Value Preferences in the Market for Fine Art

Description
This paper is a research study of the market for fine art. The art market describes the collective ecosystem of artists, sellers and buyers creating, selling and buying art. A literature review was conducted with the purpose of understanding why

This paper is a research study of the market for fine art. The art market describes the collective ecosystem of artists, sellers and buyers creating, selling and buying art. A literature review was conducted with the purpose of understanding why art is valuable. This research states that there are three primary categories of value that apply to art: Financial, Signal and Quintessential. Financial value refers to the monetary value of art. Signal value refers to the social value of owning or creating well-known art. Quintessential value describes art's ability to elicit feelings and ideas from those who engage with the art. A hypothesized model of the art market was created that associated the three entities of the art market with the three value types. Two research studies were conducted that analyzed the ways that these three value types exist in the art market. Based on the findings of the research, it was determined that all three-value types influence each entity. However, the three value types rank in terms of overall importance and impact on the entities. This new model of a three-tiered value type model applies to consumer preferences in the market for luxury items.
Date Created
2016-12
Agent

The Capsule Collection

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Description
This paper is rooted in the field of business, with an emphasis on entrepreneurship in the fashion industry. The questions we tried to answer were the following: What are factors of success for current fashion brands? What is important to

This paper is rooted in the field of business, with an emphasis on entrepreneurship in the fashion industry. The questions we tried to answer were the following: What are factors of success for current fashion brands? What is important to our target market when shopping? How can we deliver these attributes to our target market? How can we use our findings to create a fashion brand? First, we conducted in-depth external analysis about existing retailers including, Forever 21, Zara and Brandy Melville. After doing so, we created brand molecules and learned about other people's perceptions in relation to these existing brands. Next, using our own qualitative and quantitative research, we sought to understand the many gaps in the overall shopping experience for college students and young working professionals. Our research revealed many common themes and trends that we will integrate into our proposed business plan in efforts to fill the gaps. Through our data analysis, common trends included how our demographic learns about new fashion trends, statement pieces versus mix-and-match basics, online shopping versus in-store shopping, price sensitivity of our target market, and lastly, the quality of customer service and the store's return policy. After our extensive research and data analysis, we began to construct our brand. We propose a new business model that targets our fashion-forward consumer with a memorable shopping experience that delivers high-quality and trendiness to their wardrobe. Using the elements and trends we identified, combined with our own vision, we combined them into one brand, The Capsule Collection. ur brand will feature high-quality, reasonably priced basics ranging from everyday casual to business casual. We will have store locations in cities where there are many young working professionals, and target them through social media advertising. Our store will feature an open layout with clean and minimalistic displays, keeping everything in neutral tones and accented with plants. The goal of The Capsule Collection is to make shopping as easy and exciting as possible, and focus entirely on the customer's experience.
Date Created
2016-12
Agent

Pet Supplies USA Business Plan

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Description
The following business plan will delve into the financial feasibility of a business venture into niche pet product markets: more specifically, the market for pet products both sourced and made in the USA, which is a distinction also discussed in

The following business plan will delve into the financial feasibility of a business venture into niche pet product markets: more specifically, the market for pet products both sourced and made in the USA, which is a distinction also discussed in the body of the paper. The paper begins by detailing the anecdote that brought about the vision for the company and then segues into a description of the products that will be carried by the company. These include pet toys, beds, leashes, vitamins, soaps, treats and more, which is followed by a list of potential product suppliers who have all already expressed interest in the venture. The plan then discusses the possibility of expanding into markets abroad such as China and the feasibility of carrying products outside of those strictly for dogs and cats. An in-depth market analysis includes a series of statistics reinforcing the potential profitability of the business, including the fact that a recent study has found that 81 percent of pet owners consider their dogs to be "bonda fide family members" and that online spending on pet supplies increased 67 percent between July 2015 and July 2016. It also includes the projection that the industry is intended to reach $91.72 billion in sales by 2019. The discussion then transitions into the company's target market, which, at the most specific level, will be white, married individuals age 55 to 64 living in rural areas with an annual household income of $125,000 or more. The plan then delves into a target market segment strategy, which addresses how marketing and business strategies will target certain demographics to appeal to them individually, whether it be through a "family-owned" impression or an appeal to their sense of patriotism or social consciousness. Next, the plan addresses potential competition within the pet product market, first discussing the super giants PetSmart and Petco and how these corporations hardly cater to this niche market and then smaller companies who do meet the same demand, such as myusapetsupplies.com, but fall short in terms of strategy and marketing. Marketing for the business venture will be almost entirely digital, ranging from pay-per-click services to mass newsletters and online social media contests and giveaways. The paper then transitions to location, facilities, shipping, and licensing, discussing the layout, which will be in a residential garage that meets all city regulations. A best-in class e-commerce experience is vital to the success of the business. By optimizing our e-commerce platform and search marketing, we can level the playing field and standout from our competition. Therefore, Shopify will be used as the content management system and the domain name "petsuppliesusa.com" has been selected. Three potential logo designs and reasoning for each are examined. Next, the plan discusses the company and management, stating that decision making will lie in the hands of the founders even after a larger employee pool is hired and a flatter structure is employed. Lastly, the plan lists a pro forma for the business and a projection that the first year will reap final profit of $125,000 at the end of the first year of operation.
Date Created
2017-05
Agent

Consumer Perceptions and Behavioral Effects of Multi-Channel Product Sets in the Specialty Apparel Retail Industry

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Description
As firms increase the number of channels that they operate and distribute their products and services on, they run into new challenges with branding. One sub-industry where many firms have used multi-channel branding is the specialty apparel segment of retail.

