22 Jun Your duties and job descriptio
Your duties and job description will include:
Awareness of Target market demographics, psychographics and changes
Understanding and analysis of market competition
Identification of product opportunities for future seasons by translating trends
Communication of brand strategy to online Visual Merchandising and Advertising teams
Working in conjunction design team to plan fabric selection and product assortment in line with brand strategies.
Here are some additional and important details about the company you work for:
Large-scale, meaning revenues are in the millions to billions.
Sells designer, name brand and private label merchandise.
Carries a product mix of tailored clothing (a.k.a. work wear), sportswear (a.k.a. casualwear), and outerwear.
An example of this type of retailer is Men’s Wearhouse.
This week, you will research and analyze the market for the retail store, becoming familiar with your target market, and your competition. Start early in the week, as the assignment has several components.
Task
Part 1: Define your target market
Since you will be working on this project all session, you are being given the opportunity to define the target market for this store. When defining your target market, consider the market segments and generations discussed in the textbook and lectures this week, and visit the menswear retailers listed below in Part 2 to get a sense of what the competition has to offer, and who they cater to.
Address the following areas in your Target Market Definition, making sure to explain how each will affect your customer’s spending habits and style preferences, and include a brief explanation about why you think this is a viable market segment for the type of company outlined in the assignment Overview above. Support your information and decision about what market to cater to with research.
Target Market topics:
Age range, generational cohort, and characteristics of that generation
Income range (you need to cover two price range categories, so make it wide enough to accommodate- see next bullet point)
Identify your price categories as either budget/moderate or moderate/better to match income level.
Geographic area (can be either a specific location or type of location)
Psychographics and lifestyle segments, including (Click here to download a list of lifestyle segment examples.):
◦ Interests
◦ Hobbies
◦ Jobs
◦ Technological interest and ability
Summary evaluation about why this is a viable market segment.
Part 2
Research the competition for your target market and product categories. Review at least 5 of the websites below, or menswear websites of your choosing. Choose at least 2 that you believe will be main competitors for your company, and evaluate the following:
Who is the target market for the retailer?
What is the price range/market segment of he merchandise?
What is the merchandise assortment offered by the Web sites- what are the major categories of menswear listed?
What type of merchandise does this store offer? Brand names, designer, and/or private label?
What kind of promotions do the Web sites offer to customers? Do you think their promotional strategies are effective to sell menswear? Why or why not?
What customer service policies do the online retailers offer? Do you think these policies are effective to bring in new male customers and retain older male customers of the retail house? Justify your response.
Are the retailers incorporating current trends into their lines?
Explain why you believe these 2 retailers will be main competitors.
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