Bathing SuitsEssay Preview: Bathing SuitsReport this essayFASH 5006 Studio Design Level 6For this assignment students will research and compose a target market report for the apparel market category they will be designing for.SummarySuccessful businesses have extensive knowledge about their customers and their competitors. Acquiring accurate and specific information about your customers and competitors is a critical first step in market investigation and development of a marketing plan. Accurate market assessment and development of an effective plan is critical to the success of both new and existing businesses. The market impacts and directs all aspects of the companys activities and ultimately will lead to success or failure of the business. In developing a market plan, your primary functions are to understand the needs and desires of your customer, select or develop a product or service that will meet customer needs.
FASH 5008 Labels Report this essayFASH 5006 Marketing Level 5This assignment focuses on defining the branding and advertising campaigns of each team and a small group of participants.The purpose of the survey is to provide a quantitative and qualitative assessment of the marketing strategy of each team, to evaluate potential customer interest and then to demonstrate that a particular strategy is working and has been developed by their teams to support their strategic objectives. You were asked the following questions to complete an objective assessment.The answers were chosen to minimize confusion and identify the key areas of difficulty with the participants (which will probably be highlighted in this essay along with a few more). This task led on to a final objective and included not only the following questions to assist you in evaluating your strategy.1. What is your main goal in marketing?2. What is your main motivation?3. How much can you be paid to sell products and services to consumers?4. How are the team members related to your clientele/customer base?5. Does your work include your own clientele?6. How do the business units deal with your customers?7. How do you communicate with the clients about your sales plan?8. What is your business plan and what can you accomplish in your business to become great brands or successful ones?9. Do you share a personal agenda and strategy with your team?10. What goals can a team solve with the help of these types of business units?11. What is your strategic goal?12. What activities is the team engaged in?13. Who am I working with?14. What is the biggest change in my business plan in my first year?15. What is my business plan right now?16. How much do you get paid per share of the company and what do you spend on your marketing budget?17. What is your total cash needs per share of your company?18. How much do you get paid per share of the company?19. What is your total sales revenue of your company?20. What is your gross profit margin of the company?21. What is your net profit margin of your company?22. Do people get paid to help you sell products?23. What are your sales and sales growth projections?24. Do they have specific financial details that you need to know to be successful?25. How much does your company pay for each promotion?26. What are their financial details that you need to know to be successful?27. How are they used as promotional tools?28. What are the financial issues they face as a team member?29. How many people have joined a team after you joined?15. How much do your teams spend on marketing and sales strategies?16. What are the major barriers to entry into the business of buying and selling online merchandise?17. Which organization are your competitors in a given line of work?18. How many people have purchased online products within the past few years?19. How many customers are involved in your business?20. How do you ensure that people outside your company feel satisfied with their work?21. What has happened as a team to improve your effectiveness in these steps?:28. What is your focus on?29. How did you get to the point where people at your company would come back for more?30. What is your goal or goal points in a marketing campaign and what motivates people to pursue and make more efforts?31. How have you achieved these goals in your research?32. What is your experience in a research project?33. What are the key events in your research and how can you help with them?34. How many people have helped you reach these goals?35. How successful does your organization in having their own team or team members who share core values
____________Market Research Report Due Ð- Week 2(worth 5% of final mark)Students will Research & compose a market research report. The reportSteps to completion:1. Market Analysis: Overview of North American apparel market:□Establish your Category□Price zone□Important market trends to watch□Describe your initial design concepts for your product lineWhat product or service are you selling?An important aspect of market analysis is to ensure that the product or service meets the market (customer) needs. Product or service focus must be the customer.
Issues to address are:Specifications of all your products and or services and key features relative to what prospective buyers in your target market are saying they need.Comparison with competitors and how customers perceive your product relative to others available.What are the current trends, what stage of maturity is the product life cycle at?What regulations apply to your product or service?What packaging is required?PricingThe objective is to maximize profits while remaining competitive in the marketplace. Pricing can be based on either the cost price or market price (What will the market pay?). Regardless of the pricing method used, it is critical to know all of your costs involved in delivery of your product or service to avoid possible underpricing and operating losses. If the market will not support a price level sufficient to cover cost, it will be necessary to investigate whether costs can be lowered or alternatively, it may be necessary to abandon your plans to proceed.
Issues to consider are:What control do you have over the product price (e.g. exclusive product, no competition, high market demand, etc.)?What are competitor prices and how do they price their products?What price and sales volume are needed to achieve profit objectives?Can you sell your product at different prices into different markets?Can you maintain your prices over time and what do you expect to happen to competitors prices?Are your prices quantity sensitive?2. The consumer Market:□Description of market (include statistics, charts, graphs etcÐ.to describe market share, growth, economics□Description of consumer (use psychographics & demographic researchWhat is your target market?Accurate identification and analysis of the target market enables you to develop an effective overall marketing strategy. The information will assist in determining business size (output requirements), distribution channels, pricing, promotion strategy and other marketing decisions.
Target market issues include:What is the overall market size? Number of potential customers and physical boundaries?Which segment of the market is the most attractive in terms of future growth potential, ease of entry, competition, profit potential and overall risk?How do products generally get to the customer?What is the current dollar value or quantity of product/service being sold into each segment of the market?What social, technical, environmental or economic changes are taking place within the market and how will they impact sales?Who is your customer?Knowledge of the customer enables you to determine the market size and what determines their buying decision. It provides information that will assist in choosing a location, determining product or services to be offered, establishing pricing and planning a selling strategy.
Key issues to consider are:Who will buy your product? Primary and secondary target groups.Where does the buyer live and what is their profile?What factors influence the decision to buy?Who is involved in the purchase decision?How often will buyers buy?Where do they buy, when and how much do they buy?What are the buyers preferences and needs?Are customers loyal? Can long term relationships be built?3. Competition: Visit your potential retailers