Final answer:
Lululemon targets a market segment of health-conscious, style-oriented individuals, focusing primarily on affluent young women, but also expanding to include men and older adults. The brand is known for premium-quality athletic wear and emphasizes customer engagement, community, and sustainable production, appealing to its target market's values and lifestyle.
Step-by-step explanation:
The market segment Lululemon targets is comprised of health-conscious and fashion-forward consumers who value quality athletic apparel. This segment includes individuals who lead active lifestyles and are willing to pay a premium for durable, high-performance clothing that also offers style and comfort. Lululemon's target market primarily consists of affluent, educated women aged between 18 to 35 who practice yoga, running, and other fitness activities. Additionally, the brand has been expanding its focus to include men and older age groups with the same active and health-oriented characteristics.
Lululemon differentiates itself by focusing on a high level of customer engagement, community involvement, and by offering specialized in-store experiences. They also emphasize sustainability and ethical production, which appeals to the values of their target consumers. With Lululemon's premium branding, the company commands higher prices, making their target market relatively narrower compared to brands targeting the broader athletic wear market.
To ensure a good length answer, it's worth noting that Lululemon leverages strong brand ambassadors and partnerships with yoga instructors and fitness professionals to extend its reach and credibility within its target market. The brand's marketing strategies are carefully tailored to resonate with the lifestyle and aspirations of its select consumer base, emphasizing the sense of community and personal achievement associated with Lululemon's apparel.