Missus
GAP 3: MARKET EXPANSION OPPORTUNITIES
As identified in Assignment 2B: Brand Judgment, the ratings for the Madam segment in high in terms of Brand quality, credibility, consideration and superiority. However, more can be done for the Missus and Gentlemen target segment.
For the Missus, SK-II tends not to be in their consideration set, as they perceived SK-II to be too expensive from our research. SK-II’s brand superiority for this group of segment is just their brand reputation and this differentiation is not a strong competitive advantage for SK-II. Hence, since the perceived price is affected largely by the Missus’s income level which SK-II cannot control, SK-II could boost demand from this segment by improving their perceived value and satisfaction so as to improve overall brand quality ratings. This will allow the Missus to see SK-II products as value for money and end up choosing SK-II products over other brands.
For the Gentlemen segment, they rated SK-II to be favorable across all attributes and find SK-II products fairly affordable. The relatively lacking part is the brand quality as the ratings of the quality and effectiveness is not as high compared to the Madam segment. Hence, SK-II should improve its perceived quality and effectiveness of the Gentlemen segment, to provide a greater motivation for them to buy SK-II products.
In conclusion, there is opportunity for SK-II to expand into other target segments. By using the appropriate strategies, SK-II can improve its brand judgment for the other two segments: Missus and Gentlemen, as a stepping stone towards building greater brand resonance and hence brand equity.