This is related to an increase in discounts and a need for such items, but with new sales beginning as early as October for Gap, the retail industry has begun to abandon traditional discounts, such as Black Friday sales, in favor of deeper long-term price adjustments with which to attract a broader consumer base Gustafson, Also, millennials are more accustomed to acquiring information on coupons and deals.
Banana Republic targets the same races as its parent company. In addition, the amount of time taken before customers proceed to the sales section in the store indicates that customers prefers large events and sales.
In addition, Gap has learned to place many of its highly discounted items in the middle section of its store, forcing shoppers to be surrounding by other apparel and items.
Firstly, we conducted a focus group study to examine the shopping habits of University of Richmond students and faculty.
By having a Gap credit card, customers are able to receive exclusive clothing discounts, free shipping on eligible orders, and early notification of upcoming sales.
Data from the amount of shopping bags taken out shows that during sales hours, the amount is fairly spread out varying fromand above 5, comparing to the dominant during non sales hours.
Common Occupations for Banana Republic customers include: To help expand and increase profits in retail, Gap Inc. Next, we interviewed a few Gap employees and customers. Old Navvy The target age segment for Old Navvy ranges from thirteen to thirty-five years of age.
On the other hand, the shrinkage of store network due to the decrease in sales, as well as external factors such as the upturn in cotton price and tsunami in Japan, all contributed to the decline in both margin and volume sales. During the holiday season, the average sale shopper spends an astonishing three times the amount of money than in any other season as shown in Figure 2 Ritchie, Within the most recent years, they opened their very first stores in China and Italy.
Quantitative Research The collected data was organized into six main categories which are gender distribution, amount of shopping bags customers take out of the store, percentage of shopping in family, with friends, in couple or alone, ethnicity, age and economic class.
This new consumer is the an older simple yet elegant, modern shopper looking for moderately priced but good-quality clothing and accessories Klug, Shoppers diverse evenly in non sales hours, though data suggests that there is an increase in asian and african shoppers during sales hours.
Not understanding the reason behind shoppers grab and go during sales, we did a further literature review on sales psychology. Within a struggling economy, the sale shopper has evolved, giving Gap the chance to revamp its target audience once more in light of new sale shopping behavior.
Gap has played a major role in changing the way its customers buy. Our selection criteria includes the company being accessible, flexible to work with, and is grown to a certain level that has a history of sales data.
Other opinions include being overwhelmed by sales advertisement emails from numerous different brands, not being able to identify constant sales with seasonal sales, overlooking emails due to the amount of advertisement emails one receives and targeted social media including Facebook and Twitter being the two places that most customers be informed of sales.
Sale consumers at Gap make up a strong percentage of the consumers, constituting over half of the overall profits in both its online and in store markets Rupp, Prior, Anna, and Erin McCarthy. With the data collected, it will become clear as to what target market needs to be focused on by Gap marketing and management.
The marketing team has reached many new levels of preparation for consumer awareness that has given Gap a strong edge over its many other competitors, such as J. Gender distribution suggests that during non sales hours, there was a 6: The income segment is middle to upper-class individuals who reside in urban or suburban areas in developed countries such as the U.
The Gap credit card was introduced to expand its consumer base and create more loyal customers in order to keep the brand stable.
The typical family life cycle for a Gap customer comprises of single teenagers and young adults to young married couples Cosmopolitan,p. It can be interpreted as for the reason that millennials are more obtainable through targeted social media promotion. This is extremely important for sale shoppers, for they tend to want to find a great deal on a piece of merchandise; however, they do not intend to purchase low-quality items, being in more favor with long-lasting and high-quality clothing.
Sales and Promotional Campaign Gap employs an unique discount promotion strategy.
In total, we studied 40 randomly chosen patrons in the Short Pump Town Center; 20 during non-sale hours and 20 during sale hours. Accessed November 11, Data shows that Gap has been achieving significant growth in both sales and income.
In addition, qualitative information was also collected in the city of Richmond, limiting the qualitative information and opinions to be solely based upon the lifestyles and ideals of Richmond citizens. In regards of data collection method, my partner and I stood outside of the store to observe customers and talked to a few employees from Gap afterwards.
After recovering from the global economic crisis inGap stabilized sales growth by utilizing various reconstruction strategies. I guess it was an impulse buy.
Having loyal consumers is important for all companies in retail, especially for brands targeted at the middle class, like Gap Inc. Impulse purchase is defined as an unplanned decision to buy a product or service, made just before a purchase.Dec 14, · With the data collected, it will become clear as to what target market needs to be focused on by Gap marketing and management.
Qualitative Research Prior to our quantitative research, we conducted our qualitative study with. Lei Shi Company Research Paper (The Target Corporation) FINA November 21, Target Corporation (NYSE: TGT) is one of the top ten largest retailers in the U.S.
by sales. Target Market Segmentation Research Paper-Gap Inc. (Yahoo Market Guide, ). Demographic. MARKET SEGMENTATION Write a white paper on a company of your choice and discuss the market segmentation within that industry along with the target market for the company and the selection process for that target market.
The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men, women, and children (Yahoo Market Guide, ).
Under the Gap, are the Old Navy and Banana Republic brands (Yahoo Market Guide, ). The target age segment for Old Navy ranges from.
Target Market Segmentation Research Paper-Gap Inc. Introduction The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men, women, and children (Yahoo Market Guide, ).
The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men, women, and children (Yahoo Market Guide, ).Download