For this milestone, write a paper that assesses the potential popularity of the styles from the style and silhouette milestone and forecasts their rankings.
Summarize your rankings by creating a list of styles from 1 to 10. Rank the styles in numerical order, with 1 being the best style. Then, defend the placement of each style in its rank with research.
There are a variety of ways that you can conduct the research for this assignment. You can conduct a survey among a group of people who would be the target customer of your fashion company. You can conduct interviews with retail professionals to gain insight on what have been historical bestsellers. Or you can report on what fashion publications are forecasting to be the top sellers.
Written components of project must follow these formatting guidelines when applicable: double spacing, 12-point Times New
Roman font, 1-inch margins, and discipline-appropriate citations. This paper should be three pages in length.
Nielsen PRIZM Life stage Groups
One of the customer groups identified in the Nielsen PRIZM Life stage Groups is the Upscale Younger Family Mix. This group is made up of individuals who are between ages 25 to 44 that mostly have kids. The group is characterized by individuals who use average technologies such as computers and mobile devices for banking, online research, and streaming services. Looking at the employment level of the customer segment most of them are professionals and others are in management positions in the organizations in which they work for. The customer segment is described as graduate plus which means that the individuals have a minimum of a university degree. Some of the individuals from this group are homeowners while others are not. These are upscale families that boast of having dual income sources as well with most of them having newer homes as well.
The lifestyle of this group describes people who like to have fun and use their income to enjoy themselves. This segment owns a Volkswagen car which is a good car but does not fit into the category of luxury cars. The group has been said to eat at Cold stone creamery which is known to have very quality products but slightly higher prices compared to its competitors. The customers shop at Anthropologie which is a business that deals with clothing and accessories. The segment has smartphones which it uses to view some of the dating sites and also for streaming services. This group is made up of individuals who shop quite a lot and this is because they have limited responsibilities and commitments compared to the other customer segments.
Adidas is a shoe-selling company that competes directly with Nike. Looking at the brand value of the company it ranks at 3 with Nike being in the top position. The rank of the brand value is due to the consistency of the company to produce quality products year after year. Adidas dedicates most of its efforts to the advertisement and growing its brand which means with consistency the brand could easily catch up with Nike. The company has a more diversified portfolio when compared to Nike. It offers many products which are designed for different customer groups and a wide range of sports. The company also has a more effective supply chain when compared to Nike and also has a very effective marketing strategy (Muhamad, 2021). However, in terms of profitability and market share, Nike controls a bigger share when compared to Adidas. Adidas has also been linked to forced labor and racism impacted the brand image of the company.
When Nike is compared to Puma some differences could be noted and one of them is profitability. Nike has more revenues when compared to Puma. It makes around $18 billion annually compared to the $4 billion which is made by Puma (Andal et al., 2020). The pricing of Puma is better compared to the pricing of Nike. Nike has been known to have very expensive shoes compared to its competitors. However, when it comes to innovation and styles of the shoe Nike ranks top of Puma and most other brands. Nike comes up with more unique designs and styles when compared to Puma. When it comes to the market position, Nike ranks top of Puma as well and this is because Nike has been able to gain control over markets in different regions.
Price structure, appearance, selection, and quality of the competing products
When it comes to the quality of the products based on the customer reviews the shoes made by Adidas are of better quality compared to those which have been made by Nike. Adidas emphasizes quality over quantity and even goes a step further to talk to athletes about their preferences before implementing most product designs. Nike, however, has an upper hand when it comes to innovativeness and design which makes its shoes have a better appearance compared to that of Adidas (Elena & Egor, 2018). It is these appearance features that drive the sales of the company high. When looking at the selection both companies offer a wide range of products. The pricing of the Nike is higher compared to the prices which are offered by Adidas; the prices could be linked to innovation and design of the shoes
Looking at the prices of the shoes Puma has inexpensive shoes whereas Nike has very expensive shoes. This means that the low-income earners will mostly prefer the shoes which are sold by Puma as opposed to those Nike (Andal et al., 2020). When it comes to selection; Nike has a more diverse selection and variety compared to Puma. Shoes do not come in much variety and design and that could make finding the right fit hard for the customers. When it comes to the quality of the shoes Nike ranks higher compared to Puma (Elena & Egor, 2018). Nike has high-quality designs and styles and this can be linked to the intensive marketing efforts which are put in by the brand. Nike shoes are also more attractive because of the innovativeness and designs used by the company.
Andal, D. V., Suganya, D. S., & Shree, V. (2020). Financial Performance Analysis of
Puma. International Journal of Management (IJM), 10(6), 2019.
Elena, M. S., & Egor, R. (2018). Business valuation of Nike, incorporated. Review of Business
and Economics Studies, (1).
Muhamad Fauzi, N. (2021). Technology Entrepreneurship (ENT600): Adidas Group.
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