lecture notes from week 2 Fashion Marketing, Central Tafe Northbridge

3. What makes someone want to spend $400 on a pair of shoes, or $150 on a t-shirt? If they're good at what they do, it's fashion marketers and fashion marketing So, what is fashion marketing? The principle is the same…

6. Product Price Place Promotion

7. These four Ps work together to form the basis of a marketing plan. In order to effectively market fashion, you need to ask yourself: WHERE do I compete? (whole market?) HOW do I compete? (new product? New image?) WHEN do I compete? (first into market? Wait for demand?)

8. To answer these questions, you need to look at the environment you are intending to become a part of. This process is called an environmental scan

9. There are four main areas to look at: Technological environment Legal/Political environment Economic environment Social/cultural environment

10. Don’t forget your competitors! You need to look at who your competition is, where they’re at, and what they’re doing

11. You also need to undertake a SWOT analysis

12. Strengths Weaknesses Opportunities Threats

13. This information provides a platform for moving forwards and knowing where, and on what level, you can compete in the market

14. Target Audience definitions Who are you trying to sell to? Just one group? More than one group?

15. Fashion designers rarely go after an entire market with their products. Unless you focus solely on one target audience (which you can do), you would break your market into segments and use a different strategy to target each one.

19. Selecting a target market has key steps Identify market Segment the market Select a market

20. Target people in a particular area (geographic segmentation) Target people of a similar age, gender, income, race etc (demographic segmentation) Target people with similar personalities or lifestyles (psychographic segmentation) Target people with similar buying habits (behaviouristic segmentation) Target people wanting a similar benefit (benefit segmentation) Ways to choose a target market

21. Once you know who you’re trying to sell to, figure out how you’re going to do it Offer one product for everyone? Offer different products and strategies for different target markets? Promote to only one target market?

22. Had enough?