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Introduction

The fashion trend of Bangladesh has been ecstatically vibrant. This industry of Fashion
has been on the verge of great expansion to take us into a new peak in the world of
Fashion. Fit & Elegance is one of the pioneers of the Clothing Industry of Bangladesh.
Initially it started with its line of Formals, but extending its line of products to casuals
and other fashionable items. In the years of its long journey, Fit & Elegance have
managed to capture the attention of young and elderly customers equivalently. In due
time, Fit & Elegance have managed to grab a lion share of the market. All the good years
of experience in the world of clothing, Fit & Elegance is yet to not manage and uphold
many of its opportunities and potentiality to fight certain challenges. Rethinking about all
these aspects and the medication to these challenges, we have grouped to carry out an
extensive research and come to a fruitful conclusion with some valid recommendations.\

Since the research work is a subset of the Marketing field, a brief synopsis is necessary.
In accordance with our book, marketing research is the systematic identification,
collection, analysis, dissemination, and use of information for the purpose of assisting
management in decision making related to the identification and solution of problems in
marketing. A set of six steps defines the tasks to be accomplished in conducting a
marketing research study. These steps include problem definition, development an
approach to the problem, research design formulation, fieldwork, data preparation and
analysis, and report preparation and presentation.

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Background

FIT ELEGANCE was established with a vision to create a brand for trousers, blazers and
suits, assuring quality, design and satisfaction back in 26th March, 2001. The venture was
established by Mr. Harun-Ar-Rashid, chairman, East West Industrial Park Limited, an
export oriented industrial complex since 1979. Each FE Brand products are distinctively
created by international standard production line of the company. Design, pattern, quality
maintenance, accessories selection are maintained by in-house quality controller and
design team of FE. Till today, FE is still in the process of upgrading itself constantly to
maintain its customer satisfaction, product outlook and brand image. To complement the
ongoing trend of fashion, FE has engaged itself vigorously to casual and fashionable
products to gain a formidable share in this market. The idea is to present FE in a manner
that it will stay as a an Elegant warehouse of Formal wears and as well as a trendy player
in the market, leaving less room for competitors to compete.

Mission

"To be the best known brand company for suits, blazers and trousers that provides
products having a blend of innovation, trend and distinction by assuring quality, value,
committed service and satisfaction to the customers"

As per the product line segments are considered, F & E have the following sections:

1. Premium tailoring 7. Cargo M

2. Formals 8. Blazers

3. Jeans 9. Lifestyle

4. Feme

5. Suits

6. Comfort

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Origin of the report

This research report is prepared for our honorable lecturer Mr. Ahmed Shahriar Ferdous,
Business Administration Department (BBA), of North South University Marketing 470
(Marketing research). The designated course is Marketing 470 (Marketing Research). The
report has been compiled as a requirement of this course project, done on Fit & Elegance.
This particular project helped us getting a lifetime exposure to the real world of statistical
analysis and in depth coverage of Marketing Research which will enormously add to our
skills and help in the journey of corporate world

Management Decision

Management department of Fit & Elegance should focus their activities primarily on the
following issues:

 Management team of Fit & Elegance should assess the pricing which is currently
considered to be as high by many customers, and decide to modify the level of
pricing in order to meet the consumer demand.

 At the same time, Fit & Elegance management should decide whether to enhance,
their marketing campaign along with other IMC tools to create more extensive
brand awareness and image establishment, or not.

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Purpose and Objectives

The main purpose of the research is:

 To find out the current position of Fit & Elegance in the mind of consumer and
how effective the promotion in this regard
 To identify why one Fashion House is more popular than the other one
 To figure out what should they do to attract more customers
 To find out whether there are any opportunities for market segmentation and
expansion.

Research Problem statement

The area of concentration is on the latent factor of high price and inadequate
promotional activities, which reduces the market share of Fit & Elegance.

Literature Review

The theories that have been applied is first of all, the conclusive research method which is
a quantitative type of research method based on measurement. There were basically two
sources of data collection, primary and secondary.

Survey questionnaire technique was used to gather the primary data. Secondary data
were collected from magazines and brochures. Since this research was not done by
following a similar previously done research so there’s no need to identify any kind of
gap difference between two researches.

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Research Design

Conclusive Research:

The research is designed and conducted according to conclusive research method.


However the findings show that it will require further conclusive research to generalize
the finding statements.

Sampling procedure

Population:

The customers of Fit & Elegance can both be the young and aged people but we used
especially the young generation(university students) to perform our research work and
attain the goal.

Sampling Unit:

A survey was done on the 150 respondents who have visited the Fit & Elegance outlets
before. Based on our topic and based on the nature of the problem we are going to follow
the conclusive research method.

Sampling Technique:

A large number (150) of representatives (university student) were randomly chosen to


complete the survey questionnaire and their profound responses were being used to
interpret our research problem statement.

