Occasion Lacoste

1. Occasion Lacoste Tr

Find the latest selection of Men's Lacoste in-store or online at Nordstrom. Shipping is always free and returns are accepted at any location. In-store pickup and alterations services available. Shop all men's and women's Lacoste accessories including hats, sunglasses, fragrance and watches. Free shipping on all orders over $75.

CONSUMERANALYSIS

SEGMENTATION,TARGETING AND POSITIONING

Theterm segmentation was first introduced into marketing literature by Alderson(1937). In 1950s, Smith conceptualized and provided a definition ofsegmentation as we know it today. Market segmentation may be defined assubdividing a heterogeneous market into more homogeneous subgroups based onsome common customer characteristics, such as age, location, time of purchaseor purchase frequency. Segmentation strategy has been expanded into severalforms, such as niche, multi-segment and across-the-board targeting strategies(Alderson, 1957; Kotler, 1980; McCarthy, 1978).

SEGMENTATION

DEMOGRAPHICS

Table 2: Demographic Segmentation of Lacoste[1]

Lacoste targets people fromthe age of 18-44 since its a brand that targets the youth as well as olderpeople. It produces clothes within a wide range with basic silhouettes but differentcolors and prints which can be for the youth. Since Lacoste started out as amenswear brand, a majority of their target group is male. However, of latetheir global strategy has shifted to focus more on women as well. This happenedbecause they noticed that more and more women across the world are buyingLacoste. Within India, people who fall in upper middle class and upper classare the ones who buy Lacoste. This is apparent from the salary of the targetgroup for Lacoste. The lifestyle that Lacoste is suited for is found moreamongst Business class and people in corporate sector.

PSYCHOGRAPHICS

Needs and Motivation: On the hierarchy of needs, thecustomer who purchases Lacoste would ideally be on the 4^th levelwhere the esteem needs become the motivation for buying the product. Lacoste isan aspirational lifestyle brand which the consumers purchase in order to be apart of the higher society.

Perception: Low risk – Lacoste produces mostlyfashion basic merchandise such as polo t-shirts in various colors and designs,basic shirts and sweaters. Purchasing Lacoste merchandise doesn't entail muchrisk for the buyer.

A Lacoste customer is quality (43.2% people said goodquality³) and value oriented as opposed to price oriented. Since Lacosteprices are super premium, the people should be willing to pay it for thequality they receive.

Personality: The Lacoste customer comes in thesegment of early adopters since these people like to keep up with thehappenings in the world of activewear and Lacoste happens to be the marketleader in this category.

Noveltyseekers – They are exploratory in nature.

Involvement: The Lacoste buyers are highly involvedwith the product because Lacoste has a niche in the market that cannot bematched by any other brand.

Lifestyle:

Activities: Work (Business and Corporate), Hobbies(Casual Sports, Laidback weekends), Sports, Vacation (Beaches, Laidback)

Interests: Job, Home, Family, Tennis, Recreation

Opinions: Economy and business, Social, Family values

BEHAVIOURAL

Consumer Awareness: People are generally aware ofLacoste[2]even if they don't buy from it.

Benefits sought: The Lacoste customer is trying tofulfil social need by using Lacoste products.

Buying/Usage Frequency: Heavy product users. Peoplewho buy Lacoste tend to use it often and account for a significant portion ofthe revenue for the brand. The people who buy from Lacoste wear it mostly onfor casual outings (70.3%⁴).

Loyalty status: About 70% hardcore loyals. 30% splitloyals (TNN, 2004). Usually peopleprefer buying it at full price (62.2%⁴)

Attitude: People who use Lacoste are positive aboutthe product. People who don't use Lacoste aspire to use it or are enthusiasticabout it.

