Homework Question on Patagonia Company
- Check out the Patagonia site linked below. It is a wonderful example of a company building the brand and then marketing products using the brand. Be sure to check out the “environmentalism” link to understand the company’s core concepts and the link “Company Info.” You may want to check job listings just to see how the culture is maintained. Also, check some of the items sold.
- Review of this site will give you an opportunity to see application of integrated marketing where the company is the brand and the brand is the company.
- Submit answers to each of the following in this week’s Dropbox. Make sure to put your name on your document. (One document…please)
- After reviewing the Patagonia site, write one or two paragraphs discussing how Pagagonia’s mission and objectives likely tie into its strengths that would be found in a SWOT analysis of the company. Then briefly explain how Patagonia has created a marketing mix to execute on its mission. (5 points)
- Go to page 452 in your textbook and review the Internet Exercise linked with Exhibit 16-7. Complete the Internet Exercise with the following modification. Complete the conversion for all six currencies in the table on page 41 instead of just the three listed in the exercise. Based on today’s exchange rates compared to 2009, what has happened to the US dollar? Where would you travel? That is, where does your American dollar have the most value now compared to 2009? (5 points)
- On page 466, answer question #1 regarding decisions about pricing strategy. Instead of using an example for a local retailer, use the company in your team marketing plan to discuss pricing strategy. After completing the homework individually, share your pricing strategy review with the other members of your team. (5 points)
Homework Answer on Patagonia Company
Patagonia Company grew out of a very small company that was specialized in making tools and climbers. The company remains an international company in making clothes for climbing, skiing, surfing, trail running, as well as fly fishing. Thus, the company’s mission is maintaining its core values, and making the best products as much as possible. The company’s objectives are many and diverse, including providing information for seasonal line review processes, executing top line financial plans, proactively identifying and monitoring the whole sale business, identifying potential opportunities or risks in the business, and actively managing and controlling channel specific off-prices in order to obtain high profit margins.
The marketing manager of Patagonia Company has to fully decide the target customers, how to target them, and how much to target such customers. Having an understanding about who is interested in the company’s products is of primary importance since it provides the characteristics that assist in determining the rest of the company’s marketing strategy.
Once the desired customers or market has been identified, knowledge about the market needs to be collected by the company in order to determine the advertising vehicles that would be most effective. The marketing manager of Patagonia Company must decide on how the advertizing is employed in order to reach as many customers as possible.