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Questionnaire Development Process

In case of designing the questionnaire, we considered preference level of customers as the


construct. The sub-constructs that have been taken into consideration in case of designing
the questionnaire are price, availability, segmentation and promotions. Under all these
sub-constructs, we had specific questions, which acted as items. All the items were
labeled on a Likert scale, which ranged from -2 to 2. The meanings of these answer
options on the Likert scale are as follows:

 -2 = Strongly Agree

 -1 = Agree

 0 = Neutral

 1 = Disagree

 2= Strongly Disagree

All the questions related to demographic information were labeled starting from “17”.
Altogether, all the questions in our questionnaire were based on nominal data but they
were converted to numeric data by labeling the options on the Likert scale, ranging from
“-2” to “2”, in order to facilitate the purpose of our analysis.

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Data Presentation and Analysis

The draft of our questionnaire is being provided in the Appendix-A, apart from that for
our convenience regarding the data interpretation in SPSS we have changed the number
of the question in the questionnaire. The format of the questionnaire is provided below.

Please tick the best option of your choice

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Strongly
Strongly
Agree Agree Neutral Disagree Disagree

1. The products of Fit & Elegance does not


fulfill your expectation

2. The products of Fit & Elegance are


does not signify fashion

3. The products of Fit & Elegance are


frequently found to have defects

4. The items of Fit & Elegance does not


signify comfort ability

5. Fit & Elegance items are very


expensive

6. The products’ quality do not reflect the


high price charged in Fit & Elegance

7. Fit & Elegance has the option to


reduce their products’ prices and still
make significant profit

8. Fit & Elegance should increase their


number of outlets in Dhaka city

9. Fit & Elegance should also have more


outlets outside Dhaka

10. Fit & Elegance needs to widen their


range of products to suitable prices

11. Fit & Elegance can expand its market


by making more ladies wear

12. Fit & Elegance should improve their


promotional activities

13. Fit & Elegance should have more


billboards in Dhaka

14. Fit & Elegance should initiate TV


advertisement to gain more attention

15. Fit & Elegance should provide more


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discount sales and promotional offers
like its competitors to enhance sale
16. Please portray your level of preference in the continuum for Fit & Elegance by circling
any of the boxes below:

2 1 0 -1 -2

Strong level of preference Weak level of preference

17. What is the price range you are ready to pay for Fit & Elegance products?

1) 1000-3000 2) 3000-5000
3) 5000-7000 4) 7000+
18. Did you ever come across with any products of Fit & Elegance?

1) Yes

2) No

19. Age Group:

1. 18-25 2. 26-33 3. 34-41

4. 42-49 5. 52-57 6. 58+

20. Gender:

1. Male 2. Female

21. Education:

1. SSC 2.HSC 3. Undergraduate 4. Graduate or Higher Degree Holder

22. Monthly Income (In Taka of the household):

1. Below 10,000 2. 10,000-20000 3. 20,000-30,000 4. 30,000-40,000

5. 40,000-50,000 6. 50,000+

23. Place:

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1. Banani 2. Gulshan 3. Uttara 4. Motijheel
5. Mohmmadpur/Dhanmondi 6. Mirpur 7. Farmgate/Kawranbazar

Result interpretation
Cross-Tabulation & Chi-Square Test:
We are testing the association between the level of preference and gender.

Ho: There is an association

Ha: There is no association

Chi-Square (degree of freedom) = value, p=?

Chi-square (5) = 4.309, P= 0.818

Since, the significance level is greater than 0.05, we can say that this test is not
statistically significant. Hence, there is no significant association between the level of
preference and gender.

Therefore, we can say that the null hypothesis is not rejected.

Moreover, in this test, Cramer’s value is 0.122 and the corresponding significance level is
0.818. Since, the Cramer’s value is closer to zero, we can say that the relationship
between preference level and gender is not strong. And, significance level higher than
0.05 indicates that this finding is not significant.

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Correlation
Here we are testing the relationship between the level of preference and income range

Ho: There is a relationship between the level of preference and income range

Ha: There is no relationship between the level of preference and income range

From the correlation table, the correlation coefficient is 0.080 and the p-value is 0.330,
which is greater than 0.05. This means the statistical correlation is insignificant. This
means that according to the responses of the respondents regarding level of preference
based on income range does not convey any significant correlation. In other words

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existence of relationship, within the specific income range of the respondents in
accordance to the level of preferences, does not prevail. And therefore we are rejecting
the Null Hypothesis.

Independent sample T-test


We are testing the relationship between preferred price range and the gender of the
respondent.
Ho: There is a relationship between the level of preference and gender

Ha: There is no relationship between the level of preference and gender

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This test has been conducted in order to see whether there is significant mean difference
between preferred price range and gender. From the group statistics table, we can see that
the mean difference is -0.603. In order to check whether this mean difference is
significant or not, we conducted the Levene’s test for Equality of variances. From the
Levene’s test for Equality of variances, we found that the test is significant since p-value
is 0.376, which is greater than 0.05 and hence we read the frist line of the t-test for
equality of means. From this we got the following output:

t(df)=value, p=?

t(148)=-1.212, p=0.227

From this, we can say that the test is insignificant, since p-value is greater than 0.05.
Hence, we can conclude that there is no significant difference between preferred price
range and gender. Thus we will reject the Null Hypothesis and prefer the alternative.

