Savvy Shopper

MCS 429: Global Fashion Retailing

Written Assignment 2

Latonya Collins5/21/2015

Proposal

When market shares increases a business is likely to have a higher profit margin.

Your company can succeed in gaining a better market share by providing your customers

with products and services that matches up with their needs at the time.

With today’s consumers you have to provide your customers with merchandise

that they need and want. One of the most important steps in gaining a better market share

is to find a system that works for your company to gather information about current

trends for your target audience. A way for you to gather information about your

surrounding area and current customers is from social networking sites and mainstream

media. Since the target audience age ranges from (17-45) I wouldn’t suggest spending

much time gathering information from local newspapers, but on-campus newsletters

would be a great way to gather information from the local university. You can also

retrieve information from industry forecasts in trade publications. According to Huehn

(2015), it is just as it is important to address customers that have expressed frustration

with your company or service, it’s also important to regularly connect with customers

who are happy with your services. Platforms like Twitter, Instagram, and Facebook are

free public uncensored information for companies.

Communication with current customers can play a big role in increasing market

share for your company. Talking to your customers about their shopping experiences,

interest, and needs is another strategy your company can take to gather information. A

way to ensure this is happening is to train your associates to engage in customer

conversation as much as possible. When a customer decides not to buy from you the

associates have the opportunity to ask why. This is critical information to use in retooling

1

your product offering. To get a more organized approach while gathering information

surveying is another approach that is very successful. Survey your existing customers

yourself or engage a survey company to poll your targets markets and provide you with

the results. You can survey your current customers yourself to provide you with the

results.

Another insight on increasing market share is keeping an eye on local competition

and competing with them. Pay close attention to what they are doing well that is drawing

customer to shop with them. Sometimes you may not find all the customer of trends at

the right time, and your competition is winning because of that. According to Phillips, a

chief officer at marketing research agency Tonic (2015), "Competitor intelligence is

something few firms do well, whether big or small. People tend not to do it, but there are

some very simple things you can do to find out about your competitors." Phillips stated

that you can visit their website to see how they are positioned, and by joining social

networks they are on all without leaving your desk.

I think that the insights that I have purpose will be very essential when it comes

gaining a greater market share. Today’s customers are very technology driven especially

those 30,000 college students we are trying to reach. I think by implementing these

strategies will encourage your current customers to stay loyal to your business because

you will be catering to their needs and wants.

Word count: 536

2

References

Hill, B. (2015). How to Capture Market Share through the Understanding of Consumer Needs. Retrieved May 21, 2015, from http://smallbusiness.chron.com

Huehn, J. (2015, March 30). Five ways social media data can help you gain new customers. Retrieved May 21, 2015, from http://www.theglobeandmail.com

Phillips, S. (n.d.). Keeping your eyes on the competition. Retrieved May 21, 2015, from http://www.marketingdonut.co.uk/marketing/market-research/market-analysis/keeping-your-eyes-on-the-competition

3