The object of this report is to highlight the findings of the recently conducted consumer survey and to present market strategy accordingly in order to expand the business of VougeMIND clothing by understanding the consumption and psychological differences in cultures and market.
The consumer survey was conducted by a fashion market survey organization named “Mistra Future Fashion” in four countries; Germany, Poland, Sweden and United States from October 2016 to January 2017. The targeted consumers were based on age, gender, region and educational background (see Apendix…). The considered consumptions were related to general clothing, new business models and eco-friendly clothing.
In essence, the descriptive analyses of the survey indicated that consumers from concerned countries were differed significantly pertaining to consumption of clothing volume and its expenditure. Further acceptance for novel business models was low in all selected countries and interested in reselling online, incentivized take back service and repair services. Pertaining to eco-friendly clothing, three out of four countries were in favor of eco-friendly clothing.
Considering the key findings of the consumer survey, it is required to build an effective market strategy focusing on consumers’ quality of life, mindset and behavior and also new business models which is elaborated in Section 2 under market strategy.
Critical Evaluation of the Consumer Survey
Consumer Research: Introduction
VougeMind clothing is a well-renowned multinational fashion designing and manufacturing chain based in Stockholm, Sweden which was established in 1982 as a retail outlet for apparel and accessory. The company is organized as partnership between two partners of Smith Miller and Kristian Akerman. The VougeMind company is a registered company under the register number – 1245679217 A and is adopted the regulation (EU) No 1007/2011 on fiber names and related labeling and making of the fiber composition of textile products(ref…..). Currently the company has expanded its business to off shore countries mainly in Germany, Poland and United Sates and also in Sweden where the head office is located at Hagagatan 12468, SE-124, Stockholm.
The prominent reason behind the success of VougeMind is that the company keeps up the pace with latest vogue and close look with rapidly changing fashion trends to cater clothing for all ages. VougeMind believe the concept of delivering the latest trend of good quality product in a shorter period at lower prices, which trigger the customer to acquire what they like right away. And also the company is highlighted for its contribution towards the environment and for its social responsibility. The company promotes organic farming and garments out of organic cotton which are 100% cotton, completely free of pesticides, chemicals and bleach and such products have specified labels to spot them easily in the shops.
VougeMind clothing ensures to have an effective communication with the customers to have understanding of the market changes to help the company designers to come up with new designs to address the expectations of the customers. The VougeMind clothing is segregated as female, male, and kids. But cloths are not characterized differently like cloths for young girls and mid-age women; rather the focus is on delivering latest fashion trends to customers, with a turnover of 5,000 novel designs in a year.
According to the annual report of VougeMind clothing, it is stated that company is generated approximately 5.1 billion USD in revenue in the year of 2017 from its overall sales. The company is gained substantial growth since 2007, with an increase in overall revenue of approximately 3.5 billion USD.