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Executive Summary
Guess? Inc. designs and markets, and distributes clothing apparel and
accessories for men, women, children and babies. It was created by three
brothers known as the Marciano brothers who grew up in the south of France, a region
that cultivated a passionate understanding of French design and essence of style. A
combination of love for the American West and with European sensibility they created
Guess? Maurice Marciano oversees the company's design direction, Paul Marciano is
the Co-Chairman and Co-chief officer, and is also credited with the vision behind the
Guess? image and is responsible for creating some of the most innovative and ground
breaking images in the history of advertising. Armand Marciano is the Senior Executive
Vice President. They were inspired by the American western tradition to begin
the clothing designs of Guess? Initially, retailers greeted Guess?, with scepticism.
Buyers weren't interested in denim; but the brother's instincts and persistence came
through. Their -zip Marilyn jean was sexy, with a unique style and attitude.
Bloomingdale's finally agreed to purchase two-dozen of their jeans. As a favour to the
Marciano brothers. Within hours they were sold out. That's when, in 181,
the official Guess? Label was born, and would become one of the most recognized brand
names. Today Guess? Is one of the most widely recognized brands in the world. Known for quality, trend setting style and marketing creativity, the company designs and markets a leading lifestyle collection of casual apparel and accessories. As it progresses into the 1st century, Guess? continues to challenge its already high standards to remain a driving artistic force in the world of fashion.
Possible Constraints on the Firms Pricing Latitude
Newness of the Product
Guess? Jeans is no longer in the introduction stage meaning that the initial high prices that were being charged have been somewhat reduced. They cannot offer prices that are too high in their current growth stage just due to the tremendous of other euro driven jean clothing lines on the market currently who offer a similar style with a similar price so if Guess? is to take their price to high they might lose vital market share.
Competitors Prices
Even though there is such an abundance of jeans on the market to choose from Guess? jeans clearly knows that their competition is the other euro jean styling companies that have pushed their operations to the North American market. The major competitors for Guess? are very similarly priced currently. Guess? jeans need to pay close attention to these companies because the Guess? customer when shopping will most likely after paying a visit to Guess? on their shopping tour will stop off at a few of their competitors as well. Knowing that the other stores also carry a euro style at a similar price. If that same client sees a similar jean at competitors store that has a drastic price difference that client could become a potential ex Guess? client.
Pricing Objectives
What began as a small, family-owned business is now a publicly traded, international organization. Currently, Guess? operates over 180 retail and factory stores domestically, over 1,000 in-store shops in other retailers, sells merchandise in over 70 countries worldwide. Due to their tremendous growth their prices must be set accordingly. In order to have effective pricing objectives in place Guess? must at least examine the following costs
• Shareholders
• Manufacturers
• Total landing costs for the clothing
• Employees
• Rent for retail facilities
• Marketing/Advertising
• Product Development
This is just a broad view of the costs that must be considered when pricing. We feel that Guess'? pricing objectives are to continue to make money and hold their reputation as a trendy unique and somewhat pricey brand. By Guess? keeping their prices higher than other jean companies they continue to hold a respect as a higher end jean company within the consumer fashion jeans market.
Price Elasticity of Demand
Since ultimately Guess? is in the jean business and there are many alternatives on the market it can be considered "elastic" in one sense. Depending of course with whom you speak with. If for example a older person who might just want a standard pair of jeans to wear to work around the house might tell you that they don't care what brand they wear just as long as their jeans.
It is catering to a specific type of market with a product that is not exactly identical to the other jeans on the market, and similar styles cannot be purchased at just any local store such as Wal-Mart. Therefore it can also be considered somewhat "inelastic". Depending on who is considered the market, but since Guess? is mainly targeting the younger trendsetters they would be considered more "inelastic" than "elastic".
Approximate Price Level
Guess? jeans definitely employ a "Prestige Price Policy". They have their product prices set relatively higher than many of the other jeans on the market. A good reason for doing so is to attract the customers who enjoy paying to look good, and get extra attention as well as the people who do not mind spending the additional money to have clothing that will not be considered generic, or that can be purchased at multiple stores at relatively lower prices. In addition to this Guess? also employs "Price Lining" Since they do offer a line of jeans they accordingly have a price fluctuation between the products. The difference in price is not much, approximately 10 to 0 dollars at the most.
Adjustments to Retail Price
The adjustment that Guess? does is a "Seasonal". This occurs when the seasons are changing and the store has an abundance of product that they feel will not carry over or stay in fashion the following season. For example at the end of summer usually when the falls fashion line begins to come in Guess? puts on a large sale with great price incentives such as a certain percentage off. As well as this it be considered that they as well as offering a seasonal trade they also offer somewhat of a "Quantity Discount". By offering buy one get second half off deals. In hopes of clearing the old stock before the season crosses over into the next and they are stuck with dead inventory. Basically those are the only two types of retail discounts that are offered since it is retail. There are no cash discounts since they personally don't really give anyone credit so them having an incentive to pay sooner would be irrelevant. As well trade discounts seem obsolete, as no one would really want used clothing.
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