6. SWOT Analy sis The market must be fully researched and this entails carrying out qualitative research into similar brand and product fields. Marketing in fashion is unique in the sense that the primary role of the product is to promote the brand, and this done via the internet (websites), in-store marketing and visual merchandising, and public relations, (Jackson and Shaw, 2001). The promotion of the brand through the product can consist of any variables, for example: price, quality, how fashionable or desirable the product is and the design and garment technology. A successful brand is constantly aware and up to date of the competitors out in the market which have similar products and target consumers. This should include knowledge of other companies USP (Unique Selling Points), price architectures and marketing strategies, whilst also outline other brands strengths and weaknesses. This research can be carried out through Mintel reports and market research conducted in other stores. In order to achieve a good overall view of the market and how a particular product will fit into it, a SWOT matrix is used. This test analyses the strengths, weaknesses, opportunities and threats involved in a business venture or introduction of a new product. A SWOT matrix example (see fig.1) demonstrates the questions that must be answered when exploring the strengths and weaknesses of a new product, and how it will positively and negatively affect the brand.
External
Internal
SWOT Matrix: Emily Go o drick Strengths
We a k n e s s e s
- Fresh new brand - Quality of product - Being sold at Saks Fith Avenue, Luxury branding -Innovative footwear designs - USP
- New Brand, lack of marketing experience - Huge competition - Financial expense starting new brand
Opportunities
Threats
- Developing market on the internet, bloggers, etc. - Collaborations with other designers, companies. - Broadening the brand into new collections, handbags? - International markets -
- A new competitor in home market - Price wars with competitors. - Competitors with new, innovative products - Taxation (finances) could rise on product.
[Fig.11]