Attractive Marketing Segments and Target Market
The chain, originally known as Fashion 21, was intended at first mostly for middle-aged women. The store was founded in Los Angeles, California in 1984 by Do Won Chang and his wife Jin Sook Chang. The first Fashion 21 store opened on April 21, 1984. It was located at 5637 N. Figueroa St. in the Highland Park district of Los Angeles. The store sized at only 900 square feet (84 m2). It is still in operation and bears the chain’s original name.
Trendy designs seen in South Korea were sold and targeted to the Los Angeles Korean American community. However, people from many other ethnicities and nationalities began noticing the trend-setting fashion designs and the store became increasingly popular. By the end of the first year sales were reported to have risen from $35,000 to $700,000. Fashion 21 eventually expanded at the rate of a new store every six months and changed the Fashion 21 brand name to its current name, Forever 21.
By 1997, there were 40 Forever 21 stores and today it has many different brands within the company, brands like Forever 21, Forever XXI, For Love 21 and Gadzooks. They sell children’s, girls, women, and men and extended size clothing, shoes, accessories and intimates. 2. 2 Mission Forever 21 missions are to provide shoppers with an unprecedented selection of today’s fashion with affordable pieces. They are also knows as “always changing and always in style”. 2. 3 Marketing Objectives * Expand depth of product selection by offering to their customers a wider mix. * Dedicated lines within different product categories Sells the latest styles of clothing and accessories at an affordable price.
Keep up with every changing style in the fashion world. 2. 4 Segmentation 2. 4. 1 Geographic Countries: Birmingham, United Kingdom, Ireland, Dublin, London, Belgium, Brussels, Austria, Vienna, Paris, Bahrain, Beijing, Hong Kong, China, India, Indonesia, Thailand, Israel, Japan, Kuwait, Malaysia, Philippines, Saudi Arabia, Singapore, South Korea, United Arab Emirates, Portugal, Italy, Jordan, Kazakhstan, Netherland, Poland, Colombia, Mexico, United States of America, Puerto Rico, Canada, Turkey and Ukraine.
Density: Urban Forever 21 open its stores in city of the developed countries that they see and think have the potential to growth and create a loyal and satisfied customer. Stores are always located in the shopping mall or in the city whereby there are higher numbers of shoppers everyday as well as located where customers can shop comfortably. 2. 4. 2 Demographic Gender: Male and Female Age: 18 to 34 Family Life Cycle:Youngster and Single Income:RM 12,000 to RM 30,000
Forever 21 targets are women, men and younger girls and boys with their own separate line for both genders. The products sold consist of trendy clothing, shoes, intimates, extended size and accessories. Today Forever 21 has many different brands within the company such as XXI Forever, Heritage 1981, For Love 21, Twelve by Twelve, Forever 21+ and 21 Men. Products are competitively priced at a reasonable price as their target market is very sensitive to a change in price of the product. 2. 4. 3 Psychographic Social Class:Middle, Upper Middle and Working Class
Lifestyle: Fashionable and Affordable Forever 21 focuses on the youngster and working class who are fashionable and who able to afford the products that they sell as well as in fulfilling their customer needs and wants. 2. 4. 4 Behavioral Occasion:Everyday use User Status:Regular user Loyalty Status:Very strong Forever 21 has been growing rapidly and well developed since it is first established which shows that the brand has strong connection to the customer and has solidified their status in the fashion industry.
By providing unprecedented selection of today’s fashion with affordable pieces makes this brand has countless loyal customers around the globe. 2. 5 Target Market Strategy Forever 21 focus on niche market. It understands the customer needs and wants in these fashion industries. As most of their customers are very technological, Forever 21 has created a YouTube account, Twitter account, Facebook account, Instagram account as well as blogger account. Their blog is aimed at educating the customers on their products.
Meanwhile Instagram and YouTube account are used as an inspirational on how to wear their clothes in a fun and fashionable way. Twitter on the other hand is used to attract customers for sales and their limited offers. Facebook page is for suggestion and feedback from their customers. 2. 6 Positioning Forever 21 positioned itself as always changing, always in style and affordable. Customers have options and are able to be creative within their retail doors and customers are able to but the most recent fashion at lesser price as compared to other retail shop such as H&M, Topshop and Zara.