Free Literature Review Example Essay Sample
In the recent years, marketers have been forced to conduct an intensive market research prior to starting a business. The need of the market research emerged after a poor market performances, resulting from reduced number of customers and brand loyalty. Ross argues that adequate market research allows a business to remain profitable both in the short and in long run. This is because business owners are able to establish the diverse needs of customers ranging from their financial capabilities to tastes, which may be hard to establish without market research. This enables the firm to come up with a wide variety of products and services, catering for the wide range of customers, regardless of their economic capabilities.
Rohan indicates that, the urge of selling clothes in the U.S. market has increased in the last decade. This can be associated to the high number of citizens who are relocating to the US in search of jobs, education, and health among other notable reasons. As a result of this, the level of multiculturalism in the states where the U.S. citizens of the various origins such as Asian, Africa, Latin America among others resides have raised. This has influenced the US nativeson areas, such as dressing, foods, music and other notable aspects. Guiltinan argues that in cities such as Texas and New York the number of Asian citizens living in this particular region has raised. In order to maintain their traditions in terms of dressing, they are required to import clothes from India to the U.S.A. through the available importing channels, such as retail shops. One of the main challenges associated with this is the fact that most of the imported clothes through these channels do not fit the customers well. This does not only inconvenience the customer, but it increases the operation cost of the retail shop importing the product.
Based on the above information, it is crucial to introduce women clothing stores, offering alterations in order to satisfy the needs of diverse customers. For stores selling clothes in US, it is appropriate for them to offer a wide range of styles and sizes that would be attractive to American women as women of other heritage across the globe. Guiltinan it is important to recognize some of major challenges facing importers and sellers of clothes from other global market including the lengthy documentation process involved. Some of them include commercial invoice, arrival notice, airway or ocean bill, packing list, custom forms 7501 and 3461 among other notable forms of documentations. Quotas govern textile or garment imports to the U.S., thus a limited number of clothes are allowed in the U.S. market, especially from the Asian and African markets. Despite this limiting factors regarding importation process, the market for textile industry has been on increase from 20 to 35% in the last four years, especially those of the Asian origin. However, the growth of this market in most of the U.S. markets has been hampered by lack of adequate marketing strategies, high import tariffs and custom design related to various style clothing.
Paliwoda indicates that establishing and increasing a market niche for any given business is one of the major challenges facing clothes importers to the U.S. market. This is attributed to the fact that most of the clothing brands available in the U.S. are sold at lower price due to the reduced regulatory requirements, despite being of high quality. To effectively deal with this, marketers should consider the following factors all aimed to dealing with the short and long time challenges affecting businesses.
Pricing is one of the most important factors, which highly determines the number of customers visiting a business. By using the appropriate pricing strategies, a firm is able to attract large number of customers, thus improving brand loyalty. For businesses to succeed in the competitive market found in Texas, penetrating pricing strategy should be adopted. This way, the firm will be able to compete with other well-established firms operating in the Texas region among other areas in the U.S. In addition to this, the penetration pricing will be able to cater for the reduced buying power of many customers in the U.S. that has drastically reduced since the onset of global financial crises. Guiltinan indicates the price of most of designer branded clothes imported from India varies significantly from $ 200 for the normal ones up to $12000 for extremely special ones, decorated with diamonds among other types of precious stones. However, the price adopted by various clothes selling businesses may vary from time to time, due to the fluctuating foreign exchange rates and the prevailing economic challenges facing most of customers in the U.S. market.
In addition to the penetration pricing method adopted, it would be prudent for marketers to employ various promotion methods. This will make it easy for the firm to attract a higher number of customers, thus a higher level of brand loyalty. Firms can therefore, offer and promote their products via the social media, such as Facebook, Twitter and MySpace among other notable forms of social networking sites to communicate with their potential customers. Promotions to be given include shopping vouchers, reducing prices during holidays, offering scholarship to students, sponsoring sporting activities among others.
In summary, by adopting the above-proposed strategies, businesses operating in US will be able to attract a large number of customers in regardless of their country of origin. This way, brand loyalty will be increased hence more profits, both in the short and long run.