The article is quite interesting, it depicts how mass consumerism, affluent tourists, wealthy immigrants and people with opulent aspirations are affecting consumers demands and marketing strategies. It talks about how with the arrival of Nordstrom in Vancouver, luxury department stores and boutiques, are entering into a ferocious dogfight. Theses stores are being forced to adapt a segmented marketing strategy, as each one of their target consumer is different. Even though Vancouver has an image of being wealthy and luxurious, luxury alone will not guarantee success as Vancouver has a history of luxury brands opening and closing periodically. This is sustained by economic uncertainty and the fact many wealthy people rejecting the notion of
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For the purpose of this report I would like to focus on Nordstrom, a company described in great detail by the reporter. Firstly the article was able to accurately depict how Nordstrom is able to present its products and services in ways that effectively build’s customer relationships, which is a definition of marketing adopted by the CMA. This supported by the fact that Nordstrom plans to have separate marketing plans and practices for different types of customers, to explorer this topic further we consider what Retail analyst Craig Patterson said in the article about how “utility” means cheap prices and convenience, while “delight” requires careful service in an attractive retail environment. We could equate “utility” and “delight” to “needs and wants” in the sense of marketing. One of marketing’s core concepts is to satisfy customer needs and wants. Nordstrom manages to do this by providing its customers an attractive retail environment in the luxurious Vancouver downtown, while still acknowledging that majority of it’s customers are middle class Canadian’s with opulent aspirations, so Nordstrom maintains large price ranges for their products. Which means both the needs and wants are covered and customer are able to get “utility” from cheaper products while having the “delight” of shopping in a luxurious environment. The article also manages to touch on three of the 4P’s of the marketing mix. They talk in detail about how Nordstrom’s product/service is providing high-end retail items in a luxurious environment. They also talk about price and how Nordstrom maintains large price ranges. While for place they talk about Nordstrom’s retail outlets that are located in the most “glitz” and “glamorous” neighbourhood of Vancouver. The article also manages to illustrate in considerable detail the exertion, that goes into implementing marketing concepts and how
For the purpose of this report I would like to focus on Nordstrom, a company described in great detail by the reporter. Firstly the article was able to accurately depict how Nordstrom is able to present its products and services in ways that effectively build’s customer relationships, which is a definition of marketing adopted by the CMA. This supported by the fact that Nordstrom plans to have separate marketing plans and practices for different types of customers, to explorer this topic further we consider what Retail analyst Craig Patterson said in the article about how “utility” means cheap prices and convenience, while “delight” requires careful service in an attractive retail environment. We could equate “utility” and “delight” to “needs and wants” in the sense of marketing. One of marketing’s core concepts is to satisfy customer needs and wants. Nordstrom manages to do this by providing its customers an attractive retail environment in the luxurious Vancouver downtown, while still acknowledging that majority of it’s customers are middle class Canadian’s with opulent aspirations, so Nordstrom maintains large price ranges for their products. Which means both the needs and wants are covered and customer are able to get “utility” from cheaper products while having the “delight” of shopping in a luxurious environment. The article also manages to touch on three of the 4P’s of the marketing mix. They talk in detail about how Nordstrom’s product/service is providing high-end retail items in a luxurious environment. They also talk about price and how Nordstrom maintains large price ranges. While for place they talk about Nordstrom’s retail outlets that are located in the most “glitz” and “glamorous” neighbourhood of Vancouver. The article also manages to illustrate in considerable detail the exertion, that goes into implementing marketing concepts and how