Fashion MARKETING

‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.’ Chartered Institute of Marketing

The marketing concept TODAY Societal Marketing from end of 20th Century into this millenium. Through consumer pressure and legislation companies need to consider how they are contributing to the betterment of society. M&S Plan A (no plan B) Relationship marketing from end of 20th Century into this millenium. Responsive to consumers demanding products and information. The internet has meant that consumers want to interact with companies and brands and social media provides a good platform for this. It is getting PERSONAL!

MARKETING perspectives DESIGN CENTRED This idea has the designer as the key creator and marketers must sell the idea to the public. This approach often uses PR, advertising and communications agencies. MARKETING CENTRED This idea is based on the belief that market research collected on the consumer and this informs the design specifications.

FASHION MARKETING perspective This idea combines both perspectives having equal concern for design, customers and profits. Design centred FASHION marketing concept Failure Marketing HIGH Concern for Fashion design LOW LOW HIGH Concern for customers and profit

ZEITGEIST the characteristic spirit or mood of a particular period. In marketing we need to capture the Zeitgeist

Marketing Environment Research Customers Design Research PRODUCT PRICE PLACE PROMOTION Marketing Mix Fashion marketing organization The FASHION MARKETING process

The 4 P- ’s PRODUCT - Product variety, quality, design, features, brand name (includes sub brands/collection) packaging, service PRICE - RRP, discounts, credit facilities, pricing strategy, price perception PLACE - Location, coverage, channels, transport, inventory, delivery PROMOTION - Sales promotion, personal selling, advertising, PR, direct marketing, word of mouth, website, social media, events What about more P’s........ 7 P’s (additional Physical evidence, Process & People) are used by Service companies such as Insurance, holiday companies as they don’t have a physical product so the process by which the product is received is critically important. Retailers also use the 7 P’s model as the sales environment is critically important to them and especially people.

The Market environment For our product BUSINESSES CONSUMERS

The Market environment For audit purposes Company

MACRO Environment Political forces Legal forces Regulatory forces Societal & cultural forces Economic forces Technological forces Environmental Forces in the Macro environment will affect your company and impact on how it is managed and how it trades. You need to respond but have little influence over these forces.

Marketing audit establishing where we are NOW To analyse the Market environment we need a means to guide our research and understanding – a FRAMEWORK One of the analytical ‘TOOLS’ for this is… PEST (or PESTLE) analysis Political (Legal is separated in PESTLE) Economic Societal Technological Easey also refers to LEPEST or STEPLE analyses.

Task Organise yourselves into groups of 3 or 4 Carry out a PEST analysis. Your company is a fashion retailer (it may be helpful if one of you work for the retailer).

MICRO Environment Consumers Competitors Suppliers Manufacturers Intermediaries The Micro environment the company can directly affect. Therefore the company can have a direct impact on AND be impacted themselves.

Marketing audit establishing where we are NOW To analyse the Company situation again we need a means to guide our research and understanding. The situation analysis ‘TOOL’ for this is… SWOT analysis Internal to the company Strengths Weaknesses External to the company Opportunities Threats

Task In your same groups Carry out a SWOT analysis of the company you selected.

Marketing audit What have we established by carrying out a marketing audit? Where we are NOW Why is this important? If we don’t know where we are now how can we begin to plan where we are going?!