MKT571-Segmentation and Target Market Paper-Raffy Rosero - 1 Segmentation and Target Market Paper Raffy Rosero MKT571 Brigitte Bullon 2 Segmentation and

MKT571-Segmentation and Target Market Paper-Raffy Rosero -...

This preview shows page 1 - 3 out of 5 pages.

1 Segmentation and Target Market Paper Raffy Rosero MKT571 November 22, 2015 Brigitte Bullon
Image of page 1
2 Segmentation and Target Market Paper Introduction This paper will be talking about the company called Rent the Runway. This document will cover the company Rent the Runway market segmentation, company characteristics, and positioning strategy. Company Summary In 2009, Katia Beauchamp founded Rent the Runway. The company provides rental service for designer clothes and accessories for women who likes to stay in up to date fashion at the fraction of the price of buying designer clothes or accessories. The company allows a monthly subscription fee to rent their products for 4 to 8 day period and then return the rented product using their prepaid envelope. The company’s market presence was only available online, but as their customers grow more, they added on site location in New York, Las Vegas, and Washington D.C. (Rent the Runway, 2014). Market Segmentation Designer clothing and accessory rental services started to help customers that want to be trendy and fashionable without paying a huge amount of money. Their goal is to empower customers that cannot afford to buy designer clothes or accessories due to financial constraints to look their best or people that prefer to rent for any reason than buying. Due to the explosion of online shopping as well as the implosion of the economy of the United States, the market primarily focused on female accessories and apparel. When the financial recession started in 2007, this allowed clothing rental service the opportunity to exist in the market as well as thrive. In the current market, Rent the Runway caters to certain niche segments. By targeting women who are attending special events and important engagements they seek to appeal to the users sense of cultural expectation, minimalism and quality, designer wear creates positive brand memories for substantially less than what the product would cost in retail (Givhan, 2014). The
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 5 pages?

  • Winter '11
  • jonnymoris
  • Leasing, Runway, Rent the Runway

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes