When research is used to determine the viability of a new service or product with the help of potential customers, it is known as market research. Market research allows companies to discover target markets and get consumer feedback and other feedback about their interest in products and services. More than anything else, research will help you understand all about the upcoming trends in the market and so much more.
Based on the case study that we had gone through in class, this particular market research for a brand showed the difference in genders when it came to buying clothes. While men or rather the male participants who were in their teenage preferred status-giving brands as they wanted to buy into a world of fame, success and money, female participants, or teenage girls were oriented towards standing out in the crowd. They did not want to gain any status from their clothes. However, they just wanted to stand out in a sea of other girls like them. They also came empowered with their strong set of values. But, they were also interested in dabbling in the expensive brands as well. What stood out the most in the research was that girls liked to mix and match their outfits, they even liked personalizing them.
Now, with this information, sellers can strengthen their buying capacity. Once a research is conducted, a brand manager gets a pretty good idea on the type and quality of products each of their target group would want. Based on this, they can increase the sales of some particular products and even figure out where they incur their losses. While male participants would be seen shopping from expensive brands, fashion matters more to the female participants.
As a potential brand manager for a clothing brand, I would decide to increase the number of styles that a girl can choose from. Since they like personalizing their outfit and even choosing out everything from scratch, if I have a brand that caters to this idea, I will see an increase in sales. Also, based on the age of a group of girls, I will cater to the type of models and cloth quality they would rather prefer at that age.
If I had to take a decision as a brand for teenage boys, rather than opening it up as one store for everyone, I would open a store only for boys. Based on the research we've done, we know that boys are more interested in clothes that would increase their status in the society. They are more inclined towards clothes and brands that will help them earn their name in the society and help them maintain it. Customizing the garments for the boys will help me sell more.
