Imagine that you are a member of management at a successful high-end adult cl...
InstructionsImagine that you are a member of management at a successful high-end adult clothing and accessories retailer that is considering launching an exclusive line of high-end children's clothing. This is a new venture for your company, which has until now been focused completely on the adult market. Before committing resources to fully developing a marketing plan for the proposed children's clothing line, you have called for research that will help you better understand customers' wants and needs as well as the competitive environment.In an essay:[*]Describe the issues that the market research should explore. What would you want to know?
[*]Explain why this information would be needed to help develop a marketing plan for the proposed line of high-end children's clothing. How would this information be used to make better decisions?
Please answer in paragraph form, please don't copy and paste another answer already answered.
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The market research for this new product should focus on(i) The demographic character of the region, average fertility rate, socio economic composition of population with regards age, awareness, income and education.(ii) Social and cultural attributes of the regions withch form potential markets. It would be helpful in determining the way parents raise their children, care for them and willing to provide for them, when it comes to high end clothing. For example, in many societies, the parents may not be willing to buy expensive clothing for children, even if they can afford, becaause the children with grow within few years, making it redundant. This factor is also affected by number of children in family, where the next child would use the clothes which are still new, but do not fit the grown up child. This will also indicte the people's willingness to pay for a child's high end clothing.(iii) Nature of the society. The social groups with cloely knit structure interact more among themselves, and there are more special occasions on which such clothes would be worn by the children/ This also affects the consumption pattern.(iv) Competitive scenario in the market, with strength and weaknesses of each competitor.(v) Economic condition of the market, with projection for income growth, population growth and other demograaphic transitions.(vi) Weather conditions which identify the right type of clothing appropriate for region.(viii) Any unmet needs of the customers.These factor would be helpful in finding out the right strategy(i) Size of potential market for the clothing line(ii) Price point for different items which can maximise the potential, according to willingness to pay for a commodity.(iii) Factors affecting short and long term strategy.(iv) Competitive scenario(v) Right product strategyBy determining the above information, the company would be able to launch the right products at the right time and at an appropriate price to attract the target customer segments and sustain its position in the market.
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