Consumer demographics and psychographics Essay Example | Topics and Well Written Essays - 1750 words

Consumer demographics and psychographics - Essay Example Mission Statement The underlying mission statement reads, â€Å"We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative fashion products.† Product Product from the new line is of top quality. The production concept and prototype have indicated that new denim trousers introduced by the company through its new product line possess distinctive design features which are appealing to the potential buyers. The design features give an impression which customers tend to associate with quality and artistic elegance. These quality attributes are in line with the company’s mission. Establishment of new line, which cause reduction in production costs and improves quality, saves the customers on prices thus bringing convenience in their lives. The artistic appearance and elegance of the new product coupled with the low cost production line is as a result of innovation by the company’s designers. This is consistent with p roduct quality, innovation and consumer convenience, which is explicitly emphasized within the company’s mission. Dibb and Simkin (2008), development of a line of new denim trousers which is anticipated to be successful, is a significant stride towards achievement to the mission. Consumer Product Classification According to the three-way Consumer Product Classification System, the company’s products can be classified as shopping products. According to Dibb and Simkin (2008), quality and design of the products gives a special psychological appeal; hence making them distinguished by the consumers from all the rest. The products have a great artistic design features and extensive testing has identified them as the most popular and comfortable pair of trousers in the industry. Target Market With the advancement in fashion dynamics, there is increased need for artistic designer clothing for casual and official occasions. From previous market survey, young generations, espec ially people aged between 21 and 35 years, feature as the main consumers of the company’s goods. Statistics indicate that the mentioned age group makes approximately 76% of the total consumers of brand denim products. It has been established through various demographic and economic studies that this age group comprises of low income earners. Sometimes, few people in this â€Å"techno generation† who are lucky enough to have high income usually have numerous expenditures. Most people in the generation like associating themselves with high social status despite of their strict spending principles. According to Dibb & Simkin (2008), cost reduction and quality assurance in the product targeting this group must be considered. Consumers are also sensitive to appearances and are commonly attracted to clothes which are elegant and artistic. It is therefore possible to drift them towards the new low cost products that the company is producing. Demographic studies have shown tha t the number of people joining this age group is increasing while those leaving it are substantially decreasing. This shows possibility of a widening market in future. Analysis of Competitive Market Environment Competitive Rivalry Fashion industry is well inhabited by manufacturing companies but few of the companies specialize in branded denim products. However, there are three established denim producers and two more others with considerably lower production capacity. Although some of these companies have managed to reduce prices of their products, it is yet to reach the extent to which the new product line of the company intends to achieve. This

International business Essay Example | Topics and Well Written Essays - 2500 words - 9

International business - Essay Example In a word OPEC maintains the price and distribution control of petroleum as they are largest crude oil producers globally. In order to reduce the oil dependency on the OPEC countries US went for the introduction of substitute of fossil fuel. Ethanol is the effective solution and substitute. The ethanol industry from the starting days has created the objective in order to achieve the target audience base. In order to become the strongest economy the US government has motivated the industry from the starting point. The reduced dependency on OPEC will cut down several oil cost of US economy. Moreover, the adoption and the usage of ethanol will solve many problems. The problems of fuel consumption, emission of green house gas and air pollutant will be overcome (Elmendorf, 2009). The objective of the study is to analyze the ethanol industry according to the case study. The analysis will be followed by the industry SWOT analysis in US, and then the study will reveal the critical thinking, decision making and strategic analysis about the case in order to achieve the desired objective. Moreover the industry related issues are being found for the purpose of the study. The major objective is to bring the strategic solutions of those problems and structure some recommendations. Finally the study ends with the evaluation of analysis and conclusions. Ethanol is produced by sugar fermentation. It is an alcohol found in grains and different biomass. Now-a-days ethanol industry is one of the leading and profitable industries worldwide. In order to achieve the objective of the study ethanol industry SWOT analysis has been implemented. The SWOT analysis is consisting of internal strengths and weaknesses of an industry or a product or a service and external threat and opportunities and threats of those. Reliable, cost efficient and flexible supply and distribution network is the important strength of ethanol industry in US.