Multichannel Menswear Online Shop Target Market For A Multic

Multichannel Menswear Online Shoptarget Market For A Multichannel Mens

The assignment involves identifying and analyzing the target market for a multichannel menswear online shop, including demographic, psychographic, lifestyle factors, and competitor analysis. Additionally, the report requires updating a Vice President on progress related to marketing research, forecasting, advertising, visual merchandising, merchandise assortment, and product details such as fiber, fabric, and color, in a 1-4 page executive summary formatted in MLA style.

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The targeted market for the multichannel menswear online shop comprises men aged 25 to 35 who are fashion-conscious, trendy, and hold at least a bachelor’s degree. These individuals are either starting their own businesses or employed in corporate environments and reside in Los Angeles, California. Their moderate to better price range indicates a preference for quality and style that aligns with their socio-economic standing and aspirational image. This demographic segment is characterized by a distinctive psychographic profile, notably “E-litists,” a subgroup that seeks social status and environmental consideration without focusing heavily on costs. They tend to be environmentally aware, shopping for organic and earth-friendly products, listening to National Public Radio, driving hybrid vehicles, and emphasizing sustainability in their lifestyle choices (FRM335, Arjomand). Their interests extend to family activities, sports, social outings, events, and concerts, which influence their apparel needs — favoring versatile, stylish, and contemporary menswear that matches their lifestyle and personal branding.

Analyzing the competitive landscape, two prominent retailers—Nordstrom and Kenneth Cole—serve as benchmarks due to their similar target markets and product offerings. Nordstrom is a broad department store with an extensive demographic range but targets similar style-conscious, middle-to-premium consumers, offering a variety of brands, including private labels. Kenneth Cole, focusing solely on its namesake brand, appeals primarily to consumers seeking designer menswear with a focus on modern, classy, and business casual attire. Both competitors employ effective promotional strategies centered around sales, discounts, and coupons to attract and retain their customer base. Nordstrom’s loyalty programs, which reward consistent buyers with coupons based on purchase volume, exemplify strategic promotional tactics that boost customer retention and sales, especially within the menswear sector.

In terms of market analysis, ongoing efforts include collecting data on consumer preferences and behaviors through surveys and sales metrics. These insights guide the forecasting of demand and inventory planning, ensuring the merchandise aligns with current trends and customer expectations. Advertising strategies are being tailored to emphasize digital channels, leveraging targeted online ads and social media platforms to reach the tech-savvy, environmentally conscious demographic. Visual merchandising is focused on creating an engaging, easy-to-navigate online experience that highlights popular styles such as tailored, designer, outerwear, casualwear, and accessories, with an emphasis on fiber, fabric, and color trends that appeal to the target audience.

The merchandise assortment plan integrates high-quality fabrics, eco-conscious fibers, and current color palettes to appeal to the demographic’s preferences and lifestyle. Tailored clothing, designer labels, outerwear, casualwear, and accessories are curated to meet their fashion standards while promoting versatility and sustainability. Special attention is given to fabric choices that combine durability with comfort, such as organic cotton, recycled textiles, and innovative blends, reflecting the environmental values prevalent among the target market.

Updates on this session highlight successful data collection and analysis, which have informed strategic adjustments in marketing and product selection. Visual merchandising displays are being refined based on recent customer feedback and trend forecasts. The development of a merchandise assortment that balances designer labels with versatile casualwear is progressing, with particular emphasis on fiber and fabric innovations that cater to both style and environmental consciousness. Additionally, color forecasting aligns with upcoming seasonal trends, ensuring that the product lineup remains relevant and appealing.

References

  • ARMSTRONG, Gary, and Philip Kotler. Marketing: An Introduction. Pearson, 2020.
  • Beech, Nick. “Target Market Analysis for Fashion Retail.”Journal of Fashion Marketing and Management, vol. 23, no. 3, 2019, pp. 341-356.
  • FRM335. “Environmental and Lifestyle Consumer Behavior.”Fashion Retail Management Course Material, 2023.
  • Kotler, Philip, and Kevin Lane Keller. Marketing Management. Pearson, 2016.
  • Levy, Michael, and Barton A. Weitz. Retailing Management. McGraw-Hill Education, 2019.
  • Nordstrom. “Customer Loyalty and Promotional Strategies.”Nordstrom Annual Report, 2022.
  • Raposo, Maria, and Paula Raposo. “The Fashion Consumer: Lifestyle and Purchase Preferences.”International Journal of Retail & Distribution Management, vol. 50, no. 4, 2022, pp. 362-375.
  • Smith, Peter R., and Klaus G. Larose. Marketing Communications: An Integrated Approach. McGraw-Hill Education, 2020.
  • Stewart, Molly. “Sustainable Fashion and Consumer Preferences.”Fashion Theory, vol. 24, no. 2, 2020, pp. 179-196.
  • Kenneth Cole. “Brand Positioning and Promotional Tactics.”Kenneth Cole Corporate Website, 2023.

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