Women Business Suits - Research Proposal Example

First Last Number 16 September Consumer Market Research - Women Business Suits INTRODUCTION The aim of the market research is to examine and analyse the present competitive environment. In addition to this, the research enables the marketers to gather vital information with respect to the consumers’ needs and their potential expectations about the concerned products and/or services. Furthermore, through market research, the business is able to develop and modify the design of the products according to the needs of the customers. With the assistance of market survey, the producers of goods and/or services are able to identify the potential customers as well as target market (Belk, Fischer and Kozinets 9-10). In this respect, a market research has been conducted comprising female members belonging to the US. The aim of the research is to analyse the target market for women business suits and to obtain feedback about the products. For this purpose, conducting consumer survey is likely to be beneficial, as it has the potential to determine the current demand for business suits of women. The objective of the consumer research is to analyse the buying behaviour of the customers and to gather opinion about the products. In the context of the women business suits, a consumer research also enables the marketers to identify the potential buyers of clothes (Stone, Bond and Foss 4-5). For the purpose of obtaining data for the research, informal interview has been selected, as it enables the researchers to gather information directly from the customers regarding the products. In addition to this, the data and information gathered through survey enables the producers of products to obtain necessary information about the demand and preferences of the customers for meeting their needs accordingly. Moreover, the data collected through consumer survey is helpful for the purpose of marketing the product in other regions and retailing (Xu 8-20). METHODOLOGY Research Overview. The aim of consumer research is to collect the feedback of the individuals about women business suits. The research seeks to analyse the feedback collected to examine the buying habits of women. In addition to this, the research enables the producer of suits to make necessary changes in the products according to the needs and preferences of the customers. The research intends to investigate the buying preference and behaviour of women belonging to the US (Jackson 87-109). Research Approach. The key objective of the consumer market research is to collect the feedback from the existing buyers of women business suits. The data collected are analysed on the basis of different research approaches. There are three research approaches that are quantitative, qualitative and mixed (Jackson 87-109). A quantitative method involves collection of data and translating them into numerical figures. The examination of the numerical figures is likely to provide relevant information necessary to satisfy the objectives of a research. On the other hand, a qualitative method involves direct communication between the marketers and the concerned buyers of the products. Another approach of research is the mixed approach that involves the application of both quantitative as well as qualitative method (Jackson 101-102). For the purpose of consumer research, a quantitative method has been used, as it is likely to provide in-depth information about the opinions of the selected customers. The quantitative data collection process involves different methods including survey that can be conducted either through interview or questionnaire. In this consumer market research, an informal interview method has been applied with the aim of obtaining relevant data (Takhar-Lail and Ghorbani 58-69). Data Collection Method. For the purpose of obtaining data for the research, a survey method has been selected for collection of information from the customers. In order to meet the aim of consumer market research, a sample of five people has been selected from the target market of the US. To conduct the survey, five women have been selected form Bloomingdales, who are the customers of the concerned department store. Women selected for the purpose belongs to different ethnicities, so that the data collected are rich source of accurate information. In order to gather relevant information and feedback, it is essential to target the existing customers of women business suits. In order to conduct consumer survey, questionnaire method has been selected. This method of data collection is suitable for the purpose of data collection, as it facilitates collection of large amount of data and is cost effective as compared to other methods (Sage Publications 159-185). On the other hand, data collected through questionnaire method can be easily analysed by the researchers. The questions designed for the purpose of the survey are close ended in order to gather relevant feedback from the customers regarding women business suits. In addition to this, close ended questions and the response of the customers enabled the researcher to analyse their opinions in detail. Limitation of the Consumer Market Research. The research covers the consumers belonging to the US only. The geographic region has been kept limited as a result of which the information gathered is limited. For the purpose of obtaining data for the research, five women have been selected who are the existing buyers of business suits. The consumer buying behaviour and attitude many vary that makes it difficult for the researchers to gather relevant information. Moreover, as the sample size is limited to five women, therefore, the result of the analysis may not be applicable for the entire market of business suits for women (Fowler 115-120). DATA ANALYSIS For the purpose of data collection, five women have been selected who are the existing buyers of business attire of Bloomingdales. A set of the questions was prepared with the aim of analysing the feedback of the customers. In addition to this, the set of questions enabled a researcher to examine the buying behaviour of the customers. Moreover, on the basis of the data gathered, the producers of products are likely to make relevant changes in the product line according to the