As firms increase the number of channels that they operate and distribute their products and services on, they run into new challenges with branding. One sub-industry where many firms have used multi-channel branding is the specialty apparel segment of retail. Many firms of this kind are using a four-channel approach with physical stores, brand websites, social media pages, and direct mail catalogs to market their products. Yet, there are few specialty apparel retailers that do this well across all four channels. A particular technique used to market products in this way is visual merchandising. Visual merchandising for apparel products pieces together full outfits with multiple clothing items and shows them, in some way, being worn. Beyond just marketing products, however, visual merchandising can provide firms with benefits of branding such as brand expertise, positive consumer attitudes, and increased consumer purchase intent. To do this, firms must develop quality brands using traditional branding practices. To use as guides, J. Crew and Anthropologie's branding and visual merchandising practices were analyzed in case studies. Testing consumer perceptions of these brands and their success, primary research about consumers' behavior relative to specialty apparel retail brands and their visual merchandising displays was an outcome. From this research, it was found that consumers best respond to in-store visual merchandising displays. In showing products, a variety product combination strategy is preferred as it enhances the value consumers perceive in brands and builds brand character. Consumers also feel that visual merchandising impacts their knowledge of the brand and its products as well as personal styling. If brands successfully use visual merchandising to brand themselves, brand consistency, brand expertise, and positive consumer attitudes are an outcome. Recommendations for specialty apparel retail brands have been developed using these findings, and the potential such firms are able to realize in using these will greatly benefit them.
Date Created
2017-05
Agent

Fashion in the Age of Technology: How Social Media and Surrounding Factors Impact the High Fashion Industry

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Description
This thesis explores the current relationship between high fashion and the advancements and changes in technology that have catapulted the industry into a potentially dangerous level. It is simple for one to identify fashion as a booming industry; however, upon

This thesis explores the current relationship between high fashion and the advancements and changes in technology that have catapulted the industry into a potentially dangerous level. It is simple for one to identify fashion as a booming industry; however, upon further inquiry, it becomes clear that the pace of the fashion industry is unsustainable as the demands and expectations that the current consumer has for high fashion brands grow unproportional with the standard rate of the industry. In 2016, the fashion industry reached $2.4 trillion in total value, placing it as the seventh largest economy in the world (Amed, 2016), but these numbers are as fickle as a fashion trend. The fear and talk of the current state of fashion is that this will stagnate and even drop off, due to multiple factors. The shift to the "see now/buy now" platform (CFDA, 2016), a marked reliance on social media "influencers" in order to determine success (Friedman, 2016), and the commercialization of creative directors attributing to the high turnover rate at brands (Prigent, 2016) may lead one to conclude the technology is positively affecting the fashion industry. However, these factors ought lead one to conclude that high fashion is moving at an unsustainable pace, one which will result in long-term detriments to the seemingly unshakable industry and remove high fashion off its current pedestal. Over the past few years, a larger consumer base motivated growth in sales numbers, but in 2016, sales growth was at 2-3% with predictions of stagnation to come for the upcoming years (Amed, 2016). This thesis will look at if the high fashion industry itself has become "trendy" and where the current peak of the industry will lead for the future.
Date Created
2017-05
Agent

How Professional Artists Can Better Promote Themselves Online

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Description
The thesis "How Professional Artists Can Better Promote Themselves Online" aims to create a solution to improve artists' online sales and exposure. With the Internet being such a congested platform, I began to wonder how it was possible for artists

The thesis "How Professional Artists Can Better Promote Themselves Online" aims to create a solution to improve artists' online sales and exposure. With the Internet being such a congested platform, I began to wonder how it was possible for artists to stand out from the crowd. I conducted six in-depth interviews in order to form a better understanding of what problems and frustrations artists currently faced everyday online. The data I collected from these interviews transformed my thesis into an entrepreneurial venture, and the iPhone app Artello was born. I created an entire working prototype of my app using Keynotopia. Artello's mission is to build an interactive art community that will create and foster relationships between artists and buyers like never before. This platform illustrates to buyers an artist's personality, style, and individual story. With Artello's guidance, artists will form stronger relationships with art buyers, connect with similar artists, and create a compelling online presence.
Date Created
2015-05
Agent

Differentiation Through Combination: A Strategic Shift In Brand Image for GEICO Insurance

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Description
GEICO Insurance offers a wide range of insurance options to consumers nationwide. The company has experienced exponential growth over the past 15 years largely due to their low rates, ease of purchase, online business model, and their industry-revolutionizing approach to

