Chapter 1 introduction
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Transcript of Chapter 1 introduction
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Chapter 1
An Introduction to Fashion Marketing
1
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“Fashion is not art, it is industry”
Jean Muir
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Some Marketing definitions…
“Marketing is a human activity, directed at satisfying needs and wants through exchange processes”
Kotler
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Chartered Institute of Marketing
“Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably”
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Drucker
“Marketing is the whole business seen from the point of view of its final result, that is from the customer’s point of view”
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• Marketing is about making it easy for the customer to say “YES”
• Write down what makes it easy for you to say ‘YES’ and make a purchase
• The aim of marketing is to eliminate the need for selling
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What is fashion?
• Fashion involves change, accepted change, defined as a succession of short-term trends or fads.
• Styles do not become fashions unless they win acceptance amongst consumers.
• Fashion is not just about clothing.
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Related Fashion Services
Advice on garment coordinationCosmetic surgeryTattoosHairdressingGarment alteration, cleaning, repairsSun tanning
CLOTHINGUnderwear...OuterwearFormal……..InformalBespoke… ..Ready-madeNatural……..Man-made
Fashion-related productsShoes Hats Hosiery Jewellery Belts BagsScarves CosmeticsFragrances Wigs
USAGE SITUATIONS
Work/SchoolLeisure
Domestic
FASHION PRODUCTS AND SERVICES
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• But fashion fulfills more than just a basic need of clothing and home furnishings.
• Fashion fulfills a need to reflect an image of oneself to the world.
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What is Fashion Marketing?
“…. the application of a range of techniques and a business philosophy that centres upon the customer and potential customer clothing and clothing-related products and services in order to meet the long-term goals of the organisation” Mike Easey
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Two Views of Fashion Marketing
Sample statements
Assumption
Orientation
Alleged drawbacks
Design should be based solely on marketing research
Make what we can sell
Marketing centred
Bland designsStifles creativity
Fashion marketing is the same as promotion
Sell what we can make
Design centred
High failure rates
Relies on intuition
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The Fashion Marketing Concept
DESIGNCENTRED
FASHION MARKETINGCONCEPT
FAILURE MARKETINGCENTRED
High
Low
Concern forFashion Design
Concern for customers and profit
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Fashion Merchandising
The retailers role in fashion marketing is very important.
Merchandising = the buying and selling of goods.
Fashion Merchandising aims to have:– The right fashion merchandise, at the right place,
at the right time, in the right quantities at the right price
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Marketing Mix – 4 P’s
• Product – what a business offers customers to satisfy needs
• Price – the amount the customer pays for products
• Promotion – the ways a customer is informed and encouraged to buy the product
• Place (distribution) – involves getting the product to the customer
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Key Marketing Functions
Functions of
Marketing
Marketing InformationManagement
Financing
Pricing
Promotion
Product/ServiceManagement
Distribution
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Marketing-Information Management
• Involves gathering and using information about what consumers want.
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Financing
• Involves planning ways to cover the costs of successfully operating the business.
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Pricing
• Is the process of setting the value or cost at the right level.
• Must cover costs of all other marketing functions.
• Is the only element of the mix which brings in cash.
• Depends on the costs of production plus a margin for profit.
• Needs to reflect demand.
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Promotion
• Is communicating with the customers about the product to achieve the desired objective
• Methods of promotion include:– Advertising– Personal selling– Publicity– Sales promotions– Public relations
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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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Place (Distribution)
• … involves moving the product each step from the design idea to the consumer.
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The Marketing Triangle• Illustrates the relationships within
marketingCustomers
CompanyCompetitors
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Marketing Dynamism
• Marketing Strategies cannot be static
• They must respond to a changing environment