MARKETINGMIXThemarketing mix refers to a set of marketing tools that a firm uses to achieveits marketing objectives. The marketing mix comprises of 4P’s that are:· Product· Price· Place· Promotion3more P’s have been added to the modern and service marketing mix which are:§ Process§ People§ PhysicalEnvironmentCALVINKLEIN MARKETING MIXv PRODUCT:Calvin Klein is a leading premium apparel, clothing and accessories brandserving customers worldwide. Calvin Klein includes a large variety of productsunder it which includes apparels, clothing and accessories. Since we havechosen the clothing line, it includes varieties like:§ BlackLabel – top-end designer line for upper middle class § WhiteLabel – basic fashion§ GreyLabel – bridge collection line§ Sports– high-end sportswear§ Jeans– denim wear§ Home– home products like bed linen, toilet accessories etc.§ TheKhaki Collection – medium to high range home products. v PRICE: Calvin Klein apparels are generallypriced high since it targets the upper middle class and higher classindividuals.
They have a premium apparel range called the black label rangewhich is priced higher than its basic clothing range which is known as thewhite label range. It generally keeps the prices lower than its competitorslike Giorgio Armani, Ralph Lauren, Tommy Hilfiger etc. in order to gain themarket share and increase the sales. It follows a target pricing strategy whereit tries to compete with the players in the market place by setting its pricesmarginally lower than them and accordingly reduce its costs so as to make moreprofits. It follows a skimming pricing strategy in its marketing mix where theBlack Label range products have high margin but are usually sold in lesserquantities as compared to other products. v PLACE: Calvin Klein has gained a lot ofpopularity all over the globe.
The first store was set up in Dallas suburb. Itincluded products such as apparel, accessories, fragrances, cosmetics, homelinen etc. Calvin Klein is presently operating in 21 countries. In addition, italso sells its products in departmental stores such as Nordstrom, and Macy’s, inthe United States.
In Asian Countries like India, Calvin Klein mostly focuseson fragrances, Calvin Klein Underwear and the Grey Label apparel range which ismost popular given the income level of the citizens. Calvin Klein also has a vastpresence online it has to define its distribution channels accordingly. Theirmain aim was to make their products available at all times so that there isless chance of brand conversion amongst the customers. v PROMOTION: The numerous showcasing methodologiesutilized by Calvin Klein to advance its items among its clients incorporate TV commercials;coordinate advertising, online networking promoting, special offers, supportand individual offering. With the improvement in Internet, Social Media andTechnology, Calvin Klein has gone into these territories to publicize theiritems and create immense deals for their line and consequently incrementincomes. It has also used famous celebrities like Scarlett Johnson and JustinBieber to promote its products.