Moleskine Marketing Analysis

Moleskine Marketing Analysis 1.0 Executive Summary Moleskine was founded in 1997 by a small Milanese publisher that wanted to revive a product that is rich in history and tradition. Based on the case study we are aware that moleskine is trying to bring back a product that soon to be vanished. It is critical and crucial to know that how consumer behavior can help to keep this traditional product alive by understanding characteristics personalities of consumers. Further segmenting them to be able to find out a solution that can assist marketers in planning their marketing mix, communication tools to connect with the modern consumer, also coming up with new strategies and tactics of marketing communication. 1.2 Definition of Personality Personality might be characterized as the internal aspects which impacts a singulars conduct and activities consistent with the social and the physical environment. Attributes contrasts one single person from an alternate singular, no two individual impart the same qualities and are precisely indistinguishable. 1.3 Neo-Freudian Theory In the case of the Neo-Freudian Theory, consumers of Moleskine possess more of the detached personality, as these are the individuals who move far from others. They covet independence, freedom, individualism or opportunity from commitments. This can be seen in Moleskine as well, as it can be seen in the case study. â€Å"Moleskine launched its modern-era range of diaries in 1997, around the time laptop computers and personal telecommunication devices were breaking into the market† (Schiffman, O’Cass, Paladino and Carlson 2014, 621). This shows that moleskine’s consumers still uses analogue or old fashioned products even in times of rising technology as they do not conform to the society and uses whatever which is suitable for them. 1.4 Traits Theory In the case of the traits theory, moleskine’s consumers are those which possesses high scores for extroversion and openness to experience from the big five model as they are creative, will document their likings, personal stories and experiences. They are people who loves to travel and are interested in other cultures and are comfortable to socialize with others. Basically, these are traits which are similar to that of moleskine as they focuses on art, culture and creativity. Furthermore, their products are divided into 3 categories which are travelling, reading and writing which are again similar of their consumers. It is the similarity of the consumer and brand personality which attracts the consumers to buy and use moleskine’s products. 1.5 Personality and Consumer Behavior As noted from above, consumers of moleskine are those who possesses detached personality and in the case of consumer behavior. It is similar to that of the inner-directed consumers, as they depend on their internal values or benchmarks in assessing new items. Inner-directed consumers will buy products that please and perform for them and they are not concerned about what others think of the product that they are using. The consumers deem that moleskine’s notebook satisfies their inner values and performs for them. Similarly, moleskine is a product of old tradition and old fashioned in the modern age of technology where laptops and computers are commonly used. However, the consumers are susceptive to interpersonal influence as well. This is due to the fact that they feel that moleskine’s art, culture and creativity fits their social group. There will definitely be commonality between moleskine’s consumers and other consumers. Contrary to having detached personality, moleskine’s consumers too have other personality traits like being modern which are common to other consumers as well. The consumers are modern even though of the analogue product that they are using, as moleskine uses new media to communicate with their consumers. Such as MSK 2 which is a digital notebook which the consumers can customize and create their own notebook. Moleskine utilizes social media, in the likes of YouTube, Vimeo, Facebook, etc. 2.0 VALS program VALS is a program developed by Arnold Mitchell allowing us to better fathom about the segmentations and profile of adults American consumers. There are eight type of adult American consumers segmented by VALS based on their mindsets, using a specific set of psychological traits and key demographics that drive consumer behavior. The eight type of adult American consumers are the innovators, thinkers, believers, achievers, strivers, experiencers, makers and lastly the survivors. There are three primary motivation that drives the eight different types of consumers they are ideas, achievement and self-expression. The concept of primary motivation explains consumer attitudes and anticipates behavior. The resources of the eight type of consumers would also affect the consumer’s behavior, resources refers to a person’s age, income, education, self-confidence, health, eagerness to buy or try and its energy level this psychological, physical, emotional, demographic, socioeconomi c will constrain or enhance a persons expression of his or her primary motivation. 