Michael Kors Marketing Mix: Michael Kors Holdings Limited is commonly referred to as Michael Kors. It is part of the Lifestyle and Retail industries and offers clothing and accessories. It is a public-owned company of American origin and was established in 1981 by director Michael Kors, a well-known designer. Kors’ brand has established itself as a fashionable one.
Marketing Mix Of Michael Kors
Marketing Mix Of Michael Kors is brand-based. In Marketing Mix Of Michael Kors, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Michael Kors Marketing Mix. Below is the detailed Marketing Mix Of Michael Kors.
Let’s talk about Michael Kors Marketing Mix.
Michael Kors Main Competitors
- Kate Spade
- Ralph Lauren
- Tory Burch
- Marc Jacobs
Michael Kors’s official website: www.michaelkors.global
Product in the Michael Kors Marketing Mix:
Michael Kors is a brand that pays special attention to quality and design to present fashionable clothing and accessories. It offers a wide range of items that can be divided into two parts are for men and the other for women. Marketing91 has made extra care to create clothing in petite, normal, and larger sizes that meet your preferences. Its range of product range for men and women includes
- ApparelDenim, pants, sweaters, hoodies, polos, t-shirts, and jeans
- Bags- Duffel, luggage, bags, messenger bags, briefcases, and backpacks
- Accessories- gloves, scarves, caps, gloves and sunglasses, passport cases, and belts
- Boots- Suede leather boots, sneaker sneakers, suede sneakers, and sports sandals. sports sandals
- Billfolds, wallets, zip-around, and card cases
- Watches – Leather, black, and silver-tone, as well as gold-tone
- Shoes, flats, wedges, sandals, and flats
- Wallet Continental trifold thin coin purse cards, wristlets, wristlets and technology
- Handbags – Shoulder bags, backpacks, cross bodies, and totes
- Apparel, including tops, sweaters, jackets, outerwear, and dresses
- Watches: Black, silver-tone, gold-tone, and rose-gold tone
- Jewelry includes earrings, bracelets, necklaces, earrings, and rings
- Accessories Fragrance bags, accessories for bags covers, phone cases, covers, and wallets
Place in the Michael Kors Marketing Mix:
Michael Kors is an international brand that has expanded its reach to include a number of countries around the world. The first retail store launched in 2006, and by 2015, it had more than 575 outlets. At the close of the fiscal year 2017, the brand was operating 135 licensed stores and eight hundred and twenty-seven outlet stores. The headquarters is in New York City in the United States. The brand also has a manufacturing facility located in China to reduce costs since labor is cheap in China.
Michael Kors has a well-defined distribution channel to make the end products easily accessible to customers. The company has partnerships with various delivery companies to deliver its products to customers quickly. The company is informed when the product is delivered and monitors the delivery route and the shipping method through an online tracker system. The company communicates the information with its customers so that they know the business is working to its advantage. The brand operates an online store responsible for delivering items to various online stores in the world market.
Michael Kors sells its older products by donating them to factories or through online retailers for a cheaper cost of sales. Michael Kors is a firm believer in its success and has also opened stores to serve directly selling for direct selling. The distribution centers are located throughout the United States, with regional centers in Hong Kong, Japan, Holland, and Canada that are operated by third-party companies or in a lease. Michael Kors has agreed to license its products contractually with brands such as Marchon, Fossil, and Estee Lauder so that its products are sold through their retail outlets.
Price in the Marketing Mix Of Michael Kors:
At the close of the fiscal year of 2016, Michael Kors recorded profits of 4.71 billion US dollars and a net profit of 839.1 million US dollars. Michael Kors has earned its name as an exclusive brand appealing to both women and men with a taste for fashion-forward brands.
Michael Kors is a mid-level company for high-end items. It has established itself as an intermediary between high-end brands and luxury that offer a clothing line for the average person. To increase its brand’s presence overseas and in new markets, it has chosen to implement an affordable price strategy for its premium items. The reasonable and affordable mid-price prices will enable the company to stand out from its competitors on an advantage. Prices are generally lower than those of its competitors and have assisted in growing its sales figures. More sales, more revenue, and greater profits are the guiding principle of this top-quality brand.
Promotions in the Michael Kors Marketing Mix:
Michael Kors is a worldwide brand and has, even in its beginnings, recognized the benefits of the effectiveness of advertisements. It has employed important tools, such as public relations, advertisements, sales promotion, social media, and personal selling, to establish and sustain its brand’s visibility. The ads have been aired in print and on visual media such as newspapers, fashion magazines, and television.
To remain relevant, the company has turned its focus toward social media. It has set up an official Twitter account with greater than 2.81 million followers and a Facebook page with more than 16.25 million fans. The company has also created an Instagram account with 4.1 million users. These platforms are extremely popular and can easily reach out and impact users.
Michael Kors’s official site provides all relevant and interesting information to interested customers. The site has a page on trends that displays new fashion quotients and information about what’s trending at this particular time of the year. This constant communication allows the brand to see and hear reactions as well as the feedback of customers. With many such followers, it is simple to identify what product is well and take action in the right direction.
Michael Kors, the founder of the brand. Michael Kors makes sure to include the name of his brand at every interview to get publicity for the brand. He has also been a part of the television show Project Runway as its judge. He also has roped in other celebrities to wear his products and has made his brand popular in the eyes of the customers. The company holds fashion shows annually to showcase the season’s latest trends. Famous personalities are invited to create maximum publicity for the brand.
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