Forever 21 Expansion Strategies
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This paper defines Forever 21's expansion strategies specifically, its target market definition, product strategies, promotions, pricing, and distribution strategies. The paper predicts that the expansion of Forever 21 will be successful if it orchestrates each aspect of the marketing mix and ensures a very high level of recognition with the price Value Shopper segment, in addition to girls in the 18 - 25 age group. The paper notes that the chain has been very successful despite the recession and has a core strength in managing expansion quickly and efficiently.
Target Market Definition
Target Market Definition
From the Paper:"At present, the product strategy is highly focused on the two most populated market segments of girl and young women buyers, specifically those in the age ranges of 8 to 17 and 18 to 25. The product strategy to this point is to have garments, shoes, accessories and coats that resemble fashion labels, yet have prices that are a fraction of the name-brands they resemble (Berfield, 2011). In conjunction with this focus of their product strategy, Forever 21 is known for very rapid new product development cycles and the ability to quickly capitalize on market trends (Berfield, 2011). In choosing to expand into new channels, Forever 21 will need to concentrate more on the pivotal role of the Price Value Shopper, building out more styles for women in the mid-30s. These women are the decision makers for the most profitable segment the company serves, which are girls 8 - 17 years of age. The product strategy needs to offer styles that are slim, more oriented towards petite younger women so they see the need to visit Forever 21 for their shopping as they are shopping for clothes for their children as well. The styles need to be created so that the Millennial and Boomer-age women have a chance to buy clothing that aligns with their expectations of chic, interesting and fun styles (Howarton, Lee, 2010)."
Sample of Sources Used:
- Berfield, S. (2011, January). Forever 21's Fast (and Loose) Fashion Empire. Business Week, 1.
- Cecile B Corral. (1999, October). Kid stuff: 4 to 8 years. Discount Store News, 38(20), 31.
- Renee Howarton, & Brenna Lee. (2010). Market analysis of fit preferences of female boomers. Journal of Fashion Marketing and Management, 14(2), 219-229.
- Hyland, A.. (2010, October). Sears Deal Brings Forever 21 to Upscale South Coast Plaza. Orange County Business Journal, 33(42), 4.
- Lahiri, I., & Samanta, P. (2010). Factors Influencing Purchase of Apparels from Organized Retail Outlets. IUP Journal of Marketing Management, 9(1/2), 73-87.
Cite this Term Paper:
Forever 21 Expansion Strategies (2013, May 03) Retrieved July 09, 2020, from https://www.academon.com/term-paper/forever-21-expansion-strategies-153147/
"Forever 21 Expansion Strategies" 03 May 2013. Web. 09 July. 2020. <https://www.academon.com/term-paper/forever-21-expansion-strategies-153147/>