Product Strategy: Targeting LuLuLemon into Indian Market

Lululemon: Product Strategy
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Lululemon: Product Strategy A product strategy is a dynamic and pragmatic tactic that illustrates the projected achievements of a company using its products and the mechanisms of achieving this aim. The design addresses critical questions such as the customers served, what benefits it offers to the consumer, and how it aligns with the firm’s long-term ambitions (Cant et al., 2015). Lululemon’s product mix incorporates men’s clothing, women’s apparel, and accessories, which comprise various products such as joggers, pants, jackets, underwear, trousers, hoodies, and shirts. The company offers the products in the Indian market mainly through e-commerce since its stores are limited. The merchandise is classified in the shopping group of consumer goods. The product strategy entails goals, objectives, and initiatives that seek to reach numerous customers in the teenager, young adult, middle-income population, athletes, and yoga studios market segments. The product strategy also has definitive goals in which Lululemon desires to expand its domestic outreach in India by launching five new stores. The firm also seeks to increase the product mix sales by 35% and grow its net revenue by 30% through effective and adequate market penetration. Expert-recommended market penetration in a volatile and large market such as India requires a golden product strategy due to many competitors (Armstrong & Lehew, 2011). The high-level goals provide the company with a product roadmap to satisfy consumer needs and desires in the Indian market. The strategy’s objectives must be realistic, value-based, measurable, attainable, and attentive to set timelines. The initiatives to accomplish the strategy have to be specific and efficacy-based. Regarding product mix, the variety of ...