Marketing and Management

Running head: MARKETING AND MANAGEMENT
MARKETING AND MANAGEMENT
Name of the student
Name of the university
Author note

1MARKETING AND MANAGEMENT
Answer to question 1
Target customers for the product offering of the venture
The target market of the organization are GenXmale population residing in Perth,
Australia, and their age ranges from 45- 60 years. On the other hand, the target market of the
organization has a behavior of flaunting their standard and fashion among the colleagues and the
peers as they are employed or at the verge of retirement from their job. However, the target
consumers are highly price sensitive which has affected their rate of spending and affordability
towards the branded accessories and clothing provided by Armani, Gucci or Versace (Olson et
al. 2018).
Customer needs
The target market being GenXmale expects lower price for the branded clothing and
accessories due to their lower rate of income or as they are at the verge of retirement from their
respective job roles. On the other hand, it has been noticed through a survey that more than 67%
of the GenXmale population have an attitude towards attending meetings and seminars which
required them to make presentable appearances, forcing them to buy branded products even
when they are exceeding their budget (Pererva, Nagy and Maslak 2018).Therefore, most of the
GenX population voted for rental shops delivering branded clothing and accessories to support
their needs of attending exotic meetings or leisure dining experiences in lower prices.
Product name
The organization proposed Gucci tuxedos for supporting the leisure dining needs of
GenX male populations. On the other hand, the organization also provided the customers with
Armani suits in an affordable price range for supporting their needs of attending meetings and

2MARKETING AND MANAGEMENT
seminars while flaunting their branded apparels and accessories. The different categories of the
suits and the tuxedos enabled the organization in empowering the behavior of the customers to
hire apparels at a lower cost for a specified time frame (González-Benito, Venturini and
González-Benito 2017).
Market category
The organization can be recognized under the rental industry which is growing with time.
The growing cost of the commodities and the maximized price sensitivity among the prospective
buyers has enabled the growth of the organization under the rental industry.
Key benefits of the offerings
The major benefits of the offering made by the organization are:
 Low price for branded apparels and accessories
 Guaranteed value proposition
 Customer satisfaction through fulfillment of needs
Competitors of the venture
The major competitors of the venture are companies like That Dress for Hireand Poison Ivy
dress Hire, which are located in Perth, Australia.
Unique selling proposition of the offering
The USP of the organizational offerings are specifically based on the factors relating to:
 Specializes in a range of male apparels
 Inclusions of brands like Gucci and Armani
 Status developer for the clients and customers