Marketing Mix
There are four elements that make up the marketing mix, product, price, place, and promotion. A product can be defined as everything that makes up a good, service, or idea, including product design, features, colour, packaging, warranty and service levels. (textbook) A price refers to the expected selling price of a product. The place consists of the channels where a product is distributed and the merchandising used to sell the product. And finally, promotion includes all of the ways in which consumers are made aware of a product, such as advertising, public relations, sales promotion, direct response, event marketing and sponsorship, and personal selling. (textbook) It is very important for the marketers of Lululemon to consider …show more content…
When we speak about price, we are talking about the money that is exchanged for the ownership of a good or service. (textbook) When determining the success of a product, price is often the most important factor. (http://www.investopedia.com/financial-edge/1111/4-pricing-strategies-that-increase-your-spending.aspx) Price often indicates the value of a product when you compare the benefits of the product, such as quality and durability. So why are Lululemon’s prices so high? Lululemon uses a prestige pricing strategy, a strategy where prices are set high to attract consumers who want a high quality product. Many customers who buy these prestigiously priced products are indeed seeking …show more content…
Their website is transactional and so purchases can be made through this channel. Not only can purchases be made via the website, information and inspiration on the company can be easily accessed as well. The website offers more information on ordering, shipping, returns, and sizing in order to make purchases as easy as possible for the customer. The website also provides contact information to answer any possible questions customers may have. A final marketing channel to mention would be Lululemon’s strategic sales. Lululemon has a wholesale program, where they partner with other gyms and studios in selling their basic athletic apparel. (http://info.lululemon.com/about/strategic-sales/wholesale)
The final element of the marketing mix is promotion. Promotion refers to all of the communication tools that are used to introduce the product to its market.(TB) A major communication strategy that Lululemon takes advantage of is social media marketing. Lululemon uses many different social media platforms to promote their products, some examples would include Facebook, Twitter, YouTube, Instagram, and
There are four elements that make up the marketing mix, product, price, place, and promotion. A product can be defined as everything that makes up a good, service, or idea, including product design, features, colour, packaging, warranty and service levels. (textbook) A price refers to the expected selling price of a product. The place consists of the channels where a product is distributed and the merchandising used to sell the product. And finally, promotion includes all of the ways in which consumers are made aware of a product, such as advertising, public relations, sales promotion, direct response, event marketing and sponsorship, and personal selling. (textbook) It is very important for the marketers of Lululemon to consider …show more content…
When we speak about price, we are talking about the money that is exchanged for the ownership of a good or service. (textbook) When determining the success of a product, price is often the most important factor. (http://www.investopedia.com/financial-edge/1111/4-pricing-strategies-that-increase-your-spending.aspx) Price often indicates the value of a product when you compare the benefits of the product, such as quality and durability. So why are Lululemon’s prices so high? Lululemon uses a prestige pricing strategy, a strategy where prices are set high to attract consumers who want a high quality product. Many customers who buy these prestigiously priced products are indeed seeking …show more content…
Their website is transactional and so purchases can be made through this channel. Not only can purchases be made via the website, information and inspiration on the company can be easily accessed as well. The website offers more information on ordering, shipping, returns, and sizing in order to make purchases as easy as possible for the customer. The website also provides contact information to answer any possible questions customers may have. A final marketing channel to mention would be Lululemon’s strategic sales. Lululemon has a wholesale program, where they partner with other gyms and studios in selling their basic athletic apparel. (http://info.lululemon.com/about/strategic-sales/wholesale)
The final element of the marketing mix is promotion. Promotion refers to all of the communication tools that are used to introduce the product to its market.(TB) A major communication strategy that Lululemon takes advantage of is social media marketing. Lululemon uses many different social media platforms to promote their products, some examples would include Facebook, Twitter, YouTube, Instagram, and