Company name: Lululemon Athletica Inc. (NASDAQ:LULU; TSX:LLL)
Product: Lululemon Athletica produces yoga-inspired athletic apparel for both women and men.
#1. Innovative Design Process
Lululemon offers high-quality premium athletic apparel that is designed for performance, comfort, functionality and style. The innovative design process is attributed to a number of factors such as, real-time customer feedback. Lululemon seeks real-time customer feedback on the design and development of new and existing products. By directly integrating the customer into the product development process the design team can understand and directly respond to consumer needs and wants while creating innovative designs that combine style with performance.
#2. Distinctive Retail Experience
Lululemon retail locations are strategically chosen to enable each store to become apart of the local community. Lululemon stores create a sense of community by offering multiple in-store events such as yoga classes and product education. The retail concept is designed to engage and educate consumers. By building community and encouraging product education customers are more inclined to try products leading to increased purchases and repeat visits.
#3. Community-Based Grass-Roots Marketing Approach.
Lululemon differentiates the brand through an innovative, community-based approach to building brand awareness and customer loyalty. Lululemon uses a grassroots marketing strategy that includes, partnering with community ambassadors such as local athletes and trainers. The grassroots approach allows Lululemon to successfully increase brand awareness and exposure while still reinforcing the authenticity of the brand and it’s premium brand image. Additionally, the grass roots marketing strategy allows Lululemon to save millions of dollars on advertising.
#1. Merchandise and supply chain management:
Lululemon’s business grew extremely...