TARGETING

Once the markethas been segmented it is necessary to select a target market for the product todirect the communication and promotion efforts to. The target customer of Lacosteis chosen based on the following factors:

a)Market attractiveness: Lacostehas been a category leader in the casual and fashionable activewear brands foraround 80 years since it was established in 1933. According to the Birkhold (Levy, 2012), one time CEO of Lacoste,the perfect occasion to wear Lacoste would be a casual but playful one. Withthe changing economy and upcoming middle class which is highly conscious of thebrands it wears, Lacoste has an attractive market offering for the Indians.There has been a major shift in the lifestyle of the middle aged youth inIndia. The youth has become more brand conscious and lifestyle oriented.

b)Lacoste entered India 20 yearsago, at a time when United Colors of Benetton was the only other internationalbrand in India. At that time people were opening up to the idea of buying frominternational brands and getting exposed to fashion on a larger scale.Lacoste's CEO at the time saw huge potential in the Indian market and so wentahead with opening Lacoste in India.

c)In India currently menswear isa highly profitable division. Since Lacoste is primarily a menswear brand itwill be highly profitable for the brand to sell in India.

Inthe words of Christopher Chenut, CEO of Lacoste, 'We are targeting the middleclass more than the upper class, and this category of population is growing bymillions, thousands of millions across the world. At the same we arespecialists of casual wear and everywhere in the world, including Japan, youcan now go to the office or a party without a tie and without a jacket, andthat means at the same time we are [benefitting from] the rise of the casualwearer.' (Chenut, 2012). This means thatLacoste is not unaware of the rise of new middle class which consists of peoplewho earn a decent living but expect a better standard of living than what theydid in the past. Lacoste has realised that even though they have alwaystargeted upper class with their high quality products and high prices, theirnew buyers and new target segment will come from the middle class uprisingeverywhere. Also Lacoste sees the change in the general social acceptablebehaviour all over the world where the dress codes are changing as well. As aresult they have changed their target segment to focus more on the youth thanjust old, established people.

Figure 5: Customer Profile forLacoste

POSITIONING

Positioning isthe image the brand has in the minds of its target consumer. In the minds ofthe consumer, Lacoste has successfully positioned itself as a casualwear brand(70.3% wear it casually*). People who buy from Lacoste perceive it as a highquality brand (mean[3] =2.45*). Being as it is a super-premium brand, people think it is expensive(mean = 3.82*).

Lacoste hasalways positioned itself strongly with sports such as Tennis and Golf. It hasused brand ambassadors from both the sports multiple number of times in orderto position itself in the minds of the consumer as being associated with thesesports. Both the sports are typically laidback, high class and casual sportswhich is Lacoste's message about the brand as well. Also, the polo shirt thatRene Lacoste first designed is used extensively in both the sports. Thisfurther solidifies the brand's association with the sports.

In 1973 Lacosteintroduced the product line for women and came up with the tagline saying'Female crocodiles are pretty' (SZMYDKE, 2013). It showed womenwearing Lacoste merchandise and holding Tennis rackets. This showed the brandtrying to position itself as a sporty brand which produced fashion merchandisefor women and still did not make them feel any less pretty or womanlike.

'Un peu d'air sur terre' campaign ('A bit of air on Earth')was a milestone in Lacoste's advertising strategy. Thought up by BETC Luxe, itran from 2006 to 2011 and featured models walking through the air. It was a combinationof energy and timelessness. It made everyone rediscover Lacoste with arefreshed perspective and was very inspiring from the historical point of viewof advertising. (SZMYDKE, 2013)

Even though the brand's efforts of positioning areimportant for its image, these efforts are successful only if the consumersagree with them. Phillip

Quantitativeinformation through interviews and questionnaires is adequate for understandingthe demographics and psychographics of the consumer. However, to go in depth ofthe consumer's mind and behaviour, an in depth study of their daily lives hasto be done. Using the in depth interviews and studying the day in life of 10Lacoste customers, the following observations regarding them have been made.

