Target Customer
The new line of clothing is to distribute trendy yoga apparel among junior customers aged 14-22 who care about fashion and design. The clothes will also fit adults; however, demographically, late teens will be the major target audience as it is important for them to be fit, have an active lifestyle, and keep pace with the popular culture. Most of them favor clothes that have been specifically designed for the type of sport that they practice (Nemati and Sajadi 142).
From the psychographic and behavior points of view, the product is to motivate people to opt for beauty, convenience, security, and satisfaction. It is highly important for young people how others perceive their image: That is why the new brand will make an emphasis on a lifestyle associated with health, fitness, luxury, and fashion. Thus, the discretionary income of the target customer is supposed to be high to afford to create an image of success. Moreover, the new clothes will be aligned with the popular culture.
As far as geographic positioning is concerned, some inner-urban sectors and higher socio-economic regions will be the major distribution areas as they typically feature a wide range of department stores and shopping malls.
Key Competitors
The sportswear industry has seen significant growth over the last decade due to the increasing popularity of a healthy lifestyle. A huge number of companies currently enter the industry, which accounts for its high competitiveness. The present-day unquestionable leader is Nike holding a 22% value share. The company shares its target audience with Adidas and Under Armour (Ratten and Ferreira 46):
The industry is expected to remain strong and continue to grow at high speed. Product categories include male and female sportswear, sports equipment, accessories (including bags, watches, glasses, etc.), perfume, and cosmetics. Retail prices vary considerably (both competitive pricing and skimming are used); however, the leading brands target middle and high-class customers who can afford luxury sportswear. Most companies resort to penetrative pricing to enhance brand equity. The major strengths include 1) positive brand image of the industry leaders; 2) strong infrastructure; 3) geographically diversified operations. Yet, the industry also has a number of weaknesses: 1) dependence on third-party suppliers in production; 2) decline of footwear and clothes sales for a number of sports including soccer; 3) use of sweatshops; 4) inflexible pricing (Rothaermel 31).
Theme Name and Statement
A life-style driven theme will be preferred over a performance-driven one since yoga is not about achievement and competition but rather about changing your state of body and mind. Writing some slogan or simple words label into the design will help communicate the message to the customer. The slogan might be: “You are what you wear” or “change outside–transform inside.” The clothes are not season-specific as yoga is mostly an indoor sport.
Trends identified
The overall trends in the stores are quite similar, with a prevalence of tight-fitting clothes made from innovative materials that are breathable and lightweight. Most brands have a range of prints and colors available to choose from so that every customer would find something to suit his or her taste. The same trends will be reflected in our product.
Fabrics, Color, and Silhouettes
We will use a light-weight fabric that includes spandex, absorbs sweat, and breathes well. This aligns with the trend of the industry and reflects the theme as it emphasizes a free and active lifestyle. The same can be stated about colors that will be natural and pattern-free: chartreuse green, lemon yellow, tiger orange, navy blue, cobalt blue, black, and white. Silhouettes are going to be simplistic and elegant to stress the idea of harmony of body and mind that yoga gives. This will attract customers who strive for health and self-perfection.
Price
The size will range from XS to L, which will not tell on the price. The price for sports bras will range from $58 to $80; yoga tops’ prices–from $60 to $120; yoga bottoms’ prices–from $92 to $150.
Works Cited
Nemati, Caroline Khandan, and Seyed Nasrollah Sajadi. “Green Marketing Mix Impact on the Sporting Goods Consumers’ Purchase Behavior (Case Study: Adidas Consumers).” Journal of Social Issues & Humanities, vol. 3, no. 8, 2015, pp. 140-144.
Ratten, Vanessa, and JoĂŁo J. Ferreira. Sport Entrepreneurship and Innovation. Routledge, 2016.
Rothaermel, Frank T. Strategic Management. McGraw-Hill, 2015.