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The Role of Consumer Behavior
Pages 3 (753 words)
The apparel industry generated in the United States $218 billion in revenues in 2010 (Plunkett Research, 2011). In this industry change management is essential to properly manage a company. Levis Strauss must take advantage of the brand value of the company.
The managerial team established that they want to sell the product at a similar price point than the market value. I believe that the retail price should be set around market value or slightly higher, but during the introduction phase of the product life cycle the company should sell its suits products at special prices. During the first three months in the marketplace the suits should be sold at 40% below retail price to create a buzz and accelerate the brand loyalty of the company. The dumping price strategy might be visualized as unethical by the competition. This strategy will help the company penetrate the market faster by stealing away clients from other brands of suits. Levis’ must aggressively invest in marketing and advertising to create awareness of the brand among the consumers. A good strategy to attract the interest of people is by having celebrities wear the Levis suits at public events. A massive campaign should be launched using a variety of methods. The best ideas for marketing campaigns are often in the minds of the customer. The company must perform primary research to test the product prior to launching the suits. The firm must perform market research in order to determine the preferences of customers. A way to collect feedback from customer is through online questionnaires. ...
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