Michael Kors Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: October 28, 2018
Marketing Strategy of Michael Kors 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 Michael Kors marketing mix, help the brand succeed in the market.
Michael Kors marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Michael Kors Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Michael Kors marketing strategy can be explained as follows:
Michael Kors is one of the leading luxury apparel brands in the world. Michael Kors has a wide product range as a part of its marketing mix product strategy which includes footwear, watches, accessories, clothes, perfumes etc. Michael Kors has annual fashion shows that showcase their seasonal trends to the public with different seasson and different product category for different genders. The fashion shows and such events gives their consumers an idea of how to wear a particular design while showcasing their products. Michael Kors also has a men’s range while for womens it is significantly smaller.
Michael Kors Price/Pricing Strategy:
Below is the pricing strategy in Michael Kors marketing strategy:
Michael Kors follows the luxury and competitive pricing as a part of its marketing mix strategy.
Resulting in more reach for product. The company has tie-ups with many companies and they offer more discounted prices to the employee of the same companies. Such special discounts with corporate packages has helped Michael Kors to grab corporate customers .Efficient supply chain of Michael Kors made company to minimizes the cost for. The company has also started operating in India where they offer different pricing strategy due to a sensitivity of the customer towards pricing in India. Michael kors has multinational operations resulting in variable prices dur ro exchange reate and diiferent operating expences. The company has outlets in major cities with online presence
Following is the distribution strategy in the Michael Kors marketing mix:
Michael Kors have more than 555 stores and 1,560 in-store boutiques and also michel kors products available in many other multibrand stores. Company produces high-quality leather goods and other products of latest trends and fashion. Old stock is distributed to the factory outlets or given to various online retailers so that old stock will get over and sell at a sale price to minimize the inventory cost. Physical Distribution is another major point of the supply chain management where a company has to minimize the cost of distribution to keep the low prices of the products. The company has physical store presence over the global countries. The company has the main presence in most developed countries considering their purchasing power. Now a company is also targeting now developing countries.
The company has exclusive stores in China and India especially in exclusive regions of the same.
Michael Kors Promotion & Advertising Strategy:
The promotional and advertising strategy in the Michael Kors marketing strategy is as follows:
Michael Kors has the exclusive focus on its promotion specially in its new markets like Chain and India. They are providing sponsorships and other monetary things to different events. Events like fashion shows are main concerns of the company to reach out to an audience for their new collection and exclusive products. Michael Kors has several competitors with similar brand outlooks to themselves such as Coach, Kate Spade, and Tory Burch due to this the pricing is the more important perspective from the company point of view. Michael Kors have unique promotional strategy to reach to the exact targeted audience by various events like shows and other corporate events. The company has organized many marathon events to reach the mass. The company is practicing new ways for its promotion in developing countries like India. Hence this concludes Michael Kors marketing mix.
About Michael Kors:
Michael Kors brand which is American luxury apparel and other accessary brand. American company has been founded by designer Michael Kors with this resulting in its own name for brand. Michael Kors is considered as most fashionable brand in current fashion industry. Brand serves very high-quality designer products at reasonable & lower price than considering other brands.
Michael Kors main headquarter is located in New York as the brands started from here as origin. These headquarters are main decision making centers.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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