Barneys Marketing Plan Essay Example Essay Example

Barneys Marketing Plan Essay Example Paper Barneys Marketing Plan Essay Introduction Executive summary Barneys is planning to extend the target market by embracing budget fashionistas as well as current target customers who are fashion connoisseurs with a high disposable income and cutting-edge taste. It is because, according to Spending Pulse, Sales of luxury goods fell 27. 6% in December 2009 compared with December 2008 including credit cards and cash. The pullback in luxury spending due to the deteriorating economy brought about a sharp slowdown and a torrent of extraordinary markdowns last year. The competitors including Bergdorf Goodman, Saks Fifth Avenue, and Neiman Marcus have been saddled with excess inventories and double-digit sales decrease. In order to do extend target market, Barneys will increase the amount of contemporary, accessory and Co-op merchandise up to 60% of whole inventory in two years, which can draw fashion-oriented customers with limited budget. The primary marketing objective is to accomplish sales increase by 3% compared with sales of $7 80 million for 2008 keeping profit margins of 50% or more, and a 8% increase in sales compared with sales of 2009, maintaining profit margins of 60% or more in the second year. The economic downturn has been bankrupting some firms, toppling longstanding agreements on pricing and distribution. Also, deep markdowns have been destroying the exclusivity that designers are trying to do. Barneys Marketing Plan Essay Body Paragraphs Customers are continuing to turn to the internet for clothing shopping because the online stores offers fashion trends and styling tips as well, and shoppers can quickly search the items by various categories, which makes shopping experience more efficient and not physically demanding. The leading online retailers of designer brands including Net-A-Porter. com and Bluefly. com have performed well showing revenue increase except for the fourth quarter 2008.?Macroenvironment: The shrinking economy, stock market declines, investment erosion, housing crisis, higher food and gas prices have curbed consumers’ craving for hopping. In the recession, the number of fashion-conscious shoppers with money and credit has decreased. —Trends: Marketing massages are getting real, simpler, and straight forward in order to draw skeptical consumers in the recession. Brands fostering more open communication with their customers via two-way medium of the Internet have become more important i n customers’ everyday lives. In an harsh retail climate, accessories are faring better than apparel because they are relatively inexpensive wardrobe updates. The items that can be worked into what customers already have in their wardrobes are selling. -1. Performance review?Distribution: Barneys has 9 Flagships(New York City, Beverly Hills, San Francisco, Chicago, Boston, Chestnut Hill, Las Vegas, Dallas, and Seattle), 18 Co-op stores and 13 outlets in the U. S. The Madison Avenue and Beverly Hills units are healthy and profitable having deep customer base and more known in their markets, but the Las Vegas, San Francisco, Dallas and Boston units have been slow since they opened. Barneys is going for aggressive expansion; four flagships were built in past three years, and it is also looking for store locations in Europe, the Middle East and the Far East. Product and Service: Barneys is high-end department store offering an upscale and original assortment of apparel, accessorie s, jewelry, beauty and decorative home products, and also assorts two private labels, Barneys New York and Co-op. Additional services include a bridal and gift registry, concierge service, studio service and spa, but most of them are only provided at Madison Avenue and Beverly Hills flagship store except personal shopping service. In 2008 September, a men’s Made-to-Measure Clothing service was launched at the Madison Avenue flagship store.?Promotion: The previous key promotions were to introduce the Kate Moss line for Topshop and the Rogan line for Target GO international, which was intended to increase customer traffic. Seasonal warehouse sale is done to reduce inventory. The renowned original window displays in unique themes are helpful to draw customers’ attention and create a buzz. The recent promotion was offering merchandise at a 75% discount last year. S. W. O. T. analysis?Strengths: Hip image of providing unique mix of established designers and new costumers Pr ivate labels allowing full control and high markups Co-op offering chances to draw budget fashionistas with its young, experimental, downtown feel merchandise Good store locations appealing to both tourists and locals?Weaknesses: Aggressive expansion strategy derived from the new owner’s desire to recoup the investment: this has greatly increased expenses for opening stores. Lack of leadership: The former president and chief executive, Howard Socol, resigned in 2008 July and hasn’t yet to be replaced. Taste level which is not widely accepted: with its cutting-edge image, Barneys has a narrower appeal and customer base than other luxury department stores. Opportunities: Growing trends towards contemporary apparel and accessories: customers started to look for practical and wearable items in everyday life rather than expensive statement outfits. Continuing strong growth in online sales: according to the report from the Census Bureau of the US Department of Commerce, onli ne purchases amount has increased by more than 9% to $34. 