The company should explore the competitive environment associated with children’s clothing to grasp a better understanding of the industry and to benchmark the successes and failures of other firms. Due to the company’s inexperience with this new line of product, market researchers should analyze the degree of resources needed to compete with existing retailers. According to IBIS World, the barriers to entry of children’s clothing is “medium” while the competition level is “high.” The firm could use barriers of entry information to determine threats within the industry, such as high switching fees and high start-up costs. Furthermore, researching the competitive environment allows the firm to review and learn from the actions of major competitors in this industry who have experience in the children’s clothing business. The high-end adult clothing and accessories retailer can benchmark competitors’ product quality, pricing, distribution, and promotion strategies. The market researcher can find primary data about competitors’ products through focus groups and surveys. Additionally, the researcher can obtain secondary data on whether consumers enjoy the product via mining data from so...
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...taining consumer preferences allows the company to recruit opinion leaders that the kids identify with and parents view as role models. They high-end adult clothing and accessories retailer would use this information to create a marketing information system. The management information system would consist generate actionable customer and market insights and manage customer relationships.
The successful high-end adult clothing and accessories retailer must use marketing research to understand the current competitive environment for high-end children’s clothing and social factors that influence consumer behavior. By compiling this information, the firm will recognize and meet the customers’ wants and needs. Marketing research allows the firm to gain knowledge about the industry, and serves as a tool to develop a strong marketing plan to improve customer relationships.
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