Awareness of Target market demographics, psychographics and changes

For this cumulative assignment, you will be taking on the role of Merchandising Director for a multichannel menswear retailer that sells both in stores and online.  Since we are working in an online modality, and evaluating stores from their websites (and because many men prefer to shop online), we will be focusing on the online operations for this project.
Your duties and job description will include:

• Awareness of Target market demographics, psychographics and changes
• Understanding and analysis of market competition
• Identification of product opportunities for future seasons by translating trends
• Communication of brand strategy to online Visual Merchandising and Advertising teams
• Working in conjunction design team to plan fabric selection and product assortment in line with brand strategies.

Here are some additional and important details about the company you work for:

• Large-scale, meaning revenues are in the millions to billions.
• Sells designer, name brand and private label merchandise.
• Carries a product mix of tailored clothing (a.k.a. work wear), sportswear (a.k.a. casualwear), and outerwear.

An example of this type of retailer is Men’s Wearhouse.
This week, you will research and analyze the market for the retail store, becoming familiar with your target market, and your competition.  Start early in the week, as the assignment has several components.
Task
Part 1: Define your target market
Since you will be working on this project all session, you are being given the opportunity to define the target market for this store. When defining your target market, consider the market segments and generations discussed in the textbook and lectures this week, and visit the menswear retailers listed below in Part 2 to get a sense of what the competition has to offer, and who they cater to.
Address the following areas in your Target Market Definition, making sure to explain how each will affect your customer’s spending habits and style preferences, and include a brief explanation about why you think this is a viable market segment for the type of company outlined in the assignment Overview above.  Support your information and decision about what market to cater to with research.
Target Market topics:

• Age range, generational cohort, and characteristics of that generation
• Income range (you need to cover two price range categories, so make it wide enough to accommodate- see next bullet point)
• Identify your price categories as either budget/moderate or moderate/better to match income level.
• Geographic area (can be either a specific location or type of location)
• Psychographics and lifestyle segments, including (Click here to download a list of lifestyle segment examples.):

◦                   Interests
◦                   Hobbies
◦                   Jobs
◦                   Technological interest and ability

• Summary evaluation about why this is a viable market segment.

Part 2
Research the competition for your target market and product categories.  Review at least 5 of the websites below, or menswear websites of your choosing.  Choose at least 2 that you believe will be main competitors for your company, and evaluate the following:

• Who is the target market for the retailer?
• What is the price range/market segment of he merchandise?
• What is the merchandise assortment offered by the Web sites- what are the major categories of menswear listed?
• What type of merchandise does this store offer?  Brand names, designer, and/or private label?
• What kind of promotions do the Web sites offer to customers? Do you think their promotional strategies are effective to sell menswear? Why or why not?
• What customer service policies do the online retailers offer? Do you think these policies are effective to bring in new male customers and retain older male customers of the retail house? Justify your response.
• Are the retailers incorporating current trends into their lines?
• Explain why you believe these 2 retailers will be main competitors.
• Jos. A. Bank
• Nordstrom
• Urban Outfitters
• Penguin
• Hugo Boss
• Men's Wearhouse
• Express Mens
• Brooks Brothers
• J.C. Penney
• Sears
• Macy’s
• Wal-Mart
• Kenneth Cole
• Coach
• Burberry
• Calvin Klein
• Abercrombie & Fitch
• Ralph Lauren

Part 3:
Write a one-page memo addressed to your company’s Vice President, making recommendations for successful merchandising and marketing strategies to sell to your target market online.  Address the following:

• Specific product categories to carry.  You know you are carrying casualwear, tailored, and outerwear, but how will that look for your target customer?  For example, Urban Outfitters carries blazers, which fit into the tailored category, but not suits.  What might be included or excluded?
• Brands to carry.
• Moods and themes of website and product line based on lifestyle preferences of target customer.
• Promotional strategies, including sales promotions, personal selling, direct marketing, and social media.
• Customer service and return policies.

Deliverable
Make sure to use correct word choice, spelling, and grammar, and cite your information and images sources using correct MLA format.   Submit your Target Market Assessment, Competition Report and Memo in one Microsoft Word Document, or attach the Memo separately.  Use subject headings, tables, and bullet points as appropriate to clearly outline the topics you are addressing.  Do not include the assignment instructions, or write in essay form.  For some pointers, review this tutorial on the HATS approach to business writing.  The memo needs to specifically be in memo format.
Submit your 3-4-page marketing research and analysis report

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