Introducing a new product or opening a new business

 

 

Consider you or your friend or a relative is contemplating on introducing a new product or opening a new business (be creative – come up with a story here if not real). They need help in determining if their idea is a good one. After you have read the article and watched the videos prepare the following:

A plan for collecting data. Remember to use statistical terminology from chapters in this module while describing sampling techniques. Prepare to explain why this data collection strategy is useful/highly recommended.
Come up with a variety of questions regarding the business or the product which will provide valuable data on why/how the venture can become successful. Then make sure to identify them as categorical data or quantitative data.
Describe how one will statistically analyze the data ? (Depending on the type of data collected, refer to Module 1: Independence of categorical variables or Module 2: Correlation, for answering important questions in regards to quantitative or categorical data. You may suggest graphical displays of data as in Module 1. )
Then, write a friendly informative or a persuasive letter to him/her on the main take-aways from the article as well as your data collection strategy and analysis as described above. What strategies will you suggest that s/he take to ensure they have a good idea? Help them develop an experimental plan utilizing concepts regarding random data collection methods and experiment/observational study. List the questions that must be looked at and if those provide categorical or quantitative data. Explain to them how the data will be analyzed and how it will inform the process. Provide them an opportunity to discuss more with you.

Instructions: Come up with a context. Identify the real problem/question. Develop a plan to collect data that will address the problem/question followed by analysis strategies. Be sure to include the following parts of a Friendly Letter (Links to an external site.):

Heading
Greeting
Body (should contain 3 paragraphs each with at least 5 sentences)
Closing
Signature
Ensure that there are no grammatical and/or punctuation errors and that thoughts are complete and substantial. A detailed rubric can be found below.

 

 

 

Sample Solution

Social media and technology play a significant role in everybody’s lives. It has revolutionised the world we live in, in many ways. One being the fashion industry. This has been impacted by the rise of bloggers and social media influencers who have made social media a career and marketing strategy. One major platform is Instagram. This has helped brands and bloggers promote products and lifestyles that will appeal to a wide audience and entice customers which not only benefits the brand but also the “business” of the blogger. Social media has had a direct impact on digital labour and consumer culture as it has provided a platform to see what is desired by an audience and what there are gaps in the market for. There has also been a development in body image and how bodies that differentiate from the norm is not scrutinized anymore but is accepted and praised. For women, the stick thin barbie doll body type is not the trend anymore and curvy bodies are more realistic and common in contemporary western society. Social media has provided a feel-good service for society as people feel more accepted and confident for who they are. I will be looking into how much of an impact social media has really had on many different aspects of the fashion industry including body image, marketing, acceptance within society and the rise of bloggers and influencers. I decided to investigate a high-street brand and a high-street, online retailer to see if how they utilised social media differed. The high-end brand I chose was Burberry as they are heavily advertised by celebrities throughout their campaigns. I then chose to research Pretty Little Thing as my high-street brand as they use social media influencers and bloggers to promote their products a lot in their brand. I chose both brands because although their products and consumers may be very different, they still have similarities in the way they work.

The purpose of this study is to explore the impact that social media is having on the fashion industry. The reason for my interest in this topic is that I have grown up with the development of social media and have always been very interested in fashion, therefore I wanted to see how the two impacted each other. I will look into any evidence I find to see if there have been many direct effects on the fashion industry. In terms of the range of material that I managed to find, there is several articles and scholarly sources that have looked in to the changes that social media has had on the fashion industry. T

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