Channel luxury company
From starting the Channel luxury company, you came to discover that your competitors are from organizations for which you had been working for the past few years. Being familiar with this business, it takes you a notch higher not to present your services and products to your customers in a rival way, but to come out in a friendly way. Apart from being a close competitor, you must not look at the relationship between the companies not only in a friendly way but also in a business manner for the betterness of the future of the company. From the trade convention that you had attended, your company was given a golden chance to sign an investment agreement and partnership with a multi-international company being the Hollywood movie producing company. It came to my understanding that the company that was supposed to have the opportunity was your former company, which you were working for. Still, since this was business, you had to take the chance for the betterness of the company.
From the advice you had achieved from senior executives and advisors, it was advisable to take part in the signing of the new investment plan if it were offered. Despite signing the investment agreement, the first thing you would consider as the headquarter of the high fashion company is to look at the future and prosperity of the company. By taking part in the signing of the new investment plan, it would not make your rivals with the related companies; instead, it would enhance and improve the wellness of the company’s products as the way they were. Though you would hence change the tactics of doing the business in a well-organized competitive manner, and this is by doing the following things. You would create an extra cause marketing effort for the companies’ products, and this is through focusing on the narrow niche that was hindering the company from meeting its daily standards. Lastly, you would also change the way of doing the business by introducing a compelling offer and guarantees to the companies’ customers. Don't use plagiarised sources.Get your custom essay just from $11/page
Apart from the Hugo Boss Company, we also have the Louis Vuitton based fashion Label Company, which has similar products as the Chanel Company. This brings out a lot of competition between the companies for they have identical products and generally being produced worldwide. Apart from the company having uniqueness in providing products at the global level, you have to look at the consumer’s feedback towards your brands and how they are being received on a worldwide scale. By doing this will enhance you to come with new techniques that will help in fighting the rival companies. This is through escalating the input and comments were drawn from customers’ twitter, Instagram, and other social websites relating to your company. As there are many well-known fashion companies competitors, for the Chanel Company started as a language manufacturer where later you grew by producing luxury travel goods and high fashion ready-made clothes for the wealthy upper-classes. It is out of this Channel the company made a change in terms of sales, by shifting to boutiques as primary means of transactions. By doing these you were able to catch a vast multitude of customers for their goods and you were able to make your clothing stores as one of the largest brands at a global level (Jackson, 2002).
The reason why the customers were uniquely accepting the products it’s because the goods produced were of high quality; moreover, they had unique characteristics that symbolized wellness of their social status that made their customers feel their services to be of distinguished high-level status. But through today’s change, these people have started looking at your products more. Differently, this is because there are many competitors in line of high fashion ready-made clothes which they are also being sold in boutiques and of which they have gone a notch higher by not only selling their products to the wealthy people but even they have made their products to be sufficient to their to those people who are not well in terms of financial standards such companies are such as Gucci, Hugo Boss, Louis Vuitton and Guess fashion company (Nagasawa, 2013).
It is through my research and analysis that I have come to discover various comments and feedbacks drawn from your brands in multiple blogs that you need to look at them on the severe high note. The below information is drawn from different social media platforms such as your twitter and Instagram pages comment sites on your websites and blogs where you advertise your consumer products. One of the major issues I have to discover and which if not looked, it might profoundly affect your company’s future production results. This is the issue of how your products are so much expensive, reflecting on your rival’s products. By making your goods expensive, that means you are giving your counterparts a free space to take over the fashion industry sector, a global industry. Apart from being expensive, you must also decide on the quality of your products. This is because your products are losing more quality in the worldwide industry, thus even making some orders you were getting from major companies you supplying to lose your trust and reduce the amount of supply that you deliver unto them. One of them being the red carpet celebrities is shifting to other major upcoming fashion companies like the ones mentioned above, which brings out my major key factor in your competition sector of how you need to change your section terms of quality of your products (Moore, 2004).
Furthermore, another issue to be looked at is how you supply your goods to your customers; do you only consider your offers to your favorite customers or also you think to get to where your market stake is at low sales value. This is by involving promotions to your products on areas where your market is at small stakeholding and offering favorable prices to your customers. By doing this am of the high surety of how your products are going to be accepted in the global sector. Apart from just introducing advertisements and promotions to your customers, another critical factor to be embraced is the creativity of how you are producing your brands to your customers. Generally, what is referring to is to involve all the popular new ways of trading that should be applicable in your business structure. This is through various comments I gathered from your websites and blogs. These significant elements are such as customer-centricity, equity-focus, and also giving in a room for technology to ensure smoothness of running the business.
In conclusion, doing all the analysis, as mentioned above, mentioned from your customer’s feedback and comments could primarily help in making your brand more diligent and acceptable in the market. This is through ensuring that your products are of good quality to your customers. The products are customer-friendly to every customer this is through how they are appealing, and most importantly, what you need to focus on is the creativity of the current generation with your customers and the equity focus of your products (Barnett, 2005), what I would recommend mostly due to contemporary social media.
Relation of your products to the current generation and social media platforms
Technology should relate more intensely to your products to your customers, viewing your products. This is by making sure whatever you are presenting on social media is more appealing to your customers and anyone clicking on your platform.
Branding and creativity of the product
Secondly, you need to work on your creativity when branding your product; this is because you need to match a product with the current generation and the field of people you are presenting to.
The image of the product
Another thing is how your customers are accepting the model of your product in the market sector. By ensuring your product is very appealing and enjoyable to be purchased by anyone willing to buy, this will uplift your brands and products at the global level, and there is no doubt of how your products are going to be rejected or have any issues at the market sector.
Perpetual maps
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References
Jackson, T., & Haid, C. (2002). Gucci Group-the new family of luxury brands. International Journal of New Product Development and Innovation Management, 4(2), 161-172.
Barnett, J. M. (2005). Shopping for Gucci on Canal Street: reflections on status consumption, intellectual property, and the incentive thesis. Va. L., Rev., 91, 1381.
Moore, C. M., Birtwistle, G., & Burt, S. (2004). Channel power, conflict, and conflict resolution in international fashion retailing. European Journal of Marketing.
Nagasawa, S. Y., & Yusuke, I. (2013). Luxury Strategy of Beauty Products by Chanel. In International Marketing Trend Conference.