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Michael kors

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Michael Kors Consumer Behavior Presentation Brandeis University

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Michael kors

  1. 1. Mrudula Menon, Parth Shah & Sambit Datta
  2. 2. Agenda • About Michael Kors • Competitive Strategy • Marketing Strategy • Brand Profiling • Perceptual Mapping • Focus Group Findings • Conclusion
  3. 3. About Michael Kors • Global luxury life-style brand with a jet-set aesthetics • Led by the American Fashion Icon - Michael Kors • Operate in 3 segments : retail (48%), wholesale(47%) and licensing(5%) • 288 North American retail stores • 117 international retail stores
  4. 4. COMPETITIVE STRENGTHS • Rapidly Growing Luxury Lifestyle Brand with Best-in-Class Growth Metrics • Design Vision Led by World-Renowned, Award-Winning Designer • Multi-Format Retail Segment with Significant Growth Opportunity
  5. 5. Competitive Strengths $150 - $500 $50 - $500 $20 - $150 $100 - $300 Source : Michael Kors Annual Report
  6. 6. Competitive Strengths
  7. 7. Competitive Strengths
  8. 8. Competitive Strengths
  9. 9. Competitive Strengths
  10. 10. Competitive Strengths Source : Michael Kors Analyst Call Report
  11. 11. Competitive StrengthsON & OFF THE RED CARPET
  12. 12. MARKET SHARE – LUXURY HANDBAGS • Rapidly Growing Luxury Lifestyle Brand with Best-in-Class Growth Metrics • Design Vision Led by World-Renowned, Award-Winning Designer • Proven Multi-Format Retail Segment with Significant Growth Opportunity Source : Experian Market Services 2013
  13. 13. Source : Digital Luxury Group Study TOP 10 MOST SEARCHED HANDBAGS
  14. 14. Perceptual Mapping
  15. 15. Perceptual Mapping – Multi Dim
  16. 16. MICHAEL KORS BRANDS Handbags & Small Leather Goods - $500 - $6000 Footwear - $300 - $1200 Women’s Apparel - $ 400 - $4000 Handbags - $200 - $800 Small Leather Goods - $50 - $200 Footwear - $70 - $500 Women’s Apparel - $ 50 - $500
  17. 17. CUSTOMER SEGMENTATION Male Female <18 18 - 25 26 - 35 36 - 45 46 - 55 >55 Art Auto Business Cooking Education Fashion Food Health & Fitness Home & Garden Literature Movies Music 0.3x 1.8x 0.7x 1.1x 1.06x 1x 0.9x 0.8x 1.5x 0.7x 0.6x 1.1x 1.06x 2.8x 1.1x 0.7x 1.08x 0.94x 1x 1.4x TARGET DEMOGRAPHIC 82% of Michael Kors customers are Female 36% of Michael Kors customers are aged between 26-35 Top 3 interests of Michael Kors customers are Fashion, Art and Music Core customers of Michael Kors are Female & majority are Young While Michael Kors is a Luxury brand, it is also Affordable & Attainable which helps in attracting Young Consumer Michael Kors products and stores cater to Fashion, Music & Art Source : Statsocial Report on Michael Kors
  18. 18. Laddering – Connecting Product With Customer • How important is handbag to you? • Response : Its very important • In what way it is important to have a handbag ? • Response : It carries everything I need and the color adds to my outfit instantly • What are the various occasions where you go with your handbag? • Response : My work, meetings, shopping, parties • Do you really care about our handbag when you are out? • Response : Yes, because it is complementary to my style, overall look and outfit. • If handbag is important, would you go out of your way to spend? • Response : Yes, I am very choosy about the brand and I don’t mind paying extra • Why would you like to pay extra for your handbag? • Response : It helps to reflect the way I carry myself, prestige and social status. I feel confident and happy ATTRIBUTE Functional Aspects Of The Product CONSEQENCES Psychological Effect on Customer CORE VALUES Emotional Payoffs
  19. 19. Focus Group Findings Attributes Brand Image, Design, Price, Exclusivity, Quality, Color Consequences Fashionable, Impulsive Purchase, Freedom, Youthful Core Values Attractive, Unique, Ego-Expressive, Confident
  20. 20. Conclusion Style Utility Value for Money Youthful aspirational needs esteem needs social needs safety needs hygiene needs “I only carry exclusive designer handbags.” “People always talk about my bags.” “I love to use this bag for all occasions.” “I don’t mind paying little extra for this bag.” “It carries everything I need.”
  21. 21. Perceptual Mapping
  22. 22. Perceptual Mapping – Multi Dim

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