Elie Saab will implement a forward-thinking strategic plan to ensure measurable growth and expansion of the brand in Beverly Hills. The expansion of the brand will comprise of competitive strategies that include market segmentation and targeting of the fashion market in Beverly Hills. The significance of segmentation is that it will allow Elie Saab to focus understand the fashion market dynamics in Beverly Hills. On the other hand, targeting will enable Elie Saab to focus promotion efforts on the vital segments that consist of the customers whose needs and requirements will be diligently matched with the provision and capabilities of the business.
Segmentation
The success of Elie Saab in Beverly Hills requires identification of its market on a segmentation basis in order to better understand the consumer behavior and buying patterns of the customers. This is because various aspects such as anticipations, wants, and purchasing behavior of the consumers are similar but rely on multi-faceted factors such as gender, income, age, value, and lifestyle.
Through the use of the segmentation approach, Elie Saab will effectively narrow down the vast and diversified fashion customers into narrowly defined and specific groups. Through market segmentation surveys, Elie Saab will obtain essential and specific information on fashion market segments in Beverly Hills. Therefore, Elie Saab will focus on a very exclusive product line which is Haute Couture. Haute Couture is a fashion segment that entails a garment that is made for an individual client and is tailored to requirements of the wearer. The creation of exclusive custom fitted clothing has been common in many fashion houses in Beverly Hills. Haute couture has entered a new era bridging the gap between contemporary and heritage design. Market segmentation will allow focus on one product line, understand its dynamics, the market trends as well as the future trends, Additionally, the marketing team will be precise about how to reach the customers by assessing particular wants and needs of Haute couture fashion. In the long run, the segmentation approach will benefit the business sales since the team will focus the corporate resources more effectively as well as make strategic marketing decisions for Haute Couture. Through market segmentation surveys, Elie Saab will obtain essential and specific information on Haute Couture exclusive designs that can be relied on while understanding the Haute couture market. After appreciating the exclusive consumer purchasing behavior and accessing the essential information through a segmentation survey, Elie Saab will make decisions in the better interest of the market segment. The company will rely on the information to identify the right market and establish appropriate marketing strategies for Haute Couture.
Targeting
After segmenting the fashion market in Beverly Hills, Elie Saab will focus on targeting the most profitable customer segment. This will enable the business to match the capabilities and provisions of the fashion house to the consumer needs and wants. Businesses often focus on one customer segment depending on the perceived opportunity of the given segment. Elie Saab targeting can be done through the evaluation of development potential and commercial appeal of the identified segment. Targeting on a specific customer segment will influence the expansion strategy, the consumer experience, branding, and business operations since Elie Saab will concentrate on a specific audience to meet their needs and wants. In this case the millennials are the fastest growing haute couture buyers in Beverly Hills. Since the percentage of millennial couture clients are increasing, this will be the main target audience. Based on these facts, Elie Saab will focus their marketing efforts, resources and capabilities on millennial consumers to fulfill the consumer demand and needs.
Conclusion
In summation, the brand expansion demands strategic plans to achieve business objectives and remain competitive in the market. There is a need to focus on the most effective competitive strategies that will foster growth and success of the brand and through which the brand can expand its market. Through focusing on specific product line, Haute Couture and customer segment, the millennial couture clients, Elie Saab will get more value from the consumer and facilitate the effective use of business resources and capabilities to concentrate on the selected market segments which will foster effective expansion in Beverly Hills.
