Chapter 9

1. Chapter 9 Fashion Productsand Research Fashion Products and Planning Fashion Market Research

2. Chapter Objectives • Describe fashion products. • Explain trade associations. • Explain trade publications and fashion magazines. • Discuss aspects of product planning. • Describe the methods used to do market research. • Explain market segmentation and target market research. • Define merchandise information systems.

3. Services are intangible things that people do, such as tasks performed for customers. Retailers Cosmeticians Stylists Fashion Products: Goods and Services Goods are tangible items that are made, manufactured, or grown. Apparel Textiles Accessories Section 9.1

4. The Fashion Trade The rag tradehas many trade associations. rag trade the slang term for the garment industry A trade associationpromotes a specific group, sets standards, and provides a means of communication among its members. trade association a nonprofit organization that provides services to specific groups who develop, make, and sell products within an industry Section 9.1

5. The Fashion Trade trade publication a magazine, book, or journal offering a variety of information to a certain industry or a segment of an industry A fashion trade publicationis a type of fashion product, though it is not always sold commercially. Women’s Wear Dailyis the major American fashion trade publication. Section 9.1

6. The Fashion Trade fashion magazine a consumer magazine sold commercially, featuring articles, illustrations, and advertisements with an international emphasis A fashion magazineis a type of fashion product that is sold commercially. The public gets most fashion news from fashion magazines. Section 9.1

7. Fashion Product Planning product mix the total selection of goods and services that a company makes or sells The product planning process includesMarketResearch and developing a product mix and product assortment that will satisfy the needs and wants of the market. product assortment the range of items or merchandise within categories that a company sells Section 9.1

8. Fashion Product Planning The number of different items offered within a classification of products is called assortment breadth. A product assortment has depth if it consists of a large quantity of the goods offered. Section 9.1

9. Understanding Products and Planning • The fashion industry stays current through trade associations and trade publications. The Fashion Group, Inc. - #1 Trade association Women’s Wear Daily – Trade publication • Consumers use fashion magazines to stay informed. – Vogue, Teen Vogue, Seventeen… • Fashion businesses must carefully plan their selection of goods and services to suit customers. Section 9.1

10. 9.1 What are the two types of fashion products? Goods and Services What trade association represents all segments of the fashion industry? Fashion Group, Inc. What are the two characteristics of assortment? Assortment breadth (how many items) and assortment depth (quantity of items) A. B. C. Section 9.1

11. Key Terms • Page 180 – 6 words • Page 187 – 6 words

12. Activity 9.1 WS #29 – Compare and Contrast a Trade Publication and Fashion Magazine See Women’s Wear Daily - Trade Magazine: www.wwd.com Compare to: Vogue, Teen Vogue, Seventeen – Fashion Mags

13. Chapter Objectives • Describe fashion products. • Explain trade associations. • Explain trade publications and fashion magazines. • Discuss aspects of product planning. • Describe the methods used to do market research. • Explain market segmentation and target market research. • Define merchandise information systems.

14. Market Research and Fashion Market research is an essential part of the product planning process in the fashion industry. market research the systematic gathering, recording, analyzing, and presentation of information related to marketing goods and services Market analysts are specialists who gather marketing information, analyze data, compile reports, and assist all segments of the fashion industry by providing information. Section 9.2

15. Gathering Marketing Information The methods of gathering marketing information are: survey method a research method that involves gathering information from people through surveys or questionnaires • The survey method • The observation method observation method a research method that involves watching people and recording consumer behavior by cameras or individuals Section 9.2

16. Gathering Marketing Information The methods of gathering marketing information are: experimental method a research method whereby a researcher observes the results of changing one or more marketing variables while keeping other variables constant • The experimental method • The focus-group method focus group a panel of six to ten consumers who discuss opinions about a topic under the guidance of a moderator Section 9.2

17. Market Segmentation Target MarketDemographics MaximizeSales Research Age Analyze Gender Improve Communication and Services Income Market segmentation is a way of dividing the total market into smaller groups and analyzing each group by specific characteristics. Section 9.2 17

18. Merchandise Information Systems The set of procedures for collecting, storing, and analyzing research data is called a merchandise information system. merchandise information system a system that produces, stores, and analyzes information that enables fashion marketers to make decisions about merchandise for sale Researchers must collect data on a continual basis. Section 9.2

19. Merchandise Information Systems Sales recordsand supplier data Customer profile data Competitors’records Government data Merchandise Information System Market segmentation is a way of dividing the total market into smaller groups and analyzing each group by specific characteristics. Section 9.2 19

20. 9.1 What are the two types of fashion products? Goods and Services What trade association represents all segments of the fashion industry? Fashion Group, Inc. What are the two characteristics of assortment? Assortment breadth (how many items) and assortment depth (quantity of items) A. B. C. Section 9.1

21. 9.2 What is market research? Systematic gathering, recording, analyzing and presentation of information related to the marketing of goods and services What are four methods used to collect data in a merchandise information system? Survey, observation, experimental, and focus group How does market research influence new products? Helps producers develop new products that consumers want to purchase D. E. F. Section 9.2

22. 1. 2. 3. fashion apparel and hairstyling service Trade associations promote specific industry groups, set standards, and provide a means of communication among members. They are active in the legislative process as well. Trade publications are magazines, newspapers, books, or journals that offer information to a certain industry. Fashion magazines are consumer magazines sold commercially, featuring articles, illustrations, and advertisements. Checking Concepts • Name two fashion products, including goods and services. • Describe the services provided by trade associations. • Identify the difference between trade and fashion publications. continued

23. 4. 5. Product planning involves doing market research and making decisions about which products to include in a product mix or assortment. focus group Checking Concepts • Explain two tasks involved in product planning. • Identify the market research method that involves a group of possible customers. continued • Identify some factors that affected fashion in the 1940s.

24. 6. 7. One source of demographic information is government statistics. Types of information include sales records and supplier data, competitor’s records, customer profile data, government data such as price trends and projections. Checking Concepts • Name one source of demographic information. • List the kind of data obtained by merchandise information systems. continued • Identify some factors that affected fashion in the 1940s.

25. 8. Possible answer may note that market research is especially important in the fashion industry for planning new products and finding out what products consumers want. Consumer tastes and trends change quickly, and companies and designers need to know what styles will sell. Checking Concepts Critical Thinking • Explain the importance of doing fashion market research.