Develop a comprehensive analysis framework and theoretical model by investigating brand loyalty, perception, and satisfaction to uncover the reasons behind Supreme’s decline in performance.

Boston University MET AD856 A2 Market and Economic Research and Analysis Spring 2024 Assignment 2 Research to Raise Brand Awareness and Sales of Supreme Team E: Ziyi Wang, Bingbing Wei, Shuohui Zhu, Junrong Wang, Gangyi Li ASSIGNMENT 2 Team E Executive Summary To continue the market research process in assignment 1, our team’s market research aims to develop a comprehensive analysis framework and theoretical model by investigating brand loyalty, perception, and satisfaction to uncover the reasons behind Supreme’s decline in performance. Through analyzing consumer behaviors and competitor performance, we seek to assist Supreme in improving its brand awareness, sales, and competitiveness by identifying its unique attributes compared to competitors. Our team follows six steps in optimizing the market research process: Identifying the needed data, researching existing questions, drafting new questions, reviewing and revising, determining question placement, conducting pilot testing, and initiating data collection. Contents Executive Summary……………………………………………………………………………………………………………. 2 Theoretical model ………………………………………………………………………………………………………………. 3 Market Research Design Process and Examples of Each Step …………………………………………………. 3 References ………………………………………………………………………………………………………………………… 7 2 ASSIGNMENT 2 Team E Theoretical model Our market research endeavors to adopt a multi-dimensional approach, aiming to construct a comprehensive analysis framework and theoretical model. This model will encompass an exploration of brand loyalty, perception, and satisfaction, seeking to unveil the root causes contributing to Supreme’s decline in performance and brand awareness. Through an in-depth examination of consumer behaviors and competitor performance, our objective is to facilitate Supreme in enhancing its brand awareness and sales figures. Additionally, we aspire to identify the distinctive attributes of Supreme in comparison to its competitors, thereby providing actionable insights to bolster its market position and competitiveness. Market Research Design Process and Examples of Each Step Identify Data Needed Initially, it’s imperative to pinpoint the specific data contributing to Supreme’s downturn in sales. To discern the underlying reasons behind this decline, we must gather pertinent data encompassing consumer behavior and market dynamics. This entails evaluating aspects such as consumer recommendations, brand preferences, and the loyalty of regular patrons towards the Supreme brand. Additionally, scrutinizing customer satisfaction levels regarding product quality and overall shopping experiences is crucial. This can be accomplished through various means, including surveys, feedback collection, and comprehensive market analysis. Through this methodical approach, we can attain a deeper insight into whether Supreme is effectively fostering customer loyalty and enhancing satisfaction levels, particularly within the fast-paced and fiercely competitive streetwear market. Research Existing Questions After identifying the required data, researching existing market issues is key to developing an effective strategy. We need to investigate and analyze what exactly is causing the decline in 3 ASSIGNMENT 2 Team E sales, whether it is due to a lack of innovation, a saturated market, or a change in consumer tastes. By understanding these issues in depth, Supreme can adjust its marketing strategy, for example, by differentiating its products, improving the customer experience, or enhancing its marketing campaigns to attract consumers. We will evaluate the market environment, including the spending power of customers, whether they are threatened by competing products, and the intensity of competition among competitors. In addition, we can analyze the competitors’ strategies in the apparel market to anticipate their possible moves and reactions. Keller’s brand equity model (MTCT, 2024) will be used to determine if Supreme is still considered a unique and dominant brand in the market. The Resource Based Theory will be used to identify the strengths and capabilities within the organization in order to gain a sustainable competitive advantage. We can do this by identifying early adopters and influencers in the fashion industry who will be the focus of marketing efforts to engage them through tailored displays and product launches. Draft New Questions In evaluating brand loyalty, our research will gauge respondents’ likelihood to recommend Supreme to others, their frequency of purchasing compared to other streetwear brands, and the factors influencing their allegiance to Supreme. In addition, our team will measure the customers’ satisfaction with the product quality customer experience and provide, as well as get the idea of the improvement from the customers (Pei et al., 2020). Furthermore, we would try to get a glance into the respondents’ opinions about the image of the brand ”Supreme” in comparison to other brands, which would be obtained through repeating the word associations and pricing strategies reminding the respondents about the “Supreme” brand worth and exclusivity. Through a methodical examination of customer behaviors and attitudes towards Supreme, our team could gain comprehensive insights into the brand’s role in cultivating loyalty and satisfaction within the 4 ASSIGNMENT 2 Team E rapidly changing and fiercely competitive streetwear landscape. Review and Revise The review and revise process involve a diverse team of experts, particularly experts in marketing and consumer behavior, or our course professor, who meticulously examine the questions to ensure clarity, relevance, and the desired insights. Through collaborative efforts, key adjustments are made, such as refining question phrasing for respondent comprehension, incorporating interactive response options or scales for simplified data analysis, eliminating redundant or ambiguous questions, and including open-ended questions to gather valuable feedback and insights. These adjustments are informed by the valuable insights provided by the experts, the survey tool will be able to meet the challenge of collecting priceless data about loyalty, satisfaction, and the perception of consumers within the Supreme brand’s core consumer group, which will result in better understanding of the consumer behavior and decision-making process about the brand (Wardhana et al., 2023). Question Placement Our team aims to explore the following potential questions, and we will utilize online questionnaire tools like Surveymonkey for data collection. 1. How do you perceive the brand image of Supreme? 2. In your opinion, what sets Supreme apart from other fashion brands? 3. What factors are most important to you when choosing fashion brands? 4. Why are you buying less of this brand? Why has the brand lost its appeal? 5. Does the combination of this brand and different brands increase your desire to buy 6. What changes or improvements would you like to see in Supreme’s products or marketing? 7. If the official website is sold out, will you choose other channels to buy this product？ 5 ASSIGNMENT 2 Team E Pilot Testing Before conducting the actual data collection, especially for extensive or intricate surveys, it’s imperative to conduct a thorough pilot test, which can help the team to check and see if the designed tool works. Our team is going to conduct pilot tests within Boston University campus. Students will be required to complete all sections of the questionnaire survey. Typically, a sample size of approximately 30-50 individuals suffices for this purpose. Pilot testing is a common practice, not only in our market research endeavors but also across various industries such as software development and implementation of new plans. For instance, in a company with multiple departments utilizing the same software program, a new application is first introduced in one department for initial evaluation. Based on the outcome of this assessment, if deemed successful, the next phase involves potential distribution to other departments; otherwise, it may be reverted (Nanda, September 24, 2021). Begin Data Collection Our team have several avenues for collecting data on the annual regional sales of the Supreme brand. While Supreme itself is a private company under VF Corporation, we can access relevant information through VF Corporation’s annual reports or investor relations documents. Additionally, we can utilize sources such as social media platforms and brand websites to gather insights. To delve deeper into the recent decline in Supreme’s sales, we plan to create a questionnaire aimed at understanding consumer opinions, purchasing behaviors, and attitudes toward the brand. This survey will provide valuable insights to pinpoint areas of improvement and opportunities for enhancing the brand’s market appeal. 6 ASSIGNMENT 2 Team E References Pei, X., Guo, J., Wu, T., Zhou, W., & Yeh, S. (2020). Does the effect of customer experience on customer satisfaction create a sustainable competitive advantage? A comparative study of different shopping situations. Sustainability, 12(18), 7436. https://doi.org/10.3390/su12187436 Wardhana, A. S., Pawito, P., & Satyawan, I. A. (2023). Marketing Communication Analysis of the consumer decision making process. Formosa Journal of Science and Technology, 2(11), 3107–3120. Mind Tools Content Team (2024). https://doi.org/10.55927/fjst.v2i11.6675 Keller’s Brand Equity Model. https://www.mindtools.com/ajnlcxe/kellers-brand-equity-model Nanda, V. (2021, September 24). What is Pilot Testing? Definition, Meaning, Example. Tutorialpoint. https://www.tutorialspoint.com/what-is-pilot-testing-definition-meaningexamples 7 Boston University MET AD856 A2 Market and Economic Research and Analysis Spring 2024 Assignment 3 Research to Raise Brand Awareness and Sales of Supreme Team E: Ziyi Wang, Bingbing Wei, Shuohui Zhu, Junrong Wang, Gangyi Li ASSIGNMENT 3 Team E Executive Summary To continue the market research process in assignment 1 and assignment 2, our team used a mixed-method approach, the survey combined the collecting of quantitative data via a questionnaire survey with the gathering of qualitative data through open-ended questions. In addition, we conducted secondary research to collect the brand awareness of Supreme and its competitors. During the research process, we used analysis tools such as SPSS, and also analyzed the validity of the questionnaire with chi-square calculation. Key findings showing that customers are particularly interested in Supreme’s lower prices and co-branding products, indicating a large market potential for these changes of the company. Contents Executive Summary……………………………………………………………………………………………………………. 