Introduction to and Fundamentals of Strategic Marketing
For this case assignment, a marketing report is to be prepared on Brook Brothers to explain the relative importance of the following factors in driving current, potential, and/or prospective customers to choose the Brook Brothers’ product: economic environment, social environment, competitive environment, brand name, target market, quality of product, where products is distributed, and price of the product - Introduction to and Fundamentals of Strategic Marketing introduction. Company Introduction: Brooks Brothers Brooks Brothers was founded in 1818 by Henry Sands Brooks.
He created the first ready-to-wear fashion emporium in America. Since then, Brooks Brother has become an institution that has shaped the American style of dress through fashion innovation, fine quality, personal service, and exceptional value in their products. (brooksbrothers. com) Despite being a reputable company, Brooks Brothers is found to be a little old and stuffy sometimes, but that’s because their wheelhouse is a middle age or older, more traditional, more affluent demographics.
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Sales on their apparel can be weak when it comes to size availability and their prices are found to be not affordable at all. (dappered. com) –Analyze the Environment Brooks Brothers celebrates the 20th anniversary of the first factory stores, which opened in Kittery and Freeport, Maine. As of 2011, there are currently 102 factory stores in the United States and 25 locations internationally. –Target Market
Since this is an older company from the 1960’s, Brooks Brothers current target market is men aged 50 years and up who are interested in business wear, even though this company sells apparel for women and children. –Products -Mens’, Womens’, Childrens’ Apparel: This includes shirts,pants, footwear, undergarments, coats, accessories -Country Club Apparel – This includes sports apparel for Men and Women –Promotion -Brooks Brothers is currently offering 15% off any three items purchased through their website or in any of their stores.
No expiration date is shown. -Distribution Brooks Brothers sought new efficient ways to reduce its inventory investment while keeping its shelves and distribution centers stocked with the right merchandise. In order to do this, Brooks Brothers was looking for a solution that would offer the ability to improve size selling and more efficient fill-in to stores. Brooks Brothers uses an integrated Solution software (JDA) that helps companies like Brook Brothers who are seeking new solutions to generate allocations at store-specific size levels. retailsolutionsonline. com) -Pricing –Brooks Brothers apparel and accessories prices range in the mid-range. Depending on what one is purchasing prices can be found to be a little high, but the quality of apparels and accessories are worth the price. Evaluate the importance of the following factors by current, potential, or prospective customers With today’s economic situation, most companies are finding that they need to change the way they used to run their businesses in order to stay afloat.
For example, Brooks Brothers are finding innovating ways to reach their loyal customers by expanding into territories they never would have in order to let themselves be known. Just recently, Brooks Brothers just partnered up their marketing with Esquire magazine in order to reach their affluent, extremely loyal customer base such as the 720,000 men and women of high income, who are highly educated and sophisticated. Brooks Brothers are working on building partnerships with other companies that would enhance the value of being a Brooks Brothers customer. nytimes. com) Most people in today’s economic ups and downs, would not probably look at purchasing from Brooks Brothers because of its high priced items, but then again most people are looking at buying quality items that they can keep around for a long time, so it’s not surprising that the target market for Brooks Brothers is expanding past the wealthy and educated folks and moving on to the middle class and even surprisingly the younger folks.