Assuming that you have received the necessary funding for the research ( Attached the file), the purpose of the research PPT presentation to present your research findings to the company’s
Assuming that you have received the necessary funding for the research ( Attached the file), the purpose of the research PPT presentation to present your research findings to the company's manager.
Each student will upload a PowerPoint file . A submission will be graded according to the assignment rubric below:
* PROFESSIONAL SOURCES – Should Use required sources and 4 or more additional professional sources.
*APA – Should Use in-text citation properly at least once for each source; used References properly without errors; provided proper sources for figures/graphs
* CONTENT: Business opportunity on Research objectives, methodology, Sampling, Data analysis and interpretation, Business recommendation – Provided excellent research objectives, methodology, sampling, data analysis and business recommendation, with strong analysis and logical reasoning.
* POWERPOINT QUALITY - Excellent, easy to follow, no errors
PowerPoint file should have no more than 12 slides:
1. Introduction – First and last names only, no student ID number
2. Background – Product or service
3. Business Opportunities – Export market
4. Research Objectives
5. Methodology – Data collection methods: secondary, primary, quantitative, qualitative, sampling; analysis techniques
6. Data Analysis
7. Data Interpretation
8. Business Implications
9. Conclusion
10 References – At least 10 reliable sources, using APA style with intext citations
8
Exploratory Market Research on German Apparel
Student’s Name – Srinivasarao Indla
Institution – Centennial College
Course – Research Methods Trade/Develop
Instructor’s Name – Trevor Preston
Date – 14th June 2022
Exploratory Market Research on German Apparel
The apparel market holds high sustaining potential in the gross domestic product of many countries. According to research by Pereira (2018) on Adidas AG footwear and apparel, Germany was considered the largest footwear and apparel market in Europe. Concerning the study, over 282 billion USD were spent on the apparel market in 2018. Germany has an attractive market which is considered one of the wealthiest clothing markets in Europe. The German fashion industry's rise has been due to many factors, including increased consumer purchasing power and market availability owing to the high population. This analysis aims to provide details on Germany's market intelligence, customer intelligence, competitive intelligence, and the marketing strategies that can lead to success in international businesses.
Market intelligence
Market intelligence is an organization's information about a market it operates in or a market it wishes to venture in. It outlines the components of the market, including market opportunities and customers within the market. Market intelligence is a vital operation tool that is necessarily enhancing the success of a business or organization. The market intelligence is classified into the following components.
Political Stability. Political stability is a critical factor in escalating the pace of economic development and surging investments in a country. Research by Baldi (2016) on return to fashion through visiting German models illustrates that the German clothing market has been outlined as a remarkable blend of social fairness, political stability, and economic prosperity. The significant and advantageous political stability of the German fashion market has been one of the key contributing factors to the sudden rise of the German apparel market. Thus the political stability in the German market undergirds investors and creates confidence in consumers and foreign companies regarding the market.
Ease of Doing Business. The World Economic forum devised the Efficiency of The Economy currently ranked to assess the characteristics of a market and the ease with which it may be operated. The efficiency of doing biz is determined by a grading system that ranges from greater to lower based on the company's rules, market protection, market size, and the type of the labor force on the market. Moorthy's (2016) research on the efficiency of doing business globally shows that Germany has very high flexibility to do business worldwide. Regardless of the challenges of starting an apparel company in Germany, such as the bureaucratic business requirements underlining the starting complexities of doing a business, an investor is assured of the simplicity of operation and protection of the company, which influences success of a company.
Currency risk. Currency risk is an essential factor to consider before expanding a business internationally. Some of the currency risks include inflation, which is the cause of the devaluing of a country's currency. Inflation results in a massive loss to the investor and the organization. Another example of currency risk is exchange risk. This refers to the risk that may affect business financial position due to changes in the exchange rate between countries' currencies. However, over the years, Germany has had a stable currency which means that there is a reduced occurrence of risks associated with cash in Germany, encouraging favorable trade between the German euro and Canadian dollar.
Germany's Trade Relationship with Canada. Research by Cross (2016) on multinational trade's significance to the Canadian economy denotes that after Britain, Germany is the next largest market for Canadian exports in Europe at 3.8 billion dollars, exposing a healthy relationship between Canada and Germany. The data also found that the collapse of the Doha round after trade discussions under members of world Economic Organizations was the cause of the favorable trade relations between Canada, Europe, and Asia.. This led to a concerted move by Canada's trade partners, which included enhancing trade flow to encourage better relations between these countries which has led to surging levels of investments abroad by Canadians from 15% in 1990 to 45% in 2013. The excellent relationship between Germany and Canada is a ray of hope that encourages the expansion of Canadian goods in the country.
Customer Intelligence
Customer intelligence is the process of gathering data about customers from both internal and external sources and analyzing the data to understand best the customer, their needs, purchase habits, and customer satisfaction. Customer intelligence is a powerful tool for analyzing the market and helps entrepreneurs understand customer needs which improve sales efficiency. To enhance customer intelligence in the apparel industry, it is necessary to act per the three steps of customer intelligence: strategizing upon which credible data is gathered and analyzed, execution and success. Since Germany has a high level of customer intelligence, it is necessary to enhance creativity in customer satisfaction to improve output and sales of clothing.
