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Market Research
- 1. Global Gadgets ImportsMarket Research
- 2. Cynthia C. Cutright, Amber Davies, James A. Fischer Sharon Flowers, Charles Foster Colorado Technical University MKT630-0904B-01 Professor Alan Fowler December 7, 2009
- 3. Introduction Housewares Competition The GGI Difference Market Segments Utilizing Market Trends Product Focus
- 4. Competitors by Distribution Channel
- 5. The GGI Difference Demonstrate Leadership skills Effective Communication Price Quality Performance Durability Customer support
- 9. Utilizing Market Trends 64% of all Americans have faced levels of economic hardship and have had to cut back on their buying patterns due to the loss of a job or other changes in personal income (Morin & Taylor, 2009) (Morin & Taylor, 2009).
- 10. Product Focus Cookware Types of Cookware Relative Price by Cookware Brand
- 11. Product Focus (cont.) Bakeware Types of Bakeware Relative Price by Cookware Brand
- 12. Product Focus (cont.) Small Appliances Large Appliances
- 13. Conclusion Housewares Competition The GGI Difference Market Segments Utilizing Market Trends Product Focus
- 14. References Bed Bath & Beyond, Inc. (BBBY) Profile. (2009). Retrieved from http://finance.yahoo.com/q/pr?s=BBBY Bureau, U. C. (2009). Table 3. Age of reference person: Average annual expenditures and characteristics, Consumer Expenditure Survey, 2008. Washington DC: Bureau of Labor Statistics. Retrieved December 3, 2009, from http://www.bls.gov/cex/2008/Standard/age.pdf
- 15. References Bowerman, B.L, O'Connell, R.T, Orris, J.B, & Murphree, E.S. (2008). Essentials of business statistics. New York, NY: McGraw- Hill. Kotler, Philip, and Kevin Keller. Marketing Management. 13. New Jersey: Pearson Education Inc. , 2009. 662. Print.
- 16. Resources Morin, R., & Taylor, P. (2009, April 23). Luxury or necessity the public make a u-turn. Retrieved December 4, 2009, from Pew Research Center.com: file:///C:/ Users/Chuck%20Foster/Desktop/luxury-necessity- recession-era-reevaluations.htm.
- 17. References Pier 1 Imports, Inc. (PIR) Profile. (2009). Retrieved from http://finance.yahoo.com/q/pr?s=PIR Reynolds, P., (2006). What's Cooking with house-wares (trends in the house-ware sector). Retrieved December 4, 2009 from http://www. goliath.ecnext.com/coms2/gi_0199-5400981/ What-s-cooking-with-house-wares.html.
Notas del editor
- Cynthia C. Cutright, Amber Davies, James A. FischerSharon Flowers, Charles FosterColorado Technical UniversityMKT630-0904B-01Professor Alan FowlerDecember 7, 2009
- Introduction The following presentation of research findings will define the following: Who is GGI’s competition in relation to housewares? How can GGI Housewares differentiate themselves? Who will be the various market segments? What are the market trends and how can GGI utilize this knowledge in their marketing campaign/strategy? What housewares related products should GGI focus on marketing?
- Housewares CompetitionWho is GGI’s competition in relation to housewares? Competitors within the Housewares and Accessories Industry are broken down into distribution channels, including Mass Merchants and Clubs; Specialty Stores; Supermarkets and Drugstores; and Department Stores. Global Gadgets Imports falls into the category of Specialty Stores and faces big name competitors such as Pier 1 Imports, Bed Bath and Beyond, and Williams-Sonoma. All publicly traded, these companies maintain $437.88 million, $10.16 billion, and $2.24 billion of market share respectively in the Home Furnishing Stores Industry. Industry leading Pier 1 Imports operates as a specialty retailer of imported decorative home furnishings, gifts, and related items. Its stores offer furniture, decorative home furnishings, dining and kitchen goods, epicurean products, bath and bedding accessories, candles, and other specialty items for the home. As of March 1, 2008, the company operated 1,011 stores in the United States and 81 stores in Canada under Pier 1 Imports name (“Pier 1 Imports,” 2009). Pier 1 Imports, Inc. also operates in Mexico and Puerto Rico. The company was founded in 1970 and is headquartered in Fort Worth, Texas. In addition to domestic merchandise, such as bed linens and related items, bath items, kitchen textiles, and home furnishings, Bed Bath & Beyond also offers food, giftware, health and beauty care items, as well as infant and toddler merchandise comprising of furniture, car seats, strollers, feeding, bedding, bath, health and safety essentials, toys, learning and development products, clothing, and a selection of seasonal and holiday products (“Bed Bath & Beyond,” 2009). Because it has optimized import and distribution functions, Global Gadgets Imports has an advantage against all competitors in terms of cost minimization. In terms of future growth, Bed Bath & Beyond is expected to drop to 14.2%, down from 15.9% this year and Pier 1 Imports to grow by 59.4%, up to 143.5% from 84.1% this year (“Bed Bath & Beyond,” 2009). Global Gadgets Imports can compete with both Bed Bath & Beyond and Pier 1 Imports in terms of product offerings. Per the goals of the major marketing plan, expanding products lines must include relentless market research and focus tables to determine what is popular and what will sell. Because Pier 1 Importsis expected to grow into the year 2011, it is imperative that Global Gadgets Imports utilize the highly detailed marketing plan to meet their overall goals by increasing sales and brand awareness.