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Chapter 1: Introduction to Fashion Marketing - Coggle Diagram
Chapter 1: Introduction to Fashion Marketing
Style
The particular style, that is popular at a given time.
Change
Involves change, accepted change, defines as a succession of short-term trends of fads
Acceptance
Styles do not become fashions unless they win acceptance amongst consumers
Taste / Trend
Each people have their own taste in fashion according to a popular trend especially in style of clothing.
Definitions of fashion
Apparel industry; fashion is the existing type of clothing that is preferred by a large segment of the public
to many people, fashion is a current trend that is popular for frivolous reasons.
fashion is precise style of dress or behavior that is acceptable in one year, but not in anoher.
To retailers; fashion is whatever is currently selling
To sociologist; fashion represents a way of social interaction and status seeking
Marketing
Definition
The action / business of promoting and selling products or services, including market research and advertising
A series of activities that fashion business undertake so customers will buy products from them instead of their competitors
The entire process of research, planning, promoting and distributing the raw materials, apparel and accessories that consumers want.
Marketing Concept
(i) Product concept
Concerns highly on the product itself
Quality / Unique / deifference / attractive
highly in price / high risk in terms of customers' acceptance / low demand / quantity needed are not fulfilled
Eg: Haute Couture, Versace
(ii) Production concept
concerns on volume rather than quality
lack in quality and services
concentrate on SME
(iii) Marketing concept
fulfill customers need and wants
affordable, thus customers feel happy to buy
quality which meet the company's obejctive
Eg: Anakku, Levis
(iv) Selling concept
Promotion plays the role
attract / persuade customers need and wants
'unsought' product / goods
Eg: cap, spaghetti spring dress
(v) Marketing-societal concept
understand the company society beside fulfill customers' needs and wants
services
profits / welfare / customers' wants
Market segmentation
The process of dividing a total market into groups, or segments, that consist of people or organization with relatively similar product needs
The purpose: enable a marketer to design a marketing mix that more precisely matches the needs of customers in the selected market segment
Main Bases of Segmentation
Geographic
Customer location
Region
Urban / Rural
ACORN classification
Segmenting a market based on where a person lives
Demographic
Age
Gender
Occupation
Socio-economic group
A way to segment markets based on vital statistics of the population.
Behavioral
Rate of usage
Benefits sought
Loyalty status
Readiness to purchas
Dividing consumers into groups according to their response to a product like what they are looking for in a product and why they buy it.
Psychographic
Personally
Lifestyles
Attitudes
Class
tries to explain consumer behavior and determine what the consumer is thinking and feeling
Marketing Mix
To successfully sell a fashion product to target customers, business must apply the marketing mix
The Four Ps
(i) Product
refers to what a company is offering for sale to customers to satisfy their needs and wants. It is include goods and wants
fashion marketers develop strategies that include producing, packaging and naming a product
(ii) Place
refers to the way products are distributed and their systems of delivery
distribution means getting the product to the consumer like where will customer purchase the product and where is the store
(iii) Price
amount of money customers pay for a product because business must make a profit
depends on; cost production / the markup / customer demand
(iv) Promotion
any form of communication that a business or organization uses to inform, persuade or remind people to buy its product
Eg: Sale / Tagline
Marketing Function
Product / service management function
fashion producers must look fore new ways to use existing items / produce new ones that will continue to interest the consumer
Distribution function
the distribution of goods includes the methods of physically moving and storing goods
Allows business to track and monitor merchandise from manufacturer to retails outlet to the customer
Financing function
include many factors, such a production costs of the product, product pricing for customer and everyday expenses such as rent, supplies and payroll
Pricing function
determining how much to charge for goods and services in order to maximize profits
Marketing information management function
gathering market information
5 main elements:
input; reports, past records or survey
storage: placing information if a disk or hard drive of a computer
analysis: study the information and make a decisions based on it
output: report of the analysis and conclusions
decision making: the final result
Promotion function
communication technique a business uses to attract the customers interest in buying the product like advertising or other methods
Selling function
involve direct personal contact that business have with their customers
sales personnel must be able to communicate the benefits and features of the item so customers willing to buy the product with high price
Orientation
Production
power of manufacturer rather than consumer
consumers now have power to influence fashion marketing with their buying decision
as a result, consumer's demands have shifted from the production orientation to marketing orientation
Marketing
fashion industry continually read and learn about consumer behavior to get clues what consumers need or want to buy in the future
manufacturers and retailers have emphasized product development to meet customer needs
the marketing activities take place at all levels of the fashion industry from fibers to fashion retailers