2.1 Roy Morgan’s value segments Roy Morgan’s value segments of Australian consumer has a segmentation of ten different type of consumers group. â€Å"The ten types of consumers are the socially aware, visible achievement, young optimism, real conservatism, look at me, conventional family life, traditional family life, a fairer deal, something better and basic needs†.(Roy Morgan 2014) This two methods shows how age, gender, marital status, income, education, occupation, social class, health and personality influence the consumer behavior. 2.2 Where would Moleskine consumers fit? The moleskine notebook has a long history and tradition it is reputed to have been used by famous artist, thinkers and writers. The notebook was made famous by Bruce Chatwin and he was the one who gave the notebook its name. â€Å"The philosophy of moleskine products are creativity, imaginative and travelling†. (Moleskine 2014) The moleskine product will fit better with the Roy Morgan’s value segmentation under the categories of young optimism and real conservatism. 2.3 Young optimism Young optimism refers to a person seeking to improve their prospects in life and wanted to be respected in society. They are long term thinkers, careers planner, attending university and contemplating about the future. Their mindset tends to be associated with people who want to experience life to their fullest for example vacation, a career, friends, and family. They are innovative and interested in technology. Thus the moleskine products totally fits into the profile of the young optimism who are imaginative as they are constantly thinking of their future, creative as they are innovative and interested in technology and lastly they would love to travel around the to broaden their perspective of life. 2.4 Real conservatism Real conservatism refers to people who are cautious about new things and ideas. They hold very conservative thinking and feel that things are not as good as they used to be. They are willing to pay more for products with quality and are particularly attracted to older, well established brands. Moleskine is a well-established brand as it is the successor to the legendary notebook that has been used by renowned artists and thinkers such as Vincent van Gogh, Pablo Picasso, Ernest Hemingway, and Bruce Chatwin. Thus giving it a sense of class and nostalgia as a diary that retains the old world charm which also could be a trusty and handy travel companion and it fits right into the profile of the real conservatism. 2.5 How could these systems assist marketers? The use of these systems will allow marketers to position or promote their products better. They can use these systems to know which specific segment of consumer that they are targeting, and it will definitely be easier for them to plan the marketing mix (4Ps) strategy with the help of these systems. 3.0 Integrated Marketing Communications Integrated marketing communications (IMC) is define as the coordination and integration of all marketing communication tools, avenues, and sources in a company into a seamless program designed to maximize the impact on customers and stakeholders (Clow and Baack 2012). It is a concept of marketing communications planning that recognizes the added value of a plan that evaluates the strategic roles of a variety of communication disciplines – general advertising, direct response, sales promotion, and public relations – and combines these disciplines to provide clarity, consistency, and maximum communication impact (Kitchen and Burgmann 2010). 3.1 Recommendations In order for Moleskine to reach out to consumers who are less I.T savvy and resonate better with international consumers, following are some of the recommendations suggested. Making use of advertising through television, magazines or newspapers will get the message across to audiences whom are less I.T savvy and build a repetitive and consistent approach to increase product awareness. Moleskine can make use of celebrity endorsement for its products to reach out to international consumers. This means using brand ambassadors that are recognizable by global consumers. The firm can participate in inter-national trade fairs or exhibitions to publicize and sell their products. This provides an effective way of meeting many existing and potential consumers from different countries (Doole and Lowe 2008). 3.2 Jenifer Aaker’s Brand Personality Dimensions Jenifer Aaker’s brand personality framework is use to describe a brand profile which includes tangible and intangible traits and correlates to humans’ characteristic. This includes five dimensions (Friend 2012): Sincerity – This dimension portrays as down-to-earth, honest, wholesome or cheerful in consumer minds. Excitement – Daring, spirited, imaginative, and on the cutting edge of technology and performance are the most exciting brands. Competence – This refers to brands with traits such as reliability, intelligence, and success. Sophisticated – A brand that is sophisticated is viewed as charming and fit for the upper classes. Ruggedness – Rugged brands are seen as outdoorsy and tough. The two dimensions that will be suitable for Moleskine are ‘Competence’ and ‘Excitement’. The company had made use of technology such as cloud, social media and iPhone and iPad apps to promote and push their products to the market. These provide consumers the convenience and reliability in terms of data storage on their smart devices. Moreover, by utilizing the various forms of social media will keep Moleskine updated with the latest trends, hence keeping up with the ever changing technology. 