Topic Business: http://hardwearmerry.com
HardWear Merry by: Merry Beth Myrick
Please take a look at the website above for information on the historical/informational side of the business you will be analyzing this term. You can find further information on Facebook, Instagram, Pinterest, Twitter, etc., this will give you some background on the artist and a look at her product line.
There are a few items she has tasked (us/me) with regarding a research project for this economics course. Indeed, marketing and economics are closely related but we are aiming to investigate the profit, demand-side, niche elements versus launching a new type of sales campaign. You will indeed be using the creative side of your brain and drawing upon previous sales experiences and marketing know-how but we want to tackle this project with the items we learn in economics.
There are a few different options based on your background you can select below, or if you have an alternate route that is fine, as long as we discuss your hypothesis first. These are simply directions for you to pursue.
Option 1: How does the idea of social responsibility and conscious capitalism affect a small business such as HardWear Merry? How can the integration of her sustainable concepts of delivery and design impact her customer base? How does one utilize this platform to gain a larger demand for her product? Would this product be considered an elastic or inelastic good, and how does this affect her pricing strategies?
Option 2: In order to reach a specific niche, income market for higher-end products, what particular research strategies would you suggest she employ? From a marketing or economics research perspective? What types of data should be collected? How would one obtain this information? Suggest ways to analyze data and results one expects to find.
Option 3: One of the goals of the owner is to make an impact on our own “carbon footprint” this invokes her own passion and platform of “empowering women and young girls, alongside impacting the environment in a positive way.” Suggest ways to implement this goal on a global level. While this may be a stretch, with e-commerce nothing is impossible. How does this particular platform have the capacity to help lower-economic areas in a positive way, both through the teaching of a trade and/or the support in a philanthropic way?
Option 4: For the IT gurus, in conjunction with option #2 above, what are creative ways for the artist to get her website in front of various target customers? What are suggestions on new inventive ways for a business firm to alter their web presence to increase sales and exposure? What has the artist overlooked?
Depending on what option you choose, and these just scratch the surface from my initial discussions with Merry Beth. These will give some ideas and direction for you to investigate.
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