Coach Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Coach through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Coach Product Strategy:
Coach specializes in durable and tough leather goods in its marketing mix product strategy which are long lasting and resistant to frequent wearing off of the leather. Their goods were generally hand crafted and they focused on quality rather than quantity. They wanted their product to be one of a kind and did not compromise on customer satisfaction. Currently, it is focusing on showcasing Coach as lifestyle brand rather than just selling leather products. It has increased its product offerings and expanded their stores to accommodate the changes. They focus more on the psychology of the buyers when they offer them a product rather than just fulfilling their need. It provides them a sense of belonging, a social status, self-esteem. Coach carries the following products in its portfolio:
Coach Product Width:
• Bags
• Wallets
• Ready-to-wear
• Shoes
• Accessories
Product Depth:
• Bags – Satchels, Shoulder Bags, Crossbody Bags, Totes, Clutches, Backpacks, Baby Bags, Business Bags, Duffels, Messenger Bags, Briefcases.
• Wallets –Wallets, Wristlets, Tech Wallets, Billfolds, Card cases, Money clips
• Ready-to-wear – Outerwear, Apparel
• Shoes – Boots, Sneakers, Heels, Business wear
• Accessories – Watches, Sunglasses, Jewellery, Scarves, Belts, Cosmetic, Fragrance.
Image: Wikimedia
This concludes the product strategy in Coach marketing mix & strategy.
Coach Price/Pricing Strategy:
Below is the pricing strategy in Coach marketing mix strategy:
Coach has segmented their market into a few segments that include, young to middle aged women who want to belong to the society, feel a sense of importance. Since Coach products are not exorbitantly priced, it can be afforded by middle to higher income group individuals and Coach is targeting them in their marketing strategies.
They have priced their items such that it does not become unaffordable to the public but at the same time improve the self-esteem of the individual when they own the product. Premium pricing strategy in its marketing mix helps maintain its exclusivity. Coach also run a promotional offer for their subscribers where you receive seasonal discounts. When the new stock arrives, the older stock is put up for clearance sale and you can grab the products for really cheap prices. It has various competitors in the market: Michael Kors, Tory Burch. Also, there is a huge problem of counterfeiting, most of which is done in South Asian countries like China. There are huge numbers of high-end brand duplicated in China and sold around the world for cheap prices. This would be a dangerous situation for Coach since the counterfeit products would look exactly the same and the customers could buy the products at a much cheaper price.
Read more about Coach
Coach Place & Distribution Strategy:
Following is the distribution strategy in the Coach marketing mix:
Coach has thousands of stores around the world. They have presence in North America, Europe, Asia and others. Coach has two types of distribution channels: Direct distribution channel and indirect distribution channel. In Direct distribution channel, Coach offers its products through its various boutiques around the world and departmental stores which have separate sections for Coach amongst the high-end product sections. The indirect channel includes the e-commerce site that Coach owns which constitute for quite a significant amount of its total sales. It is sold online in over 20 countries. Coach also has its stocks listed in the New York Stock Exchange under COH.
Coach has also entered the Indian market by setting up its store in India earlier this year in Palladium Mall, Mumbai.
Coach Promotion & Advertising Strategy:
The promotional and advertising strategy in the Coach marketing mix is as follows:
Coach markets its products directly in Media in the National and International platform through TV advertisements. They also employ celebrity brand ambassadors which increases the brand visibility. It is also using massive digital marketing strategies. It is present on various Social Media sites such as Facebook, Pinterest, Twitter, and Instagram. It is able to boost its sales majorly because of these strategies. Coach was not only a fashion brand but it also had association with support organizations which aims at educating less privileged women. Since we are looking at leather goods here, the outerwear is marketed seasonally. The sales promotions for them are carried out mostly during the fall and winter season where they are expected to fare well. The collection is also showcased in various magazines and fashion shows where models parade in donning the Coach products. Through this they get international recognition and brand name. Since it has become a lifestyle brand, it has lost its exclusivity. Hence this completes the Coach marketing mix.
About Coach:
Coach is an American luxury brand which was founded in 1941. It was first set up as a workshop in Manhattan, New York which produced wallets and billfolds. It is now owned by Tapestry, Inc. Its major products include accessories for Men and Women, such as handbags, wallets, belts, footwear, jewellery, fragrance. All of Coach’s products ranging from handbags to wallets, shoes to outerwear, were made of genuine leather products, which is why it is priced on the higher side. When in 1946, Miles Cahn and his wife joined this business; he carried out a research checking the quality of leather being used in baseball gloves. He found that that after repetitive use, they tend to become softer. So, he came up with a way to produce strong, durable leather goods which would take longer to wear off. Coach started producing handbags and outerwear with this processed leather which would prolong its life.
They later bought the company and employed Bonnie Cashin as the designer. Later, a few changes were made to the traditional design of Coach products.
Browse marketing strategy and 4Ps analysis of more brands similar to Coach. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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