Target Market

The VALS system of consumer classification, divides all consumers into one of eight different categories. The eight categories include the Thinkers, Innovators, Experiencers, Strivers, Survivors, Believers, and Achievers. On the VALS scale, the Innovators have the highest resources and the Survivors are located at the bottom with the lowest resources and lowest innovation. The VALS classification is used by many businesses to define it's target market. Each classification defines the buying habits and personality traits of the specific consumer. 

This system of classification seems logical on a macro scale but not on a micro scale. It does not seem physically possible to define all consumers in the world into only eight groups. However, it is possible for businesses to track exactly what and when one is consuming and then make it possible to pass judgements on a given consumers lifestyle. But when a business is defining its target market, more than the typical personality types should be considered. In my personal opinion, I feel it is possible to purchase like a survivor with the mind set and personality of an innovator. 

I feel I am a Thinker but after taking the VALS survey, I have found I am an Experiencer/Innovator, but I have for many, many years lived like a survivor and believer. I lived a very meager childhood which I only had the essentials, but I was always happy. I would like to consider myself on the cutting edge but I know I do not have the necessary resources to live and consume that way. The VALS system is a helpful and effective way to define a target market on the entire macro scale, but when confined to a small population, the system is too general to be completely accurate and effective. 

History of H&M

H&M's evolution started all the way back in 1947. At this point the founder of H&M, Erling Persson, opened a store called Hennes in Vasteras, Sweden. At this point, Hennes only sold women’s clothing. Erling then bought a hunting store called Mauritz Wildforss in Stockholm. This occurred in 1968. At this point the merging store name became Hennes and Mauritz. Along with the purchasing of Mauritz came the sale of men’s clothing. 1982 was the year that the expansion of H&M began. At this point in time, H&M stores are located all over the world and along with the sale of men’s and women’s clothing are also kids apparel, accessories and cosmetics.

According to http://company.monster.ca/hmhenca/, the H&M concept is as follows:

Our business concept is to offer fashion and quality at the best price. Our goal is
to ensure that the business is operated with the minimum use of resources and with
as little impact on the environment as possible.

A positive and enjoyable working environment is a quality on which H&M focuses. According to H&M’s website,

H&M has created an open and fun work environment that offers workers the chance to express their initiatives and ideas…

H&M also provides unbelievable benefits to the employees such as

· Medical & Dental Coverage

· Life Insurance

· Retirement Plan

· Vacation

· Holidays

· Bereavement

· Employee Discount

H&M had a very humble beginning many years ago but has flourished into an amazing business. H&M has become a very common name that many young adults could talk about for hours. Although there are so many H&M’s in the world, there are very select locations of H&M in North America. In 2004, two H&M’s were opened up in Toronto. As far as the US, however, only large cities contain an H&M. As I stated in the previous blog, the closest H&M is in Washington, DC. H&M is an excellent retailer to support due to the environmentally friendly work ethic, excellent treatment of employees and unbelievable selection of apparel.

http://company.monster.ca/hmhenca/.

www.hm.com

My Favorite Retailer

I feel it is difficult for me to choose my favorite retailer because I typically purchase my clothing through many. However, if I had to choose just one, I would have to say my favorite is H&M. Many people might have misconceptions about this retailer because there is a plethora of positive and negative information that can be found about this retailer. H&M has an extremely fast push out time for the lines and offers clothing for men, women and now children as well. H&M also offers extremely inexpensive clothing. Many skeptics do not like H&M because of the low quality of clothing that is offered hence why it is so inexpensive. I like this attribute because the apparel sold is high fashion and low price meaning as new lines come out one is able to revamp their wardrobe as they desire.

According to hm.com, there are over 1700 stores in 34 countries. However, there are no H&M's located within a 80 mile radius of Greensboro, NC. I first heard of H&M while I was living in Bethlehem, PA and found out there was a location right across the New Jersey border around 30 min from my house. Ever since then, my retailing experience was changed. Another reason why I love H&M is because of the large selection of clothing. You are guaranteed to find something you like. H&M started out as a Swedish women's store in 1947 called Hennes which is Sweedish for Hers. This is another reason I like shopping at this retailer because it shows that it has lasted for many years and is a strong competitor.

My final two reasons that H&M is my favorite retailer are that it is a highly recognized brand and also the brands enviornmental awareness. According to Wikipedia, H&M is the 64th most recognized brand in the world. H&M is a supporter of UNICEF in Uzbekistan and focuses on cotton and the enviornment, according to hm.com. I would highly recommend this retailer to anyone who is looking to shop at a high fashion, large selection and low price retailer.




www.wikipedia.com
www.hm.com