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Essay / Research Paper Abstract
This 9 page paper considers how a new product will be considered with market analysis and product development. The paper looks at a new range of menswear for the UK market, conducts a market analysis looks at the general market trends, performance of the segments. Projections and major competitors. The paper then considers how a target market may be identified and defines the target market and how the product is developed for that market and then shows where it would be placed in a BCG matrix. The bibliography cites 15 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEnewmen.rtf
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Unformatted sample text from the term paper:
identified and their motivation to buy is understood. The new product to be marketed is a range of mens jumpers and complimentary
items such as ties and socks, with Christmas themes knitted or embroidered into them. The concept is to build in the success of the film Bridget Joness Diary and
the jumper worn by Darcy at the beginning of the first film. To understand this we will first look at the market patterns within menswear. The clothing market in the
UK is a market that has undergone some major changes. The increased competition from discount retailers has impacted on the traditional chains stores such as the Arcadia Group and Marks
and Spencers stores. This market showed strong growth in the mid 1990s and then slowed down. However, in 2001 there was positive growth, the market was worth almost ?6.5 billion
(Euromonitor, 2003). This was an increase of 1.7% on the 2000 market value (Euromonitor, 2003). This was projected at increasing to ?6.8 billion in 2002 (Singh and Hobbs, 2002). The
average single item price over the entire market was ?11.62(Singh and Hobbs, 2002). The average household mens wear expenditure was just over ?255 in 2001, this was also a slight
increase on 2000 (Euromonitor, 2003). Of these sales, nearly 30% of the total purchases were made for men by women (Singh and Hobbs, 2002). It is also interesting to compare
this to the womens wear market where the market size is nearly twice as big at ?13.3 billion, and of this only 10% of the purchases are made by men
for women Marketing in of mens wear is mainly aimed at the 15 - 34 year old age group, with the focus on spending taking place in mens fashion
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