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Fashion Marketing FAS 223

Fashion Marketing FAS 223. American Intercontinental University Professor Kerry Szymanski, MBA October 27, 2004. Agenda. Review Chapter 5 Target Market Competition. Parts of the Marketing Plan. Business Concept Target Market Market Potential Competition Product Pricing

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Fashion Marketing FAS 223

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  1. Fashion MarketingFAS 223 American Intercontinental University Professor Kerry Szymanski, MBA October 27, 2004

  2. Agenda • Review Chapter 5 • Target Market • Competition

  3. Parts of the Marketing Plan • Business Concept • Target Market • Market Potential • Competition • Product • Pricing • Place (Distribution Channels) • Promotion

  4. Creating a Line: Research • Collection: apparel presented through runway shows each season • Line: one large group of several small groups of apparel styles. Ex: Nike Tennis • Group: uses 3 – 5 fabrics in varying combinations

  5. Carryovers: Styles repeated from one seasonal line to the next How do you determine which items in your collection should be carried over to the next season?

  6. Designer v. Merchandiser • Designer: researches the market, selects colors, fabrics and garment styling based on fashion direction from the merchant. • Merchandiser: plans the overall look of the line, color story, fabrics, pricing and number of styles in a line. Coordinates several lines. Conducts market research, develops and maintains the line estimate and price targets to meet budget obectives, reviews the designers proposed line and approves the line.

  7. What are the 3 types of market research? • Consumer Research: Info about the customer • Product Research: Info about the product and designs • Market Analysis: Info about general market trends

  8. Types of Research • Quantitative: research based upon statistical analysis of fact based info. Usually conducted through surveys. • Qualitative: research based upon consumer feedback through non-quantitative measures such as focus groups.

  9. Consumer Research • Demographics: age, sex, marital status, income, occupation, ethnicity and geographic location. • Psychographics: buying habits, attitudes, values, motives, preferences, personality and leisure activities.

  10. Consumer Research • Where can you find info on consumer research? • American Demographics • US Bureau of Statistics • Industry Magazines

  11. Product Research • What are some avenues to test product styles?

  12. Market Analysis • Long-range forecasting: Focuses on market trends one year or less in advance. • Includes economic trends, social, psychological, political and global trends • www.apparelstrategist.com, Consumer Outlook and Lifestyle Monitor by Cotton, Inc. • The Popcorn Report and Eveolution by Faith Popcorn • What is one of the highest growing market segments as illustrated in the book?

  13. Market Analysis • Short-range forecasting: Projects market trends one to five year in advance • Short-range forecasts and strategic planning. What is the financial targets? Are they hitting them? • Sales per square inch and sales per square foot.

  14. Merenge Tote: Sales: $4,000 Price: $40 Cosmetic Bag: Sales: $8,000 Price: $20 Mambo Tote: Sales: $5,000 Price: $75

  15. Target Customer Profile Demographics: • Age • Gender • Occupation • Income • Geographic Location • Education • Price Zone • Psychographics: • Buying habits • Attitudes • Values • Motives • Preferences • Personality • Leisure Activities

  16. Fashion Trend Research • Fashion Forecasting Services: The Weir/Wolfe Report, Bureau de Style • Color Forecasting Services: Textile producers. Color Association of the US. • Fabric and Trim Research:International Textiles, Fabric Manufacturers • Sample Cuts

  17. What does Proprietary mean?

  18. Competition • Who is your competition? • Direct competitors • Indirect competitors

  19. Brand Position Strategy by which brands are developed in alignment with the company’s target customer and position in the market.

  20. High Price Brand Positioning Map BM P C t N V Low Quality Good Quality Ka Da Maz Sa G Low Price

  21. Homework • Read Chapter 6 • Develop a one page “Customer Profile” listing the demographics and psychographics for each of your target markets. Include a photo of your potential customer. • Work on the “Target Market and Competition” section of your Marketing Plans.

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