Marketing and Branding Coco Chanel

1.0 IntroductionThe survival of firms in the global commercialise is related to their potential to identify inciters that fag end respond to consumers require. In this context, a victorious taint is fit to secure organisational growth even in periods of safe food securities industryplace turbulences (Doyle, 2009). However, the popularity of a home run in marketplaces worldwide is non guaranteed for example, it is mathematical for a tag to submit mis ageble popularity in a market even if in most markets the response of consumers to the fussy filth is sensational (Doyle, 2009). In other words, certain factors such as culture and brotherly ethics can affect the performance of hears in the international market (Davis, 2010). This study focuses on the performance of a well- cognize mark off coconut Chanel. The restrict stag appe bed in early 1900s and was initially related to fit out accessories, such as hats (Siddiqui, 2014). by dint of the years the betr ay incorporated robes and jewellery, becoming a symbol of soaring prime(prenominal) and curious dash (Siddiqui, 2014). The characteristics of the segmentationicular stag and its performance, as part of the manner industriousness, ar analysed below. focus is given to the markers environment but in like manner to the strategies by inwardness of which the send has secured its market position. It is revea lead that the brands success resulted from the combination of a series of strategic approaches. The economic and social conditions in markets worldwide during the twentieth century had also a primeval grapheme in the brands rapid expansion internationally. Under these bounds, the brand has contributed in the subjoin of attractiveness of the manner industry and the transformation of lavishness growths to elements of daily liveness style.2.0 coconut Chanel as a brand 2.1 Overview of coconut meat ChanelIn regularize to identify the performance of the brand as part of the elbow room industry it is necessary to refer primarily to the brands history, i.e. to the events that experience led to the establishment of the brand and the strategies on which the management of the brand has been based by dint of the decades. coconut Chanel is a brand closely related to the life of its nobleman Gabrielle Chanel has been the child of a poor family in her early years Gabrielle had to face the death of her mother, an event that led Gabrielle to work as a singer in a cabaret in Paris (Siddiqui, 2014). There, Gabrielle, having bugger off known with the forebode coconut, met her counterbalance husband who assisted her in opening in 1909 a shop that specialised in hats (Siddiqui, 2014). In a a few(prenominal) years, after the end of the World War 1, Coco Channel entered the fashion industry by developing clothes of high feeling. These clothes were characterised by simple lines and persistence in colour black and white were extensively used creating a alone(p) identity for the ill-tempered brand (Siddiqui, 2014). Through the years, the brand was expanded incorporated jewellery and perfumes, such as the Chanel No5, the brands most successful product ever (Siddiqui, 2014). The success of the brand has been related to the ability of Coco Channel to pay attention to the needs of people and to understand the changes in social and cultural trends, as real(a) globally (Graj, 2013). In any typesetters case, the brand has been characterised by its strong colony on the personal views and beliefs of Coco Chanel, a fact which is make choke through the brands logotype the initials of Coco Chanel have been have for creating a logo that gives the sense of a signature of its churchman (Figure 1, Appendices).2.2 tombstone competitors of Coco ChanelAs already noted, Coco Chanel is one of the most efficacious competitors in the global fashion industry. The brand is part of the prodigality fashion arena, a sector which is characterized by the dominance of 10 brands. different views have been developed in love to the position of these brands in the relevant hierarchy. In the table include in Figure 2 (Appendices) twain of these views are presented the origin view refers to 12 dominant brands of the specific sector man the second view focuses on 10 of these brands as the most properly ones. Particular accent mark should be made to the future(a) fact the first list, the one included 12 brands refers only to the luxury clothing sector while the second list presents the top 10 fashion brands worldwide. From this view, the brand under question would be considered as more(prenominal) relevant to the first list. However, the second list is fundamental for understanding the competitive environment in the fashion industry in general. In addition, the two lists ruin an important fact Chanel has managed to secure an important position not only as a fashion brand but also as a luxury clothing brand, being categori zed at the fourth and the twenty percent position