Integrated Marketing Campaigns
Macy’s Integrated Marketing Plan
Macy’s Inc. is a well-established, historic and profitable company that is known as a quality yet affordable department store. Macy’s is an American icon; therefore our objective is not to change this image, but to modify it to appeal to a more youthful market. With our main objective in mind, we have proposed an Integrated Marketing Campaign that is geared towards our target market of young adults. By choosing alternate forms of media that appeal more to our younger target market, we can place Macy’s in these customers’ evoked set. For example, we plan to use media outlets such as social media websites, television, magazines targeted to young adults and direct marketing through email. A main feature we have outlined in this plan is an Interactive Dressing Room on the Macy’s website which will grab the attention of our technologically savvy target market and hopefully form lasting relationships with the company. Because our target market is younger, we have found it necessary in our IMC plan to consider this age group’s financial means. Our sales promotion includes sending out coupons to Macy’s customers who have recently been shopping online; our plan integrates data mining into this program in order to send personalized coupons to customers based on their recent browses or purchases. Lastly, our IMC plan proposes the integration of cause related marketing and green marketing with our target market, as well as a social event at the Macy’s Thanksgiving Day parade targeted to young adults. Situation Analysis
Macy’s has various strengths and weaknesses to its brand name, along with the fact that the entire department store industry is subject to different opportunities and threats. Strengths that Macy’s has include its strong brand recognition, purchasing power and a mixture of new and old marketing channels. The fact that Macy’s is one of the best known department stores and has sales reaching $23,489,000,000, are different strengths that our client has to work with. Another benefit of Macy’s is that consumers can purchase its products from both the Internet and storefronts that provides our target market with different ways to purchase their desired products (Macy’s Inc.). While Macy’s is a well-known, established brand, distinct weaknesses do exist. One disadvantage is that the store is targeting middle aged/older consumers and does not frequently appeal to a younger age segment of 18-30 year olds. Other challenges we are faced with are the company’s unattractive website as well as the obvious implications due to the current economy and its tendency to cause declines in retail sales. In today’s environment, Macy’s has different opportunities and threats that we need to be aware of. Positives include the fact that there are various untapped markets that Macy’s can reach with a different marketing approach. Once we are able to attract other markets such as the 18-30 year old group, we will be able to significantly increase sales. Different threats that hurt our clients are the amount of competitors in this category, along with the fact that today’s poor economy is limiting people from buying luxury items. Retail competition is fierce; it is the largest sector of our GDP. According to the latest annual report from the U.S. Census Bureau (calendar year 2009), the total amount of sales for the U.S. Retail Industry (including food service and automotive) was $4.13 trillion (Macy’s Inc.). Target Market Analysis
The market our team is targeting includes young adults between the ages of 18 and 24. We feel that Macy’s lacks in marketing to the younger generations and consumers are not aware that they offer products for this age group. We chose to start at the age of 18 because this is when kids start to live more independently and generally start making their own purchase decisions. They are making...