Demographics of Germany Apparel Market. Clothing is one of the main components considered a basic need. Therefore it is a fundamental component of survival. The escalating population provides a trajectory upon which clothing requirement is measured. For instance, research by Papamichael et al. (2022) the report on developing a new attitude in today's new runway shows that apparel and clothes are the fourth most pressured area, with the international clothing trending at 1.5 trillion dollars by 2020. The German fashion market is considered one of the largest apparel markets in Europe and the world. Germany had an estimated 83 million people as of 2021 (Carroll et al., 2020), which has led to an increased market size of the apparel market in Germany compared to other countries in Europe. In 2019, Germany's fashion market generated a gross domestic product of 76 billion euros from apparel such as handbags, T-shirts, and shoes. This exposes the tremendous contribution of the German apparel industry to the economy. Thus it is evident that the demographic of the German fashion market is high, and expansion of Canadian apparel can be marketable in the area due to the high population. Understanding the scope of a business is also a vital factor in enhancing business success or failure. The scope will include the kind of product the company will be offering and the potential customers to whom they will be selling their product. As for the German market, it could be advisable to base on apparel compared to other products such as beer or chocolate because of the nature of the market.
Competitive intelligence
The method of obtaining and evaluating information around a firm's competitive area is called information systems. Competition in the industry leads to lowering prices of goods, encouraging innovation and a greater variety of interests. Information about competitive intelligence is usually gathered from salespeople, employees, and vendors who operate within the business premises.
Local industry description. Competitive intelligence is vital in identifying the competitive challenges that affect a business. Research by Weiner (2016) the study of the addressable market in the German environmental apparel sector reveals a stagnating growth rate in recent years and fierce competition among rivals. However, a sizable high growth was evaluated, and positive clothing developments were seen. Due to the increased competition in the German clothing markets, a business can only survive by strengthening a sound brand image based on integrity and dedication to sustainable manufacturing.
SWOT Analysis of Two Major Competitors. SWOT analysis is a framework used for identifying business strengths and weaknesses. It is based on,
The most significant competitor in the apparel market is the German online fashion and Escada, a women's fashion designer clothing company. It has been so because of the surge in internet use and technology in day-to-day undertakings. The strength of the competitors is that they offer a wide range of products and services, some of which include shipments from abroad. These varieties may include bags, watches, purses, vintage, and cosmetics. The weakness of online fashion is that they constantly have to keep up with style due to still competition such that if they don't keep up with the tone, they lose profitability, while the weakness of Escada is that it primarily deals with women's clothing. Opportunities in the competitors lay more basis on the trending fashion; thus, their consumers enjoy the latest products. The threat of the two significant competitors of apparel is stiff competition. Some businesses are established and have more competitive ability compared to other companies, which are not far found, leading to stiff in the market.
Recommendations
Export marketing is selling products and services to a foreign country. Since trade regulations differ in each country, investors must enhance flexibility according to the market regulations of the country. If the Canadian apparel company decides to invest in German markets, it is thus necessary to employ some export market strategies. These marketing strategies may include pricing, which should be able to persuade customers to buy from the company. Another strategy is the use of online media in marketing. We are approaching an era of automation and mobile software, which has made the world rely heavily on the internet and social media. The use of media in marketing enhances vast customer attraction. Another marketing strategy is to target high potential export markets, which is necessary for increasing sales and thus increased profit.
References
Baldi, G. (2016). A return to fashion: revisiting the German model. German Politics and Society, 34(1), 93-101. https://www.berghahnjournals.com/view/journals/gps/gps-overview.xml
Carroll, W. D., Strenger, V., Eber, E., Porcaro, F., Cutrera, R., Fitzgerald, D. A., & Balfour-Lynn, I. M. (2020). European and United Kingdom COVID-19 pandemic experience: the same but different. Paediatric respiratory reviews, 35, 50-56. https://doi.org/10.1016/j.prrv.2020.06.012
Cross, P. (2016). The importance of international trade to the Canadian economy: An overview. Fraser Institute. https://www.fraserinstitute.org/sites/default/files/
Moorthy, V., & Jason, A. A. (2016). The ease of doing business rank: an assessment of its macroeconomic relevance. IIM Bangalore Research Paper, (521). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2804921
Papamichael, I., Chatziparaskeva, G., Pedreno, J. N., Voukkali, I., Candel, M. B. A., & Zorpas, A. A. (2022). Building a new mind set in tomorrow fashion development through circular strategy models in the framework of waste management. Current Opinion in Green and Sustainable Chemistry, 100638. https://doi.org/10.1016/j.cogsc.2022.100638
Pereira, P. (2018). Adidas AG-footwear and apparel (Doctoral dissertation). https://run.unl.pt/bitstream/10362/35453/1/Pereira.P_2018.pdf
Weiner, M. (2016). Cradle to Cradle–An analysis of the market potential in the German outdoor apparel industry (Doctoral dissertation, Bachelorarbeit, Hannover, Hochschule Hannover, 2016). https://serwiss.bib.hs-hannover.de/frontdoor/deliver/index/docId/1051/file/BA%20(1).pdf
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