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Running Head: POTENTIAL CUSTOMERS OF A WOMEN'S CLOTHING

Potential Customers of a Women's Clothing Company

Opening In Southern California.

[The name of the author]

[The name of the institution]

 

Potential Customers of a Women's Clothing Company

Opening In Southern California.

Marketing made for Consumers:

As the name suggests this sector of the economy refers particularly to those who “consume” specific items and products. These are the people who pay the “price” to make use of the value of different products and services available in the market at present. However, in order to induce them to consume, an essential element is that these things should be inline with the person’s requirements, i.e. in order to make a product that sells; a marketer has to ensure that he is fulfilling a need in the market, which in this case is “clothing”.
With the passage of time, attention of marketers has shifted from mass marketing, i.e. one product made for everyone to diversified marketing, i.e. a combination of product, price and value keeping certain consumers in mind. This new trend not only ensures, fast sale but also guarantees satisfaction that forms the basis of repurchase.

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Market segmentation, targeting and product positioning are some of the tools used in business today to zero in to the consumers who want “only” our specific products. The process begins with classifying the market into various groups or segments of people having certain similarities e.g., age, sex or geographical location and then these segments are evaluated on basis of prospective consumers, size and accessibility. The selected segments then form a target market of the firm and the products are positioned or presented keeping their preferences or needs in mind.

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Diversified marketing is achieving global success owing to its nature of adaptability and easiness in identifying who will be our customer rather than addressing everyone within the eye’s reach.

Analysis of Consumers

Before starting any business, the ideal step is to analyze the consumers and evaluate what they want from the product, in terms of benefits, attributes, price, quality and durability. This can be carried out by means of surveys, personal interviews or simply by observing their attitudes towards similar products.

Reasons for personalized marketing:

Egonomics: A marketing trend observed by Faith Popcorn in her book, “the popcorn report” stated that consumers are becoming aware of their rights and prefer products made “just for them”. This stimulates an era of individualizing, differentiating, and customizing. Egonomics refer to the profitability of firms by providing for the consumer’s need for personalization, whether be it in product concept, design, customability or personal service. Marketers should consider each individual as a niche and one who enables each consumer to feel unique will succeed.

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Consumers should identify with the product:

In today’s complex world full of choices, consumers find relief in buying products they can easily identify with. This aspect breaks the clutter of various competitor products as the consumer now views a specific brand as “his” or “her” brand and finds it easier to select it amongst the many alternatives available.

Thus by finding out more about the prospective consumers, marketers are now able to shape their marketing mix (price, product, place and packaging) according to their requirements. And providing them with what they need or want and of the same quality as is desired, results ultimately in high sales followed by brand loyalty.

Awareness of potential Consumers

(Women’s clothing store in Northern California)

Before starting business, it is known that Southern California has been selected as a geographical base, and women are the basic market of the outlet. Further information about the consumers could consist of investigating the following: -

1. Need of Consumers: The primary objective of the firm has to find out the needs of the consumers, i.e. do the ladies want informal everyday clothes, work outfits or party gowns.

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2. Consumer Demographics: Details such as, age structure of females, income level, occupation, and lifestyle need to be analyzed to have better understanding about the prospective consumer base and also help prepare marketing strategies adapted to them
3. Purchasing Power: The basis of a good business are consumers with sufficient purchasing power, i.e. after paying off taxes and other compulsory expenses, do the consumers still have ample (disposable) income left to spend on clothes?

4. Price Consciousness: Studying price consciousness of consumers can help set the price range of clothes. In localities such as Beverly Hills where high price equates good quality, an expensive outfit will not be discouraged. However in an average income suburb of California where people are more used to discounts or average price levels, a high price would decrease demand. Hence the firm needs to study if the consumers are price sensitive and are willing to sacrifice good quality for affordable price.
5. Credit availability: Credit makes it possible to continue purchasing despite of running low on cash.  The amount of credit available should be confirmed to ensure stable sales throughout the months.

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6. Consumer’s brand loyalty with Competitor brands: Being a new outlet in a locality with competitors, it is necessary to find out the level of loyalty, consumers have with these competitor brands to see if there is sufficient market available for consumers who are not currently brand loyal or are looking for alternatives.

7. Customer Value Analysis: The firm should study what the consumer’s value most in terms of attributes or benefits and then compare it to the competitors offer. For example it can be studied if women want design, durability, variety or sizes in the clothes they purchase and then competitors are rated in terms of provision of these attributes. This helps not only in identifying where the competitors are lacking but also which qualities women hold most important in terms of clothing.

 

Experiences and Knowledge gained

The research problem handed to me was a very inquisitive one before I even started working on it. To research in a matter that does not already exist, namely a product that has not been launched yet, requires more then a few visits to the manufacturers or handing out survey forms to a few customers and noting down their results. With this research in the trends of marketing and its subordinate functions that influence the purchases we all make, I have learnt a great deal about the business practices and the effects of socio-economic factors of one individual which manifest themselves into million dollar industry’s profits. It has been very interesting to find out the answers to primary business queries such as: How each group of people is segmented and a target market is created? How the income and taste of different people influence their buying decisions? And most importantly, how important is a pre-launch investigation and research into the product’s target market. The marketing knowledge, stated above, does make a difference in any products success or failure but it is to be noted that the final success of any product or service has no checklist. It is a combination of prior research; economical factors remaining constant, good marketing and sales strategies applied and last but not the least luck. Yes it does seem like an amateur term that should not be found in a research paper like this but one realizes that the knowledge and implementation of any or all the principals does not guarantee the climb of the success ladder.

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References

Philip Kotler (2000) Marketing management, Prentice Hall Inc.

Philip Kotler & Gary Armstrong (1996) Principles of marketing, Prentice Hall Inc.

Leon G. Shiffman et al. Consumer Behavior. 6th edition. IRWIN.U.S.A. International Editions

Faith Popcorn, (1992) The popcorn report, Harper Collins Publishers Inc.
 
 


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