Published by MBA Skool Team, Last Updated: November 19, 2017
Marketing Strategy of Lacoste analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Lacoste marketing mix, help the brand succeed.
Lacoste marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Lacoste Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Lacoste Product Strategy:
The product strategy and mix in Lacoste marketing strategy can be explained as follows:
Lacoste’s products are premium quality ones and cater to the upper class of the society. The company first started with tennis shirts. Then the product portfolio in its marketing mix expanded into perfumes, leather products like wallets and bags, sunglasses and shoes. Lacoste shirts available for men are polos, sweatshirts, jackets, trousers and tracksuits. For women they have t-shirts, denims, skirts and polos. In shoes it has a collection of casual and sports for men and women they have sandals, shoes and slippers. In accessories Lacoste sell fragrance, socks, watches, caps, sunglasses and scarves. Leather products like bags and belts are also available. They also have a specialized kids-collection which includes polos, tops, bottoms, sweaters, sweatshirts and dresses. Lacoste have a sports collection primarily for tennis which includes tennis polos, shorts, wrist bands etc. They also have a Novak Djokovic collection which has shirts which represent the style of the ace tennis player. They also have a fall winter collection featuring clothes suitable for that season. The clothing comes in small, medium, large and extra-large sizes.
Lacoste Price/Pricing Strategy:
Below is the pricing strategy in Lacoste marketing strategy:
Lacoste targets the upper middle class and upper class of the society.
These customers do not hesitate to pay the high price of the luxury products as owning a Lacoste is a status symbol. The pricing strategy in its marketing mix is therefore called as premium pricing strategy. The prices of t-shirts, polos and jackets are in the range of Rs.800 to Rs.25000 which is very wide. Lacoste competes directly with H&M and Zara through this pricing strategy. The range for Sport shoes and casual shoes is between Rs.4500 and Rs.8000. The price range of Lacoste for the leather bags and purses is from Rs.6000 to Rs.8000. Belts come for around Rs.4000. Watches are priced between Rs.9000 to Rs.12000. Sunglasses come for around Rs.9000 with little number of variants. Fragrances are in the range of Rs.2500 to Rs.5000. Caps and scarves are in the range of Rs.2500 to Rs.3500.
Lacoste Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. Also read Lacoste SWOT Analysis, STP & Competitors
Lacoste Place & Distribution Strategy:
Following is the distribution strategy in the Lacoste marketing mix:
Lacoste is a global brand and is present in around 120 countries which include India, China and the United States. It first got in the US market in 1952 and by the end of 1973 had found a loyal customer base cementing the brand’s position there. Lacoste has its own retail outlets in big malls where there is a great footfall of people. They also make sure that the malls are visited by people who can afford the premium products. The outlets convey elegance through simplicity which adds to the value of the brand offering. Lacoste sell through popular stores like Macy’s, Nordstrom and Halls. The clothing and other products can be purchased through the website through card payment. Also, there is an option to return the product in 15 days after buying it if the customers want to do. The orders are delivered in 3-7 days depending upon the address of delivery.
Lacoste brand also sells on ecommerce sites like Amazon, Alibaba and Flipkart where there can be discounts obtained by the customers.
Lacoste Promotion & Advertising Strategy:
The promotional and advertising strategy in the Lacoste marketing strategy is as follows:
Lacoste promotes itself majorly through its successful brand ambassadors. Novak Djokovic promotes the brand for tennis clothing. Lacoste had also been associated with other famous personalities like star tennis players. Famous golfers Jose Maria Olazabal and Colin Montgomerie have been the brand ambassadors as well. They have sponsored top tournaments like Rolland Garros. It has also promoted itself in the film ‘Timeless Elegance’ by featuring the clothing collection in the film. There is a Lacoste foundation which funds an organization in Philippines which is lobbying for protection of crocodiles. It also helps children in sports at school level. It markets itself through print advertising more than the TV ads. Lacoste advertises in magazines like GQ, Cosmopolitan etc. Digitally its promotions can be seen through Twitter, Instagram and Facebook where customers can get a glimpse of the current campaigns. Its website too does the same. Hence this completes the marketing mix of Lacoste.
Lacoste was founded by French tennis player Rene’ Lacoste in 1933. It is primarily an upscale clothing company which also sells other products like bags, footwear, eyewear etc. It has the green crocodile as its logo which has been the same ever since its inception and hence has formed a great sense of recognition by the customers.
The founder was called ‘crocodile’ for his agility on the tennis court and was a successful tennis player during his career. Lacoste continues to maintain its spot in the market with stiff competition from other brands like H&M, Zara, Polo etc.
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