Targeting strategy free essay sample

Eco friendly fashion used to be a niche sector in Singapore, as consumers now have raising concerns over the environment hence it has attracted more consumers to be more eco friendly. Hence, this sector has emerged from the sidelines gradually.The target market selected for this new launch will be upper social class aged between 25-35 years old working executives who have high sense of fashion and yet looking into sustainable apparels. There are a total 5.7 million population in Singapore, out of it, 10% of the population who belong to this age group (Department of Statistics Singapore, 2017) are working executives and 49% of this age group population are earning a median salary of $5000 monthly. To reach out to 270,000 working executives of age between 25 to 35 years old, the company had planned a 6-month campaign. Customers in this age group populations are most likely to access social media sites such as Facebook, Instagram and Youtube very frequently, and very likely they will be searching for the products they have keen interest in (Digital, 2011). We will write a custom essay sample on Targeting strategy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 3.3 Target Audience ProfileDemographic SegmentationThe benefits of demographic segmentation is customer retention and loyalty. When an organization spends time focusing on its customers and their wants and needs, customers will typically come back for repeat business.The demographic segmentation approach for this will be targeting the middle to upper class working executives aged range between 25 to 35 years old. The target audience for this age group is around 10% of the population in Singapore. And, this population will be the more eco-conscious and aware of how their lifestyles can impact the natural environment. Figure 1 shows the total population and the segmented target age group between 25 to 35 years old male and female working executives.Income level segmentationAs Threads for Thought will be marketed under RAOULs branding and it has a luxury branding image, hence the new launched Eco-friendly apparels targeted customers will be of high income level range from $5000 onwards. Lifestyles and income level does affect a person expenditure. Other factors like, brand reputation, social class and personal factors. Figure 2 classifies the employment status and income level. 49% of the population earns a monthly median income of $5000 come to 49%. This is a good figure for a target market. For luxury brands is important to subdivide their customers into the likely hood to buy again or one time off customers. Knowing who the big spenders and repeat buyers are allows the company to cultivate relationships with those customers.4.0 Positioning strategyIn Singapore context, eco friendly apparels is still a relatively new concept. Currently there are not many fashion retailers providing formal wear made of organic materials. By being the first to introduce, RAOUL could gain to attract a greater awareness. Thus, this would help RAOUL in attracting a larger number of potential consumers from the identified target segment.RAOUL is a luxury high end fashion brand that features contemporary fashion and superior quality which uses organic colorants for dying their fabrics and delicate fabrics which are luxurious and high comfort level. And now with the new collaborations with Threads for Thought to bring in Eco Friendly apparels will bring in more attention to its customers. Threads for Thought has a full range of sustainable apparels from casual wear to active sportswear on the other hand, RAOUL as a luxury brand carries classy high end formal fashion and executive wear. With a complete range of apparels from contemporary fashion to special occasion wear to activewear with an additional choice of choosing eco friendly fabrics, RAOUL will differentiate itself from other competitors.4.1 Perceptual MapBased on the perceptual map, we can see that RAOUL is the only brand in high end Eco Friend ly category. Brand reputation is one of the important factor to consider when purchasing high end products. It is being known as a stylish, innovative fashion brand offering high quality accessible luxury products to their consumers.