Research Paper Macy's

Marketing Research

Macy’s Corporation has experienced major differences to stay competitive in the retail store. With force closure lurking in the future, it is presumed they have lost sight of what made flourish and successful. As a result, Macy’s Corporation put their marketing research team to work to find a solution to help revitalize a new target market and stand out from all another retail store the way they once did. Furthermore, to find a more practical solution, Macy’s Corporation marketing research team will need to find a new target market, a new product, a new marketing strategy for their new target market, the best method for marketing research, and outline the final steps of implementing new products using a solid development process.

Target Market

After extensive study, the Macy’s Corporation marketing research team has found several products that will be attractive to younger generations to include women with children and seniors that they will be targeting.

Macy’s Corporation was a retail store that sold cold weather gear, clothes and shoes and suits but over the years will marginalize the sale of these items. Macy’s Corporation once had a strong influence on average shoppers as being a high-end fashion retailer. Macy’s Corporation marketing research team thought the best way better way stimulates struggling sales and deterioration in store closures is by launching the sale of Macy’s Cardiovascular Fitness Exercise Fashion (CFEF). This new fashion will be made up of the three giant sporting apparel attire Nike, Under Armour and Air Jordan Products. Moreover, Macy’s Corporation anticipates that targeting on these big pioneers of their industries will outshine their

competitors.
With Macy’s Corporation, the sale of CFEF which will consist of the top 3 sporting apparel attire Nike, Under Armour and Air Jordan Products, Macy’s Corporation will inspire all teenagers, young adults, athlete, joggers, and every senior adult looking for new identity and inspiration. We will eliminate the sale of all cold weather gear to a bare minimum.
Our society has become health conscious therefore people are dressing differently than they did 20 years ago and this is a trend is replicated in every state alike.
Demographics
How can the Demographics of Macy’s Corporation new target market impact the marketing strategy for the implementation of their new and improved CFEF? The demographics are an essential concept to the marketing of Macy’s CFEF goal to focus its demographics on a young, ambitious shopper to include household income over $25K. Additionally, making Macy’s CFEF affordable than in the past to attract women with children, age group 26-45 and different ethnic and occupational backgrounds.
Geographic
How can the Geographic of Macy’s Corporation new target market influence the marketing strategy of their new product? Macy’s Corporation to target all local school, public and private, colleges, youth groups, communities that surround our stores. This new line of Macy’s CFEF will attract a new line of customers where lunch break will become a routine visit to include more frequent stop will become imminent.
Psychographics
What Psychographic influence can encourage Macy’s Corporation target market to buy CFEF? The majority of people concerned with health lifestyle and appearance go for quality over the economy. CFEF will cater to the lifestyles of their target consumers by offering them shopping incentives, discounts, and coupons to vitalize sales. Macy’s Corporation will no longer be stigmatized for having just high prices but interview and investigate analytics to meet the demands of our customers’
Behavior Factors
What behavioral factors of Macy’s Corporation new target market for their CFEF can influence their marketing strategy? It is important to discover their want of the consumer make sure we create an atmosphere that can target their need.
Methods of Conducting Marketing Research
There are several methods of conducting marketing research for a new product. Macy’s Corporation marketing research team found that the best methods for collecting data from their target consumers for their marketing research are through testing focus groups within each of Macy’s Corporation regions. The other method of marketing research they will test is through field trials (AllBusiness.com, 2015). These approaches will help Macy’s Corporation marketing research team develop a more realistic idea of what their target consumers like and dislike from a more interactive approach. If Macy’s Corporation were targeting their average consumer of middle-aged with children and senior women they may have used surveys. Conducting field trials in grade level school and middle school that gives general insight as to how effective most effective method for reaching out to connect to the needs and wants from younger generations.
Prior to the advancement of Macy’s CFEF which will consist of the top 3 sporting apparel attire Nike, Under Armour and Air Jordan Products Macy's Corporation will modify two stores in each region at a test base. Data will be collected as to the consumer preference and if they satisfy the desire. Once this data is obtained, then we can improve the need to make small changes.
Multi-Step Product Development Process
Upon finalizing Macy’s CFEF which will consist of the top 3 sporting apparel attire Nike, Under Armour and Air Jordan Products, the marketing research team will outline the following steps they will take to create the right setting for the Macy’s Corporation Cardiovascular Fitness Exercise Fashion
I. Generating Ideas
a. Replacement for cold-weather gear will be Cardiovascular Fitness Exercise Fashion
b. Revise and Renovate Macy’s Stores
1. Introduce Nike Under Armour and Air Jordan
2. Introduce all accessories, shoes, and gear
II. Screening Ideas
a. Standup a brand new section Cardiovascular Fitness Exercise Fashion
b. Only the best appeal will be on display.
1. Southern regions- shorts, t-shirts, muscle shirts
2. Eastern and Northern regions- parka, thermal, legging running pants
3. Western regions- golf outfits, tennis, attire, swimming
c. Each region will mark its' style of attire base on the climate
III. Developing and Testing Concept
a. Conduct focus groups marketing research study
b. Conduct field study-target schools
c. Gather information
d. Make changes and modify product
IV. Developing Marketing Strategy
a. Marketing strategy from data collected from marketing research methods
b. Create and achieve marketing strategy
1. Target to reestablish Macy’s Corporation history of high escalated prices.
2. Target to reach out to expand target market to women with children and senior women.
3. Aim to satisfy desires of average consumer and new target market.
4. Aim to market CFEF based on personal preferences.
5. Objective to provide convenience and customer satisfaction
c. Develop affordable and competitive pricing
1. Nike products will be moderate.
2. Air Jordan will be sold in increment sections
$1500 - $850; $825 - $550; $525-$250
3. Under Armour will be sold at moderate pricing.
d. Marketing Budget for implementation of Macy’s Corporation CFEF is 3 million.
e. CFEF profit is estimated to be at $4.5 million annually.
V. Developing New Product
a. Macy’s Corporation engineering team develops Macy’s Corporation CFEF
b. Macy’s Corporation engineering and innovation team test the functionality of CFEF
1. Test for any relevance
2. Test for any attraction
c. Develop prototypes of Macy’s Corporation to create a new CFEF section of product and customer satisfaction.
d. Based on prototype, Macy’s Corporation engineering and innovation teams make necessary advancement to the CFEF.
VI. Commercialization
a. Introduce Macy’s CFEF to the public through promotions and advertising
b. Macy’s Corporation will promote CFEF with coupons, sales insensitive.
c. Macy’s Corporation will advertise CFEF with online ads, in-store ads and promotions, and online advertising.
Conclusion
In conclusion, Macy’s Corporation, marketing research team, was challenged to find a solution stimulates Macy’s Corporation from struggling sales and deteriorate store closures. It has been assessed and analyzed that revitalizing Macy’s Corporation unveils the sale of Macy’s Cardiovascular Fitness Exercise Fashion. This new fashion will be made up of the three sporting apparel attire Nike, Under Armour and Air Jordan Products. As a result, the team developed a new target market, a new product, a new marketing strategy for their new target market, the best method for marketing research, and outlined the final steps of bringing the new product to life using a multi-step product development process. Macy’s Corporation is excited to embark upon this new adventure and to experience its newly renovated CFEF section. It is with anticipation the Macy’s Corporation is creating a need for the consumer and a new wave of customers for our future.