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How does the partnership with Topshops fit into Nordstrom’s current brand
Hearl Tackett
ThursdayAug 20 at 6:24pm
How does the partnership with Topshops fit into Nordstrom’s current brand?
Nordstrom is a conservative department store which is based in Seattle, WA. Topshop is not a conservative store for men and women’s clothing and accessories with a rock and roll flair. Nordstrom’s current brand management has nothing to do with Topshop so it really doesn’t fit in their current brand management. This is an attempt by Nordstrom to penetrate a new market for them by adding to their brand known for quality to try and bring in the younger demographic by differentiating their standard products. They are only testing this in 14 of its 231 stores in order to give a fair representation of what worked where and develop the strategy to move into all of their stores, if successful (Clifford, 2012).
Will it appeal to it’s target market?
The American consumer may not be aware of Topshops brand due to only having 3 stores in the United States. It will take some time for the younger demographic to be comfortable shopping at Nordstrom for such a differentiated product than normal.
How will it allow Nordstrom to differentiate itself for the competition?
Depending on the marketing strategy, Nordstrom could differentiate themselves because they are one of the first to try something like this. But it won’t be long because department stores known for quality have decided to do the same thing.
Is this a risky move for Nordstrom considering the downward sales trends for Topshop in the United Kingdom?
Topshop is relatively unheard of in America so this may be Topshop’s attempt to penetrate a new market as well. Americans have not known the Topshop brand but they do know that Nordstrom is a quality name and if they are selling Topshop clothing and accessories in their stores, then Topshop must be quality as well. The move may be more risky for Topshop than it is for Nordstrom because if Topshop doesn’t draw in the demographic that Nordstrom is trying to appeal to, Nordstrom can reboot and still maintain their quality name. Topshop will have a much more difficult time having downward trends in two countries.
Clifford, Stephanie. “Conservative Nordstrom to sell trendy Topshop fashions;
British chain to introduce its clothing at 14 stores in U.S. in September.”
International Herald Tribune 13 July 2012. Business Insights: Global. Web.
18 Aug. 2020.
ThursdayAug 20 at 7:39pm
Nordstrom is known for it’s casual, slick and high-end wear. These types of department stores tend to restrain from promoting street like fashion lines. They price their items at a very high cost to target a certain geographical area. Nordstrom is making a bold statement, which implies that they are looking to urbanize their stores. The different ion with Nordstrom and the competition it’s the loyalty of its customers. The brand carries itself in a very high manner therefore expanding will create financial gain. As any move that may be made within any organization you are running the risk of loosing some customers but run a large probability of gaining dozens more. Marketing is an important part of introducing any new brand to a well-established store. You have to ensure that you aim to get the publics attention. The branding is essential in this matter; you need to offer what the competition doesn’t have in certain areas. As our text states “understanding the features that make a market attractive to prospective competitors is certainly important to marketing managers. Similarly, being able to analyze the strengths and alternative strategies available to existing competitors also plays a critical role in shaping the marketing mix strategy for a given brand. Each of the four market dominance strategies identified has specific strengths and weaknesses, and each is appropriate under certain circumstances “ (Finch, J. (2012). It’s important for department stores like Nordstrom to keep reinventing itself so that it may lack any potential weaknesses.
Reference: Finch, J. (2012). Managerial Marketing. Retrieved from https://ashford.content.edu
YesterdayAug 23 at 12:46pm
How does this partnership fit into Nordstrom’s current brand management strategy? Will it appeal to its target markets? How will it allow Nordstrom to differentiate itself from the competition?
Nordstrom is a known department store that carries several brands and is located in many areas throughout the United States. Topshop is a British brand that sells clothing from the runway and street fashion for young adult. The products and clothes sold by Nordstrom are overall conservative while those of Topshop are generally trendy (Clifford, 2012). Nordstrom will begin to sell Topshop clothing to facilitate the ability of Nordstrom to differentiate itself as a company from its competitors. Nordstrom is integrating a brand differentiation strategy to ensure a unique brand image that will allow the company to have a competitive edge in the market (Finch, 2012). There will be a benefit to Nordstrom as the integration of Topshop will draw in a new set of customers while also retaining their existing ones. Nordstrom is integrating the Topshop brand into the mix of other products in a strategic manner. The clothing will be placed in a separate large space that will be distinct but not separated from other merchandise in the store. This partnership will naturally begin to attract individuals who are different from the traditional Nordstrom customer. There are opportunities to also influence the existing customer base through exposure to the new brand and clothing style being sold.
Is this a risky move for Nordstrom considering the downward sales trends for Topshop in the UK?
This is not that much of a risky move for Nordstrom despite the downward sales trends for Topshop in the UK. Nordstrom is an extremely successful corporation as evidenced by the number of years it has been successful in business and the many brands that are carried in the stores. Integrating sales of Topshop products may actually reignite sales given that Nordstrom is a successful corporation. Nordstrom is actually targeting a younger population that may be already visiting the store but not purchasing items. Nordstrom is also strategically integrating the Topshop brand in some key locations so that the leaders in the company can evaluate the impact and then decide how widespread they would like to become in their integration process. Finally, this partnership will attract a new consumer type and is really an opportunity for Nordstrom to expand its reach in the market as a company. As a 27 year old I have heard of Topshop for a few years now that the fact that I could only order items from the UK was disappointing. The wait time was long and the fear that I wouldn’t get my package was prominent.
