(1)Market knowledge is the comprehensive understanding of a company's target market and products. This knowledge is the foundation upon which is a successful merchandising effort is built. In order to obtain market knowledge, merchandisers and product managers must apply research techniques and monitor changes in the market.

(2) At the end of this module, you will be able to understand the factors in developing a detailed understanding of target market segments for a specific company. Once you have collected and analyzed information your critical thinking skills will be needed to look at questions 3c and 3d.

(3) Research paper instructions: Select an apparel brandof your choice (Nike)

• a. Company Information:Must include brief company background, identify business sector (channel of distribution); department store, specialty store, on-line, etc., Discuss current factors affecting the selected business sector/marketplace.Identify the brand's products and major competitors.

• b. Analysis of target market:Identify and analyze demographic information /trends; age, gender, income, education, ethnicity, social class, geography, family size, occupation, spending patterns. Psychographic information/trends: values, attitudes, lifestyles (VALS Segments), interests, opinions, motivations. Emerging trends, social forces, peer pressure.

• c. Forecast:Many brands/companies have lost sight of their target market and suffered a loss of their dominant industry position (GAP Stores, Victoria's Secret, J.Crew). It is easy for an apparel company with a solid market image to become complacent.

Now that you have analyzed and examined your brand's target market and emerging trends, what strategies should the brand/company be implementing to sustain their future business?