Hardworking asthey are, Lacoste users are not dull and like to have some colour in their lifebe it with their family, friends or acquaintances. They like to unwind at theend of a long tiring day by spending time with others. Lacoste brand users arehighly passionate and motivated towards the activities in their lives. They donot do things just for the sake of doing it and would rather be involved insomething meaningful. Success is an important part of the lifestyle for aLacoste user in whatever task it is that they so choose to do. Lacoste usersare not introverts. They tend to be outgoing and interact with people theymeet. At the same time they are not overbearing and come across as interesting,charming yet calm personalities. Lacoste users are loyal not only towardsLacoste, but to every brand that they use for different segments of their lifebe it coffee or jewellery.

CUSTOMERVALUE PROPOSITIONS

With a backgroundabout the customer, it is necessary to understand the kind of value provided tothem by the company and the kind of value perceived by them. A customer valueproposition is a description of the experiences a target user will realize uponpurchase and use of a product. It is important to know what the target marketwill actually perceive your product as. Unlike a benefits statement, a customervalue proposition is more balanced.

On the basis ofa questionnaire[4]given to customers of Lacoste, the following are the value propositions thatcame out of their answers.

Table 3: Customer Value Matrix

On the basis ofthe matrix and the value proposition from Lacoste we can see that peopleperceive the brand as it wanted to be perceived in the past. However, there hasnot been any mention of the young, unconventional promotion it has been tryingto do lately. This shows there is either some miscommunication or people are notaware of the brand's efforts. Further insight into the reason for this can bejudged through the brand's STP strategy. If a brand carries out segmentation,targeting and positioning effectively, then it will be able to communicate itsmessage effectively.

Consumerbehaviour can be defined as the decision-making process and physical activityinvolved in acquiring, evaluating, using and disposing of goods and services (Khan, 2011). It is obvious thatthe process of purchasing a good or service starts much before the actualpurchase. For a company to understand how to position its brand, it needs tohave insight into the buying behaviour of their target segment. Frameworks suchas VALS and Decision Making Model help in understanding this behaviour

VALSFRAMEWORK

VALSsegmentation developed by SBI (Strategic Business Insights)[5],categorises consumers into 8 different types based on a set of psychologicaltraits and key demographics that drive consumer behaviour. The combination ofmotivations and resources determines how a person will express himself orherself as a consumer in the marketplace

INNOVATORSAND THINKERS

The Values,Attitudes and Lifestyles System of segmentation can help a marketer understandthe crux of their target group's VAL. Lacoste being a brand which issophisticated, classic and chic requires the people who wear Lacoste to besuccessful, sophisticated and proactive people with high self esteem. Thesepeople are selective about what they purchase and tend to remain loyal to thethings they put their trust in. In terms of resources, these people have enoughresources to purchase exactly what they want and do not mind paying a premiumfor it. This particular group falls in the category of innovators.

Another characteristicof the Lacoste consumer is that they are mature, satisfied and knowledgablepeople who value order, knowledge and principles. They look for the good theyare using to be functional and durable. Lacoste which is known for its qualityand functionality appeals to these people and they can afford to buy it. Also,Lacoste with its rich heritage and preppy personality is in coherence with thebeliefs of these people. These people fall in the category of thinkers.

CONSUMERDECISION MAKING PROCESS

Consumerdecision making process consists of 5 steps involved in making a purchasedecision regarding any product. A marketing strategy is successful if theconsumer is able to see the need that the product offering is trying to fulfil.To achieve this company should lay emphasis on the product/service. A productwhich is positioned according to the desired image of the target market sellswell. It is necessary to study the consumer's decision making process becausethis helps company to decide the kind of need to be fulfilled by the productand the way it should position the brand in the consumer's mind. Figure 8 showshow the company's products and competitors products impact the decision makingprocess of the consumers. The values that are received by the consumersdetermine how satisfied they will be with the products.

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The need for aperson who might in the future buy Lacoste could be

a)Functional need – The personmight need a durable, good quality apparel or accessory

b)Social need – the person mightbe looking for a brand that will allow it to enter the ‘luxury' bracket forsocial acceptance.

