Assignment 10.1: Final Project: Activity 10/11 - Market Analysis
Updated: Aug 15, 2022
Description: Begin to create the Market Analysis section of your Final Project. This will include four sections:
1) Industry Analysis
The size of total market in sales
The total market size of my store will be estimated in sales. I intend to reach young women who are interested and passionate to learn yoga and do yoga. Given that the game is just being introduced in New York, it is likely that the population enrolled in yoga sport is small. I therefore target about 1500 pieces in the first three month of the yoga garment and accessories on average.
Growth per year of this market segment
I believe that as the years pass, there will be more enrollment of the yoga game. The number of participants in the sport will increase thus my sales will increase. I thus project that in a year, the sales can increase by about 10%. I will therefore, try all my best to meet the yearly increment in sales of 10%.
New trends or technologies within this industry
In the fashion industry, there is an increase in online transactions. I will therefore, utilize the online business transactions in my business. I will set a website in a way there is a place for ordering the product of one’s choice and also the process for payment as well as an outline for free delivery.
What are the key distribution channels in the local market?
I will have free delivery channel which will accompany the online transactions.
I will also have direct sales where the customers will visit my store and purchase the products of their choice.
With time, I will expand the business and introduce agents as another distribution channels.
Who are the key influencers for this category (on social media)?
The key influencers of the yoga sport are the youths. Many youths have now enrolled to the yoga sport. On Facebook, twitter and other social media platforms they post pictures of them practicing the yoga sport. Therefore, many young women will be motivated to join like their fellow youths thus they will enroll in the game.
If you are a fashion boutique you should also show an image board of local street style
Any key trade shows or fashion shows?
Currently, I will not have any trade and fashions shows. My store is on the strating edge and thus I will not afford to hold the fashion shows. However, I am positive that with time, I will be able to attend trade fair, fashion shows and also hold my fashion shows. Currently, I can only attend any available fashion shows held by others if I will make it and learn from them.
2) Target market Analysis
Addressing how the market can be segmented. Include a profile of the customers who will be targeted. Focus broadly using demographic, geographic, psychographic, and buying situation variables to create a comprehensive profile of the target market.
I will utilize the market segmentation marketing strategy for marketing my product. I will segment it geographically where people from the urban center will have their garments made as per the urban interest and those from the outskirts will have theirs made as per their interests. I will also segment it demographically according to age. The age among the youths varies where those under 16 years will not have same interests as those between 16-18 years and those above 20 years. Thus, I will have to ensure that each age bracket gets what makes them comfortable, happy and satisfied. I will also observe the buying trends in the market. I will avail a lot of stock at the moments when the market is experiencing high purchase while I reduce the stock in the moments when the purchasing trends are low.
3) Competitive Environment
You will also provide a profile of the competitive environment.
I project the market environment to be very competitive as other traders see the opportunity in the market just as I have seen. The AsphaltGreen yoga learning center too has their partnered supplier of the yoga garments and accessories thus I will face competition from them. There are also other known brands that have already established in the market like the Lucy yoga wear, Beyond Yoga brands that will be competitive. My store is small thus competing with the big brands that are currently benefiting from the economies of scale is a challenge. I will thus have to endure the competition and work extra harder to make it.
Analyze several of your key competitors in the market
The Lucy yoga wear is one already established yoga wear that is operating online. It has moments when it gives offers to the customers and thus the customers are likely to go for it. The Beyond yoga too is a well-established and big brand. They also operate online and have opportunities that allow them to give discounts to their customers.
Do a SWOT (strengths, weaknesses, opportunities, and threats) analysis.
Strengths my strengths will be accessibility to the market. My store will be next to a yoga learning center thus the customers will access it easily. I will also operate online and do deliveries for customers who shop online. I will also give after sales services for those who purchase in bulk and also give those discounts for their bulk purchase.
The weakness may include the need to attract market. My store is on the starting point and also it is a new brand thus taking root to the market will be a problem. I have also not established stores around the city thus if anyone cannot reach me online, it will be a challenge to physically come to my store. Another weakness is that I do not have enough personnel to attend to my clients thus I have to do it alone since I am at the starting point.
Opportunities include the untapped market in the New York regarding the beginning of yoga in the market. Also all the available products are outsourced thus I have an opportunity of starting my on local production. There will also be a chance of increased purchasing power as more people enroll for the sport when it gets known to the market. I will make my store customer centered so as to capture customer loyalty.
The threat I find is inadequate personnel who can help me attend to the store thus when doing the deliveries I may be force to close the shop. I also find a threat is the legal regulations given that USA is about to start taxing all products that get into the country despite the agreements that she had with other nations. The other threat is the stiff competition I will face from the already established brands.