accordingly (Figure 2, Appendices). The lists presented in Figure 2 also reveal the significant power of certain brands that are included in twain lists brands such as Louis Vuitton, Prada, Dior and Gucci seem to be the most critical competitors for Coco Chanel since they have managed to be popular both as fashion brands and as luxury clothing brands (Figure 2, Appendices). According to a report published by the opulence Institute Chanel is one of the top luxury brands worldwide. In fact, in the survey developed by the above Institute most participants seemed to select Chanel in the grumpy survey Louis Vuitton stratified second while Prada ranked third (Carr, 2012).2.3 Brand performance2.3.1 Applied selling mix (4ps)The performance of the brand in its industry could be made clear after reviewing the key elements of the trade dodge diligent for the promotion of the fussy brand. In practice, emphasis is given to four of these elements, which as also known as 4Ps (Burrow, 2008). The particular elements constitute a sort of known poser, the trade mix (Burrow, 2008). The 4Ps included in the merchandising mix refer to specific aspects of a marketing system. At the first level, reference is made to Product. The term Product, as part of the marketing mix, reflects not only an object, as a materialised element, but also the respective(a) characteristics of the object/ product, such as time value, packaging methods and materials and brand trace (Lamb and McDaniel, 2011 47). Place is the second element of marketing mix the specific term come tos the geo graphical area in which the product is available or in which the product is planned to entry (Lamb and McDaniel, 2011). The term Place also reflects the means used by a firm for distributing its products internationally or topically (Fifield, 2008). The success of a product in a particular market is depended on the publicity strategy used, i.e. on the mea ns and the approaches occupied for making the quarry consumers aware of the specific product (Satit et al., 2012). Finally, the Price of a product has to be decided taking into consideration various factors, such as the GDP in the channelize market, the markets demographic characteristics/ honest income and the attitude of the local economy (Lee, Cheng and Chen, 2008). If the marketing mix used in regard to a product is not appropriately planned, thus hind end consumers would not be expected to buy the product. The relationship surrounded by the marketing mix and the consumer preferences is presented in Figure 3 (Appendices). On the other hand, marketing mix should be structured in such way so that it can respond to actual consumer needs, as these needs are reflected in the 4Cs framework the relationship mingled with the two frameworks is presented in Figure 4 (Appendices).The issues highlighted above should be used when describing the marketing mix of Coco Channel. At the first level, in terms of its Product, the particular brand is characterised by surpassing smell (Ma, 2014). In fact, quality involves in all aspects of the brands product, meaning not only the materials of the products but also the materials used in the products packaging (Ma, 2014). For example, in the case of Chanel No.5 the uniqueness of the product was secured by employing an innovative name and by using a unique synthesis of aromas (Sicard, 2013). Also, the specific brand is related to a country well known for the quality of its cosmetics and clothing France (Ma, 2014). The potentials of the brand to be expanded worldwide have been limited because of the following need many of the brands products had to be support by appropriate customer services schemes. Therefore, the selling points of the brands products are selected on the basis whether they can have a institutionalise and close reference to France, as the source of these products (Ma, 2014). In regard to its Promotion strategy the specific brand can be characterised as unique common marketing options are combined with less popular marketing approaches for attracting the consumers interest. For example, in its initial phase the marketing of Chanel No.5 has been based mostly on word of mouth marketing (Sicard, 2013 159). In addition, the advertisements related to the specific brand are likely to be included in media and press that are quite popular in the fashion industry, as for example elite group and Vogue (Ma, 2014 48). However, the high quality of the brands product has been secured by adopting high Prices, an approach which is considered as expected by which has set limits to the cast up of the brands popularity (Ma, 2014).2.3.2 Segmentation, targeting and positioning (s.t.p.)For ensuring the effectiveness of a marketing strategy used for promoting a brand marketers need to develop three, key, activities segmentation, targeting and positioning (STP). As part of marketing, Segmentation reflec ts the effort of marketers to divide a market into separate/ segments each of these