Fashion MARKETING Basics How fashion is marketed 9815

+ Fashion MARKETING Basics How fashion is marketed 9/8/15

+ Do Now n What are your favorite fashion stores? n What about them appeals to you?

+ What is Marketing? n Marketing is all the steps involved in getting a product or service from producer to consumer n n Starts with determining consumers wants and needs, continues with product development all the way till after the consumer purchases that product Fashion businesses use marketing so that consumers purchase their products instead of their competitors

+ Marketing Concept n Why is it absolutely important that fashion marketers consider the wants and needs of consumers? n Businesses that consider the wants and needs of the consumers in every decision they make, follow the Marketing Concept n In order to be successful/make a profit, businesses must identify consumers, determine the products they want, and make them available at a price which consumers will pay and then communicate that information and convince consumers to make a purchasing decision

+ Target Market n Successful fashion marketers will identify specific segments of the market to which they will target all of their marketing efforts. n The specific group of people that a business is trying to reach is called a Target Market

+ Market Segmentation n It is impossible to satisfy the wants and needs of ALL consumers n So businesses must narrow their focus to a smaller Market Segment n A group of consumers within a larger market who share one or more specific characteristics

+ Market Segmentation n Marketing Segmentation allows fashion marketers to concentrate on meeting the needs and wants of certain types of buyers rather than the needs and wants of all shoppers n Markets may be segmented in many ways. Geographic Location n Demographics n Psychographics n Behavior n

+ Demographics n Measurable personal characteristics n Age n Gender Income Ethnicity Profession Education Religion Marital Status n n n

+ Psychographics n Social and psychological characteristics such as attitudes, interests, and opinions. n Consumers’ attitudes and values are often represented by how they choose to spend their time and money.

+ Geographics n Statistics about where people live Region of the country (North East vs. South West) n Size of the city or county n Density of the population (urban vs. rural) n Climate n n How might geographics change the way a business markets its products?

+ Behavioristics n Statistics about consumers based on their knowledge, attitudes, use, or response to a product Purchase Occasion Product Benefits Usage Level and Commitment

+ Behavioristics n Purchase Occasion n Identifies the instance when a consumer might use a product. n Ex. Apparel can be classified by categories such as “after-five, ” casual, and work attire n Product Benefits n Allows marketers to study the benefits that consumers desire in a fashion product or service, such as stain-resistance or wrinkle-free n Usage level and commitment n Identifies how often a product is used (worn) and the loyalty consumers show in purchasing it

+ Diverse and Changing Markets n The fashion industry is too large and too diverse to reach with a single marketing approach n Many businesses will try to attract several different market segments at once. n EX. Gap offers merchandise for men, women, and children n n As well as dressy and casual wear Can you think of other examples of businesses that market to several different segments at once?

+ Fashion Merchandising n After fashion marketers have identified their target customers and desired products, they develop plans to make the products available n Fashion Merchandising is the planning, buying, and selling of fashion apparel and accessories to offer the right merchandise blend to meet consumer demand