I plan to use lululemon’s model of booty shorts for funderwear. I will use my own designs; however, I plan to use similar materials, and create a quality, comfortable, and fashionable product. To penetrate the market, I will start with sorority girls because they already wear lululemon and if I put their sorority letters on the waistband they will love it.
Four (4) core principles that have fueled Lululemon’s meta-mission and impacted its stellar performance in the market are:
Number 1: Educating employees
At Lululemon, employees are referred to as “educators” frequently engaged in training to develop a professional cadre of staff. Educators are presented with a “learning library” that includes “The Seven Habits of Highly Effective People,” “The Phoenix Seminar on the Psychology of Achievement,” and Landmark Forum seminars, after their first anniversary as staff.
Number 2: Authenticity
Christine Day, Lululemon’s CEO says, “If you want to be successful in this industry, it is about being authentic.” The Yoga brand’s $52 tank top and $99 leggings are not cheap by any means, but clients have bought into the name; its reputation simply speaks for itself.
Number 3: The Scarcity Model
Customers know that only a limited supply of stock is kept at outlets, which translates to “buy items now or risk not seeing it again” culture of shopping. Scarcity creates “these fanatical shoppers” says CEO, Christine Day. Lululemon rarely offers sales, therefore at full price, a Yoga pants will cost between $75 to $128. Thrifty customers could easily get a similar product at Old Navy or Gap for $25.
Number 4: “Fierce Loyalty” through Product Upgrade
Call it the apple model– says Christine Day who “has worked out a strategy of improving the features and fabrics of Lululemon which is aesthetically pleasing, functional–and pricier.”