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Regression

H0 : Preferred price range, age, gender, income range have significant impact on the level
of preference

HA : Preferred price range, age, gender, income range does not have significant impact on
the level of preference

Suppose,

Ŷ = Preference level

β0 = Constant

X1 = Preferred price range

β1 = Coefficient of preferred price range

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X2 = Age

β2 = Coefficient of age

X3 = Gender

β3 = Coefficient of gender

X4 = Income

β4 = Coefficient of income

The estimated regression formula is:

(Ŷ) = β0 + β1X1 + β2X2 + β3X3 +


β4X4 + β5X5

Or,

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As a first step of the regression analysis, we conducted ANOVA test and the output of the
test is as follows:

F = 1.779, p=0.136

It shows that the test is

Insignificant as the p-value is 0.136 which is way above 0.05.

Y= a + b1X1+b2X2+b3X3+ b4X4+b5X5

Preference level = -1.502 + .312(Age) + .582(Gender) - .065(Income) + .314(Price)

From this equation, we can say that absence of all the independent variables will result in
a negative preference level of -1.502. Moreover, assuming all the other variables to
constant, for one unit increase in age, preference level will go up by 0.312 units. For one
unit increase in gender, preference level will go up by .582 considering all the other
variables as constant. For one unit change in income, preference level will go down by
0.065 and for one unit rise in price preference level will go up by 3.274 in both the cases
considering the other variables to be constant.

Here none of the independent variables are significant as in case of all of them p-values
are way above 0.05.

Here, gender is dummy variable. Male has been coded as “1” and female has been
considered as “2”. The coefficient of “gender” is 0.582. It indicates that females have
higher chance of purchasing from Fit Elegance.

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Here, R2 is .047 which is very low. So, we can say that 4.7% of the total summary is
explained by the four factors for customer preference remaining other variables constant
and that have impact on the customer preference of fit elegance.

Adjusted R2: for this model the adjusted R is only 0.02, which is very low and
explaining only 2% of the model and doesn’t describe the goodness of fit.

Recommendations

Among all the tests conducted for the purpose of this research, only one was significant,
which is independent sample t-test. From the independent sample t-test, we concluded
that the frequency of visits has significant impact on the preferred price from the
perspective of the customers. Therefore, Fit & Elegance should take significant steps in
order to increase the number of customers visiting their stores. For that, they can put
special efforts on their promotional activities. For example, Fit & Elegance can increase
their number of billboards, can go for TV advertisements, and can offer special discounts
and so on. Increase in the number of customers visiting their stores can raise the preferred
price range of the customers, making them willing to pay more for their products and thus
providing them opportunity of earning higher profit.

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Limitations

Every marketing research will have some limitations. Therefore, while doing our report
we have also faced few limitations which are as follows:

• We have considered only one independent variable in our hypothesis. Whereas


there are can be many more intervening variables that can hinder brand
association and usage.
• Respondents’ unwillingness to fill up questionnaire properly.
• We could not get appropriate results in every statistical analysis due to random
answers given by respondents.
• Since Fit & Elegance’s main customers are male the regression analysis was
dominated by male respondents.
• Due to lack of proper time we could not have the geographic coverage which was
very much important to establish our hypothesis better.
Thus to wrap-up we would like to state that we have learned a lot by doing this paper and
also got some knowledge how the Fashion houses operating in Bangladesh and also we
got some statistical knowledge on SPSS how to analyze data and how to face the real
world in marketing research process.

Conclusion
In conclusion, we can say that Fit & Elegance has become a very popular and aristocratic
brand, among both young and aged consumers. It has made a premium place in the
market. If they can reduce their price by some margin and get themselves involved into
more promotional activities, and lastly can also attract more female consumers, then they
would definitely be dominating the market.

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Variable information:

The variable information are the four P’s of marketing relevant to our research:

Product
Fit & Elegance have wide range of products such as men’s and ladies’ formal and casual
Shirts, T-Shirts, Trousers, Jeans, and seasonal wear.
Segments: Fit & Elegance only has men’s segment as the larger segment in their product
offerings.

Price
For Shirts their average price is TK.1000, for Trouser the average price is TK.2000, T-
Shirts TK.900.

Place

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Fit & Elegance outlets in Dhaka City are few but exclusive. They have also a few new
outlets outside Dhaka, which are located at Chittagong and Sylhet.

Promotions
There are very few billboards and advertising campaigns of Fit & Elegance. Mainly their
promotions take place in and around their outlets with entrance ads.

Reference
1. “Relationship Marketing & Consumer Loyalty” by Nelson Oly Ndubisi,
Monash University Malaysia, Selangor Malaysia.

2. www.catseyebd.com

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