After theevaluation of alternatives and making a choice, the customer will evaluate therisk in buying what he/she chose. If the risk involved is high they may sochoose not to buy it. In case of Lacoste, financial risk is high since it isgenerally more expensive than its competitors. If the consumer chooses topurchase Lacoste, there is a good chance they will become a loyal customer ofthe brand.

The decision ofthe target consumer and how their consumer behaviour leads to the decisionsabout the marketing mix of the brand. The product needs to be tailoredaccording to the consumer's needs, wants and desires. Depending on the kind ofproduct that is being sold, the place it is to be sold and the price it is tobe sold at is decided. The promotional mix is to communicate the entire mix tothe consumer.

[1]Refer to Annexure Bfor Questionnaire and Detailed Findings.

[2]Refer to Annexure Band C for questionnaire and detailed findings

Lifestyle:

Activities: Work (Business and Corporate), Hobbies(Casual Sports, Laidback weekends), Sports, Vacation (Beaches, Laidback)

Interests: Job, Home, Family, Tennis, Recreation

Opinions: Economy and business, Social, Family values

BEHAVIOURAL

Consumer Awareness: People are generally aware ofLacoste[2]even if they don't buy from it.

Benefits sought: The Lacoste customer is trying tofulfil social need by using Lacoste products.

Buying/Usage Frequency: Heavy product users. Peoplewho buy Lacoste tend to use it often and account for a significant portion ofthe revenue for the brand. The people who buy from Lacoste wear it mostly onfor casual outings (70.3%⁴).

Loyalty status: About 70% hardcore loyals. 30% splitloyals (TNN, 2004). Usually peopleprefer buying it at full price (62.2%⁴)

Attitude: People who use Lacoste are positive aboutthe product. People who don't use Lacoste aspire to use it or are enthusiasticabout it.

TARGETING

Once the markethas been segmented it is necessary to select a target market for the product todirect the communication and promotion efforts to. The target customer of Lacosteis chosen based on the following factors:

a)Market attractiveness: Lacostehas been a category leader in the casual and fashionable activewear brands foraround 80 years since it was established in 1933. According to the Birkhold (Levy, 2012), one time CEO of Lacoste,the perfect occasion to wear Lacoste would be a casual but playful one. Withthe changing economy and upcoming middle class which is highly conscious of thebrands it wears, Lacoste has an attractive market offering for the Indians.There has been a major shift in the lifestyle of the middle aged youth inIndia. The youth has become more brand conscious and lifestyle oriented.

b)Lacoste entered India 20 yearsago, at a time when United Colors of Benetton was the only other internationalbrand in India. At that time people were opening up to the idea of buying frominternational brands and getting exposed to fashion on a larger scale.Lacoste's CEO at the time saw huge potential in the Indian market and so wentahead with opening Lacoste in India.

c)In India currently menswear isa highly profitable division. Since Lacoste is primarily a menswear brand itwill be highly profitable for the brand to sell in India.

Inthe words of Christopher Chenut, CEO of Lacoste, 'We are targeting the middleclass more than the upper class, and this category of population is growing bymillions, thousands of millions across the world. At the same we arespecialists of casual wear and everywhere in the world, including Japan, youcan now go to the office or a party without a tie and without a jacket, andthat means at the same time we are [benefitting from] the rise of the casualwearer.' (Chenut, 2012). This means thatLacoste is not unaware of the rise of new middle class which consists of peoplewho earn a decent living but expect a better standard of living than what theydid in the past. Lacoste has realised that even though they have alwaystargeted upper class with their high quality products and high prices, theirnew buyers and new target segment will come from the middle class uprisingeverywhere. Also Lacoste sees the change in the general social acceptablebehaviour all over the world where the dress codes are changing as well. As aresult they have changed their target segment to focus more on the youth thanjust old, established people.

