Bilal Rasheed & Hisham Ahmed
Chanel’s objective is to provide a sense of luxurious, elegant and fashionable bringing up for women introducing timeless style. If Chanel wants to retain the same kind of brand image then it needs to continue with the same strategies which are currently being applied. However, in order to increase market share, emphasis on mass media and e-commerce would be effective which the competitors are already practicing.
Chanel’s vision is’ o be the ultimate house of luxury’. Chanel is an established brand and specializes in haute couture, luxury goods, accessories and ready to wear cloths. With the vast positive change in the global economy, the trends are changing with time like demand for luxury products is on its boom.
Chanel started back in 1909 and it is operating mainly in europe,asia and most parts of united states. The house of chanel is known for its fashion stores all over the globe. In this new milinoum Chanel stepped up its purchsess in luxury sectors. Chanel offers and is known for fashion apparel ,watches ,eye products and various other fasion able accessories for women.
Products and services
Chanel specializes in wide range of products. Famous Perfumes by Chanel include Allure, Chance Eau Tendre and N5, which used to be global perfume leader and is still one the best perfumes in the world. The company offers trendy handbags as well. These emply different leather and locks in order to be adjustable to individuals One of the famous unisex wristwatches line by Chanel is J12. Chanel also has a clothing line for women. Competitive Comparison:
Brands like Louis Vuitton, Gucci are strong competitors for Chanel as they have a very strong image amongst the people. Technological needs:
Chanel, a luxury goods brand with a long tradition, has evolved into what it is now by constantly adding new innovations to its tradition. Instead of resting on the business fields where it has proven successful, the company has brought forth new ideas. Technology management refers to business management conducted around sophisticated technological proficiency. Although Chanel was a latecomer to the watch business, Chanel’s commitment to technology is
noticeable in the establishment of its own workshop. Chanel’s commitment to technology will be considered through the example of the “J12,”, Chanel’s first mechanical watch.
Target Market Segment Strategy:
Chanel customers are women who wants to identify what Chanel represents which is elegance, simplicity, modern and class. Chanel’s cosmetics are targeted to younger consumers but they still retain the classic market which is their strong suit. With the launch of chance perfume, Chanel is targeting women between the age group 18-39.
Trends change every now and then and it is important for a business to keep a track of changing trends especially in the target audience. In Chanel’s case changing trends could be more like e.g.; in accessories, size of pendants or shapes of earrings keep changing with time however, style remains the same and Chanel’s market image is such that what they bring into the market is labeled as fashion. Market Growth:
Chanel’s success started from the sale of their famous, world leading perfumes, N5. Later on in 1920’s and 1930’s they decided to launch new perfumes amongst the public to gain more market. Soir De...