Crocs Marketing Strategy – Marketing Strategy of Crocs: Crocs was founded in 2002 and has been a major player in marketing and distributing Casual Lifestyle footwear and accessories in over 90 countries. It had sold more than 500 million shoes since its inception.
Crocs shoes feature the revolutionary technology Croslit material. This is a proprietary and patent-pending feature that gives every pair of Crocs shoes soft, comfortable, and lightweight properties.
Crocs At A Glance – Marketing Strategy of Crocs
Company : Crocs, Inc.
CEO: Andrew Rees
Founder: Lyndon Hanson | George Boedecker | Jr. Scott Seamans
Year founded: 2002, Boulder, Colorado, United States
Headquarters: Broomfield, Colorado, United States
Annual Revenue: US$1 Billion
Profit | Net income: US$361 Million
Number of employees : 4,014
Products & Services: Wholesale trade, retail & consumer services | Clothing & clothing accessories | Clothing | Hats | Sunglasses | Gardening kneepads
Competitors: Bata | Skechers | Johnston & Murphy | Nine West | Geox | Timberland | Wolverine Worldwide | Hotter | Converse | Nike | Dr. Martens | Skechers U.S.A. | Jimmy Choo | Zalando | MARYPAZ | New Balance | Puma
Crocs Fun Facts: As of 2016, at least 100 million pairs of Crocs had been sold, though many cheap imitations of the shoes have also been purchased since they were first released for sale.
Marketing Strategy of Crocs
Crocs’ Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Crocs? Let us discuss.
Segmentation, Targeting, Positioning – Crocs Marketing Strategy
Crocs employ psychographic, and demographic segmentation techniques that include variables such as income, marital status, age, and location to better serve the evolving needs.
Targeting strategy allows companies to determine whether they should have the same products for all customers or different products for different customer groups. Crocs employ a differentiated targeting strategy for customers looking for casual footwear or those who prefer mix and match styles.
Positioning allows you to see where the brand is in the consumer’s mind. Crocs use a value-based positioning strategy to position itself as a brand that offers casual, well-designed footwear that suits the customer’s style.
Crocs Mission Statement
Crocs Vision Statement
“Everyone Comfortable In Their Shoes”
“Come as you are”
Competitive Advantage – Marketing Strategy of Crocs
Focussed Products Range: Crocs has a limited product range, such as slides, flips, sandals, and flips in its product portfolio. This is helping the company stay focused. It is the 10 most important non-athletic brands worldwide.
It has sold more than a 55+million pairs of shoes last year via its 500+ retail outlets and online e-commerce websites. It works closely with its logistics networks to optimize its distribution channel and operational efficiency.
Association with Celebrities: The Company has a strong presence on social media sites with over 5 million followers. The brand is also associated with celebrities like Drew Barrymore and John Cena.
BCG Matrix – Crocs Marketing Strategy
It has three business segments that are based on the geographical nature of operations, i.e. America, Asia-Pacific, and Europe. Its American and Asia Pacific operations are Stars in the BCG, contributing 45% and 38% respectively to the company’s total revenue in 2016, while Europe operations are Question marks in the BCG matrix because they only contributed 17%.
Distribution Strategy – Marketing Strategy of Crocs
Crocs sell its footwear in three major areas: Europe, America, and Asia-pacific via distribution channels like retail outlets, company-owned outlets, E-commerce websites, wholesalers, and E-commerce sites. It has 556 retail outlets worldwide that are owned by companies as of December 2016.
It improves its supply chain through the integration of its distribution and logistic network
Brand equity – Crocs Marketing Strategy
Crocs are well-known for its iconic clog-style shoes, which account for over 45% of all footwear sales. Crocs shoes are available in over 90 countries, and the company does business in over 30 languages.
Competitive Analysis – Crocs Marketing Strategy
The global shoe market has been highly competitive. The company competes with global players such as Nike Inc., Reebok, Adidas, Sketchers USA, Wolverine World Wide, Inc., Steve Madden, Ltd, etc.
Companies compete in the industry based on product design and quality, pricing, and customer support. Brand awareness, distribution & marketing.
Crocs are up against international players with similar footwear offerings.
Market Analysis – Marketing Strategy of Crocs
These players have a difficult time staying in the market due to the high demand for counterfeit products and the high bargaining power of their customers.
These players have a difficult time staying in business due to the high demand for counterfeit products and the high bargaining power of their customers. The industry is experiencing rapid growth due to changes in lifestyles, the development of developing countries, and the economic population’s migration from rural to urban areas. However, there is an increasing demand inventory mismatch, which is causing shrinking margins for the players in this industry.
Customer Analysis – Crocs Marketing Strategy
Crocs customers are upper- and middle-class social classes. Crocs employ the mass production strategy or mass market to be successful with all segments of its customers. The consumer is provided with a product that can be used in all seasons, which is both comfortable and colorful.
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