Figure 5: Customer Profile forLacoste

POSITIONING

Positioning isthe image the brand has in the minds of its target consumer. In the minds ofthe consumer, Lacoste has successfully positioned itself as a casualwear brand(70.3% wear it casually*). People who buy from Lacoste perceive it as a highquality brand (mean[3] =2.45*). Being as it is a super-premium brand, people think it is expensive(mean = 3.82*).

Lacoste hasalways positioned itself strongly with sports such as Tennis and Golf. It hasused brand ambassadors from both the sports multiple number of times in orderto position itself in the minds of the consumer as being associated with thesesports. Both the sports are typically laidback, high class and casual sportswhich is Lacoste's message about the brand as well. Also, the polo shirt thatRene Lacoste first designed is used extensively in both the sports. Thisfurther solidifies the brand's association with the sports.

In 1973 Lacosteintroduced the product line for women and came up with the tagline saying'Female crocodiles are pretty' (SZMYDKE, 2013). It showed womenwearing Lacoste merchandise and holding Tennis rackets. This showed the brandtrying to position itself as a sporty brand which produced fashion merchandisefor women and still did not make them feel any less pretty or womanlike.

'Un peu d'air sur terre' campaign ('A bit of air on Earth')was a milestone in Lacoste's advertising strategy. Thought up by BETC Luxe, itran from 2006 to 2011 and featured models walking through the air. It was a combinationof energy and timelessness. It made everyone rediscover Lacoste with arefreshed perspective and was very inspiring from the historical point of viewof advertising. (SZMYDKE, 2013)

Even though the brand's efforts of positioning areimportant for its image, these efforts are successful only if the consumersagree with them. Phillip

Quantitativeinformation through interviews and questionnaires is adequate for understandingthe demographics and psychographics of the consumer. However, to go in depth ofthe consumer's mind and behaviour, an in depth study of their daily lives hasto be done. Using the in depth interviews and studying the day in life of 10Lacoste customers, the following observations regarding them have been made.

Hardworking asthey are, Lacoste users are not dull and like to have some colour in their lifebe it with their family, friends or acquaintances. They like to unwind at theend of a long tiring day by spending time with others. Lacoste brand users arehighly passionate and motivated towards the activities in their lives. They donot do things just for the sake of doing it and would rather be involved insomething meaningful. Success is an important part of the lifestyle for aLacoste user in whatever task it is that they so choose to do. Lacoste usersare not introverts. They tend to be outgoing and interact with people theymeet. At the same time they are not overbearing and come across as interesting,charming yet calm personalities. Lacoste users are loyal not only towardsLacoste, but to every brand that they use for different segments of their lifebe it coffee or jewellery.

CUSTOMERVALUE PROPOSITIONS

With a backgroundabout the customer, it is necessary to understand the kind of value provided tothem by the company and the kind of value perceived by them. A customer valueproposition is a description of the experiences a target user will realize uponpurchase and use of a product. It is important to know what the target marketwill actually perceive your product as. Unlike a benefits statement, a customervalue proposition is more balanced.

On the basis ofa questionnaire[4]given to customers of Lacoste, the following are the value propositions thatcame out of their answers.

Table 3: Customer Value Matrix

On the basis ofthe matrix and the value proposition from Lacoste we can see that peopleperceive the brand as it wanted to be perceived in the past. However, there hasnot been any mention of the young, unconventional promotion it has been tryingto do lately. This shows there is either some miscommunication or people are notaware of the brand's efforts. Further insight into the reason for this can bejudged through the brand's STP strategy. If a brand carries out segmentation,targeting and positioning effectively, then it will be able to communicate itsmessage effectively.