61 billion in the second quarter of 2009 compared with the amount during the same period of 2008, and online sales of apparel has generated $26. 6 billion.?Threats: Sharp declines in luxury spending due to the weak economy Luxury brands’ losing the image of exclusivity: In a January survey of rich shoppers by the Luxury Institute, roughly half of high-net-worth consumers said luxury brands are becoming commoditized. 64% said they were overpriced. Dangerous extreme discounting of luxury goods: this erodes fat profit margins of 50% of more, and makes customers unwilling to pay full price. Moody’s downgrading Barneys’ debt to â€Å"very high credit risk† rating because of negative operating performance Temporarily disapproved shipments for the 09’ spring orders by some factors including Hilldun Corp. and Rosenthal Rosenthal Inc. as a result of uncertainties over the liquidity and future strate gy Dubai economy facing serious pressure; Istithmar, and investment firm controlled by the government of Dubai, purchased Barneys from Jones Apparel Group Inc. for $942. 3 million in 2007 September. Objectives?First-year objectives: During 2010, Barneys is aiming for sales increase by 3% compared with sales of $780 million for 2009 keeping profit margins of 50% or more.?Second-year objectives: The objectives of Barneys during 2011 is to achieve 8% increase in sales compared with sales of 2010 maintaining profit margins of 60% or more. Marketing strategy?Barneys’ marketing strategy is based on broadening target market by making some changes in merchandise assortment. The primary target customer is upscale discerning fashionistas. This segment, however, is demographically small, and thus in order to enlarge the size of target market, Barneys needs to draw additional secondary target customers who are budget fashionistas Action plans?The target market to be pursued: In addition to the current target customer who has over $175,000 annual household income and fashion-forward taste, the secondary target customer is budget fashionistas who seeks out new and directional labels, but are slightly price-sensitive.?The specific actions in terms of 4Ps: Product and Service – Barneys will increase the portion of contemporary, accessories and Co-op up to 60% of the whole inventory. Also Barneys will show more looks styling with high-low mixed brands via mannequins in the stores, direct mailing catalogs and look-books online in order to offer tyling tips and provoke more cross-selling. Price – Barneys will lower the average price point by raising the amount of accessible price items, and will restrict markdown over 30% which can devalue the brand except for the outlets. Promotion – Barneys will focus on providing customers with non financial incentives such as trunk shows, opportunities to attend art or culture related events, gift certificates for the restaurant or spa in the flagships, and exclusive promotions collaborating with vendors. Place – Barneys will put a hold on the expansion strategy, and instead, will improve the online store more customer-friendly so it can offer effective and enjoyable shopping experience, and attract more online shoppers.?Responsibilities for marketing actions: The actions related to the Product – Merchandising, Design and Sourcing for Co-op, Allocation teams The actions related to the Price – Planning and Merchandising teams The actions related to the Promotion – Planning and Marketing teams The actions related to the Place – Planning and Technology teams?Timing for marketing actions: 11’ April – Barneys will research up-and-coming designers internationally, and start negotiating for winter orders with selected designers who can meet the standards in terms of design, price and delivery time. At the same time, Barneys will start redesigning the online store, and market research for Co-op 12’ spring lines. 1’ August – The online store renovation will be finished, and the merchandise from new designers will be introduced in flagships and on the web site. The integrated promotions via the stores and web site will be performed in order to draw customer’s attention. The Co-op 12’ spring lines with extended SKUs will start being produced.?Timing for marketing actions(continued): 11’ November – If the influx of new contemporary and accessory brands gets positive customer responses and increases sales volume, Barneys will prepare for introducing more of those lines. 2’ February – The Co-op spring line and new rising designers will be shown in the stores and online. The special party for Co-op customers with the dress code â€Å"Anything from Co-op† will be held at the Madison Avenue and Beverly Hills flagships. 12’ October – The overall performanc e will be thoroughly analyzed and the results will be compared with the objectives. Based on the sales volume and profit, the decision to maintain the new portion of merchandise assortment will be made. We will write a custom essay sample on Barneys Marketing Plan Essay Example specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Barneys Marketing Plan Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Barneys Marketing Plan Essay Example specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Biography of King Bhumibol Adulyadej of Thailand

