What Is Macy's Marketing Mix?

Macys Strategy for Brand Awareness

Macys can narrow down their target audience into specific groups using the technique of the segmenting. Market segment surveys are used to get customer specific information that could be used to create groups. Macys can divide the market into small groups after they understand the buying behavior of customers.

It can be done by looking at the characteristics of customers. The strategy focuses on developing brand loyalty by offering premium products. The company can find different ways to develop differentiation leadership, such as by focusing on the reliability, durability, benefits and distinctive features of products, by developing strong brand recognition and by increasing expenditure on marketing efforts like celebrity endorsements and sponsorships.

Macys can achieve competitive advantage by adopting a variety of products. Macys will be concerned by a high number of question marks and dogs, which will indicate good performance, compared to the high number of stars and cash cows. The success of the Marketing Strategy of Macys is evaluated by the product classification.

Brand awareness is the basis for brand equity development. The Macys brand is well known and can be recalled by customers. The company can measure brand awareness by conducting surveys.

The Price of the Good or Service Offerted for Sale in Retail Marketing Mix

The price of the good or service offered for sale to consumers is an important component in the retail marketing mix. The price must be competitive with similar products on the market and also affordable for the targeted consumer markets. Consumers who place a high premium on quality will still have a major say in whether or not a product is worth trying.

The place is an important part of the retail marketing mix, both in terms of physical locations and the placement of information about the products online. The idea is to make sure that the physical and virtual places that the product is used for are places that the targeted consumers are most likely to visit. Paying close attention to where the products can be found can make it easier for customers to find and purchase the goods and services.

promotion is a part of the retail marketing mix. The focus is on how to present the goods and services to potential clients and then generate sales from those efforts. Understanding what methods are most likely to get positive attention from targeted consumer groups is the first step in determining the nature of a marketing campaign.

Macys: A Market Penetration Strategy

The third generic competitive strategy is focus, which encourages companies to concentrate on expanding their narrowly targeted segments. When companies use the focus strategy, they serve specific market segments and base their competitive advantage on niche marketing. Market penetration is the growth of sales within the customer base.

It includes the activities that are used to increase the market share by focusing on an existing product. Macys has a growth strategy that is focused on market penetration. Macys is able to choose the right combination of proposed generic and intensive growth strategies based on prevailing competitive and market conditions.