Hexoskin Case Study

Isma Khanom

11 February 2019

Marketing

Assignment 2

As learning about this new product called Hexoskin, they want to obtain insights about potential consumers in the marketplace. Out of the three ways to obtain needed information (internal databases, competitive marketing intelligence, and marketing research), Hexoskin should primarily choose competitive marketing intelligence because that information offers insights about consumer opinions and their association with the brand. In addition, this information has systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. There are many techniques involve obtaining this information such as observing consumers firsthand, benchmarking competitors’ products, and monitoring online buzz. Hexoskin should use these three techniques from the competitive marketing intelligence so that their products can get more reviewed and rated by consumers. They can analyze and compare their assortment, speed and service quality of the products from consumers and due to these reasons, their products could get known.

Since, Hexoskin wants me to identify a segment that would be most important for them, therefore, the three variables that I selected are certain age group as in demographic variable, the confidence of consumers wearing that product as in psychographic variable, and the behavioral variable would be how consumers react to these type of products as in if the products very much enhanced and efficient for them or not really a good update. These segments help to identify an important target segment because it helps businesses focus on specific things to upgrade their business techniques. The name I would give my target segment is social targeting where someone sees the products on a social media site and get interested about the product. The concept of post-purchase dissonance is that either consumers will be satisfied or dissatisfied with a purchase. My target segment would experience such things because that is part of business. It’s all up to the consumers satisfactions and businesses are made to satisfy their consumers in order to be successful.