segments would refer to consumers with common characteristics, such as age, marital status and so on (Cant et al., 2009). By segmenting a market marketers are able to develop marketing strategies that would be welcomed by the target consumers (Cant et al., 2009). However, in arrange to respond to the expectations of marketers, segmentation needs to be following by targeting. In the context of marketing the term targeting is used for display the identification of the market segments that will be addressed by a marketing strategy (Boone and Kurtz, 2013). For example, the decision to address only teenagers among the people living in the target market is an example of targeting. As for positioning, the specific term is used for lay downing the effort of marketers to place a product in the mind of consumers (Boone and Kurtz, 2013 98). Different approaches are likely to be used by marketers to achieve p ositioning, as this activity can secure consumer loyalty (Boone and Kurtz, 2013).In the case of Chanel, STP could be achieved by using various approaches. For example, in regard to the particular brand market segmentation could be based on the views of consumers in regard to luxury products. This means that global market would be divided up into parts based on the expected perceptions of consumers on luxury products the valuation of these perceptions could be based on luxury value as of its various dimensions (Figure 5, Appendices). The market segmentation for Coco Chanel could be also based, alternatively, on the frequence of use of luxury products (Ciornea, Pop and Bacila, 2012, Figure 6, Appendices). Targeting and positioning for the particular brand could be developed using similar criteria. More specifically, in regard to targeting the marketers of Coco Chanel should take into consideration the following fact due to the high prices of its products the particular brand could not target all social groups, as could be developed using targeting. For example, teenagers would not be an appropriate target group for the brands products. As of positioning also thither are certain issues that should be addressed so far the brand has become synonym of quality also, since its appearance in the market the brand has been among the top brands in its industry. Therefore, the best approach for positioning this brand would emphasise on products class and on price/ quality (Boone and Kurtz, 2013 298).2.3.3 Brand illustrationWhen referring to brand illustration reference is made to the graphical elements used for presenting the brand to the public. For example, intensive colours could be used in a brands logo for attracting the attention of consumers (Shimp and Andrews, 2013). In addition, symbols that denote a particular characteristic of a brand could be employed for making the brand more attractive to the public (Kumar, 2009). In social club for a brands illustration to be successful it should not follow common patterns, especially those related to the industry involved (Kumar, 2009). In any case, the logo of the brand has not necessarily to reflect the role of the brand in the industry but it needs to offer a view on the brands culture, as this culture would show to the public the values and ethics on which the creation of the brand has been based. The logo of Coco Channel is based entirely on the name of its creator. The contrive and the elements of the specific logo aim to show the close relationship between the brand and its creators values simplicity is also another(prenominal) issue highlighted through the logo of the above brand (Figure 1, Appendices). From this point of view, it could be supported that the brand illustration used in the case of Coco Channel can be characterized as quite successful, promoting simplicity and screening the critical role of the brands creator in brands success.2.3.4 Detail evaluation, critical perspective SWOT analysisAs with most business strategies the effectiveness of a firms stigmatisation decisions is usually decided after checking the characteristics of the brand involved the performance of the brand in its market has also to be taken into consideration for decision making whether a brand has been successful or not (Davis, 2010). In the case of Coco Chanel the SWOT framework could be used for evaluating the brands performance. The Strengths of the particular brand are mostly related to its brand name and its relationship to quality (Carr, 2012). In fact, the specific brand has managed to establish a unique culture, a culture based on the spirit of its creator (Kapferer, 2008 252). In the context of this culture, high quality in clothing would be considered not as an exceptional condition but rather as part of daily life (Kapferer, 2008). The high expansion of the brand in the global market, as compared to other luxury brands, is another important strong point of the brand ( Carr, 2012). However, the brand has an important Weakness the price of its product is quite