Introduction
Michael Kors Holdings Limited is globally-renowned American apparel, handbags, accessories and footwear designer company with presence in over 100 countries across the world. Michael Kors is prestigious brand named after its establishing fashioner. It was started in 1981 by Michael Kors in New York. The company is best known for its unique handbags and accessories. Michael kors Holding (KORS) is managed by a top-notch executive team as well as conspicuous, award-winning designer, who is none other than Mr. Michael Kors.
The company operates mainly in 3 segments – Retail, Wholesale and Licensing. Michael Kors has an extensive global network of distributors that are totally focused on the company’s retail stores, specialty stores, …show more content…
Among 20 of the respondents that are an existing customer, handbags are purchased the most as compared to shoes. However, none of them bought clothing before.
The level of satisfaction on the purchase of Michael Kors product is very satisfied among the customer.
As evident, the customer will only be willing to spend $100 to $500 on Michael Kors bag. It’s clear that customer would prefer to purchase Michael Kors products at its exclusive boutique rather than purchasing it through e-commerce website and re-sale boutiques.
There is a very likely chance that customer will purchase Michael Kors bag.
However, there is still 2% of the customer are not likely to buy.
What would prevent you from considering to purchase Michael Kors bag?
Expensive Price
No money Economy crisis
Get better trend See trend
Buy other bags Depend on trend
No spending power Buy another brand instead
Expensive
As shown, the factors that preventing the customer to purchase Michael Kors bag is the spending power which may be due to economy condition, the fashion trend that customer demanded and wants and also competitive of substitutes brands.
What recommendation Michael Kors can be improved …show more content…
This poses a threat as chances to not correctly gauging customer needs and demands in fashion. This will be reflected in the inventory turnover and sales productivity of the business. Therefore, customer retention is crucial for business sustainability.
Change in trends
From data collected, trends are one of the important factors that Michael Kors might be facing. Product innovation in terms of design is one of the perceptions that customer will consider in purchasing Michael Kors products to the others competitors. Due to a constant change in fashion trends period by period, gauge fashion trend and customer demands and needs have to be consistent. Michael Kors have to be more innovated and continue to ensure design be leading to market trend while catering to customer demand and needs.
Change in spending power in economy
It is clearly shown in the data collected, many of the respondents thinks that economic changes and spending power are a major factor in preventing them in purchasing luxury products. Michael Kors being a luxury brand, it heavily relies on discretionary spending, subjected to economic condition in the respective countries. If there is a prolonged period of low consumer spending then there is a hostile effect on the business, financial position, and operating
Michael Kors Holdings Limited is globally-renowned American apparel, handbags, accessories and footwear designer company with presence in over 100 countries across the world. Michael Kors is prestigious brand named after its establishing fashioner. It was started in 1981 by Michael Kors in New York. The company is best known for its unique handbags and accessories. Michael kors Holding (KORS) is managed by a top-notch executive team as well as conspicuous, award-winning designer, who is none other than Mr. Michael Kors.
The company operates mainly in 3 segments – Retail, Wholesale and Licensing. Michael Kors has an extensive global network of distributors that are totally focused on the company’s retail stores, specialty stores, …show more content…
Among 20 of the respondents that are an existing customer, handbags are purchased the most as compared to shoes. However, none of them bought clothing before.
The level of satisfaction on the purchase of Michael Kors product is very satisfied among the customer.
As evident, the customer will only be willing to spend $100 to $500 on Michael Kors bag. It’s clear that customer would prefer to purchase Michael Kors products at its exclusive boutique rather than purchasing it through e-commerce website and re-sale boutiques.
There is a very likely chance that customer will purchase Michael Kors bag.
However, there is still 2% of the customer are not likely to buy.
What would prevent you from considering to purchase Michael Kors bag?
Expensive Price
No money Economy crisis
Get better trend See trend
Buy other bags Depend on trend
No spending power Buy another brand instead
Expensive
As shown, the factors that preventing the customer to purchase Michael Kors bag is the spending power which may be due to economy condition, the fashion trend that customer demanded and wants and also competitive of substitutes brands.
What recommendation Michael Kors can be improved …show more content…
This poses a threat as chances to not correctly gauging customer needs and demands in fashion. This will be reflected in the inventory turnover and sales productivity of the business. Therefore, customer retention is crucial for business sustainability.
Change in trends
From data collected, trends are one of the important factors that Michael Kors might be facing. Product innovation in terms of design is one of the perceptions that customer will consider in purchasing Michael Kors products to the others competitors. Due to a constant change in fashion trends period by period, gauge fashion trend and customer demands and needs have to be consistent. Michael Kors have to be more innovated and continue to ensure design be leading to market trend while catering to customer demand and needs.
Change in spending power in economy
It is clearly shown in the data collected, many of the respondents thinks that economic changes and spending power are a major factor in preventing them in purchasing luxury products. Michael Kors being a luxury brand, it heavily relies on discretionary spending, subjected to economic condition in the respective countries. If there is a prolonged period of low consumer spending then there is a hostile effect on the business, financial position, and operating