Clearly specify what service or product you want to market based on your findings. Please explain in detail how you came to make this decision, including the steps you followed. Briefly comment on your market research plan and the results of all the tests and exercises you have done in the previous as well as this unit to help you reach your final decision. SHOW that it is an informed decision based on your work in this unit. Provide explanations on how your innovation could become the success you want it to be.
Please explain how you as an entrepreneur are conducting market research of your product or service. Ask at least one market research related question that will engage your peers and will provide you with a sampling of what your potential clients (peers) are looking for in the product or service that you have developed. Engage them in providing insight into deciding on your product of service offering.
As I mentioned last week in my Discussion Forum post, the product that I want to market is a new line of black-themed activewear. This decision was made after considering the mission of creating a community of fashion enthusiasts who appreciate black-themed fashion as a form of self-expression. The goal is to offer high-quality products that not only look great but also make customers feel confident and empowered. Additionally, the growing popularity of athleisure and fitness culture indicates a demand for stylish workout clothing that incorporates the elegance of black.
To reach this decision, I analyzed trends in the fashion industry, particularly in activewear and athleisure. I observed the increasing popularity of black-themed fashion and its appeal to fashion enthusiasts. I also looked into the market demand for activewear and fitness clothing, noting the rise in people incorporating workouts into their daily routines. I was a bit surprised to see, that among young people all over the world fitness clothing is the largest product segment (Linchpin Marketing Team, 2023). By combining these two trends, I identified an opportunity to create a new product line that caters to individuals who want to look trendy and fashionable even during their workouts.
In terms of the market research plan, I conducted surveys and interviews to gather insights from my family and friends and even created an online poll on my page. I asked questions about their preferences for activewear, their opinions on black-themed fashion, and their thoughts on incorporating elegance into workout clothing. The results of these tests and exercises reinforced the potential success of the new product line. Many respondents expressed interest in stylish workout clothing that reflects their personal style and makes them feel confident while exercising.
To ensure the success of this innovation, the new line of black-themed activewear will focus on high-quality materials, functional designs, and trendy aesthetics. By offering products that not only meet the needs of customers but also align with their desire for self-expression, my brand can establish a loyal customer base. Additionally, marketing strategies can include social media campaigns, collaborations with fitness influencers, and engaging with the fashion community to create awareness and generate interest in the new product line.
2. As an entrepreneur conducting market research, I would like to engage my peers by asking the following market research questions:
1) What are the key factors you consider when purchasing activewear or workout clothing?
2) How important is it for you to have fashionable and trendy workout clothing that reflects your personal style?
These questions will help me understand the preferences and priorities of potential customers, allowing me to tailor the new product line to meet their needs. Additionally, their responses will provide insights into the market demand for fashionable activewear and the potential success of the black-themed activewear concept.
ReferencesLinchpin Marketing Team. (2023, July 29). Trends Shaping The Future Of The Athleisure Market. Retrieved from https://linchpinseo.com/trends-shaping-athleisure/