Friday, January 31, 2020
Marketing Reasearch Topshop Essay Example for Free
Marketing Reasearch Topshop Essay Many organisations use marketing research to contribute to the development of their businesses because Market research can improve marketing strategies. Market research gives you concrete feedback regarding the product or service. You can use the information from market studies in your marketing strategy to define your target market, position your product, and price it appropriately. TOPSHOP is one of the worldÃ¢â¬â¢s most internationally recognized fashion design talent schemes its part of the Arcadia Group, which owns a number of other retail outlets, it seems to be the single biggest supporter of emerging design talent in the UK. Arcadia Group ones over than 500 stores in more than 30 markets, supporting franchisees. Retail is a popular market as many new designers and stores are always popping Using marketing research is the most common kind of research as you can determine your market how you need to brand your product. Also finding competitors can be very useful when selling similar products for example a very popular fashion necessity like leggings. These leather leggings are popular in London at the moment and many stores are selling them however as TOPSHOP is such a popular brand people would rather spend Ã £33 at TOPSHOP then Ã £12.99 at a more basic store even with the significant price difference. This shows the importance of market research and branding, TOPSHOPÃ¢â¬â¢s reputation and brand awareness allows them to sell product at a higher price than other market competitors. Both products are made from the same material 100% Polyurethane but TOPSHOPS modifies the basic shape by adding multiple seams and a metal zipper, this adds a more fashionable twist then other companies which then allow TOPSHOPÃ¢â¬â¢s marketing team to increase the price to beat competitors. Topshop is a British clothes retailer specialized in womens clothing and fashion accessories. Topshop started life in 1964 as Peter Robinsons Topshop. By the 1970s Topshop had the first stand-alone store which was opened in 1974 however in 1994 the brand began to grow and set up at 214 Oxford Store. TOPSHOP first had a reputation of being a tacky low price clothing outlet. As the brand started growing they created TOPSHOP Ã¢â¬Ëplus to appeal to a larger market and compete with potential market competitors, which has now earned the fame of now leading fashion retailer. This success is owed to market strategy made in 1994 by going upscale. TOPSHOP Ã¢â¬Ëplus products will arrive first in the market and will be of high quality and very low comparative price. TOPSHOP plus stock up to date fashion clothes and accessories before any of its competitors does in the market because of the brand status many sellers want to work with TOPSHOP as they have so much publicity and celebrity endorsement. The endorsement from the British super model Kate Moss acted to strengthen Top Shops image as being first class in fashion clothing additionally the collection arrived in stores, designed to capture the models unique sense of style, Kate Moss for Top shop was one of the most hotly anticipated high street collaborations. Over time, TOPSHOP will come to be known not only as just the fashion accessory provider but much rather a trend setter especially with its in-house designer brands and those exclusively introduced and introduced by fashion industry leaders. Due to its various marketing efforts, innovations in the business and exclusive services for its customers, it is now the biggest and the most differentiated name in the fashion industry especially when it comes to retailers in the field.