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Marketing Research Project
 

Marketing Research Project

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Through researching a unsatisfied demographic, I placed the framework of my own mock company.

Through researching a unsatisfied demographic, I placed the framework of my own mock company.

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    Marketing Research Project Marketing Research Project Presentation Transcript

    • MIDTERM PROJECT Marketing Research STRUT By Renee Miller
    • Industry Overview
      • The shoe store industry includes about 30,000 stores with combined annual revenue of almost $25 billion.
      • Major companies include Payless, Famous Footwear, Footlocker, and DSW (Designer Shoe Warehouse).
      • Shoe manufacturers, such as Nike and Brown Shoe, also have retail operations.
      • The industry is concentrated: the top 50 companies have about 80 percent of industry revenue.
    • Strut: At a Glance
      • My business is a shoe company selling original designs and fashionable imitations of high-end contemporary woman’s shoes.
      • The product will cover everything from evening, dressy and casual shoes; manufacturing heels, boots, flats and some specialty sneakers.
      • The product will be more edgy, stylish and fresh than our competitors at a lower price point.
      • Strut will also manufacture our shoes with the customer’s comfort as well on top of their wallet in mind.
      • The target customers are middle class women ranging in age from 19 to 39.
      • These women like fashion but love shoes (especially at discount prices).
      • They are career oriented, but on the other hand, they are outgoing and love a night out on the town.
    • The Competitive Market of the Shoe Industry
      • Fashion trends and personal income drive demand.
      • The profitability of Strut depends on our effective merchandising and competitive pricing.
      • Large companies have advantages in purchasing, distribution, and marketing.
      • However, Strut can compete effectively by stocking specialty products, providing superior customer service, or serving a local market.
      • My company will have to compete with department stores, mass merchandisers, apparel retailers, Internet retailers, and some shoe manufacturers.
    • Competition Continued
      • Our Competition
        • Nine West
        • Steve Madden
        • Aldo
        • Adidas by Stella McCarthy
      • Competitive Advantages
      • Customer Service
      • Technology
      • Use of Focus Groups & Surveys
      • Use of major marketing and promotional vehicles
    • Technology
      • Strut plans to use integrated computer systems to manage point of sale (POS), inventory, distribution, and financial operations.
      • Daily analysis of POS data will allow my company to react quickly to market conditions and make fast decisions on pricing, reorders, and markdowns.
      • Our inventory management system will help Strut stores develop store specific merchandising plans and identify losses.
      • Strut will track merchandise by universal product codes (UPC), and use electronic data interchange (EDI) and advance shipment notification (ASN) to aid in purchasing and monitoring deliveries.
    • Sales and Marketing
      • While the typical customer for a shoe store varies by store type, women between 18 and 49 make the majority of footwear purchasing decisions.
      • Appearance-conscious young women are important targets for the shoe industry.
      • On average, women spend $40 on a pair of shoes, according to Greenfield.
      • Major marketing and promotional tools include TV, radio, newspaper, and print advertising, direct mail, and in-store displays.
      • Brand name shoes are important.
      • Giveaways and promotional events draw store traffic.
      • Shoe retailers may encourage multiple purchases through loyalty clubs or by offering discounts.
      • Seasonal décor highlights new merchandise. High-end shoe stores may hold trunk shows to feature special designers.
      • Most shoe stores have Internet sites providing basic store information, including hours of operation and locations.
      • Most large companies sell merchandise through websites or link with existing retail sites, such as Amazon.
      • The Internet is especially important for shoe stores with specialized inventory, such as large size shoes.
      • Companies may use Internet sites or catalogs to drive traffic to stores.
    • Strut’s Perspective
      • How can Strut break into the shoe industry successfully?
        • Our business strategy is that we understand the value of customer relationship management.
          • There is a strong correlation between customer satisfation and customer retention
          • Knowing your customer and increasing valued-added components to the customer is a key dimension to profitability
        • Market Research
          • The use of real-time customer information to achieve a competitive advantage: Surveys, focus groups
          • The following slides are examples of Strut market out-sourced data intelligence.
    • The Customer: Woman’s footwear purchases in the past 12 months, March 2007
    • Attitudes towards shoe shopping, by Region
    • Women’s footwear purchases in the past 12 months, by Age
    • Women’s footwear purchases in the past 12 months, by Household Income
    • Competition: Retail Distribution Where women purchased shoes in the past year, by retailer type, March 2007
    • SWOT Analysis of Strut
      • Strength: Strut can compete effectively over large mass merchants by stocking specialty products, providing superior customer service, and catering to a local market.
        • Technology: Intergated computer systems, POS, UPC, EDI, ASN
      • Weakness: Strut will have a major disadvantage in purchasing, distribution, and marketing due to its small size.
      • Opportunities: Strut can conduct surveys and focus group discussions in order to generate new ideas about products and services as well as to help explain changing customer preferences.
        • Sales and Marketing: Ads, direct mail, in-store displays, Giveaways and promotional events
      • Threats: Major mass production shoe merchants who have a competitive edge because of their size; they have an advantage in purchasing, distribution, and marketing.