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Betsey Johnson Market Research: Beverly Mall in Los Angeles

Betsey Johnson is a laudable fashion design firm that currently undertakes online business for its sales since its tragic closing of shops. Director and chief executive officer of the firm is Betsey Johnson who has rocked the fashion and design industry for the last 45 years with her original and unique fashion, mostly feminine wear. However, the 2012 closing of shops have not been good for the fashion guru and requires strategic location of the firm in a physical store that will allow customers to view the different items that the company offer and steer growth for the firm to another great level. In this review, critical focus is on a new and strategic market in Los Angeles that is likely to boost the company to higher heights. The analysis more so entails on analyzing the market in the Beverly Mall in Los Angeles with an aim of bringing out the best research that may enable the firm to understand the market and strategize entry in the market

Market Analysis

Beverly mall is a suitable location for high-class business as it is located in Los Angeles, a metropolitan area in California with a population of about 4.8 million, and a town that plays host to many tourists from around the globe. Fashion and largely the feminine wear, is a great attraction in this mall and more so the region because of the profile of the people in the area. Additionally, the location will provide a good customer base for the customers who enjoy changing fashion. The population in this region is also not static and keeps on recording significant changes with seasonal holidays. Objectively this effective situation will allow the firm to move its products around the world. This strategic mall is always full of shoppers who frequent it to fill their desires of high-end shopping experiences. Great accessibility of the mall by shoppers from all lifestyles is further an added advantage due to the convenience offer of the parking and elevators that provide suitable situation (Brace, 206).

Analysis of the demography of the region of study is critical in formation of investment decision for the company. In the view of the ever-changing demography in Los Angeles, the company will benefit from the wide range of demographic characteristics that the region exhibit. A large population of the region is mostly Latin American who chooses from a variety of fashion designs. The company offers high-class designs that are insensitive of cultural and customs of a community and thus it will be suitable for the fashion lovers of this specific demography. In addition to this, the proximity of the mall to key tourists’ attractions in the county such as the hills makes the location an ideal location for expensive products.

Competition in the market is large in fashion industry in the market that necessitates clear focus on strategic location of the business in the mall. In addition, about 160 fashion retailers in the mall offer variety of products. However, the differentiation of products that Betsey offer in that it offers one-gender clothing fashion. The company mostly offers feminine fashion products that mean that the focus of marketing strategies is on women who in regard to the market are the most spenders in the region (Brace, 206).

Beverly Mall Profile

High lifestyle is common in the region of Los Angeles about expenditure levels from the recent figures. Analysis of this data is essential for prediction of the likely sales in the area with appropriate market strategies. Most of the customers who frequent the mall are both young and aged but most particularly are people with high echelons and rich this is suitable in regard to the products that the company offer. As the data from the mall indicates, about 4.9 million people visited the mall in the half period of 2012. In this case, most of the people had interest in shopping. In taking advantage of the high population and rich society, the firm can benefit a lot from its high quality feminine fashion wear. Analysis of the key market also sheds more light to the inefficiencies I n the fashion industry in the area. This will be used as an added advantage to increase sales and boost the firm’s market position (Kahn & Michael, 134).

Mission Statement

Betsey Johnson has a significant mission that enables it to focus on the provision of products in an effective way to the market. Its main mission is to offer high quality, unique fashion dresses in the market, and to be competitive enough in the provision of its online retail services in the industry. This mission statement needs alteration to include the fashion retail at the mall outlet that is likely to change the focus of the company in the provision of its services. In this regard, the company needs to include strategies that will enhance selling at the outlet and enable the firm to increase its sales. Further, the focus of the company in the new strategy will make the company to reach more consumers in the market and thus enhance its sales. It is thus necessary to form an appropriate mission statement that encompasses the new objectives of the company (Kahn & Michael, 134).

Goals and Objectives

Goals and objectives of a firm enable the employees to stay on the course of managements’ operations. It is a form of communication between the management and the employees in that it enables the management to show the employees the main goals that the firm aims to accomplish. In the analysis of the current goals and objectives of the firm, it is paramount to note that the management has made significant steps in ensuring future-oriented programs in the dispensation of its goals. The company’s goals and objectives are in line with the current trends in the larger fashion industry and are likely to impact positively in the alignment of the new marketing structure. Measurability of the goals and objectives in the firm enable the management to constantly evaluate the performance of the firm concerning new initiatives taken. In order to enhance achievement of the new market success, the following goals will aid in the implementation process.

Customer satisfaction

· To effectively manage the expectations of the prospective customers

· To enhance customer repurchases with an aim of enhancing customer royalty.

· To provide high-quality fashion products for the feminine gender that meets the high demand in the market.

· To endure and enhance patience in the new market that will help the firm to a good customer base in the region.

Sales and marketing

· Ensure great advertisement in the area in order to enhance movement of products in the region

· The firm will undertake aggressive promotional campaigns to create a great brand for the products.

· Carry out good price adjustments in order to enhance good sales at the open of business in the new region.

Achievement of the above goals and objectives of the firm can only be done through monitoring of changes in sales volumes as the firm undertakes the various programs to accomplish the goals. In addition, measurement of the progress of the various management initiatives is a great addition to the progress of the company growth and development. The firm should ensure efficient recording of all data that entails the progress of the firm (Kahn & Michael, 134).

Works cited

Brace, Ian. Questionnaire design how to plan, structure and write survey material for effective market research. 2nd ed. London: Kogan Page, 2008. Print.

Kahn, Michael N.. Sentiment market analysis. Upper Saddle River, N.J.: FTPress Delivers, 2010. Print.