Biography of King Bhumibol Adulyadej of Thailand Bhumibol Adulyadej (December 5, 1927–October 13,  2016) was the king of  Thailand  for 70 years. At the time of his death, Adulyadej was worlds longest-serving head of state and the  longest-reigning  monarch in  Thai history. Adulyadej  was known for being a calming presence at the center of Thailands recent stormy political history. Fast Facts: Known For:  King of Thailand (1950–2016), the longest-reigning monarch in the worldAlso Known As:  the Great (Thai:  Ã  ¸ ¡Ã  ¸ «Ã  ¸ ²Ã  ¸ £Ã  ¸ ²Ã  ¸Å ,  Maharaja), Rama IX, Phumiphon AdunlayadetBorn: December 5, 1927  in Cambridge, MassachusettsParents: Prince Mahidol (1892–1929) and Srinagarindra (nà ©e Sangwan Talapat)Died:  October 16, 2016 in Bangkok, ThailandEducation: University of LausanneAwards and Honors:  Human Development Lifetime Achievement AwardSpouse: Mom Rajawongse Sirikit Kiriyakara (m. 1950)Children: Maha Vajiralongkorn (king of Thailand 2016–present), Sirindhorn, Chulabhorn, Ubol Ratana Early Life Bhumibol Adulyadej (known as Phumiphon Adunlayadet or King Rama IX) was born on December 5, 1927, in Cambridge, Massachusetts, into the royal family of Thailand. As the second son born to his parents, and because his birth took place outside of Thailand, Bhumibol Adulyadej was never expected to rule Thailand. His reign came about only after his older brothers violent death. Bhumibol, whose full name means strength of the land, incomparable power, was in the United States because his father, Prince Mahidol  Adulyadej, was studying for a public health certificate at Harvard University. His mother, Princess Srinagarindra (nà ©e Sangwan Talapat), was studying nursing at  Simmons College  in Boston. When Bhumibol was 1, his family returned to Thailand, where his father took up an internship in a hospital in Chiang Mai. Prince Mahidol was in poor health, though, and died of kidney and liver failure in September 1929. Revolution and an Education In 1932, a coalition of military officers and civil servants staged a coup against King Rama VII. The Revolution of 1932 ended the Chakri dynastys absolute rule and created a constitutional monarchy. Concerned for their safety, Princess Srinagarindra took her two young sons and young daughter to Switzerland the following year. The children were placed in Swiss schools. In March 1935, King Rama VII abdicated in favor of his 9-year-old nephew, Bhumibol Adulyadejs older brother Ananda Mahidol. The child-king and his siblings remained in Switzerland, however, and two regents ruled the kingdom in his name. Ananda Mahidol returned to Thailand in 1938, but Bhumibol  Adulyadej remained in Europe. The younger brother continued his studies in Switzerland until 1945,  when he left the University of Lausanne at the end of World War II. Succession On June 9, 1946, young King Mahidol died in his palace bedroom from a single gunshot wound to the head. It was never conclusively proved whether his death was murder, accident, or suicide. Nevertheless, two royal pages and the kings personal secretary were convicted and executed for the crime of assassination. Adulyadejs uncle was appointed his prince regent, and Adulyadej returned to the University of Lausanne to finish his degree. In deference to his new role, he changed his major from science to political science and law. An Accident and a Marriage Just as his father had done in Massachusetts, Adulyadej met his wife-to-be while studying overseas. He often went to Paris, where he met the daughter of Thailands ambassador to France, a student named Mom Rajawongse Sirikit Kiriyakara. Adulyadej and Sirikit began a courtship, visiting Paris romantic tourist sights. In October 1948, Adulyadej rear-ended a truck and was seriously injured. He lost his right eye and suffered a painful back injury. Sirikit spent a lot of time nursing and entertaining the injured king; the kings mother urged the young woman to transfer to a school in Lausanne so that she could continue her studies while getting to know Adulyadej better. On April 28, 1950, Adulyadej and Sirikit were married in Bangkok. She was 17 years old; he was 22. The king was officially crowned one week later, becoming Thailands monarch and officially known thereafter as King Bhumibol Adulyadej. Military Coups and Dictatorships The newly crowned king had very little actual power. Thailand was ruled by military dictator Plaek Pibulsonggram until 1957  when the first of a long series of coups removed him from office. Adulyadej  declared martial law during the crisis, which ended with a new dictatorship forming under the kings close ally, Sarit Dhanarajata. Over the next six years, Adulyadej would revive many abandoned Chakri traditions. He also made many public appearances around Thailand, significantly reviving the prestige of the throne. Dhanarajata died in 1963 and was succeeded