It had become part of LAVA Group in 1999, and is now led by Hummers Leon and Carol Limit. Kenzois known for its bold themes and unexpected mix of styles that reflects the daring spirit of the brand. Kenzois a brand of LOOM, which is better known as Louis Button S. A. The origin of the brand is in Paris, but now the fashion and leather products of Keno are available in countries around the world (Some, 2011).
Research Aim and Objectives
The aim of this research study is to expand the market of Keno by exploring the untapped markets around the world. This would be done by developing appropriate marketing strategies for brand extension. In order to follow this aim of the study, here are certain major objectives that have been considered for the study. These are stated below: To identify the most suitable market expansion strategy for Keno To identify the suitable market, where Keno will get maximum exposure To plan the promotional strategies of Keno so as to develop the brand further in a new market.
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The research questions have been developed in line with the research aim and objectives of the study. E its target customers in the new market? What are the suitable marketing strategies that Keno will implement for popularizing their brand in the new market? Rationale of the Study This study will assist various other fashion houses like Keno to beat the competition and identify a new market for them, so that they can also have adequate market share and profit, which is totally cannibalized by the big and most popular fashion brands.
Limitation of the Study
This research study would, however, not include the existing market position of Kenzoin detail, so probably the readers would not get an idea regarding the growth and development of Kenzofrom Just a fashion house to a renowned brand. Keno is niche, luxury brand, so in order to present the picture of market competition, the equally niche, and luxury fashion houses would be considered. However, there are many well-known fashion houses which are not at the same level as Keno, which can give stiff competition in the new marketplace.
Market Entry Strategy for Kenzo
The luxury fashion houses consider flagship stores as one of the exclusive market entry mode. The commitment of these luxury fashion houses to international contribution is apparent by the diversity and breadth of coverage of the foreign market. The internationalization strategies that the luxury fashion houses adopt are usually complex and appear to be impenetrable, and heavily dependable on the multi-layered supply networks. Yet all the luxury brands and fashion houses do maintain their own flagship stores because this is what makes them different and niche.
The flagship stores are company owned and carry only a single brand of the product, which in this case would be Keno (Alexander, 2012). They are operated mainly with the purpose of building a strong image rather than just profit making. Keno is a brand of LOOM and in this way is a brand of a company which is a conglomerate of super luxurious brands in the world. Keno has set its footprints around the 5 world, but there are few countries, where Keno is still not so popular like the other fashion houses. There is country like New Zealand, where Keno is still not such a popular name for customers.
Moreover, on the basis of the country Kenzo decides to enter, the modes of market entry can be selected because the trade policies of every country are different. For example, in New Zealand, foreign direct investment is a new country is concerned, it would be based on the cultural patterns of the country n which Keno ventures (Keno Paramus An LLC, 2013). Target Market or Customers Keno, as has been already understood, is a luxury brand, which caters to extremely niche group of customers, consisting of higher income group, celebrities, socialites, etc.
Moreover, the brand has a unique identity for its drastic choice of designs, colors, and abrupt mix and matches, which reveal their daring designs. Customers who prefer Keno's products do have a daring attitude towards fashion. Keno has designed outfits for Beyond Knowles, the American songwriter and singer for her arioso concerts, which shows the customer base of Keno. Based on the existing customer base of Keno, the target customers of the company in its new market can be well assumed.
The flagship stores are generally visited by high-class customers and affluent class, who do not prefer to shop in crowded shopping malls (Keno Paramus: LOOM. , n. D. ).
The elements of marketing mix play a significant role for developing marketing strategies for market expansion because elements like product, price, promotion, and place, play a significant role in deciding the appropriate strategies to establish easiness in a new country, and lure customers towards the shop. 6 Products Keno has options for expanding to country like New Zealand.
Keno already has set product line, which comprises of apparels, perfumes, accessories, leather garments, etc. Generally, it has been noticed that fashion houses of this status try to maintain their signature style wherever they expand their business to. However, Kenzo strategy can be identified after the research is conducted (Top fashion designers, 2013). It has been observed that fashion houses also customize a new fashion reduce line for the countries it is expanding to. Price Pricing would be done on the basis of the economic level of the country the company is expanding to.
Fashion brands like Kenzo sell luxury products, so analyzing the income level of the customers in the country and taking into consideration the cost incurred to export the products or manufacture them would assist in taking the pricing decisions (Keno, n. D. ). Further, there are several pricing strategies which might support Keno in deciding the price of products such as competitor, market condition, etc. Place The place would be decided after proper research, the country is identified. Then decided.
Location would also depend on the accessibility of the target customers, their residing places, and also on the basis of the standard of that location because being a luxury brand, Keno cannot open up a flagship store in the middle of a crowded marketplace. Promotion Promotional events would be designed specially based on the culture of the country where Keno would be expanding because promotion is done to grab customers' attention, and if it is not done in the way people prefer, then penetrating a new racket would be difficult.
The generally approached promotional media vehicles such as audio visual media, print media are the options that even luxury brands prefer. However, the modes are different (Keno, n. D. ).
This section will discuss the data collection methods and tools that would be used in this study for procurement of data and identification of probable solutions for the research study. A qualitative analysis of secondary data would be done to identify solutions for the research question. The secondary data are information from existing Journal articles, research materials, magazines, and electronic sources such as archives and online libraries (Bernard, 2000; Kruger, 2008). Qualitative method of data analysis would be suitable in this study because qualitative analysis assists in analyzing complex issues and analyzing data, which are used to solve various issues through a single comprehensive study. Research designs have to be such that it fits the research questions well and also relate to the data collection procedure.
Quantitative methods include analysis, collection, and presentation of numerical ATA. The statistical tools are used to collect data for quantitative analysis. However, in order to identify new market for Keno, quantitative data would not help, since there are various other factors beyond numbers which has to be considered while formulating marketing strategies for market expansion. In this case, it is impossible to identify brand expansion strategies and market for Kenzo through quantitative analysis (Caldwell and Herbs, 2004; Katharine, 2008).
In this case, secondary data would be used to conduct the research because data are usually available through various sources, and they are not raw information, as they have been already utilized (Lawrence, 2006). However, validation of secondary data is important because few data might not be reliable. In order to choose a systematic research design, the researcher needs to test the construct validity, internal and external validity of the data, and also evaluate the reliability of the information (Crewel, 1994).
Further, the researcher needs to also check that the information collected for the research analysis is in line with the research objective and the search question because if it deviates from the stated path, then the researcher would not be able to derive the desired solution for the research question (Donald and scheduled, 2003; Du Plisses, 2004). The research study would be completed within a stipulated timeshare. Most of the time would be consumed for collecting data or information and drafting that information, which has been collected for conducting the research.
This is the reason why data collection and preparation of draft would require maximum of two to three months' time. Apart from this, other functions can be easily 8 employed within a p of one month or less than a month. Since secondary data is being collected for the study, so cost associated with data collected and final preparation of the research report is minimal.
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