Marketing research requires considering several areas such as understanding customers’ needs, product delivery, and the expected value. The proposed research targets evaluating customer perception of a new brand of shoes for mass market. To conduct marketing research targeting the exploration of a brand perception, it is essential to analyze consumer behavior that will assess the extent of clients’ loyalty to a company or product, answering the following questions: who purchases and why? Consequently, it will be useful in establishing competitive prices for the product, make changes, and adjust promotion strategies along with advertising techniques to enhance all the elements of the marketing mix (Editorial Board, 2014). Furthermore, competitive analysis should be conducted to gather data regarding awareness of products and marketing policies of competitors, which are critical for better market targeting and determining individual promotion policies and pricing.
The proposed research will be based on a quantitative market research that is, as a rule, associated with initiating surveys with a large number of participants and structured questions. The characteristic features that will be applied are a clearly defined format of the data collected and the processing of the collected data in terms of ordered procedures. Data collection for market research will be based on the main methods of collecting primary marketing data such as interview and observation. The analysis of market research data would begin with the transformation of the original data, checking for errors, coding, and representation in matrix form. This allows translating a lot of raw data into meaningful information.
Among findings of such research on marketing, it is necessary to determine the nature and size of the market, namely, customers should be characterized by age, gender, profession, social status, income, etc. The analysis assumes marketing researches of consumers, revealing the information on a geographical position of customers and also about specific weight of production of the basic competing companies in the given branch of the market (Baker, 2014). In addition, the study would analyze the structure, organization of activities, and the composition of the sales network engaged in servicing this market. A preliminary outline for the proposed project may be formulated as follows:
- formulation of research questions and hypotheses;
- preparation of materials and contacting customers;
- data collection;
- data analysis;
Providing the overview of the target product, one may characterize it as female and male shoes with large assortment and seasonal discounts. The selected product would target such profiles elaborated by Experian as Family Ties (F23), Boomerang Boarders (F22), and First-Rung Futures (H32) (“Mosaic,” n.d.). These profiles focus on families with idle income able to live both in urban and suburban areas and use mass market products. Such target audiences usually include teenagers, their parents, and retired grandparents (Weinstein, 2013). Taking into account that they need comfort, accessible price, and style, the proposed product seems to be appropriate.
The mentioned information regarding customers may be used to properly communicate the company’s marketing strategy and successfully compete on the market. Namely, managers can use it in their communication strategy by developing corresponding advertising in media sources. The identified marketing research can provide the necessary information about how customers receive, perceive, and convey information about the given product that is especially important while planning a long and costly advertising campaign. Data on the effectiveness of channels and methods of promotion would allow either to save the advertising budget or dispose of the available funds more efficiently.
The mass market segment is distinguished by an average level of quality that is acceptable and affordable due to adequate prices for most customers. The mass market segment is characterized by the fact that the price and quality of goods and services offered in this market are always interconnected caused by the high competition in the segment (Armstrong, Kotler, Harker, & Brennan, 2015). The concept of mass-market is based on the recognition of the product and loyalty to the brand as a recognizable sign. The quality of a particular mass-market product is not fundamentally different from the quality of a similar product, while the prices of mass-market products are often similar (Pollard, Chuo, & Lee, 2016). In this case, mass advertising and marketing technologies are used to ensure sales of brands and mass-market goods. In addition to mass advertising, mass market goods and services, marketing support of these goods is required at the place of their sale. The mentioned statements describe the needs of the target audiences.
The proposed research would target the mentioned audiences since they need specific brands for affordable prices. The mass market sector was selected as it ensures that people can look good in accordance with their own ideas about fashion and style, even if their budget is limited, and the size is far from the mainstream ideal. The main issue for the identified customer is to find a brand that arranges for the price policy, quality, and assortment at the same time. The ethical implications include proper treatment of all target audiences regardless of gender, age, and race. Among legal implications, one may note that it is essential to ensure that marketing research would not violate existing laws and regulations as well as mistreat customers’ personality. In combination, the chosen market area, target audiences, and the product should be analyzed taking into account ever-changing external factors such as economic and social issues to create a feasible marketing plan.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: An introduction (3rd ed.). New York, NY: Pearson Education.
Baker, M. J. (2014). Marketing strategy and management (5th ed.). New York, NY: Palgrave Macmillan.
Editorial Board. (2014). Marketing management. Schaumburg, IL: Words of Wisdom.
Pollard, D., Chuo, S., & Lee, B. (2016). Strategies for mass customization. Journal of Business & Economics Research, 14(3), 101-114.
Weinstein, A. (2013). Handbook of market segmentation: Strategic targeting for business and technology firms. New York, NY: Routledge.