Barrett, The Honors College Thesis/Creative Project Collection
Barrett, The Honors College at Arizona State University proudly showcases the work of undergraduate honors students by sharing this collection exclusively with the ASU community.
Barrett accepts high performing, academically engaged undergraduate students and works with them in collaboration with all of the other academic units at Arizona State University. All Barrett students complete a thesis or creative project which is an opportunity to explore an intellectual interest and produce an original piece of scholarly research. The thesis or creative project is supervised and defended in front of a faculty committee. Students are able to engage with professors who are nationally recognized in their fields and committed to working with honors students. Completing a Barrett thesis or creative project is an opportunity for undergraduate honors students to contribute to the ASU academic community in a meaningful way.
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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 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.
ContributorsGish, James (Author) / Trujillo, Rhett (Thesis director) / Gray, Nancy (Committee member) / Department of Management and Entrepreneurship (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
Description
The goal of this research study is to examine the nature and effects of social media marketing and the role it has played towards driving Gen Z into the luxury fashion industry. In addition, qualitative exploration focused on uncovering the reason behind why this market chooses to purchase luxury products and investigated the relationship between social media influencers, luxury brands, and their consumers.
Through 12 qualitative research interviews, five key insights were suggested from the results of the study: people buy luxury to fit in or stand out in social groups, social media marketing portrays a false reality, social media has contributed to the rise of Gen Z consumers in luxury fashion, social media has normalized owning luxury products, and social media has caused lowered self esteem and social pressure amongst Gen Z. These insights can be explained through a triangular framework, making up a marketing ecosystem involving the brand, the social media influencer, and the consumer. These three roles work together to buy and sell goods from one another. If one of the players fails to do their role, the relationships fall apart.
Given phones and apps are highly personal items often only used by one individual, understanding and comparing the ads and images one user is exposed to versus another can be very tricky. Recently, the Federal Trade Commission has increased regulations over native advertisements when viewers became unable to decipher ad from reality. Gen Z’s may inadvertently compare themselves to influencers, ultimately causing lowered self esteem when they cannot possess or achieve the lifestyle of these individuals. These insights are important to help understand how to negate the negative effects of social media marketing and propel companies to be more transparent in their marketing initiatives to reduce social pressure and poor mental health amongst Gen Z. Luxury brands could utilize more explicit differentiators on paid advertisements compared to editorial material to make audiences more knowledgeable of the type of content they are viewing. In addition, society should change the way people perceive online content and have more open discussions surrounding the ethics of native advertising and decipection social media posts may cause. The way young users interact and process social media posts is very complex. Investigating this topic is important to prevent the possible underlying repercussions of social media and help marketers best cater toward this market in an open, ethical fashion.
This study concludes with managerial applications and directions for further research. Businesses should prepare to face increasing guidelines regarding native advertising. These guidelines may include requirements to have explicit markings on branded content and binding contracts with social media influencers. To work around these restrictions, the future of luxury fashion indicates that direct to consumer strategies are on the rise. Video livestream retail and social commerce are already taking the Chinese market by storm and it's only a matter of time before American brands will be forced to adapt to keep up with changing trends in the marketplace. DTC brands benefit from having a direct channel to the consumer without interpretation or the need for intermediaries. Given this research primarily focuses on the links between the brand to influencer and influencer to consumer, future exploration could focus on the channel between the brand and consumer through direct selling. Going forward, brands may prefer to interact with their customers directly, without the use of an influencer, to help establish a close relationship with their audience through a seamless customer journey.
ContributorsElton, Eila (Author) / Ostrom, Amy (Thesis director) / Gray, Nancy (Committee member) / Bush, Leslie (Committee member) / Barrett, The Honors College (Contributor) / Department of Marketing (Contributor) / The Design School (Contributor)
Created2022-05