Order Description
lecture explanation:
https://www.4shared.com/mp3/Zm1y-sEVei/REC20170314155811.html
As an entrepreneurial fashion marketer, your first step is to develop an overview of the market; to determine if there is a viable customer base. Instinct probably tells you that there is a market. Prove this to someone who doesn’t know the market; prove this to a potential investor in your brand.
That is, there may be a desire to go into the marketplace with a new fashion brand however is there;
• overall demand? (units x $)
• point of differentiation? (why will customer buy your brand vs competitor?)
• competitive advantage? (is the point of differentiation enough?)
• a market / buyers for your brand?
Without an understanding of market demand and the consumer profile there is a potential for inefficiencies in marketing activities. Marketers seek to develop, execute and manage efficient (no waste) and effective (“right”) marketing activity (S.A.V.E).
A customer profile provides a visual and data driven overview of the current or potential customer. The customer profile uses data to give rise to insights; a previously unrevealed fact. Numbers create credibility in possibility.
Having a succinct profile of the potential customer provides a clear focus for marketing activities and therefore reduces potential wastage in creating inappropriate or inefficient marketing activities. This reduces the risk of failure and increases the likelihood of success.
Task
1. Provide data on the potential market demand for the category
a. Scope your market; is there a specific geographic area being targeted?
b. Scope your market; if online distribution with national or international scope to determine potential market size
2. Raw data on consumer segments in market
a. What are the potential segments in the market
3. Select one segment and profile this segment
a. Develop a profile structure
b. Provide details / data on profile
c. Develop a visual representation of profile
4. Develop insight from profile
a. Based on the market and profile data create an insight about the customer profile. That is, succinctly state something about the segment that other people in the market have not seen or realised. Two or three sentences
Goal
Prove to your audience (potential investor: angel or venture capital) that your evidenced based insight of your customer is the bases for developing a brand and related marketing activity that will drive demand (unit x $) for your product.
Structure
The challenge is convert data and information into a piece of communication that enables the reader to quickly and effectively grasp both the viability of the market and your insight into the consumer.
You are communicating to a potential investor. Therefore, it is important to not be too creative in your communication of the information as overly creative graphics can distract from the message. You need to keep in mind your goal and the best way to communicate this.
We will discuss in class the specifics of the structure and once agreed, develop a template for the assessment.
Notes
The key to executive writing is the following:
• There must be an insight (see below) as a result of your analysis
• There must be a narrative (see – https://www.duarte.com/blog/engage-through-storytelling/)
• It must be succinct
• It must be visually engaging / appealing / inviting (without being too creative / distracting)
An insight is defined as: A previously unrevealed fact (facts are supported by hard evidence) that drives an action that leads to a competitive advantage.
Please do not provide one page of “information”; a dump of data that the reader has to interpret in order to determine its value. Do not provide a slab of writing with no paragraphs. This is not an essay or an essay style of writing – https://www.businesswritingblog.com/business_writing/teaching_business_writing/
If you are not familiar with visualising information then look at the structure of information in the article; Accenture-Marketing-In-The-New or many of articles provided by Accenture, McKinsey, Deloitte, etc (all the major consulting companies). Look at how they structure the communication of information. A basic guide can be found at https://www.windward.net/wp-content/uploads/2014/08/beautiful-reports.pdf
My idea is a screen printing scarf for women lives in Melbourne premium class. But if you have a better idea I am ok.