Essay on Retailing and Social Media Mk

Essay on Retailing and Social Media Mk Essay on Retailing and Social Media Mk MICHAEL KORS: Answer 1 a) Michael Kors has an effective and vast distribution strategy comprising of retail, licensing, wholesale and extensive online retailing b) They have invested heavily on creating strong brand recall value by adopting the following strategy: i) The celebrities are involved in showcasing MK designs in platforms like award functions, red carpet, social; this in turn also encourages fashion bloggers to discuss about the brand online. ii) Michael Kors is a judge for a reality TV shows, Project Runway, which has boosted awareness. iii) Omni Channel retail – Incorporating Social Media iv) Direct Marketing – Emails, Brochures, Catalogues, Social Network c) Product Segmentation to target wide range of audiences d) Company focuses on innovative designs, materials and craftsmanship. Answer 2 4 P’s 4 E’s Product: diversified product range, high quality products Experience: the websites are user friendly, the Mobile application makes constumers feel like they are part of the brand Place: Globalised on-line and off-line presence making it accessible to people from all over the world Everyplace: Presence worldwide via retail stores & internet Price: suitable toa ll target groups from 18 above Exchange: Celebrity Quotient Promotion: Masstige Evangelism: Two way communication on social media MK keeps evolving according to the changing needs and wants of the customers and builds strategies to achieve customer satisfaction. Answer 3 Michael Kors has managed to create