Dynamic marketing research
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Dynamic marketing research

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In this slide share, I create a survey and research, which race would be the most profitable to target for a luxury goods retailer.

In this slide share, I create a survey and research, which race would be the most profitable to target for a luxury goods retailer.

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Dynamic marketing research Dynamic marketing research Presentation Transcript

  • Stephanie Lazio Saori HasumiToyomi Uemura Angela Romero 1
  • AssumptionsNordstrom is looking to purchase a new line of luxuryapparel and wants to find the right target market. Theyare looking to find if there’s a difference among race andgender when purchasing luxury items in order to sell tothe most profitable target market.Also, Nordstrom wants to know what attributesrespondents value most in luxury goods 2
  • Executive SummaryThe data gathered from respondents show that there is a significantdifference among race and gender when it comes to the perception ofpurchasing luxury items.Among races, the Asian population tend to be more brand conscious.They purchase items in order to be recognized and increase their socialvalue in the eyes of others. The other race population tend to be brandconscious as well, but not as much as Asians. The white population ratedlow towards their perception of luxury brand consumption.Among gender, males tend to purchase luxury items in order to becomepopular and prestigious within society, and to become closer to theiraspirant groups.Females tend to care less about prestige, and more about lookingfashionable. Also, women enjoy the act of purchasing luxury items. 3
  • Objectives To determine what is the perception or attitude towards buying luxury items between gender. To determine if race is a significant factor affecting the perceptions of buying luxury goods. 4
  • Methodology Sampled from a non-college, working population. Sample size was 303 respondents. Respondents took a survey called Conspicuous Consumption. Run frequencies on the survey data. Run an Independent Sample t-test between gender and their perceived attitudes towards luxury goods consumption. Run a One-way ANOVA test between Asian, Caucasian, Hispanic and their perceived attitudes towards luxury goods consumption. 5
  • General Findings 6
  • Survey Respondents by Gender Distribution of Gender Male 35% Female 65% 7
  • Survey Respondents by Race Race 26% 32% White Asian Other 42% 8
  • Findings on Race Differences 9
  • Findings on Race Differencescont’d: 10
  • Findings on Race Differencescont’d: 11
  • Findings on Gender Differences 12
  • Findings on Gender Differencescont’d: 13
  • Findings on Gender Differencescont’d: 14
  • Analysis 15
  • CommentsQ2: Males are more likely to buy clothes to be like their aspirant group than females.Q3: Males like to be noticed.Q16: Males are more interested in being popular.Q18: Women will buy clothes to be fashionable significantly more than men.Q40: Women rely more word of mouth than men. 16
  • CommentsQ6: Asians are more likely to buy products to enhance their image.Others are likely to buy products to enhance their image as well.Q8: Asians are more likely to buy clothes to increase their value. 17
  • CommentsQ19: Asians are susceptible to experts messages and advertising.Others are more susceptible to experts messages and advertising.Q27: Asians value having unique clothing the most.Others value having unique clothing as well.Q30: Asian value having unique clothing items as well.Others value the most having unique clothing items.Q37: Asians are more likely to buy something that everybody has. 18
  • Managerial recommendationsWe recommend Nordstrom not to disregard the otherraces, but to implement a marketing strategy directedtowards the Asian population because it is the mostprofitable segment. In terms of buying apparel, consideringthe Asian preferences is keen: Asians aspire to uniquenesswhen it comes to fashion and highly value the opinions ofothers.When marketing by gender, we recommend focusing onpurchasing fashionable apparel that make male consumersfeel prestigious. Males tend to purchase items in order to bemore “popular,” so purchasing a line that appeals to maleswould be a great way to capture that market.For females we recommend purchasing up-to-date trendsbecause they highly value fashionable goods. 19
  • Appendix *To open the file, please double click the icon. 20
  • Evaluation *To open the file, please double click the icon. 21