fashion marketing basics. objectives 1.what is marketing? 2.what are the seven key marketing...
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Fashion Marketing Basics
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Objectives
1. What is marketing?
2. What are the seven key marketing functions?
3. What are the customer characteristics used to define a target market?
4. What is fashion merchandising?
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What is Fashion Marketing?
Marketing – the process of developing, promoting, and distributing products to satisfy customers’ needs and wants.
Starts at the very beginning of product development and continues until a consumer purchases the product.
A series of activities that fashion businesses undertake so that customers will buy products from them instead of their competitors.
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Marketing Concept
Marketing concept – the idea that businesses must satisfy customers’ needs and wants in order to make a profit.
Fashion products are presented in a way that makes the customer want to buy merchandise
Fashion marketers must offer the right product at the right time and right price.
Must develop strategies to tell selected market about these products.
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Marketing Functions
1. Marketing – Information Management
2. Financing
3. Product/ service management
4. Pricing
5. Promotion
6. Distribution
7. Selling
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Marketing-Information Management
Involves gathering and using information about what consumers want.
Considered critical because it determines what product to produce and sell.
Five main elements are:1. Input – reports, past records, or surveys2. Storage – saving information3. Analysis – study information gathered so a decision can be made4. Output – reports of the analysis and conclusions5. Decision making – the final result of the first four elements.
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Financing
Involves planning ways to cover the costs of successfully operating a business.
Includes factors such as, production costs of the product, product pricing for the customer, and everyday expenses such as rent, supplies, and payroll.
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Pricing
The process of setting the value or cost at the right level.
The price of a fashion product is dependent on the cost of production plus a profit/
Customer demand can adjust the price up or down
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Pricing
The price must cover all the elements of the key marketing functions:
1. The costs of gathering information of what the customer wants
2. The costs of financing the business3. The costs of design, fabric, and construction to
produce the product4. The costs of advertising and promotion5. The costs of moving the product to the consumer6. The costs of selling the product to the final customer7. Some profit for all of the people involved in each of
these steps.
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Promotion
Communicating with the customers about the product to achieve the desired result – customer demand for and purchase of the product.
Includes advertising, personal selling, publicity, and public relations.
Fashion marketers can create an image of who wears a brand of clothing through promotion.
How can marketers do this?
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Product/ Service Management
Designing, producing, maintaining, improving, and/or acquiring products or services to meet customer needs.
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Distribution
Involves moving the product each step from the design idea to the consumer.
Number of businesses involved in the actual planning and movement of the product
Actual transportation of the product – by truck or by air.
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Selling
Assists the customer in identifying and satisfying a want or a need.
Helps the customer understand the benefits of quality.
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Review
What are the seven functions of marketing? Give example of each.
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What is a target market?
Target market – the specific group of people that a business is trying to reach.
Identified through research and by the shared characteristics of the specific group of people.
How is this done?
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Market Segmentation
Market segmentation – a way of analyzing a market by categorizing specific characteristics.
Marketers divide the people into groups of possible consumers based on various shared characteristics.
Fashion marketers to concentrate on meeting the needs of certain types of buyers rather than the needs of all shoppers.
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Customer Characteristics
DemographicPsychographicGeographicBehavioristic
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Demographics
Demographics – statistics that describe a population in terms of personal characteristics such as age, gender, income, ethnic background, education, religion, occupation, and lifestyle.
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Psychographics
Psychographics – studies of consumers based on 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.
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Psychographic Trends
Women in the workforce
Urban population
Home and family
activities
Travel Work at home Home computer use
Casual dress for home and
office
Value of time over money
Large clothing sizes
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Geographics
Statistics about where people liveRegion of the country, size of the city or
county, the density of the population (urban, suburban, or rural), even climate
Location of where people live has an influence on their buying habits.
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Behavioristics
Behavioristics – statistics about consumers based on their knowledge, attitudes, use, or response to a product.
- marketers look at the purchase occasion for a product, product benefits, or usage level and commitment.
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Behavioristics
Purchase occasion – instance when a customer might use a product. Ex. “after-five”
Product benefits – the benefits that consumers desire in a fashion product or service. Ex. Stain-resistance.
Usage level and commitment – identified by how often they use the product and their loyalty to purchasing it.
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What is Fashion Merchandising?
Fashion merchandising – the planning, buying, and selling if fashion apparel and accessories to offer the right merchandise blend to meet customer demand.
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Retailers and Fashion Merchandising
Merchandising is the main function of apparel retailing.
Retailers buy at wholesale and then sell then at retail prices.
Other retail responsibilities; store operations, financial control, personnel, and sales promotion
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Merchandising Market Factors
Economic issues can influence customer buying habits. How?
New technology. How?
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The Marketing Mix and Fashion
Fashion Marketing
Mrs. Shaw
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Objectives
1. What are the four components of the marketing mix?
2. What are the four types of promotion?
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What is the fashion marketing mix?
marketing mix – consists of our basic marketing strategies known as the four P’s of marketing.
1. Product2. Place3. Price4. Promotion These are the basic elements to satisfy a
customers needs and wants.
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Product
What a company is offering for sale to customers to satisfy their needs and wants.
includes goods and/or servicesstrategies that include producing,
packaging, and naming a product.Ex. jeans, sweaters, jewelry, hairstyling
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Place
the way products are distributed and their systems of delivery
getting the product to consumers and the steps of distribution
how and where a product will be distributed
Where the customer will purchase the itemwhen the product will be distributed
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Price
the amount of money consumers will pay for a product
have to determine how much consumers are willing to pay
depends on the price of producing the item, the markup, and the customer demand.
Goal: Business must make a profit.
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Promotion
any form of communication that a business or organization uses to inform, persuade, or remind people to buy it’s product
inform customer about the features of the product and persuade to make a purchase
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Types of Promotion
1. Sales promotion – special contests, displayed merchandise in windows, special coupons
to increase customer traffic in a store
contests, displays, and coupons – do not require any direct contact with the customer
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Types of Promotion
public relations and publicity – promote the image and communications a company has with employees, customers, and the public.
publicity – usually unpaid mention of a business, its employees, or its merchandise in the media.
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Types of promotion
advertising – paid message that a business sends to the public about the product.
personal selling – requires personal communication and contact with the customer
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Marketing Strategies
Three strategies that fashion marketers use to increase their business:
1. increase the number of customers
2. increase the average transaction
3. increase the frequency of repurchase