Chapter 9 Fashion Products and Research Fashion Products

Chapter 9 Fashion Products and Research Fashion Products and Planning Fashion Market Research 1

Fashion Products and Research Chapter Objectives Describe fashion products. Explain trade associations. Explain trade publications and fashion magazines. Discuss aspects of product planning. Describe the methods used to do market research. Explain market segmentation and target market research. Define merchandise information systems. 2

Fashion Products and Research Fashion Products: Goods and Services Goods are tangible items that are made, manufactured, or grown. Apparel Textiles Accessories Services are intangible things that people do, such as tasks performed for customers. Retailers Section 9. 1 Cosmeticians Stylists 3

Fashion Products and Research The Fashion Trade The rag trade has many trade associations. A trade association promotes a specific group, sets standards, and provides a means of communication among its members. Section 9. 1 rag trade the slang term for the garment industry trade association a nonprofit organization that provides services to specific groups who develop, make, and sell products within an industry 4

Fashion Products and Research The Fashion Trade A fashion trade publication is a type of fashion product, though it is not always sold commercially. Women’s Wear Daily is the major American fashion trade publication. Section 9. 1 trade publication a magazine, book, or journal offering a variety of information to a certain industry or a segment of an industry 5

Fashion Products and Research The Fashion Trade A fashion magazine is a type of fashion product that is sold commercially. fashion magazine a consumer magazine sold commercially, featuring articles, illustrations, and advertisements with an international emphasis The public gets most fashion news from fashion magazines. Section 9. 1 6

Fashion Products and Research Fashion Product Planning The product planning process includes Market Research and developing a product mix and product assortment that will satisfy the needs and wants of the market. Section 9. 1 product mix the total selection of goods and services that a company makes or sells product assortment the range of items or merchandise within categories that a company sells 7

Fashion Products and Research Fashion Product Planning The number of different items offered within a classification of products is called assortment breadth. A product assortment has depth if it consists of a large quantity of the goods offered. Section 9. 1 8

Fashion Products and Research Understanding Products and Planning q. The fashion industry stays current through trade associations and trade publications. The Fashion Group, Inc. - #1 Trade association Women’s Wear Daily – Trade publication q. Consumers use fashion magazines to stay informed. – Vogue, Teen Vogue, Seventeen… q. Fashion businesses must carefully plan their selection of goods and services to suit customers. Section 9. 1 9

Fashion Products and Research 9. 1 What are the two types of fashion products? A. Goods and Services What trade association represents all B. segments of the fashion industry? Fashion Group, Inc. What are the two characteristics of C. assortment? Assortment breadth (how many items) and assortment depth (quantity of items) Section 9. 1 10

Fashion Products and Research Key Terms Page 180 – 6 words Page 187 – 6 words 11

Fashion Products and Research Activity 9. 1 WS #29 – Compare and Contrast a Trade Publication and Fashion Magazine See Women’s Wear Daily - Trade Magazine: www. wwd. com Compare to: Vogue, Teen Vogue, Seventeen – Fashion Mags 12

Fashion Products and Research Chapter Objectives Describe fashion products. Explain trade associations. Explain trade publications and fashion magazines. Discuss aspects of product planning. Describe the methods used to do market research. Explain market segmentation and target market research. Define merchandise information systems. 13

Fashion Products and Research Market Research and Fashion Market research is an essential part of the product planning process in the fashion industry. Market analysts are specialists who gather marketing information, analyze data, compile reports, and assist all segments of the fashion industry by providing information. Section 9. 2 market research the systematic gathering, recording, analyzing, and presentation of information related to marketing goods and services 14

Fashion Products and Research Gathering Marketing Information The methods of gathering marketing information are: The survey method The observation method survey method a research method that involves gathering information from people through surveys or questionnaires observation method a research method that involves watching people and recording consumer behavior by cameras or individuals Section 9. 2 15

Fashion Products and Research Gathering Marketing Information The methods of gathering marketing information are: The experimental method The focus-group method experimental method a research method whereby a researcher observes the results of changing one or more marketing variables while keeping other variables constant focus group a panel of six to ten consumers who discuss opinions about a topic under the guidance of a moderator Section 9. 2 16

Market Segmentation Target Market Demographics Maximize Sales Age Research Gender Analyze Income Improve Communication and Services Market segmentation is a way of dividing the total market into smaller groups and analyzing each group by specific characteristics. Section 9. 2 17

Fashion Products and Research Merchandise Information Systems The set of procedures for collecting, storing, and analyzing research data is called a merchandise information system a system that produces, stores, and analyzes information that enables fashion marketers to make decisions about merchandise for sale Researchers must collect data on a continual basis. Section 9. 2 18

Merchandise Information Systems Sales records and supplier data Customer profile data Competitors’ records Government data Merchandise Information System Market segmentation is a way of dividing the total market into smaller groups and analyzing each group by specific characteristics. Section 9. 2 19

Fashion Products and Research 9. 1 What are the two types of fashion products? A. Goods and Services What trade association represents all B. segments of the fashion industry? Fashion Group, Inc. What are the two characteristics of C. assortment? Assortment breadth (how many items) and assortment depth (quantity of items) Section 9. 1 20

Fashion Products and Research 9. 2 D. What is market research? Systematic gathering, recording, analyzing and presentation of information related to the marketing of goods and services E. What are four methods used to collect data in a merchandise information system? Survey, observation, experimental, and focus group F. How does market research influence new products? Section 9. 2 Helps producers develop new products that consumers want to purchase 21

Fashion Products and Research Checking Concepts 1. Name two fashion products, including goods and services. 2. Describe the services provided by trade associations. 3. Identify the difference between trade and fashion publications. continued publications 1. Trade 2. 3. fashion Trade associations apparel and are magazines, hairstyling promote specific service newspapers, books, set or industry groups, journals that offer standards, and information to a provide a means of certain industry. communication Fashion magazines among members. are consumer magazines sold in They are active commercially, the legislative featuring process articles, as well. illustrations, and advertisements. 22

Fashion Products and Research Checking Concepts 4. Explain two tasks involved in product planning. 5. Identify the market research method that involves a group of possible customers. continued 4. Product 5. focus group planning involves doing market research and making decisions about which products to include in a product mix or assortment. 23

Fashion Products and Research Checking Concepts 6. Name one source of demographic information. 7. List the kind of data obtained by merchandise information systems. continued 6. One 7. Types source of of demographic information include information sales records is and government supplier data, statistics. competitor’s records, customer profile data, government data such as price trends and projections. 24

Fashion Products and Research Checking Concepts Critical Thinking 8. Explain the importance of doing fashion market research. 8. Possible answer may note that market research is especially important in the fashion industry for planning new products and finding out what products consumers want. Consumer tastes and trends change quickly, and companies and designers need to know what styles will sell. 25