GEICO Insurance offers a wide range of insurance options to consumers nationwide. The company has experienced exponential growth over the past 15 years largely due to their low rates, ease of purchase, online business model, and their industry-revolutionizing approach to advertising these competitive advantages. Operating primarily within the enormous Property and Casualty sector of the insurance industry, GEICO faces extremely high levels of competition from many well-resourced companies. The most dangerous of which have begun to respond to GEICO's humorous, charming, and often detached advertising strategy through the employment of one of two general strategies; either imitating and attempting to improve upon GEICO's brand image and advertising practices, or else attacking it, insinuating that a company with this appeal does not truly care about its customers or its services. As GEICO has already solidified their low price point and ease of purchase in the minds of consumers, a tactical shift in response to competitive actions is now optimal. To avoid being labeled as a "cut-rate" insurance provider who cares little about the safety or well-being of their clients, and provides them with low quality insurance products and services; the following integrated marketing campaign is proposed. Spearheaded by the slogan "As long as you have GEICO, Things are looking up.", this campaign will focus on raising awareness of the plethora of customer service programs and initiatives already offered by GEICO that are unknown to the general public. The humorous, lighthearted appeal will remain, but the focus on highlighting customer service benefits and the high quality associated with GEICO's product will serve to shift the public perception of GEICO. As a result of this campaign, GEICO will appeal to a broader segment of the market, retain customers for longer period of time, raise awareness of their helpful customer service products and services, and differentiate themselves from the competition.
Date Created
2015-05
Agent

Digital Media in the Fashion Industry

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Description
Even in today's society, we are still unsure of the limitless potentials of digital media. The digital media sector has, without a doubt, increased opportunities in marketing, sales and creativity within the fashion industry. Blogging has become increasingly popular with

Even in today's society, we are still unsure of the limitless potentials of digital media. The digital media sector has, without a doubt, increased opportunities in marketing, sales and creativity within the fashion industry. Blogging has become increasingly popular with the efforts of commercializing high fashion. Social media has also revealed new opportunities for upcoming designers to establish themselves within their target audience. The creative uses of e-commerce also show the effectiveness and infinite possibilities digital media offers. With digital media reinventing the fashion industry, we are seeing a direct correlation between the technological advancement of a brand and their market success. Simply put, digital media is the future of the fashion industry. Technological advancements like digital printing and e-commerce tools like mobile purchasing trackers are proving to be the future of the fashion industry. Predictions for digital media in the fashion industry include a more advanced method of e-commerce, the continual usage of creative digital technologies such as holograms in fashion shows, and also the seamless integration of global markets. To gain a better perspective and knowledge of the roles of digital media in the fashion industry, Calypso Lawrence, the Public Relations Manager of fashion designer, Prabal Gurung was interviewed through email. RaeAnn Lukza, the CEO and founder of online retailer, Knee Deep Denim was also interviewed to better understand the development of e-commerce and the incorporation of social media.
Date Created
2015-05
Agent

Getting Personal: Utilizing Branding Strategies for Individuals

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Description
Branding is one of the most important tools a business can use. Whether consumers know it or not, every purchasing decision that they make – be it for a product or service – is rooted in the brand.

Branding is one of the most important tools a business can use. Whether consumers know it or not, every purchasing decision that they make – be it for a product or service – is rooted in the brand. Thus, it is somewhat of a surprise that branding for individuals did not become popularized until 1997, with Tom Peters’ article “The Brand Called You.” In his article, Peters remarks on how changes in the marketplace and technology make developing a personal brand more accessible, as well as more important. The increasingly competitive marketplace combined with the rise of social media means that personal branding is even more important and more attainable today. Thus, it is vital for students entering the workforce to develop a brand that will allow them to distinguish themselves. This research examines whether or not students understand what personal branding is and if they have taken the steps to develop their personal brand. The research questions are as follows:
• Do students understand what personal branding is?
• Are students able to define their skills?
• Do students have a career plan?
• Do students have a plan to promote their brand?

A pilot study was first distributed to students of Arizona State University which found that students lack an understanding of what personal branding is and have a need for the knowledge and tools to develop a personal brand. A workshop was then developed to address these issues. This workshop was held three times: first, for a Landscape Architecture class, second, for a marketing class, and third, for a student sales organization. The workshop discussed branding, personal branding, and then the participants were able to begin working on developing their own personal brand. The students in the first workshop had two sessions and were able to complete their own personal brand process with the workshop leader, while participants from the second and third workshops completed it on their own, after only a single workshop session. After completing the in-person workshop, participants shared their brand with their fellow students in a Google Plus page. Finally, participants completed an exit survey. This exit survey was used to measure the research questions.

The first workshop proved to be most effective, even though the participants in the first workshop were all landscape design students and the majority of the participants in the second and third workshops were business students. It was found that unless the students’ own brand development process was finished during the workshop or affected the students’ grade, it would not be completed. It was also evident in all of the workshops that slides with imagery were more effective at starting discussions than the text-heavy slides. As such, future workshops should be designed with a greater time allowance, the intent of the students’ own brand development process to be completed during the workshop, and the presentation should be redesigned to better initiate discussion among participants.
Date Created
2015-12
Agent