2 Data Preparation for Analysis ……………………………………………………………………………………………… 3 Analysis of Survey Responses……………………………………………………………………………………………… 5 Conclusions ………………………………………………………………………………………………………………………. 7 Recommendations ……………………………………………………………………………………………………………… 8 References ………………………………………………………………………………………………………………………… 9 2 ASSIGNMENT 3 Team E Management Decision Problem How can Supreme reverse the trend of declining sales and increase its market share in the highly competitive retail market? Market Research Problem Could increasing circulation of Supreme’s popular products, more co-branding products, and lower price strategy help Supreme to win more market share? Data Preparation for Analysis Data preparation is the proves of preparing raw data so that it can be used for further processing and analysis. We did a questionnaire survey, and we also compliment it with secondary research. For the data that is collected, we have to prepare it for analysis so that we can get quality results of the analysis. One of the main steps for preparing data is cleaning and validating the data. Cleaning of data is the process of removing or correcting any outliers, inconsistencies in the data, errors and look for any missing values that may affect the analysis. Validating the data means looking at the data to ensure that it is accurate, complete and reliable (Brownlee, 2020). What’s more, our team need to check if the data matches the assumptions of the study and the expectations. In our data, we will make use of Microsoft Excel Software. These tools and techniques are sorting, filtering, cross-checking, and grouping. We will also keep track of the data cleaning and data validation steps and decisions as they will ensure accountability and transparency (Hameed & Naumann, 2020). What’s more, organizing and structuring the data is the other step our team needs to do the data analysis. Organizing the data means that we arrange the data in a logical and consistent way that will help in the analysis. Structuring the data is the processing of defining the type, format, 3 ASSIGNMENT 3 Team E and the relationship of the elements in the data. In this step, we also ensure that the data is compatible with the analytical tools and methods that we will make use of. Structuring tools and tools will include merging, reshaping, encoding, and splitting. The data will also be converted to the best practices and standards which include XML, CSV, and JSON. Another step for data preparation is exploring and visualizing the data. This is done to discover the trends, patterns, insights, or any anomalies that will inform the analysis (Brownlee, 2020). In our case, we have used Microsoft Excel to present the data in graphical way to communicate the insights and findings of the data. We have made use of pie charts to get insights of the data. Chart 1 below shows the price range that the respondents would buy for a Supreme item. Most of the correspondents, who are 43.2%, would prefer the price range of Supreme item to be between $200 and $500. Chart 1. What price range would you but for a Supreme item? Below shows the social media platforms that each of the correspondents use for shopping. SSense is the social media platform that is most preferred by the correspondents. The least used social media platform is Solestage.com. Chart 2. Which social media platform do you normally shop on? 4 ASSIGNMENT 3 Team E To analyze the data, we will make use of Content analysis to analyze the qualitative data variables. We will make use of a type of content analysis which is conceptual analysis. By making use of conceptual content analysis, we will be able to perform a frequency analysis which will help in assessing the frequency of the data. Analysis of Survey Responses We used a targeted survey to gauge participants’ interest in Supreme’s upcoming attempts. We evaluated two specific suggestions: an overall price reduction on Supreme merchandise or the release of more co-branded products. Chi-square Calculation Explained 1. The exact discrepancy between the observed counts of responses (the counts of people replying ‘Yes’, or ‘No’) and the counts expected (expected counts of ‘Yes’, or ‘No’) was evaluated using a statistical measure known as the Chi-square statistic. 2. First, for any given answer (You successfully squaring away Yes and No, respectively), you square the difference between these observed and expected counts, and then this product is divided by the expected count, which produces the single ratio you see multiplying the (You successfully squaring away Yes, No) element in the above example. Finally, the Chi-square statistic is the sum of these ratios across all response options. 5 ASSIGNMENT 3 Team E 3. A large chi-square value means that the observed outcomes differ significantly from those that were expected, which in turn means that our predictions probably don’t represent the reality of the situation. 