(1) Market knowledge is the comprehensive understanding of a company’s target ma
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(1) Market knowledge is the comprehensive understanding of a company’s target market and products. This knowledge is the foundation upon which is a successful merchandising effort is built. In order to obtain market knowledge, merchandisers and product managers must apply research techniques and monitor changes in the market.
At the end of this module students will be able to define and examine the factors in developing a detailed understanding of target market segments for a specific company. Once you have collected and analyzed information your critical thinking skills will be needed to answer questions 3c and 3d.
(2) Deliverable: Research Paper (Word document)
This module project is worth 15% of your final grade.
Requires at least 3 LIM business databases in addition to other sources. Please navigate to the Library Research Guide for this course, and click on the Module 1 tab, to locate the appropriate databases for this project.
Include at least 3 pages of content, excluding cover page, abstract and reference page.
Use APA formatting for paper, all research sources should be clearly cited in APA.
(3) Research paper instructions:
Select an apparel brand of your choice with the approval of your instructor. Click here for the list of top apparel stores/brands to use for your research topic.Preview the document
a. Company Information: Must include brief company background, identify business sector (channel of distribution); department store, specialty store, on-line etc., Discuss current factors affecting the selected business sector/marketplace. Identify the brand’s products and major competitors.
b. Analysis of target market: Identify and analyze demographic information /trends; age, gender, income, education, ethnicity, social class, geography, family size, occupation, spending patterns. Psychographic information/trends: values, attitudes, lifestyles (VALS Segments), interests, opinions, motivations. Emerging trends, social forces, peer pressure.
c. Forecast: Many brands/companies have lost sight of their target market and suffered loss of their dominant industry position (GAP Stores, Victoria’s Secret, J.Crew). It is easy for an apparel company with a solid market image to become complacent. Now that you have analyzed and examined your brand’s target market and emerging trends, what strategies should the brand/company be implementing to sustain their future business?
–Please be sure to review the student examples in this week’s course folder before you begin.
–Review the grading rubric carefully.
–You may use Google, however it should be used to supplement your research, NOT as a primary source. For professional-level research, use the databases found through the ACM Library Research Guide to locate reliable data: http://limcollege.libguides.com/acm