Consumer demographics and psychographics Essay Example | Topics and Well Written Essays - 1750 words

Consumer demographics and psychographics - Essay ExampleMission Statement The underlying mission statement reads, We enable consumers to improve the quality and convenience of their lives by providing senior high school-quality, innovative fashion products. increase Product from the novel line is of legislate quality. The production concept and prototype have indicated that rude(a) denim trousers introduced by the confederation through its new product line possess distinctive design features which are appealing to the potential buyers. The design features hap an impression which customers tend to associate with quality and artistic elegance. These quality attributes are in line with the companys mission. Establishment of new line, which cause reduction in production costs and improves quality, saves the customers on prices and so bringing convenience in their lives. The artistic appearance and elegance of the new product coupled with the lowly cost production line is as a r esult of innovation by the companys designers. This is consistent with product quality, innovation and consumer convenience, which is explicitly emphasized within the companys mission. Dibb and Simkin (2008), development of a line of new denim trousers which is anticipated to be successful, is a significant stride towards achievement to the mission. Consumer Product Classification According to the three-way Consumer Product Classification System, the companys products can be classify as shopping products. According to Dibb and Simkin (2008), quality and design of the products gives a special psychological appeal thence making them distinguished by the consumers from all the rest. The products have a great artistic design features and wide testing has identified them as the most popular and comfortable pair of trousers in the industry. Target merchandise With the advancement in fashion dynamics, there is increased need for artistic designer clothing for unconcerned and official occasions. From previous market survey, young generations, especially people aged between 21 and 35 years, feature as the main consumers of the companys goods. Statistics indicate that the mentioned age chemical group makes approximately 76% of the total consumers of brand denim products. It has been established through various demographic and economic studies that this age group comprises of low income earners. Sometimes, few people in this techno generation who are lucky enough to have high income usually have numerous expenditures. Most people in the generation like associating themselves with high companionable status despite of their strict spending principles. According to Dibb & Simkin (2008), cost reduction and quality assurance in the product targeting this group must be considered. Consumers are also sensitive to appearances and are commonly attracted to raiment which are elegant and artistic. It is therefore possible to drift them towards the new low cost products that the company is producing. demographic studies have shown that the number of people joining this age group is increasing while those leaving it are substantially decreasing. This shows possibility of a widening market in future. Analysis of Competitive Market environs Competitive Rivalry Fashion industry is well inhabited by manufacturing companies but few of the companies alter in branded denim products. However, there are three established denim producers and two more than others with considerably lower production capacity. Although some of these companies have managed to reduce prices of their products, it is yet to reach the extent to which the new product line of the company intends to achieve. This