4. On the other hand, a small Chi-square is indicative of the fact that our observed data and our expectations agree; we could reasonably conclude that our hypothesis as to which participants we would observe was probably correct. Refer to the Chi-square progress in the appendix. Test 1: Interest in “lower product price”  Objective: Supreme can win over more consumers by lowering its prices, and 70% of participants are expected to respond positively. Survey Question: “If Supreme item’s price lower, will you buy it?”  Methodology: A Chi-square test for goodness of fit was utilized to analyze whether the distribution of “Yes” and “No” responses among 50 participants matched the expected proportions of 70% for “Yes” and 30% for “No”.  Findings: In line with the initial test, the Chi-square value calculated demonstrated that the observed distribution, consisting of 37 “Yes” responses and 13 “No” responses, closely aligned with the anticipated distribution, indicating a precise prediction of the levels of interest among participants.  Implication: This finding suggests that potential customers will buy Supreme’s products when 6 ASSIGNMENT 3 Team E they are reduced in price, which also suggests that sales are boosted when Supreme reduces the price of its merchandise. Test 2: Interest in “Co-branding Products”  Objective: To assess participant interest in Supreme’s ‘co-branding products’, expecting a 70% positive response rate.  Survey Question: “If Supreme item’s price becomes lower, will you buy it?” Methodology: A Chi-square test for goodness of fit was utilized to analyze whether the distribution of “Yes” and “No” responses among 50 participants matched the expected proportions of 70% for “Yes” and 30% for “No”.  Findings: In line with the initial test, the Chi-square value calculated demonstrated that the observed distribution, consisting of 37 “Yes” responses and 13 “No” responses, closely aligned with the anticipated distribution, indicating a precise prediction of the levels of interest among participants.  Implication: The positive response to ‘co-branding product’ indicates a favorable market perception and potential for successful collaborations with other brands, enhancing Supreme’s brand awareness and sales. The surveys collected valuable comments on two planned Supreme brand upgrades. The statistical analysis confirmed a high level of interest in both the ‘the lower Supreme product prices, the more sales’ and ‘co-branding products’, with participant responses closely matching our predictions. These findings lend support to the prospective implementation of these features, suggesting that they are in line with customer preferences and market trends. Conclusions The comprehensive analysis focuses on addressing the management decision problem of reversing the declining sales trend and increasing market share for the brand Supreme. The 7 ASSIGNMENT 3 Team E targeted surveys provided valuable feedback regarding consumer preferences for price reductions and co-branded products. These results, combined with the strategic focus on brand loyalty, perception, and satisfaction, offer a clear picture of the potential avenues for reversing the trend of declining sales and increasing market share. The findings indicate that potential buyers will purchase Supreme’s products when their prices are dropped, implying that sales are increased when Supreme lowers the price of its whole merchandise line. The strong response to the ‘cobranding product’ implies a favorable market perception and the possibility of successful collaborations with other brands, which will increase Supreme’s brand awareness and sales. Recommendations For the revision of the price strategy, considering the favorable reaction to price reductions, Supreme ought to think about introducing a new pricing plan in order to draw in more customers and boost sales. The interest in co-branded products suggests this could be a fruitful avenue for expanding the brand’s appeal and reach. Partnering with other companies could expose Supreme to new markets. Utilize influencers, provide content that can be shared, and engage with the community to increase social media platform engagement. For trend research and real-time input, use social media. 8 ASSIGNMENT 3 Team E References Mind Tools Content Team (2024). https://doi.org/10.55927/fjst.v2i11.6675 Keller’s Brand Equity Model. https://www.mindtools.com/ajnlcxe/kellers-brand-equity-model Brownlee, J. (2020). Data preparation for machine learning: data cleaning, feature selection, and data transforms in Python. Machine Learning Mastery. Hameed, M., & Naumann, F. (2020). Data preparation: A survey of commercial tools. ACM SIGMOD Record, 49(3), 18-29. Appendix Questionnaire QR code: 9 ASSIGNMENT 3 Team E Figure 1. Chi-square analysis of Test 1 10 ASSIGNMENT 3 Team E Figure 2. Chi-square analysis of Test 2 11 ASSIGNMENT 3 Team E Figure 3. What price range would you but for a Supreme item? Figure 4. Participants’ perceptions of Supreme’s lower price products Figure 5. Which social media platform do you normally shop on? 12 ASSIGNMENT 3 Team E Figure 6. Participants’ perceptions of more co-branding products of Supreme. 13

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