4.0 Moleskine’s Segmentation and Marketing Strategies Yes, it is possible for other products to use similar segmentation and marketing strategies to Moleskine. Psychographic segmentation divides buyer into different groups based on 1) Lifestyle 2) Social Class, and 3) Personality Characteristics. Moleskine targets designers, professionals, writers, creative, imaginative people, travelers, and business people. Moleskine keeps in mind both their consumers’ lifestyle and their social classes. From working class to upper class where people need to develop new ideas, travelers who love to pen down their experiences, and business people who need to organize their schedule. Moleskine’s consumers’ personality characteristics are creative, imaginative, passionate, traditional and organized. Moleskine’s products vary from simple to stylish hard and soft cover of diaries and etc. The price setting is high. Placing is exclusive distribution. For promotion, they focus on communicating with consumers through social media a nd interactive websites. Moleskine’s positioning is to open platforms for people to be creative and communicative which contributes to the development of sharing knowledge and culture. Few products that used similar segmentations and marketing strategies as Moleskine are Polaroid cameras and Chanel’s products 4.1 Polaroid Corporation Targets creative people, artist, designers, photographers, and experiencers, people that see Polaroid as a status of lifestyle. Polaroid consumers’ social class are from upper to working class, some people like to instantly capture their current experience and develop the picture on the spot; people use it for their projects or special occasions. Polaroid consumers’ personality characteristics are creative and passionate. Polaroid is an exciting brand for youths. Polaroid communicates with consumers through social media and interactive websites. They have their own Facebook, Pinterest, YouTube and Twitter accounts that they constant update status, videos, and pictures. They created smartphone apps such as â€Å"Polamatic by Polaroid† where people can take pictures and edit them by applying Polaroid’s authentic frames and extra features. Polaroid Corporation has launched their new retail store called Fotobar, which is available, online as well. It serves a function where people are enabled customize their Polaroid pictures (Melanson, 2013). Polaroid has partnerships with the Andy Warhol Museum and Lady gaga. Polaroid uses global consumer segment as in every country there will be a group of people that meets Polaroid’s targeted market. 4.2 Chanel Founded in the year 1909. Chanel consist of lifestyle and luxury products. Chanel is known to be a sophisticated brand for elegant women. Chanel’s products consist of fashion clothing, fine jewelry, watches, accessories, perfumes, and cosmetics. They place their products in their own boutiques. However, their cosmetics and perfumes can be found in certain specific departmental stores. Pricing is high. Their promotion is through fashion shows, celebrities, events, television, magazines, and exhibitions. Chanel uses modern technology to communicate with their consumers. Social media platforms like Facebook and Twitter, YouTube to update their new products, Videos events, and status. Chanel’s videos constantly films and emphasize on their â€Å"brand heritage† and how it still exist in their products with a fusion of modern. This strategy reinforces the relationship consumer need to have with the product. Chanel has re-designed their website to create a sleek site t hat shows elegance and created a few smartphone apps that features videos and looks of the latest products, fashion news, behind the scene features, and contact information for all boutiques, skin care tips using their brand’s facial products. Chanel’s Coco Shine Lipstick was first launched and sold through the social media platform, Facebook. Users were to â€Å"like† the page and get complimentary shipping when purchasing. It increases awareness on their online store as some consumers are unaware of it, also, by â€Å"liking† the Facebook page will allow consumers to be involved in their future news or product launches. (Zelesny, 2011) Chanel used a male celebrity; Brad Pitt to launched their advertisement on Chanel No.5, Chanel’s female perfume that became the talk on social media. They did it intentionally to increase the popularity of the product (Carr, 2012). Chanel products are lifestyle choices and their product range will fit across in mos t countries and in every country, there is definitely a group of upper class, high-income people that lives a similar luxurious lifestyle allowing global consumer segmentation of products.