General

To reach the product consumers, a market analysis must be conducted to provide for feasible fragmentation and strategic planning. Market in this context implies the consumers and the appertaining distributor link for our products. Generally, market concepts underpin the methods of availing products to the market and these include such activities like selling advertising, wholesaling, transporting and other market functions and operations (Brown, 2008, p. 3).

Segmentation is also critical as it impacts return on investment in marketing. Segmentation allows better consumer planning by getting the right message, to the right economic class at the right time and location. It also allows informed pricing, differentiation of product to be offered various market groups and customer care sensitivity. Further, we value market segmentation as it will facilitate sustainable response to customers with right information package thus reducing the cost and time of acquiring new customers. Providing the product or service that each segment requires, rather than a generic solution will be of essence as this will power market penetration and enlarged market share owing to valued customer satisfaction.

Porter (2008) observes that the nature and degree of competition is underscored by five interrelated forces namely: the threat of new entrants, the bargaining power of customers, suppliers and the threat of substitute products or services. All these factor and more are factored throughout this work to explore entrance of BlackSocks into the business world.

Product Description

BlackSocks is the new foot wear brand manufactured using high quality yarns, which founds the unparalleled marketability of the socks. Customer satisfaction is of essence in making of our socks, therefore for each new shipment of yarn, three pair of éÂ�Â�estsocks are produced and tested for chafing, color-fastness being part strategic procedures of yarn quality assessment before authenticating the...