Coach Inc. is a competitive company which is well known globally and was founded by an interactive partnership between two company’s in the year 1941 and the company’s headquarter is situated in Manhattan, New York. The company in the initial stage was managed by the family members but later, due to the advancement in technological knowhow and the intensified competition in the economy, Sara Lee Corporation purchased it and it firmly articulated to the sale of Hand bags and Purses. Currently, Coach Company has diversified its operations and have incorporated leather goods which includes wristlets, jewelry, poppy, wallets, gifts among others.
It is from this global diversification of the products and services that the company is considered a reputable. The company has approximately 10, 100 employees with a total equity of 1.70 Billion dollars. Coach, as a producer, marketer and designer of a prestige line of briefcases, luggage, handbags and accessories has made its reputation through the sale of study leather purses in traditional, unchanging and classic styles which have made it to remain one of the renowned leather brands in the U.S and a reputation which has continued to grow overseas.
As the newly recruited distribution and marketing manager for the company’s brand products and goods, the report provide the promotional mix and strategies that the brand products and goods can be articulated by the management in attempt to realize its competitiveness. In addition, the report analyzes both the advertising mix and strategies to be implemented by Coach Inc. for its strategic goals to be effectively realized (Mercer, 2000).
Promotional mix
The company’s implementation of the promotional mix will articulate to various factors that affect the overall performance and undertakings in the market. These factors include; type of the product, the stage in the Coach’s brand products and services, the characteristic of the target market, competitors’ actions in the economy and the availability of funds in the company. However, in order to achieve the competitiveness needed in the economy, Coach Inc. needs to incorporate the following promotional mix in its product marketing strategy:
Coach Inc. has recently faced competition from its competitors and as a way of ensuring that the company meets the changing economy, the management needs to articulate to the above aspects of promotional mix. In the case of advertising, the management of the company should be able to promote and present ideas, services or products through identified middlemen. For instance, the company uses radio, print ads, billboard, television, brochures and the catalogues, direct mail, motion pictures, banner ads, web pages among (Baker, 2007). Personal selling involves the use of an individual to persuade potential consumers to purchase the brands products and services.teh use of personal selling enhances the consumers to understand the availability and the effectiveness of the Coach’s products in the economy. It includes; sales meetings, sales presentation, incentive programs, samples, sales training and telemarketing.
Consequently, Coach can incorporate sales promotion in its promotional mix in an attempt to enhance increase in its sales revenues. In this case, non-media and media marketing are employed by the management of the company in a pre-determined time framework so as to increase the consumer demand, improve the company’s brands availability or stimulate demand in the market (Mercer, 2000). This includes; trade shows, exhibitions, trade ins, coupons, sweepstakes, product samples, contests among others. For the company to be effectively recognized and its reputation upheld in the economy, focus will be directed on the public relations of the company. This will be achieved by either public presenting the company’s information in the media including radio and TV presentations, Magazines and newspaper reports about the company’s products, speeches made by the top company’s officials, seminars and charitable contributions towards the society.
Promotional Strategy
Many promotional strategies are available in the economy, but the company needs to consider the strategy that will ensure that it has an upper hand to its competitors and also the one that can enhance it to achieve its overall strategic goals with ease. Among them include; media releases, events, networking, sales pitches, promotional products and follow up with the consumers. Media releases provide a clear-cut strategy that will ensure that many consumers are able to acquaint themselves with the availability of the company’s brand products and services. The information to be put into the media should be interesting and be consumer oriented so that individuals can easily understand the message that is passed across (Mercer, 2000).
The event to be organized by Coach Company on the publicizing of the company’s products should be effectively undertaken so that it is of memorable to the consumers and the overall stakeholders of the company. Consumers should be able to feel as part of the company, thus, they should spent less amount on their expenses during the event organized by the company and ensure that more people are acquainted with the Coach’s brands. The Company’s products and services should be manifested during the process and the after the event both the stakeholders and consumers should leave the company with an impression that is favorable to Coach Company.
Networking within the company’s premises and shareholders will ensure that the product is well noticed and appreciated by the consumers. The information circulation in the industry will enhance the various departments; that is finance, accounting, and human resource among others, to merge ideas so that Coach’s brand will be effectively marketed in the competitive economy. The management of Coach company should foster in attending network functions which will ensure that their products are imminently appreciated by the consumer; after they have provided them with reasons for the increase in need for their commodities.
Additionally, sales pitches are another promotional strategy that Coach Company should articulate to in its endeavors. The greatness of a sales pitch not only aims to show the prospect that the company’s brand products and services has but also to enhance the reputation of the company as a whole. In conferences, the management of the company should ensure that it brings about the adventures that will make it memorable to all the consumers. This will incorporate issuing of grant prices to the regular clients or consumers who have been in business with the organization for a long period of time. For a company to be competitive, it must aim at increasing the market share of its products. Consequently, client’s consumers should be followed up either by use of email or mail in an attempt to realize their reaction towards the product that they bought. Leather handbags and purses may sometimes be distorted and consumers need to be followed up to ensure that their orders are replaced with other good-in-shape products.
Promotional products that the company may conform to aims at motivating the existing and potential consumers to use the product and service of the company, increase the attendance of both the stakeholder and the consumers at the trade booths or conferences, give thanks to consumers who are loyal to the company’s brand products and services, attract competitive staff and reward individuals who perform magnificently (Gelder, 2003).
Changes in advertising mix
Currently the promotion strategy in which the company undertakes is by issuing a gift to its consumers who purchase the products. For instance the prices of Madison leather large wristlet have been reduced to $98.00. This is aimed at encouraging and appreciating the current consumers in the economy. In addition, advertisement of the product is immensely done through the mass media and specifically on the website. The strategy has enhanced its competitiveness as the brand can now be sold to consumers residing outside the continent.
Coach company advertising strategy should counter the strategy that is used by its first-hand competitors. Such an initiative will ensure that it attracts new consumers and/or clients into its market share thus increasing its competitiveness in the economy. The target group that the company should focus on will ensure that it is the one that can effectively increase the sales outlay. The company should not focus its advertisement on the population that cannot realistically increase their market share of the company and realize its strategic goals with ease. Generally, the advertising mix to be used by Coach Company should conform to type of the product, the stage in the Coach’s brand products and services, the characteristic of the target market, competitors’ actions in the economy and the availability of funds in the company.
