Imagine that you are a member of management at a successful high-end adult cloth
ID: 1206124 • Letter: I
Question
Imagine 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 your own words:
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?
Explanation / Answer
1.
The issues are as follows:
Current trend or fashion: Understanding the fact of current trend is important, so that the company can produce clothing maintaining that trend. If the trend is not followed while producing, the product will not be demanded in the market.
Necessities: The company should explore what parents want for their child. Giving the importance of parents’ view is important here, because they used to purchase products for their children.
Willingness-to-pay: Discovering the fact consumers’ willingness-to-pay is important, because ultimately price matter for the company for earning revenues.
The researcher wants to know the prospect and the ultimate demand of the product in the market.