Your market analysis studies the dynamics of a market and what makes potential customers tick. For this professional assignment, you will develop a market analysis for your business. Product is called SwapSoles which are some innovative shoes that allow you to change the soles to perform sports and do leisure activities as well. (This is an imaginary product; it does not exist)
* All the information is already provided in the Word Document attached. You just need to re-structure the information into the following structure, paraphrase all the text to eliminate plagiarism, and add more relevant data from peer-reviewed sources. It is very important that you re-write the information as this is information is from another class assignment and would appear as plagiarism if not properly paraphrased.
Structure of the report:
- Summary of your product + Distinguishing characteristics (2 paragraph minimum)
- Industry description and outlook (1 paragraph minimum)
- Target markets (2 paragraphs minimum)
- Customer profile (1 paragraph minimum)
- Customer needs (1 paragraph minimum)
- Trends (2 paragraphs minimum)
- Potential competitors (2 paragraphs minimum)
-Font: Times New Roman, Size 12
-No plagiarism (IMPORTANT)
Requirements: follow structure indicated
SwapSoles will initially be introduced within the American sports apparel industry. This industry is quite competitive and is dominated by organizations such as Nike Inc., Under Armour, New Balance, and Adidas (Chung et al., 2022). Besides being competitive, the industry is very dynamic and prone to evolution. Customer needs and preferences differ not only depending on the geographical and cultural background of customers but also change frequently depending on the existing trend (Chung et al., 2022). In 2021, the American sports apparel industry was valued at approximately $103 billion (Chung et al., 2022). This figure is expected to grow to over $130 billion by 2025 (Chung et al., 2022).