Identifying a Target Customer & Financial Analysis
J Crew (Men's). J. Crew (Men's) target market is upper middle class working professionals between the ages of 21-45 living primarily in urban settings with a taste for sophisticated fabrics and lines. The target market for J.Crew Men's are career-oriented person's with average annual incomes of 125,000 and who are willing to pay for brand name products (Reuters).
Since 2008, J Crew has expanded its marketing strategy to better reach male customers by engaging in an increase in e-commerce promotion to promote its online sales (JCREW Annual Report). It also has relaunched a new high-end denim line in 2015 that remains reasonably priced at around $125 as a way to target the increasing demand for men's lifestyle apparel that can be comfortably worn at a casual office or on the place (JCREW Annual Report).
The Men's Wearhouse. The target demographic for Men's Wearhouse customers is ages 24-35 (mrketplace.com). Men's Wearhouse customers are young working professionals with average incomes ranging from 30,000 – 60,000 median per year (mrketplace.com) and who live in suburban and urban settings who are concerned with wearing fashionable but trendy well made contemporary men's sportswear and primarily business apparel (Reuters).
Men's Wearhouse penetrates its targeted customer base through several strategies. Since 2012, they have been strategically working to ramp up their product placement by developing their e-commerce platform. As of 2015, Men's Wearhouse's e-commerce sales accounts for up to 25% of its business(Men's Wearhouse Annual Report).
Jos A. Bank. JOSB's target market is comprised of higher income earning professionals with median incomes exceeding 50,000 per year and extending upwards (Reuters). JOSB primarily caters to business oriented professional men in urban and suburban settings who appreciate a classically tailored look made with quality production standards (JOSB Annual Report).
Since 2014, Jos. A. Bank Clothiers Inc. managers have announced a new strategy in marketing strategy with an increase in efforts to win the customer patronage of younger aged working professionals in the 22 to 35 year old category (JOSB Annual Report). JOSB will enact this strategy through an increased attention to promotion strategy and marketing efforts.
Population Profiles
90272. Zip code 90272 is comprised of 82% married couples and families in the top tier of income earners (Esri.com). As high income earners, men and women in this zip code tend to live lives in relative ease and luxury, with the funds available to contract services and buy higher-end merchandise at will (Zipwho). Their lifestyles include work in substantial careers during the workweek, with evenings and weekends reserved for ticketed and paid entertainment at public concerts, operas, orchestras and other events of taste (Esri.com).
91105. Persons in this zip code are a mix of demographics, each having different lifestyle characteristics. A little over a third of residents in this demographic (36%) are well educated married couples who live sophisticated upscale lifestyles well funded by jobs in the legal and technology sectors who enjoy drinking imported wine, using Apple products and traveling (Esri.com). About 17% of individuals living in this area in the top-tier of income earners. As such, these individuals have the wealth to live lavish lives that include dinners, shopping, and charity events as well as private time with close friends and family (Esri.com). Just under 16% of persons in this demographic are younger single or coupled partners without children who live in high density urban dwellings and tend to be younger, being focused on fitness, nutrition building their nest eggs for years to come (Esri.com).
91709. Persons in this demographic are nearly entirely country persons who share a much different lifestyle compared to 90272 and 91105 (Zipwho). 91709 people are older individuals living in single family homes who for the most part have no children living at home and are earning incomes from wages, investments and increasingly social security benefits (Esri.com). Gardening is a major lifestyle hobby. Spending is mostly cautious and the focus on any consumer splurge tends to be durability and quality(Esri.com).
Works Cited
Jcrew. 2015 Annual Report. 12 January 2016. <http://www.annualreports.com/Company/jcrew>
JoS A Bank. 2015 Annual Report. 12 January 2016.. <http://www.annualreports.com/Company/jos-a-bank-clothiers-inc>
Men's Wearhouse. 2015 Annual Report. 12 January 2016.
<http://www.annualreports.com/Company/mens-wearhouse-inc>
"Profile: Men's Wearhouse Inc (MW)." Reuters. n.d. Web. 12 January 2016.
http://www.reuters.com/finance/stocks/companyProfile?symbol=MW>.
"Profile: Jcrew(JCRW)." Reuters. n.d. Web. 12 January 2016.
http://www.reuters.com/finance/stocks/companyProfile?symbol=JCRW>.
"Profile: JoS A Bank (JOSB)." Reuters. n.d. Web. 12 January 2016.
http://www.reuters.com/finance/stocks/companyProfile?symbol=JOSB>.
“Zip Lookup”. Esri.com. n.d. Web. 12 January 2016. http://www.esri.com/data/esri_data/ziptapestry
“Zipwho”. Zipwho.com. n.d., Web. 12 January 2016 http://zipwho.com/?zip=&city=&filters=--
_--_--_--&state=&mode=zip