by Field Marshal Thanom Kittikachorn. Ten years later, Thanom sent out the troops against huge public protests, killing hundreds of protestors. Adulyadej opened Chitralada Palaces gates to offer refuge to the demonstrators as they fled the soldiers. The king then removed Thanom from power and appointed the first of a series of civilian leaders. In 1976, however, Kittikachorn returned from overseas exile, sparking another round of demonstrations that ended in what came to be known as The October 6 Massacre, in which 46 students were killed and 167 injured at Thammasat University. In the aftermath of the massacre, Admiral Sangad Chaloryu staged yet another coup and took power. Further coups took place in 1977, 1980, 1981, 1985, and 1991. Although Adulyadej  tried to stay above the fray, he refused to support the 1981 and 1985 coups. His prestige, however, was damaged by the constant unrest. Transition to Democracy When a military coup leader was selected as prime minister in May 1992, huge protests broke out in Thailands cities. The demonstrations known as Black May turned into riots, and the police and military were rumored to be dividing into factions. Fearing a civil war, Adulyadej called the coup and opposition leaders to an audience at the palace. Adulyadej was able to pressure the coup leader into resigning. New elections were called and a civilian government was elected. The kings intervention was the beginning of an era of civilian-led democracy that has continued with just one interruption to this day. Bhumibols image as an advocate for the people, reluctantly intervening in the political fray to protect his subjects, was cemented by this success. Death In 2006, Bhumibol suffered from lumbar spinal stenosis. His health began to decline and he was hospitalized frequently. He died at the Siriraj hospital in Bangkok on October 16, 2016. Crown prince Vajiralongkorn  ascended to the throne, and his official coronation was held on May 4, 2019. Legacy In June of 2006, King Adulyadej and Queen Sirikit celebrated the 60th Anniversary of their rule, also known as the Diamond Jubilee. United Nations Secretary-General Kofi Annan presented the king with the UN’s first Human Development Lifetime Achievement Award to Bhumibol at a ceremony in Bangkok as part of the festivities. Although he was never intended for the throne, Adulyadej  is remembered as a successful and beloved king of Thailand, who helped calm turbulent political waters over the decades of his long reign. Sources Beech, Hanna. King of Thailand to Be Formally Crowned in an Ornate Spectacle. The New York Times, May 3, 2019.Editorial Board. The King Who Personified Thailand. The New York Times, October 14, 2016.  Grossman, Nicholas,  Dominic Faulder, Chris Baker et al. King Bhumibol Adulyadej: A Lifes Work: Thailands Monarchy in Perspective. Editions Didier Millet, 2012Handley, Paul M. The King Never Smiles: A Biography of Thailands Bhumibol Adulyadej. New Haven, Connecticut: Yale University Press, 2006.  Bhumibol, a King of the People, Leaves Them to the Generals. The New York Times, October 13, 2016.

Safe Haven by Nicholas Spark Essay Example | Topics and Well Written Essays - 500 words

Safe Haven by Nicholas Spark - Essay Example ie ending up in a small North Carolina town, a grief stricken hero in his thirties, leading a dedicated and restrained life until he is bewitched by a cute damsel, a series of miss happenings amply interspersed with love and romance, a mature confidant bent on making the two lovers cherish each other and strike a romantic bond. However, the good thing about Safe Haven is that these similarities end up only here. Over all Spark has managed to contrive an interesting plot, dexterously placing the events and actions in a tactical way, to yield the expected, yet, engaging emotional and artistic effects. The character of Katie initiates a line of action that depends for its fulfillment on the ignorance of the characters, with whom she is designed to interact during the course of the narrative, leading to imaginable yet ingratiating happenings. In that sense the book does manage to grasp the reader interest and attention. One other thing that makes the book a must read is the element of surprise and risk introduced into it by the writer. In that context, the characterization of Kevin, Katie’s husband is indeed praise worthy and complex. It is only when Kevin enters the plot that it makes the readers’ expectations and apprehensions augment to a peak level, leaving them engaged and interested in knowing about the future course of events, and as to how the two central characters that are Katie and Alex will respond to them. In that sense, Spark does manages to build up a sense of uncertainty amongst the readers, making them establish a kind of bond and commitment with Katie and Alex. This ploy gives way to a sense of suspense and apprehension in the novel, irrespective of the readers being able to decipher as to how the story will or should end. Spark does succeed in giving way to a structure that is predictable, yet, replete with a paradoxical tension, ensuing from diverse situations and possibilities, thereby allowing the writer to play with a willing suspension of