the customer has also made it easy for the brand to maintain the top position in the market (Dolnicar, S., Grün, B., Leisch, F. and Schmidt, K., 2014).
Competitive analysis is a key important tool in any successive brand in the world. This is because it helps the brand know what the market needs at a particular time and help in improving and adjusting through the dynamism change in the market. Levis brand has the following unique status which was well analyzed to make it stay competitive in the market.
Global dynamic presence. This is due to the fact that they are available innermost part of the world so they enjoy customers all over the world. This ensures that they have a smooth running of profits tear out. Many and well-organized distribution channels have also been a key factor, this ensures that there is always enough stock across the world to supplement the customers need. This has made them very unique in the market.
Good connection with the younger generation. It’s evident that the youths and the younger generation constitute a major part of the population. by learning that the company ensured that they made clothes that were well and pleasing to the youths which made the youth to love the brand and as made them have a good competitive market strategy which has positioned them at the top of the game where the market is wide (Kiel, I.H., 2014).
The Plan
Good marketing team. The growth of the company can be attributed to the good marketing team that ensures it has identified any change that might cause a slight deficit in the sales. Also coming up with different qualities and well-designed logos have also attributed the company to enjoy a lion’s share of the market.
The affordable price of their brand is also a made sure that has enabled the brand to enjoy good sales. The marketing team ensured that the price if the cloth was affordable to everyone so that even the low-income earner could have their share .by this the brand ensured it captured the attention of all demography of people which made them one of the biggest brand in world today (Dolnicar, S., Grün, B., Leisch, F. and Schmidt, K., 2014).
As a modern means of using the brand hierarchy, Levis brand normally collects the best quality brand of jeans and displays on the internet with a capturing message that draws the attention of everyone. It normally uses the uniqueness of its name as a punching tool to other competitors while displaying a message to the customers about the latest models and the discount available with them. The brand normally uses one of the famous faces in the world. This helps in building a reputation that convinces customers that it’s only their brand that is best for the others.
The attributes of this product can be fingered out to right from the pricing which is always affordable to all, communication which ensures that the best brands are sold in large quantity, distribution policies which ensures that the brand is well stocked in over the world and also the marketing team that ensures that the brand maintains its position in the market segment.
Despite the fact that the brand is selling out well in the market chances are that it might not take long before other competitor gets into the market. And hence the following recommendations must be taken into consideration. The company brand should create a well-structured digital team that will ensure that the social media is not left out when it comes to advertising the brand. Secondly, they should ensure that they introduce promotional activities that will help them in promoting the brand. Thirdly they should ensure that they open the market and diversify on other businesses so as to minimize chances of the company going back to the ground in case the market is flooded. Brand equity should also be built by ensuring the customers are given the first priority (Dolnicar, S., Grün, B., Leisch, F. and Schmidt, K., 2014).
The purpose of the plan is to ensure that the company enjoys a larger market share and remain competitive in the market the plan will include the following steps.
- Ensuring that the quality being made is relevant to the market. This is by designing a more unique product that will catch the attention of all segment.
- Giving some mandatory requirements to the market team to ensure that they conduct a market research on the product annually.
- Ensuring that the distribution team is well conversant to the places where there is an influx
- Maintain a standard price that will be affordable to all regardless of your income.
- launching a customer care center and official website where the customer can freely have lain them complains and be served effectively.
In conclusion, to be able to maintain and run a company in a concentrated market require skills, knowledge and unique characteristics that will enable you to stand out from your competitors (Dolnicar, S., Grün, B., Leisch, F. and Schmidt, K., 2014). By following the above-laid plan is evident that for a company to be the commanding power in the market is not an instant process but it takes time, hard work and a dedicated team to help achieve the set goals and strategies.
References
Agudo-Peregrina, Á.F., Chaparro-Peláez, J. and Hernández-García, Á., 2018. New Market Segmentation Paradigms and Electronic Commerce Adoption: An Exploratory Study. In Mobile Commerce: Concepts, Methodologies, Tools, and Applications (pp. 1303-1327). IGI Global.
Alt, J. and Iversen, T., 2017. Inequality, labor market segmentation, and preferences for redistribution. American Journal of Political Science, 61(1), pp.21-36.
Beracha, E., Hardin, W.G. and Skiba, H.M., 2018. Real Estate Market Segmentation: Hotels as Exemplar. The Journal of Real Estate Finance and Economics, pp.1-22.
Craft, S.H. and Hassan, S.S., 2015. Global consumer market segmentation strategy decisions and managerial assessment of performance. In Revolution in Marketing: Market Driving Changes (pp. 26-30). Springer, Cham.
Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer, Cham.
Day, G.S. and Day, G.S., 1990. Market driven strategy: Processes for creating value (pp. 10-18). New York: Free Press.
Dolnicar, S., Grün, B., Leisch, F. and Schmidt, K., 2014. Required sample sizes for data-driven market segmentation analyses in tourism. Journal of Travel Research, 53(3), pp.296-306.
Ernst, D. and Dolnicar, S., 2018. How to avoid random market segmentation solutions. Journal of Travel Research, 57(1), pp.69-82.
Fornell, C. and Wernerfelt, B., 1987. Defensive marketing strategy by customer complaint management: a theoretical analysis. Journal of Marketing research, pp.337-346.
Jia, C., Wang, Y. and Xiong, W., 2017. Market segmentation and differential reactions of local and foreign investors to analyst recommendations. The Review of Financial Studies, 30(9), pp.2972-3008.
Kiel, I.H., 2014. Entrepreneurial marketing.
Kim, O., 2017. The joint role of the bonding mechanisms and the reduction in market segmentation in valuation of firms cross-listed as Global Depositary Receipts (GDRs). Journal of Multinational Financial Management, 39, pp.19-38.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
