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Chapter 7: Fashion Products & Research - Coggle Diagram
Chapter 7: Fashion Products & Research
Definition
an essential part of the product planning process in the fashion industry
a systematic gathering, recoding, analyzing & presentation of information related to marketing goods & services
Importance
designers must come with fresh & new ideas every season
important to carry out market research, assess shifts in trends, understand competitors & gain knowledge of consumers & their requirements
will compliment the company's marketing mix strategy as it enable the marketing team to make educated decisions regarding selecting market, a suitable image / branding & products or services
specific market cover areas
market size
competition
market share
consumer profile
market potential
segmentation studies
Types of Market Research
by source
primary
secondary
by methodology
qualitative
quantitative
by objectives
exploratory
descriptive
causal / experimental
Process
(i) define the problem
identify the actual problems that are relating to the apparent symptoms
eg: poor sales within a business are not a problem but weak marketing strategies
(iii) analyze & interpret the data
must attach meaning to data have been collected during market research to make sense of it to solve the problem
should determine how the knowledge have gained through researching the market can applied to develop business strategies
(ii) collect the data
primary
collecting information from sources directly by conducting survey / talking to customer
secondary
collecting information from sources where the primary research has been conducted such as industry statistic / news paper
(iv) reach a conclusion
perform cost-benefit analysis with the alternatives have developed to solve the problem into business
need to perform further investigation into each alternatives solution to arrive at the best decision for business regard to meet customer demands
(v) implement your research
put final solution into practice
without completing this step, research could potentially have been a waste of time & recources