Published by MBA Skool Team, Last Updated: December 08, 2018
Marketing Strategy of Banana Republic 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 Banana Republic marketing mix, help the brand succeed in the market.
Banana Republic marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Banana Republic Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Banana Republic marketing strategy can be explained as follows:
Banana Republic is one of the leading global brands having a global presence. The company highly focuses on being unique and creative. Its product offering in its marketing mix strategy include Apparels, footwear and other accessories for both men and women. For men, it ranges from blazers, jackets, hoodies and sweaters to t-shirts, polos and shorts. Banana Republic also have their own line of socks, underwear and swimwear. For women they include formal wear to casuals along with blouses, sweaters, swimwear and sleepwear. They also have a range of products including women's handbags and jewellery as well as men's grooming and care products. Banana Republic have a separate range of selected product lines for petites which includes jumpsuits, denims and tops, and footwear such as boots, flats and heels. A range of other accessories also serve as an attractive way to lure customers which include candles, sunglasses, hats, wallets, belts and jewellery.
Banana Republic Price/Pricing Strategy:
Below is the pricing strategy in Banana Republic marketing strategy:
Banana Republic has most a premium pricing as a part of its marketing mix strategy.
As the company has established itself as a premium brand in the market, it charges premium prices to its customers. Being seen as one of the luxurious stores in the mall, it needed to keep its prices at a par level which made it more appealing to its loyal customers as well as new premium searching customers. As Banana Republic faces a lot of challenges from rivals in apparels section, it doesn't increase the prices much often and rather increase its product lines. Its accessories are also seen as a sign of high branded, it tries to keep a high price on them. Being one of the successful brands and becoming one of the market leaders, Banana Republic’s revenue is valued at 10 mn US dollars.
Following is the distribution strategy in the Banana Republic marketing mix:
Banana Republic has a wide and effective distribution. Having nearly 700 outlets across the globe, it majorly focuses on customers looking for luxurious shopping. Having 500+ stores in USA, it spreads its reach beyond continents across 30+ countries, it also gives an option for shipment of its products through online websites. The Banana Republic stores can be seen in big shopping malls which have large footfalls of high end customers. In 1996, it opened separate gender specific outlets for men and women under the tags "Banana Republic Men" and "Banana Republic Women". Its owner company Gap Inc paid special attention in making the stores look more attractive by using classy colours of cream and chocolate.
The furnished floors and artistic lightings made the stores more iconic and standout.
Banana Republic Promotion & Advertising Strategy:
The promotional and advertising strategy in the Banana Republic marketing strategy is as follows:
Banana Republic focuses on complete marketing using all media channels. Banana Republic made Olivia Palermo, a young entrepreneur who has been associated with Television shows and magazines, as ambassador. It also collaborated with popular designer Kevin Love who is known for his line of designs for men apparels. Over the years the company focuses on portraying itself as a unique and creative brand which brings out original products. Banana Republic’s ads reflected glorified society which makes people fall in love with modern themes and urban designs. It has spread its communicated with its customer base with nearly every medium including print, digital, newspapers, television, internet, billboards and hoardings. It also has a website which it uses to communicate its upcoming fashion line, product specifications and offers. Like any other premium clothing store, it also lures customers by giving discounts that include facilities such as free shipping for over 100 Dollar shopping. One more of its offers include 40% discount on new arrivals. Hence this concludes the marketing mix of Banana Republic.
About Banana Republic:
Banana Republic is a Clothing and accessories retailer in USA. It is owned by renowned American multinational company Gap Inc. Initially Banana Republic established itself as a theme specific retailer with the theme "Safari". Founded by Mel and Patricia Ziegler in 1978, it opened its first store in California.
It was acquired by Gap Inc in 1983, which then rebranded it as a mainstream luxury clothing retailer. Having over 700 stores over the world, Banana Republic primarily focuses upon its segment of rich customers whom it targets by opening sophisticated outlets with luxury tag being highly maintained.
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