high, not allowing a high percentage of consumers to buy the brands products (Carr, 2012). On the other hand, the particular brand meets all the requirements of a luxury brand (Figure 7, Figure 8, Appendices). This means that the specific brand has important Opportunities for future growth. Still, there is the problem of continuous recession. Economic turbulences in the global market could result to the limitation of profitability of luxury brands, a fact that would be a severe Threat for the particular brand (JWT, 2009).2.4 Brand valueThe effect of profit, at a pre-specified level, is the key target of a brand, at least for brands used in businesses (Larson, 2012). In this context, a business can significantly enhance its value using one or more brands (Larson, 2012). When having to estimate the value of the brand several issues can appear the subscribe to profit achieved by using a brand cannot be mensurable since the gain from employing a brand can result either in the niggling term or the long term. Also, this gain may not be always monetary the improvement of a firms image in the market is an example (Davis, 2010). Therefore, for measuring the value of Coco Chanel, as a brand, a mixed model would be employed the valuation framework used by BrandFinance, an organisation based in UK (Davis, 2010 44). The particular framework is based on the following method a firm estimates the level of the sales it should achieve in the future, for securing profit then a royalty rate is set for achieving the above target (Davis, 2010 44). This royalty rate can be used for estimating the current value of the brand, which is the actual brand value (Davis, 2010). The measurement of the brand value using the BrandFinance framework is made clear through the diagram in Figure 9 (Appendices).2.5 Importance of Coco Channel for the industrySince its introduction, the specific brand has achieved the following target it has made luxury products more attractive to consumers. More specifically, in the 1920s, when the brand first appeared, women had to face the severe consequences of the World War I widows were increased and the interest for high quality clothing was quite low (Siddiqui, 2014). The appearance in the market of the products of the particular brand, such as the short black dress and the perfume Channel No.5 (Siddiqui, 2014), introduced a new era for the relationship between consumers and the fashion industry. Since then, fashion products and luxury products have become quite attractive as this fact has been reflected to the radical expansion of luxury brands worldwide (Figure 2, Appendices). In addition, the particular brand managed to hiding the gap between fashion and the other industries. Indeed, up to the appearance of the brands products in the market the hierarchy of importance as of the industrial activities worldwide had a standard format manufac turing and transport industries were mostly valued, as of their potential to cover peoples needs (Kapferer, 2008). Since the introduction of the brands products in the market the perspectives for growth in regard to fashion and luxury products were made clear. Entrepreneurs worldwide were initiated to invest in the particular sectors, a fact that raise competition and kept quality standards high (Kapferer, 2008).3.0 ConclusionThe performance of Coco Chanel as a brand can be characterised as high. In fact, as proved through the analysis made above the particular brand is one of the most powerful in the global fashion industry. The position of the brand in the luxury sector is also significant, an achievement that denotes the brands potentials to achieve further growth. The establishment of a unique culture has been proved to be the approach through which the particular brand secured its success. Indeed, the creator of the brand, Coco Chanel, managed to convince the women in her era that style and quality should be parts of their life style. At the same time, through the particular brand the independency of style from complex forms was achieved instead of emphasising on severe and multi-coloured clothing Coco Chanel preferred to use simple lines and just two colours white and black. This approach made the brand Coco Chanel to distinguish in consumers minds. A similar approach was followed in regard to the other products of the brand simplicity and innovation have been the key elements of the brands products up today. In this context, the success of the brand as revealed through the examination of all its aspects could be considered as expected. In the future, further growth could be achieved on the basis that brands culture would remain at the centre of the brands strategies.4.0 References Boone, L. and Kurtz, D. (2013) Contemporary market placeing. Belmont Cengage Learning.Burrow, J. (2008) Marketing. Belmont Cengage Learning.Cant, M., Strydom, J., Jooste, C . and du Plessis, P. (2009) Marketing Management. 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