Fashion MARKETING Basics

1. Fashion MARKETING Basics How fashion is marketed 9/8/15

2. Do Now • What are your favorite fashion stores? • What about them appeals to you?

3. What is Marketing? • Marketingis all the steps involved in getting a product or service from producer to consumer • Starts with determining consumers wants and needs, continues with product development all the way till after the consumer purchases that product • Fashion businesses use marketing so that consumers purchase their products instead of their competitors

4. Marketing Concept • Why is it absolutely important that fashion marketers consider the wants and needs of consumers? • Businesses that consider the wants and needs of the consumers in every decision they make, follow the MarketingConcept • In order to be successful/make a profit, businesses must identify consumers, determine the products they want, and make them available at a price which consumers will pay and then communicate that information and convince consumers to make a purchasing decision

5. Target Market • Successful fashion marketers will identify specific segments of the market to which they will target all of their marketing efforts. • The specific group of people that a business is trying to reach is called a TargetMarket

6. Market Segmentation • It is impossible to satisfy the wants and needs of ALL consumers • So businesses must narrow their focus to a smaller Market Segment • A group of consumers within a larger market who share one or more specific characteristics

7. Market Segmentation • Marketing Segmentation allows fashion marketers to concentrate on meeting the needs and wants of certain types of buyers rather than the needs and wants of all shoppers • Markets may be segmented in many ways. • Geographic Location • Demographics • Psychographics • Behavior

8. Demographics • Measurable personal characteristics • Age • Gender • Income • Ethnicity • Profession • Education • Religion • Marital Status

9. Psychographics • Social and psychological characteristics such as attitudes, interests, and opinions. • Consumers’ attitudes and values are often represented by how they choose to spend their time and money.

11. Geographics • Statistics about where people live • Region of the country (North East vs. South West) • Size of the city or county • Density of the population (urban vs. rural) • Climate • How might geographics change the way a business markets its products?

12. Behavioristics • Statistics about consumers based on their knowledge, attitudes, use, or response to a product Purchase Occasion Product Benefits Usage Level and Commitment

13. Behavioristics • Purchase Occasion • Identifies the instance when a consumer might use a product. • Ex. Apparel can be classified by categories such as “after-five,” casual, and work attire • Product Benefits • Allows marketers to study the benefits that consumers desire in a fashion product or service, such as stain-resistance or wrinkle-free • Usage level and commitment • Identifies how often a product is used (worn) and the loyalty consumers show in purchasing it

14. Diverse and Changing Markets • The fashion industry is too large and too diverse to reach with a single marketing approach • Many businesses will try to attract several different market segments at once. • EX. Gap offers merchandise for men, women, and children • As well as dressy and casual wear • Can you think of other examples of businesses that market to several different segments at once?

15. Fashion Merchandising • After fashion marketers have identified their target customers and desired products, they develop plans to make the products available • Fashion Merchandising is the planning, buying, and selling of fashion apparel and accessories to offer the right merchandise blend to meet consumer demand