Canada Goose is a Canadian company that produces high-end outdoor clothing and accessories such as jackets, parkas, vests, and other cold-weather clothing. The materials used in the company’s goods include down insulation, fur, and technical textiles engineered to survive extreme weather conditions. It is dedicated to ethical and sustainable production processes, and it has launched many efforts to lessen its environmental impact. A marketing mix is presented below for the company-produced jackets. A marketing mix is discussed below covering the product, price, place and promotion parts of company operation. The strategy considers every stage of the product lifecycle and supply chain.
Product
The company built its reputation on quality products in its portfolio. As a result, it gained popularity and trust from customers in over 50 countries (Wernick et al., 2023). The company must maintain the quality of its jackets for the foreseeable future. Additional features are recommendable in leather and fur jackets to increase attractiveness. The product packaging should be customized to reflect the company’s identity and culture. The product line should be expanded to include different sizes and materials and target different fashions and seasons. In this regard, Key emphasis should be paid to the type of materials to be chosen for winter and summer jackets, paying attention to cultural differences in target markets. The company should work on the alterations for six months starting September 2023. The changes are applicable to the sourcing of raw materials, research, design, and development as they should be implemented before the product reaches the markets.
Price
Canada Goose prices its jackets as premium, a trend that ought to be reviewed with respect to market changes. The company will price its jackets depending on quality, material, design, and size. In this regard, the cost-based pricing approach will be utilized to determine the market prices of all jackets. The break-even price shall consider labor, material, and manufacturing costs for independent products. The target return value shall be set at 15% above the break-even price. The prices of new products will always be discounted based on those set by the company’s rivals. The product mix pricing will employ the product line approach in order to maximize products while maintaining market share. Product prices will be adjusted based on seasons, holidays, and market shifts. This implies that the prices shall be reduced in case of poor market performance. During winter, the prices of applicable jackets, mostly fur and leather ones, will shoot up due to increased demand.
Place
Currently, the company runs retail stores in over 50 countries worldwide. However, the company jackets are also sold by independent sellers who buy from wholesalers. Most of the company jackets will be sold directly through its wide array of stores. This is due to the popularity and strategic location of the company stores. The remainder will be distributed through bulky sellers who shall be the link between the company and conventional retailers. The prices shall be guided to eliminate chances of undue competition between the company and its affiliate markets.
Promotion
Canada Goose shall rely on social and mainstream media for promotion and marketing. The most preferred social media platforms include Facebook, Instagram, and Twitter as they have a large user base. Online Ads on search engines will be tapped due to their convenience and effectiveness (Li et al., 2021). The company shall employ both push and pull strategies to gain and retain customers. The push strategy shall utilize socialites to advance the jackets for both males and females, making more interested customers purchase the product. The pull strategy will embrace competitive prices to entice customers into choosing the company’s products over its rivals.
References
Wernick, D., Branch, J., & Pescariu, A. (2023). Canada Goose spreads its wings: global expansion amid turbulent skies. American Journal of Management, 23(1), 27-40. Web.
Li, F., Larimo, J., & Leonidou, L. C. (2021). Social media marketing strategy: definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49, 51-70. Web.