We are doing a business research project. The plot is that Bath and Body Works has hired us to do the following below
Your group will act as a marketing research and consulting firm. The V.P. of Marketing for Bath & Body Works has done some preliminary research and believes that the 18-24-year-old segment of the United States market is a profitable opportunity and wants to create a new product that would be targeted toward this segment. The V.P. has hired your research firm (1) to define a new product (or product line) opportunity and (2) to define the characteristics of (determine specifics about) the product opportunity, so that he can then take product development to the next level. Note: your job is to come up with something completely NEW (specifically targeting 18-24 year olds), not something that copies what another company is already offering.
for this assignment I had to come up with questions which are attached below and have to answer them.
Information about the client:
- What is their past/current sales numbers?
- What are their revenue/sales goals for us?
- What exactly is their firm?
- What do they look for in a marketing researcher?
Information about the industry:
- What are their best months throughout the year, revenue/sales wise?
- What are the best/worst selling products? And during what season?
- Who is the target market?
Information about the target market:
- Is the majority of their clients male or female?
- Is 18-24 years old their target market?
- What are the most popular items for this age group?
Instructions
Copy and paste your Part 1 discussion here. Then conduct secondary data research (for each of the items you listed in Part 1) and discuss what you find. Write your findings in bold in this discussion.
Hint: Don’t just “Google” for info! Use IBIS World (industry and competitor information), Hoovers (company info), and others, which you have access to through the UWG library (http://libguides.westga.edu/databases, use your UWG login credentials). The RCOB also has access to the Atlanta Business Chronicle: https://www.bizjournals.com/atlanta/portal/richardscollegeofbusinessat; Username: abc@westga.edu; Password: Westga600. Also, use other reputable sources such as U.S. Census data and/or news organizations.
Which secondary data sources did you use? Cite specific sources next to each fact. Use APA format. (Note: Search engines are not sources!)
Rather than replying to just anyone, find your group members’ “Part 2” posts and reply to them. In your replies, comment on:
Did they find the same information that you did? Anything different or new?