Ch. 7 - Business Marketing

Industrial Marketing is the marketing of goods or services to individuals or organizations, Which are not intended for personal consumption. This is a very strategic practice that companies often use to maximize the exposure of their products or services. This can often serve as a testing period to introduce a product. Coach offers their product developers an opportunity to test wear the actual product before its distribution. For example they give the product to wear for two month, the showcasing of the product can range from the very basic pieces such as their signature and all leather goods to their more iconic and valued pieces, such as exotics and their legacy collection. Marketing is really a necessary tool in informing the customers about a product and its also creates an emotional connection that is often based on perception. To further impose products or services on a customer. Marketers need to distinguish a need from a want. Making an item limited can create a desire to want an item they don’t really need. However to further build the customer relationships. Coach really takes time to nurture a long term relationships, Internet Marketing can also ease the shopping experience and that’s one of the reasons Coach decided to launch their online in 1999. This expanded the worth of the company instantaneously. Offering a very personal sales experience whether it’s a face to face or even online they have carefully thought out how to make the shopping experience as seamless as possible. Utilizing the stickiness method can produce more accurate numbers on the effectiveness of their online store. This method measures frequency, duration as well as site reach, it helps marketer to develop more efficient delivery methods

　

This expanded the worth of the company instantaneously. Offering a very personal sales experience whether its face to face or even online they have carefully thought out how to make the shopping experience as seamless as possible. Utilizing the stickiness method can produce more accurate numbers on the effectiveness of their online store. This method measures frequency, duration as well as site reach, it helps marketers to develop more efficient delivery methods.

Ch. 8 - Segmenting and Targeting Markets

 
Marketers use different strategies to segment their target market. Segmenting consumer markets is a great way to organize groups that will better assist a company in delivering excellent products sales and establish growth in profit margins. Choosing the segmentation process is a crucial bases for a company, wrongfully doing so can result in lost of sales and decrease profit opportunities. There is often a different groups help define customer needs and wants. This also assist the company to expand product lines or even tap into there innovations, as well as helps the expansion of the company and gives them competitive advantage over competitors that offers no versatility. Market segments differ in size and opportunity, this is why precision is the key to better evaluate objectives that need to be met. As a company its important to utilize demographic design data, understanding different social groups, ages, genders and income ranges can better help you understand consumer behavior. Coach often refers their products to generation Y, however through group segmenting they are able to consistently deliver a product that offers versatility and may have a function in almost any consumers life. The different steps that are used can help a company pick, produce and deliver to the best of their potential, but deliver of the product is key, so it is essential to understand the need. Using these different strategies helps to seamlessly transition from one product to a well organized marketing mix.

Ch. 11 Developing and Managing Products

Coach Inc. is known for their ability to offer new ability to offer new products line distributions every month. Offering a variety helps with maximizing profit margins. Presenting new products strategies can help a business pin point were there may be a need or if there is room for improvement. For example Coach has always had their legacy product line. This line is a must for Coach because it delivers almost half or their company’s profit. It’s not a new product to the world but it was first introduced at a coach boutique in the mid 1900’s. Legacy soon evolved into a global iconic piece for all coach stores, becoming a pattern that was splashed across all visuals, as well as all products. When Coach developed and introduced the legacy pattern it immediately became a high in demand must have. A company like Coach really prides themselves on the level of innovation they have always kept me amazed with their attention to details. Making them standout from the rest and influencing customers that their products are a must have, no matter what the competitive market.

Ch. 10 - Product Concepts

　

Product concepts are extremely important to the performance of a company. Coach is a retailer which offers tangible goods. They have mastered product concepts by distributing the importance of each product they offer. Consumer product classification is a helpful tool that consist of a visual breakdown which better assist a company with product development. Branding of a product is key, its an instantly recognizable symbol or name that sets that brand apart from other competitors. Branding can be a sole reason on gaining the interest of a customer. Maintaining a product mix gives a consumer a range of products to choose from. Companies often expand there norm to better suit a diverse crowd. A product line often contains a variety of color, texture, function, size, etc. Coach is a family owned company which has built product loyalty throughout the years, it has stayed true to their products. When you purchased a product from coach, even their co-brand Movado, you have invested in an item that has somewhat a life time warranty. For example if you purchased a bag 6 years ago and the bag happens to be falling apart due to wear and tear you can actually pay a $25 fee and send it to get repaired. If your item can not be repaired they will try to see if they have it in stock to offer a complete replacement but if they cant replace it, you can get a credit for the worth of the bag, its incredible investment. In addition to there product they offer elegant packaging and outstanding service, this build strong customer relationship as well as longevity of a company.

Ch. 17 - Personal Selling and Sales Management

Coach Inc, has many different ways to promote their products their main focus is relationship selling. Getting to know the customers from a more interactive and personal perspective is the key. 80 percent of the customers remain loyal for their products but also for a sense of importance. Customer promotions offers loyal customers the option of coming into the store and buying their favorite picks of the month at 25% off. This is a great tool to securing a solid sale. If you enjoy shopping online you will come across a great promotion, anything purchase under $150.00 will receive free shipping. Promotional sales help to build brand loyalty. Personal selling is a great way to of explaining the features and benefits of a product. This gives a customers a chance to communicate what they are looking for, specific details such as style, texture, color or size. This gives a sales associate a starting point. Coach makes sure to property train their employees to better enhance a sales. By having great customer / employee communication it can help with immediate sale as well as a future sale. Sale promotion offers potential buyers the option of getting a product at low cost. I see this as an excellent form of sampling the product. Coach provides follow up calls. Through this process, coach retains customers data and also records a log of a customers past purchase. Over all I’m also a consumer and I feel like the promotions are the perfect way of offering perks to ensure brand loyalty as well as boost profit margins.