[Michael Kors] [Name] [Course] [Date] [Institution Affiliation] Managing supermarkets and hypermarkets under strict business terms is what pertains to retail management. In the past decade, the retail industry has seen a great upsurge, and it is encouraging people to engage in the business. Despite the success, operating a retail store can be quite challenging. One should take advantage of the emerging trends in the retail market that can help keep the business at par or ahead of the stiff competition. The retail management styles vary in different stores as well as managers. Different businesses have tried numerous gimmicks to impress the customer by adopting new marketing strategies that will help them diversify into businesses. Businesses are trying to use discounts in order to beat and win the competition. Within the apparel industry, the Michael Kors brand has received recognition for its accomplishments and stability. The business has succeeded from the past and in the recent, it is on a growth path although the path is rough and full of setbacks. In the company’s stated objectives, it aims to increase the sales of its products by applying different marketing strategies. Michael Kors brands need to set the brand apart from those of its competitors by use of innovation and product differentiation. It also …show more content…
Any business needs to have an effective loyalty system in that they should provide impeccable services to their most valuable customers. It helps elevate the business above the competition and distinguish it from other businesses. Michael Kors business has distinguished from its competitors such as Ralph Lauren that designs, markets and sells accessories, fragrances, home furnishings and clothing for children, women and men worldwide. The business has a strategic marketing plan that is focused in increasing the market share in other countries like China (Carr,