Group Submission - Industry AnalysisINDUSTRY ANALYSIS PAPEREach team is required to prepare a comprehensive industry analysis for the industry that you intend on utilizing for your Marketing Plan for

Have you ever thought that you have to manage too many accessories at one time? Especially when you go out, you have to grab more than one thing from your closet to get ready. We are here to help. We at ABC Company, are coming up with the new product “BraceBand” for our customers. Our company is located in New Delhi, India. We are in the business of apparel and accessories for Men and Women since 2012. After interacting with customers over several years, it was our duty to come up with something which will make our customer’s life more comfortable and technologically advanced. Our new product, “BraceBand” is a hybrid product that combines multiple accessories that people use in one product. That way, customers have to take care of a smaller number of things and still can get all the help they need. This product will be one of its kind in the market with extraordinary capabilities and technological enhancements.

“BraceBand” is a hybrid product that includes multiple accessories that people use in their day to day life. In our first version of “BraceBand”, we will incorporate hairband, watch, safety alarm, heart rate measuring system. Our goal is to provide our customers with a product that is not only fashionable but also serves their personal interests such as health and safety.

“BraceBand” will suffice the need for a watch, hair band, fit bit, and safety alarm. These are just a few of the many features that our product will have. As we progress in the development of newer versions and based on our customers' feedback, our goal is to enhance the capabilities to include further the features of any other accessories which can help people in their day-to-day operations. In the current era of globalization, the need for the customer is quite dynamic and changes rapidly with time. Since our primary location for “BraceBand” is India, we have enormous hope that there is a large potential market, with customers from every age group looking for this type of product. In India, the younger generation is highly influenced by their western counterparts and want to keep up with fashion trends. This new indigenous product will not only attract them due to its uniqueness but also the product's usefulness to help the product grow faster in this market.

India is a population of 1.3 Billion people, with 60% of the population under 35. This opens the door for a product which is fashionable as well as has useful features. India has per capita income lower than the European or American markets. Thus, the challenge was to keep the product's price minimum and affordable to both company and customer. We were able to achieve both the goals mentioned due to unique design engineering and our manufacturing capabilities. Our estimated product cost will be in the range of $3 - $8 (200 INR – 600 INR) which will depend on the type, color, size, and additional customization of the product. We have a profit margin of 40 to 50% for each of our products.

The cost of our product will remain the same throughout the country. We plan to deliver this product via online retail as well as in physical retail outlets. We are planning to partner up with a few of our local partners to have the product available in their stores. The cost of the product will not be affected by the mode of shopping. Also, in order to felicitate hassle-free returns, we are planning to provide an in-store return option for the first 30 days to our customers.

Our product will be useful for customers of all ages especially in the age group of 15 to 35. Our research has shown that people from this group are more conscious about their fashion as well as their health. This makes a perfect combination for our product. We plan to accommodate features for other age groups in our upcoming versions. Apart from this, we have a particular batch of our “BraceBand” which is specially designed for our sports enthusiast customers. It will help them keep track of their body moments, stamina levels, heart rate, etc. Although our initial version of “BraceBand” is specifically designed for our female customers, we have a lot more in the bag for our male customers too. They have the option to customize this band in order to make it fit their requirement.

We, at ABC company, would like to reach out to our customers this completely new, unique, and one of its kind hybrid accessories which we hope will change the fashion industry big time.