Consumerbehaviour can be defined as the decision-making process and physical activityinvolved in acquiring, evaluating, using and disposing of goods and services (Khan, 2011). It is obvious thatthe process of purchasing a good or service starts much before the actualpurchase. For a company to understand how to position its brand, it needs tohave insight into the buying behaviour of their target segment. Frameworks suchas VALS and Decision Making Model help in understanding this behaviour

VALSFRAMEWORK

VALSsegmentation developed by SBI (Strategic Business Insights)[5],categorises consumers into 8 different types based on a set of psychologicaltraits and key demographics that drive consumer behaviour. The combination ofmotivations and resources determines how a person will express himself orherself as a consumer in the marketplace

INNOVATORSAND THINKERS

The Values,Attitudes and Lifestyles System of segmentation can help a marketer understandthe crux of their target group's VAL. Lacoste being a brand which issophisticated, classic and chic requires the people who wear Lacoste to besuccessful, sophisticated and proactive people with high self esteem. Thesepeople are selective about what they purchase and tend to remain loyal to thethings they put their trust in. In terms of resources, these people have enoughresources to purchase exactly what they want and do not mind paying a premiumfor it. This particular group falls in the category of innovators.

Another characteristicof the Lacoste consumer is that they are mature, satisfied and knowledgablepeople who value order, knowledge and principles. They look for the good theyare using to be functional and durable. Lacoste which is known for its qualityand functionality appeals to these people and they can afford to buy it. Also,Lacoste with its rich heritage and preppy personality is in coherence with thebeliefs of these people. These people fall in the category of thinkers.

CONSUMERDECISION MAKING PROCESS

Consumerdecision making process consists of 5 steps involved in making a purchasedecision regarding any product. A marketing strategy is successful if theconsumer is able to see the need that the product offering is trying to fulfil.To achieve this company should lay emphasis on the product/service. A productwhich is positioned according to the desired image of the target market sellswell. It is necessary to study the consumer's decision making process becausethis helps company to decide the kind of need to be fulfilled by the productand the way it should position the brand in the consumer's mind. Figure 8 showshow the company's products and competitors products impact the decision makingprocess of the consumers. The values that are received by the consumersdetermine how satisfied they will be with the products.

Casino Critics Consensus. Impressive ambition and bravura performances from an outstanding cast help Casino pay off in spite of a familiar narrative that may strike some viewers as a safe. Online Casino Reviews & Ratings. Welcome to our free casinos directory. Our listings contain the most trusted online casino reviews, reviewed and rated by our experts, and sorted by our specialized rating system - CasinoRank.AskGamblers monitors and certifies the reliability and fairness of each casino. Every casino review we conduct is guided by our methodical 25-step process. Gaming variation, banking, bonuses and loyalty, customer support, mobile gaming - all of these and more are part. Casino review movie. We only give positive casino reviews to sites that have valid and reputable licenses, fair terms, secure and trusted banking methods, tried-and-tested customer support, and fair games. Our independent and trusted online casino reviews. Casino Reviews: How We Compare All Safe Online Casino Sites in the UK The purpose of Online-Casinos.com is to offer you a database with trusted online casino reviews where you can enjoy.

The need for aperson who might in the future buy Lacoste could be

a)Functional need – The personmight need a durable, good quality apparel or accessory

b)Social need – the person mightbe looking for a brand that will allow it to enter the ‘luxury' bracket forsocial acceptance.

After theevaluation of alternatives and making a choice, the customer will evaluate therisk in buying what he/she chose. If the risk involved is high they may sochoose not to buy it. In case of Lacoste, financial risk is high since it isgenerally more expensive than its competitors. If the consumer chooses topurchase Lacoste, there is a good chance they will become a loyal customer ofthe brand.

The decision ofthe target consumer and how their consumer behaviour leads to the decisionsabout the marketing mix of the brand. The product needs to be tailoredaccording to the consumer's needs, wants and desires. Depending on the kind ofproduct that is being sold, the place it is to be sold and the price it is tobe sold at is decided. The promotional mix is to communicate the entire mix tothe consumer.

[1]Refer to Annexure Bfor Questionnaire and Detailed Findings.

[2]Refer to Annexure Band C for questionnaire and detailed findings

Occasion Lacoste Tr

[4]See Annexure C forquestionnaire