Abercrombie and Fitch Company engage in direct selling of their products. Their products are unique and stand out from other products in the market in a number of ways. They are the most highly priced apparel and sportswear in the world, which makes them to be desired as luxury items. It desires to attract and retain the best management executives for the parent company and the subsidiaries to serve the best interests of the company and shareholders. The Mission statement asserts its commitment to ensuring that their brand of Abercrombie and Fitch remain authentic and relevant to the current market needs.
Market research involves organized gathering, recording and analyzing the market needs and new trends. The customer’s needs and behavior keep changing because of the diverse subjective matters. For the company to succeed they must research the market to ensure that they produce the products that their customers want to buy. It involves detailed surveys to assess the customers’ expectations and opinions. Engaging in market research is vital for Abercrombie and Fitch is they will maintain the top position. The research should be generated over a specified period related to the goal. The time period should either be weekly, monthly, yearly and it must be the same amount of time. This will enable the firm to measure progress and assess the benefits of the research.
The research should focus on reduction of risks by spotting current and potential opportunities and challenges. It should also help to identify new sales opportunities and to develop viable action plans. The market research should also target the competitors and any new and better technologies in the market. The customers’ need is the ultimate goal of the company therefore the company should seek to get opinion on exactly how they want.
Market research will benefit the company by enabling it improve communication with its clients. The person-to-person contact works well to maintain the customer loyalty. In addition, it helps identify new opportunities by checking on the competition and capitalizing on the best strategy. By conducting market research, the company might minimize potential risks giving a sustainable future to the company. It creates performance benchmarks that measure progress against input.
In order to measure the success of the market research plan, it is important that the company conduct it periodically. It should not be a hit and run formality unless if the demands of the market research are variable and sporadic. Checking the company’s website to see how many additional numbers of people have visited the site is a good measuring tool. Always create rapport with new customers and enquire to find out how they found out about the company. Ask if they were referred to you by a friend or by a company’s employee. A marketing plan should have clearly defined goals. These will be used to assess progress. The plan should realize specific objectives such as the market share in the target market, services per member employee, the net customer growth and the financial growth based on net returns.