Brandon Mingo Economics 2011
Final Product The final project of my industry is an advertisement or marketing tool promoting a fashion designer, brand, or line of clothing and/or accessories. These can be of two forms: Physical: •Magazine Ads •Billboard Ads •Store Window •Flyers •Pamphlet Digital: •TV ads •Internet Banner Ads •Online Videos •Blogs
Demand for Product •Affected
by consumer attention span •Long Television Ads
VS.
Short Web Videos •Marketers
have become savvy to consumer behavior •Media viewed
by consumers more specified by the consumer •Marketers
figuring out new ways to target their demographic groups
Supply of Product •Plentiful •Advertising is •Obvious and
everywhere
subtle
•High in
some types of product advertisement, low in others •Supplied by
the creative individuals who make elaborate marketing campaigns or single advertisements
Elasticity of Product Demand •Very elastic •Big
brands = expensive elaborate advertising campaigns •Everyday companies
opt for primetime ads and most viewed media •Small companies
building up may go for free online advertising, promo videos, webisodes, etc. •How much
money marketers are willing to spend •Future
of Marketing
Market Structure of Industry
•Fashion Marketing
is a
Monopolistic competition structure
Government Regulations •None concerning marketing
practices
•Companies are
as they wish
free to market
•Campaigns
are based on the what companies want consumers to conceive the brand as •Example:
Abercrombie & Fitch = sexy & Land’s End = Family •Laws
concern garment production, especially child labor and children’s wear •Flammability Laws,
Sleepwear
Children’s
Antitrust Issues
•No
antitrust issues within fashion industry •Multiple government
interjections as of late concerning model’s weight and body image •Models must
abide by weight
regulations •British ads
for cosmetics may not portray unachievable results
Conclusion •I have realized through
this Economic course that the Fashion Industry , like any other industry is completely intertwined with the economic climate of any country. •Fashion is
directly tied to the economic ups and downs any system is going through. •Marketers
need to be keen on ways to promote and advertise to consumers in all of the different economic situations.
Comparison, Side. "Children’s Clothing Regulations." American Apparel and Footwear Association. Web. 05 Aug. 2011. <http://www.apparelandfootwear.org/LegislativeTradeNews/ ChildrensClothingRegulations.asp>. Child Labor in U.S. History - The Child Labor Education Project." Division of Continuing Education - The University of Iowa. Web. 05 Aug. 2011. <http://www.continuetolearn.uiowa.edu/laborctr/child_labor/ about/us_history.html>.