needs and preferences of the buyers. The prime aim of consumer research is to analyse the market for business suits that is generally preferable by the working women. The sample selected for the purpose of the consumer research includes women working in both private as well as public sector. The classification with respect to the working industry has been made so as to analyse which industrial sector that prefer women employee to wear business suits. The survey covers the participant belonging to both private and public sectors. In addition to this, the marketers are able to target particular segment of customers that has the potential to raise the overall profitability of the concerned producer in the long run. Furthermore, the classification of the working women survey participants has been made on the basis of age. This enabled the researchers to identify the age group of customers who prefer wearing business suits as compared to others. From the data collected, it is clear that the working members belonging to age group mostly prefer wearing business suits at workplace. The participants surveyed include women members belonging to different regions in the US in order to collect rich and accurate information. The participants have been selected from different ethnicities, as it facilitates better understanding of backgrounds as well as how it affects their participation in the society. In addition to this, the survey including participants of different backgrounds enables a proper understanding of behaviour of individual. The survey involves three participants representing White Americans and the rest are African and Asian Americans. In addition to this, it can be further analysed that the despite different ethnic background, women are fond of business attire. In this context, the data collected also revealed the fact that most of the customers of Bloomingdales are White Americans. The participants selected for consumer survey are identified to be having diverse household incomes. Out of the five women selected for the interview, two of the participants are ascertained to be having an average household income between the ranges of US$50,000-US$70,000 on a monthly basis. On the other hand, two have claimed that due to high price of the full business suits, sometime they need to reduce their other expense in order to buy the suits. From the data, it is clear that the participants are very fond of business suits and therefore, are more likely to wear it more than three days a week. This also reveals the fact that business suits have good demand in the US market. The participants with income ranging from $50,000-$70,000 are more interested in purchasing the business suit once in a month. On the other hand, the participant with less than $10,000 household income generally prefers buying the suits one in a year. This is clear from this fact that household income is one of the crucial factors that affects the buying behaviour of the women participants. The buying behaviour of the women is also dependent on the buying preference of the individuals. Out of the five participants, two of them are more interested in purchasing full business suits. On the other hand, the data collected revealed the fact that the women working in the private sector prefers wearing business suits more often as compared to the one working in the public sector. The buying behaviour of the individual depends not only on the total earning of the family members, but also depends on the type of business in which they are working. It is essential for the researchers to focus in the buying behaviour of the customers, as this enables to have a proper analysis of the market demand of the products. In addition, conducting consumer research assists in identifying the types of the business dresses liked by the women apart from suits. The participants were also enquired about the fact that whether the colour of the outfit offered was satisfying. Form the data collected, it has been clear that the three participants are not satisfied with the colour of outfits offered to them. From the data collected, it has been ascertained that the working women prefer buying business suits more often. However, it can also be analysed from this fact that unavailability of different colours is another factor that has a negative impact on the buying decision of the existing customers. For further analysis of customers’ preferences, it can be identified that the women want more variety of products. In addition to this, the data collected also revealed the fact that two of the participants to be surveyed prefer buying trouser from one shop and rest of the other materials from other department stores. It can be analysed from this fact that some of the participants are not fully satisfied with the business attire offered to them. The participants were also enquired about the existing collection of the business attires. Furthermore, the participants were also asked to give their opinion about the type of business dresses purchased by them. In order to analyse customers’ behaviour in detail, the participants were provided with five images of garments with respect to which different questions were asked to them. All the participants seemed to like the collection of the business outfits shown to them. In addition to this, the participants also agreed with the fact that the changes in the variety of business outfits are likely to bring positive changes in the buying behaviour of overall buyers. However, the price of the outfit was the major consideration among the participants. Out of five participants, two of them preferred red colour of Vince Shirt. On the other hand, one participant liked the style of shirt, but suggested that the shirt should be in white or blue. The participants were satisfied with the style of Vince Shirt, but the price was the major concern for the low earning members. The price, which the participants are willing to pay for Vince Shirt ranges from US$300-US$600. This discloses the fact that the price set for the shirt should be competitive as well as affordable. In order to retain the existing customers, it is essential for the department store to manufacture the products preferred by the customers. The participants are satisfied with the black colour of the theory