References
Clifford, S (2012, Jul 13). Conservative Nordstrom to sell trendy Topshop fashions.
International Herald Tribune, 15. Retrieved from ProQuest
Finch, J. (2012). Managerial Marketing.[Electronic version]. Retrieved from
https://ashford.content.edu.
Aug 6, 2020Aug 6 at 9:07pm
Market segmentation is a genius way of bringing people from different age eras together. The segmentation areas that are generally focused on are demographic, geographic, behavioral and psychographic, this helps to divide groups that are more alike and target them well. Apple has certainly bridge the gap between Gen Y and baby boomers; they provided a product thats essential across the board. Todays running software has been simplified to ensure that consumers of all ages are thought of during the development process. Examples of companies that provide products which are essential during these unprecedented times are Facebook which provides the Portal for face-time capabilities. A device like that is very easy to use by an older customers who wishes to see his family while maintaining social distance. Applications are other ways to ensure inclusiveness for most generations.
The deployment of advertising and other promotional resources for a given brand is dependent upon the strategic goals for market segmentation, product differentiation, and positioning. The marketing manager’s understanding of the typical target customer’s preferences and motivations provides the platform developing an effective advertising program. The first step in the process is to translate this understanding of the target market into a meaningful target audience description (Finch, J. 2012). The targeted audience which is the focus of the product becomes vital in ensuring that needs are met. As technology continues to develop the gap won’t necessarily exist anymore . Sessions are provided to those who need help understanding devices and programs . Reference: Finch, J. (2012). Managerial marketing . Retrieved from https://ashford.content.edu
ThursdayAug 20 at 6:51pm
What are the different levels of market segmentation?
Marketing segments can be created based on any product or consumer characteristic that will yield the most effective approach to selling (Finch, 2012). The levels of marketing segmentations are mass marketing, segmental marketing, niche marketing, and customized marketing.
Mass Marketing
When the market is blanketed with mass marketing, there is no attempt to distinguish or differentiate the product and there is no effort to create separate marketing mixes (Finch, 2012). The personal computer market is just that, personal. It is not a one size fits all group of consumers. Baby boomers and Gen Y would not be able to use the same computer nor will they have the same needs when it comes to the computer.
Segmented Marketing
Segmented marketing is such that an organization will differentiate their strategies to appeal to different segments of the customer base with the same product. Personal computers could be marketed to Gen Y with advanced graphics and processing speeds for gaming. That same computer could be marketed to baby boomers as fast processing speeds for doing spreadsheets or online day trading and review of stock market, or maybe uploading photographs. Segmented marketing would be an effective marketing strategy for personal computers to Gen Y and baby boomers.
Niche Marketing
Personal computers are so mainstream today that I am not sure that they could be marketed using niche marketing because the niches are not small enough. Niche marketing is done in very narrow focused targets where buyers needs are not being met (Finch, 2012). Gen Y and baby boomers are huge niches in the markets and I believe too large for niche marketing to be effective.
Customized Marketing
Customized marketing is marketing in which each individual customer is treated like a segment. This is even more narrow than the niche marketing. Customized marketing is used more in the business to business market. Personal computers can do this and has done this with a build your own type model that you select components online to build your own computer. It may work with Gen Y more than baby boomers because Gen Y was born and raised during the computer age and they know exactly what they want in a personal computer. But I don’t believe it would be effective when marketing to both targets.
Finch, J. (2012). Managerial marketing . Retrieved from https://ashford.content.edu
YesterdayAug 23 at 1:07pm
What are the different levels of market segmentation?
Marketing segmentation include the following levels: Mass marketing, Segment marketing, Niche marketing, and Customized marketing. Mass marketing focuses on a large audience without distinguishing between prospective buyers. Segment marketing focuses on a specific group of buyers, which has a narrower focus than that of mass marketing. Niche marketing narrows the target audience even further than segment marketing. This level of market segmentation often called concentration marketing and the market typically has fewer direct competition. Also known as micromarketing, customized marketing seeks to segment each prospective buyer individually, such as in one-of-a-kind items. Sellers offer a customized product to fit the customers individual wants and needs (Finch, 2012).
Synthesize the segmentation strategies that manufacturers of personal computers should implement to attract both the Gen Y and baby boomer generation to increase their purchases of computers.
Creating a market segment with multiple generations takes important considerations to know similarities and differences between the generations. Usually we think baby boomers are not very tech savvy, however it is not always true. The strategy should understand the product related benefits to both generations. For example, for computers include social media use, graphics for video and gaming. The next step is understanding the personality and lifestyle of both Gen Y and Boomers. The strategy needs to look at the financial attractiveness. Both generations love a great deal, so computer manufactures can offer a purchase rebate, or instant discount off the MSRP. Finally, selecting a market segmentation, such as going into a niche market that could narrow the focus and reduce competition, this does not need to be price, but having a low-cost computer could appeal easily across generations (Finch, 2012).
Are there some examples of companies that have already done a good job of marketing across generations?
Harley-Davidson is an organization that seems to have had success across generations. Harley-Davidson maintains their tradition of a quality, classic American bike that many baby boomers continue to ride today, but along with their newly designed bikes, they partner with new generation brands to appeal the millennial buyers.
References:
Finch, J. (2012). Managerial Marketing. San Diego, CA: Bridgepoint Education, Inc.
