Fashion Marketing.ppt

Chapter2 FashionandMarketing FashionMarketingBasics MarketingStrategies ChapterObjectives Definethetermmarketing Explaintypesofcustomercharacteristicsusedtodefineatargetmarket Explainfashionmerchandising Describethefourcomponentsofthemarketingmix Identifythefourtypesofpromotion Identifythesevenfunctionsofmarketing HowFashionIsMarketed Marketingisaseriesofactivitiesthatfashionbusinessesundertakesothatcustomerswillbuyproductsfromtheminsteadoftheircompetitors marketingtheprocessofdeveloping promoting anddistributingproductstosatisfycustomers needsandwants Section2 1 TheMarketingConcept Tomarketeffectively fashionmarketersfollowtheprinciplesofthemarketingconcept marketingconcepttheideathatbusinessesmustsatisfycustomerneedsandwantsinordertomakeaprofit Section2 1 TheMarketingConcept Section2 1 Business Determinewhatcustomerswant Identifycustomers Maketherightproductsavailableattherighttimeandattherightprice Communicatetocustomers 6 TargetMarket Fashionmarketerscanconductresearchtoidentifyatargetmarket targetmarketthespecificgroupofpeoplethatabusinessistryingtoreach Section2 1 Identifyingatargetmarketisachievedthroughmarketsegmentation marketsegmentationawayofanalyzingamarketbycategorizingspecificcharacteristics Thinkofafashionstorethatappealstoyou Whydoesitappealtoyou TargetMarket Inyourpacket thinkofthreefriendsorfamilymembersofdifferentagesanddescribethetypeofclothingthatappealstothosepeople TargetMarket Specificcustomercharacteristicsthatareexpressedasstatisticsinclude demographicstatisticsthatdescribeapopulationintermsofpersonalcharacteristicssuchasage gender income ethnicbackground education religion occupation andlifestyle Section2 1 Demographics TargetMarket Specificcustomercharacteristicsthatareexpressedasstatisticsinclude psychographicsstudiesofconsumersbasedonsocialandpsychologicalcharacteristicssuchasattitude interests andopinions Section2 1 Psychographics Geographics geographicsstatisticsaboutwherepeoplelive TargetMarket Psychographics Howmightclothingfashionbeinfluencedbythesetrends TargetMarket Specificcustomercharacteristicsthatareexpressedasstatisticsinclude behavioristicsstatisticsaboutconsumers attitudes use orresponsetoaproduct Section2 1 Behavioristics PurchaseoccasionProductbenefitsUsagelevelandcommitment TargetMarket Behavioristics Purchaseoccasion Identifiestheinstancewhenaconsumermightuseaproduct casual work homecoming Productbenefits Allowsmarketerstostudythebenefitsthatconsumersdesireinafashionproductorservice wrinkle free stain resistant Createalistofproductbenefitsfortheclothesyouweartoschool Besuretoincludeeverything shoes belts shirts etc TargetMarket Behavioristics Usagelevelandcommitment Commonlyusedtohelpidentifyconsumersbyhowoftentheyuseaproductandtheirloyaltytopurchasingit FashionMerchandising Fashionmerchandisinginvolvesdevelopingplanstomakeproductsavailable fashionmerchandisingtheplanning buying andsellingoffashionapparelandaccessoriestooffertherightmerchandiseblendtomeetconsumerdemand Section2 1 FashionMerchandising Merchandisingisthemainfunctionofapparelretailing Section2 1 Retailersbuylargequantitiesofgoodsatwholesaleprices Retailerssellthegoodsindividuallyatretailprices Retailersarealsoresponsibleforstoreoperations financialcontrol personnel andsalespromotion Operatingane tailbusinessonanelectronicchannel theWeb canbecostly duetodesign delivery returns andoperatingexpenses ThoughManylargerdot comcompaniescrashedinthe1990 s smallstoreslikeHarrisCycleryofWestNewton Massachusetts actuallyincreasesalesusingabasicWebsite Today athirdofHarris sbicyclebusinessridesinontheWebtogethard to findpartsandpersonalservice Describeane business ENDOFSECTION1 Section2 1 FashionOnline 18 TheMarketingMixandFashion Tosuccessfullysellafashionproducttotargetcustomers businessesmustapplythemarketingmix Section2 2 marketingmixfourbasicmarketingstrategies knownasthefourPsofmarketing product place price andpromotion TheMarketingMixandFashion Section2 2 TheFourPs Product Place Price Advertising SalesPromotion Publicity PublicRelations PersonalSelling Promotion 20 TheFourP s Productreferstowhatacompanyisofferingforsaletocustomerstosatisfytheirneedsandwants goodand orservices Placereferstothewayproductsaredistributedandtheirsystemsofdelivery Gettingproducttocustomer TheFourP s Priceistheamountofmoneyconsumerswillpayforaproduct Promotionisanyformofcommunicationthatabusinessororganizationusestoinform persuade orremindpeopletobuyitsproduct ThePromotionalMix SalesPromotion contests displayedmerchandiseinwindows specialcoupons etc PublicRelationsandPublicity FREEnewsinnewspapers radio televisionPublicRelations Activitiesthatpromotetheimageandcommunicationsacompanyhaswithemployees customers andthepublic Publicity Unpaidmentionofabusiness itsemployees oritsmerchandiseinthemedia ThePromotionalMix Advertising Apaidmessagethatabusinesssendstothepublicabouttheproduct PersonalSelling Personalcommunicationbetweencustomersandsalespersonnel MarketingStrategies Therearethreestrategiesthatfashionmarketersusetoincreasetheirbusiness Increasethenumberofcustomers Increasetheaveragetransaction Increasethefrequencyofrepurchase ChannelsofDistribution Thechannelofdistributionisthepathaproducttakesfromtheproducertotheconsumer Directchannelofdistribution Producer ConsumerIndirectchannelofdistribution Involvesoneormoresteps manufacturer wholesaler retailer etc FashionandDistribution Forapparelandhomefurnishings themovementthroughthechannelsofdistributioniscalledsoft goodschain Thischainhasthreespecificsegments 1 Textilesegment fiber yarn fabricproduction2 Apparelsegment Producingfinishedgarmentsandaccessories3 Retailsegment Includesstoresoroutletsthatselltheproductstoconsumers TheFunctionsofMarketing Therearesevenfunctionsofmarketing Section2 2 functionsofmarketingtheactivitiesthatincludeproduct servicemanagement distribution financing pricing marketing informationmanagement promotion andselling Inordertohaveasuccessfulfashionbusiness businessownersfollowtheprinciplesofthesefunctions TheFunctionsofMarketing Product ServiceManagementFunction Section2 2 Fashionproducersmustlookfornewwaystouseexistingitemsorproducenewonesthatwillcontinuetointeresttheconsumer TheFunctionsofMarketing DistributionFunction Section2 2 Thedistributionofgoodsincludesthemethodsofphysicallymovingandstoringgoods Distributiontechnologyallowsbusinessestotrackandmonitormerchandiseallthewayfromthemanufacturertotheretailoutlettothecustomer TheFunctionsofMarketing FinancingFunction Section2 2 Financialplanningcanincludemanyfactors suchasproductioncostsoftheproduct productpricingforthecustomer andeverydayexpensessuchasrent supplies andpayroll TheFunctionsofMarketing PricingFunction Section2 2 Pricingincludesdetermininghowmuchtochargeforgoodsandservicesinorder