Target Market for Coach Handbags
When trying to define the specific target market for Coach handbags we first need to identify those who have a desire, financial means, are eligible and have the authority to make a purchase (Christ, 2008a). There are typically two main markets that Coach will need to look at and those are the individuals who will purchase at the full-price and then those that will only purchase at a discounted price. The full-price purchaser is around her mid thirties and is either single or newly married working-woman. Those that will only purchase at a discounted price is typically in her early- to mid-forties and is a professional mom with children who looks for function over fad. There is also a target to market to international consumers especially the Japanese consumer. (Coach Company Profile, n.d.). Over-all Coach’s typical target market for handbags is a middle class or higher woman who enjoys carrying quality handbags. These women are of all ethnicities that do not mind paying a little more for the quality and prestige that Coach products offer. Women who also look for brand names, luxury handbags and want to stay on top of the newest fashions are also a target market for Coach handbags. Men looking for a great gift for their wife, girlfriend, sister, mom or other important female in their life is another target market for this product. There are many women who look for a discount, but still want that image that goes along with purchasing a Coach handbag that need to be in the target market. Coach handbags make a fashion statement and the target market needs to be on those individuals who want the best and newest handbags that the industry has to offer. The last target market can be defined as those customers who have already purchased Coach handbags. These women already enjoy the prestige that goes along with owning a luxury handbag. (Coach Company Profile, n.d.; Foster, 2006). Economic Environment Influences on Coach Handbags
Customers are definitely influenced by the changes in the economy when it comes to making purchases. There are two very different groups of individuals that purchase Coach handbags. There are those that have to have luxury items and will continue to make these purchases including Coach handbags regardless of the current economic situation either because they can continue to afford them or because they want to continue to live a life that includes the purchase of luxury and high end products. (Marsh, 2009). Then there are those individuals who once were able to afford the Coach handbag might think twice about another purchase if their financial situation has changed. These new spending habits will most likely not be permanent. Those valued and loyal customers of the Coach brand will continue to make purchase once their financial situation returns to what it was prior to the economic down pour. (Hamm, 2008). Most consumers will make purchases based on value and not the quality and price. Value will be judged by preferences and a alternatives. There are many current customers who once would have paid full price for a Coach handbag who will now look for the discounted priced products. (Bix & Taylor, 2011). Social Environment Influences on Coach Handbags
When a person mentions the brand name Coach there is an image that comes to mind of a sophisticated professional carrying a stylish handbag because the brand is intricately associated with quality, tradition, and prestige. Social environments play a vital role on consumer purchases. There are many individuals who want a life style that they are unable to achieve. There are many times when consumers make unrealistic purchases just to fit in with their group of friends. Having a luxury handbag that has a brand name such as Coach can place a social status on an individual. When others see someone with a Coach bag there is an assumption that the person is wealthy. (Coach Inc, 2011). The social influences of Coach...
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Retrieved March 28, 2011 from http://us.ft.com/ftgateway/superpage.ft?news_id=fto041820061305334647
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