blazer. However, one the participant suggested that the style of the blazer can be enhanced for better marketing of the products and to raise the total sale of blazer. The participants have liked the colour of the theory blazer. In this regard, two of the participants argued that brown colour of the blazer could have been more preferable than white. The opinions of the respondents from the survey depicted that the respondents have preferences for blazers and shirts as compared to the pencil skirts. One of the participant suggested that the length of the skirt is good, but offering more variety of colours has the potential for increase in sales. The combination of black colour was liked by four participant members. The participants are also recognised to be willing to pay above $1,000 for the Vince pants. RECOMMENDED ACCORDING TO THE FEEDBACK COLLECTED CHANGES In order to implement the changes, it is essential to analyse the target market. A proper customer research enables in identifying the demand for business suits. From the conducted research, the changes can be made according to the preferences of the customers. Form the survey conducted, it has been identified that the price of the products is the major concern for the potential buyers of the products. Therefore, with respect to the change in competition, it becomes crucial for the producers to set affordable price of business suits. From the data collected, it has been recognised that apart from the price of outfits, the availability of variety is another factor that is likely to affect the buying behaviour of the customers. From the feedback gathered, it can be further analysed that the colour of business suit is another factor that is likely to have a negative impact on the buyers’ decision to purchase the products. Therefore, in order to retain the existing customers, it becomes essential for the producers of the products to offer products with variety of colours. Some of the participants have also raised issues regarding the design and the style of the business attire. Therefore, in order to retain the exiting buyers and to attract potential customers, it becomes crucial to produce variety of products. CONCLUSION From the data collected, it can be analysed that business attire is mainly preferable by the working business members. A consumer research has been conducted in order to gain customers, feedback about the products. For the purpose of data collection, a survey method has been selected, as it enabled in collecting in-depth information about the buyers behaviour. On the other, the method is affordable and the process of the data collection is easier as compared to other methods of the data collection. For the purpose of conducting the research in an effective manner, five women have been selected. A set of close ended questions have been prepared and distributed among the participants. From the data collected, it has been recognised that business outfits are preferred by consumers belonging to different backgrounds. In addition to this, customers’ feedback about the product is the likely source to analyse the market demand for business suits. Moreover, customer research enables the marketers to examine the needs of the buyers. From the data collected, it has been analysed that price and income of the buyers is the crucial factors that affects the buying behaviour of the customers. Works Cited Belk, Russell, Eileen Fischer and Kozinets Robert V. Qualitative Consumer and Marketing Research. London: SAGE, 2012. Print “Women.” Bloomingdales. 2015. Web. 23 Apr. 2015. Fowler, Floyd J. Survey Research Methods. London: SAGE, 2009. Print. Jackson, Sherri. Research Methods: A Modular Approach. USA: Cengage Learning, 2010. Print. Jackson, Sherri. Research Methods and Statistics: A Critical Thinking Approach. USA: Cengage Learning, 2015. Print. “Survey Research”. Sage Publications. N.d. Web. 23 Apr. 2015. Stone, Merlin, Alison Bond and Bryan Foss. Consumer Insight: How to Use Data and Market Research to Get Closer to Your Customer. US: Kogan Page Publishers, 2004. Print. Takhar-Lail, Amandeep and Ali Ghorbani. “Market Research: Methodologies” Relationship Management, and E-Services: 58-69. Print. Xu, Jie. Market Research Handbook: Measurement, Approach and Practice.USA: IUniverse, 2005. Print. Appendix Questions for Consumer Market Research - women business suits 1. What Industry you work in? Public Private Other 2. Age 20-30 30-40 40-50 Above 50 3. Ethnicity White American African American Asian American Other (Specify) 4. What is your approximate household income? Less than $10,000 $10,000- $30,000 $30,000-$50,000 $50,000-$70,000 $70,000-$90,000 Above $90,000 5. How often do you prefer wearing business attire? 1 day a week 2 day a week 3 day a week More than 3 day a week 6. How often you shop for business suits? Once a month Once in 6 months Once in a year Other (specify) 7. Most preferable women business outfit? Blazers Skirts Trousers Dresses Full Suits Other (Specify) 8. Do you like the colours of the business suits offered by the department store of USA? Yes No 9. Which business dress you are likely to purchase least? Blazers Skirts Trousers Dresses Full Suits Other (Specify) 10. How much do you prefer to spend on business suits? $0-$1000 $1000--$3000 $3000-$5000 Above $5000 11. What do you like about the collection of business suits? Style Simplicity Other 12. What are the changes you would like to have in business suits? 13. What are the biggest concerns while purchasing the business suits? Price Quality Variety Colour of suits Style Other (specify) Figure-1 Vince Shirt Source: (Bloomingdales, “Women”) 14. Give your opinion about Vince Shirt (Price, style) 15. What is the other colour you would like to buy other than red? Figure-2 Theory Blazer Source: (Bloomingdales, “Women”) 16. What are the other colours preferable for blazer other than black? 17. What are the changes you would like to have in the design and variety of blazers? Figure-3 Theory Blazer Source: (Bloomingdales, “Women”) 18. Give your opinion about new Theory Blazer of Bloomingdales? Figure-4 BASLER 26" Pencil Skirt Source: (Bloomingdales, “Women”) 19. Suggest any changes (if any) that you would prefer in design of Pencil Skirt. Figure-4 Vince Pants Source: (Bloomingdales, “Women”) Read More