Marketing Strategy

“The first and foremost task in developing a retail strategy is to define the target market. This process begins with market segmentation. Successful retailing has always been based on knowing the customer.” (MKTG, Lamb Hair McDaniel. Pg.202) The target market for Lemuria is the baby boomer woman, who is extremely aware of society’s environmental and health issues. Her lifestyle includes alternative healing methods, metaphysics, meditation, and yoga. She has evolved from the hippie, love of child of the 60’s, and the wild child of the ‘70’s, into the successful, creative, intuitive, and centered woman of the New Millennium. She has weathered life’s ups and downs, and feels she is entitled to indulge her interests with passion and wisdom. Whether single, married, or divorced, she possesses self-confidence and inner strength. She gravitates toward clothing, accessories, and beauty products that reflect her body, mind, and spirit connectedness. “Personality and self-concept are reflected in lifestyle. Lifestyle characteristics are useful in segmenting and targeting consumers. Lifestyle and psychographic analysis explicitly addresses the way consumers outwardly express their inner selves in their social and cultural environment. Many companies now use psychographics to better understand their market segments.” (MKTG, Lamb Hair McDaniel. Pg. 76) During its introductory phase, Lemuria will be marketed as a specialty product, available only on the internet and selective retail outlets. Market specialization strategy will be implemented, targeting the particular market segment of the baby boomer woman, and offering that segment the introductory Lemuria fragrance products, followed by added products targeted toward the same market segment. “With a concentrated targeting strategy, a firm selects a market niche (one segment of a market) for targeting its marketing efforts. Because the firm is appealing to a single segment, it can concentrate on understanding the needs, motives, and satisfactions of that segment’s members, and on developing and maintaining a highly specialized marketing mix. Some firms find that concentrating resources and meeting the needs of a narrowly defined market segment is more profitable than spreading resources over several different segments.” (MKTG, Lamb Hair McDaniel. Pg. 107)