Research for Merchandising Strategies

Research

Fashion Merchandising Strategies

Part V – Class IV

Variety

1. Terms to Know

2. Target Market 3. Segmentation 4. Collecting Data 5. Areas to Research 6. SWOT

7. Competitors

Contents

Terms to Know

Market Knowledge Environmental Factors Segmentation Disposable Income Demographics Psychographics Geographics Position Market Share Quantitative Qualitative Primary Secondary Internal External Competition

https://www.yotpo.com/blog/fashion-industry-customer-reviews-data/

Never lose sight of your target customer & competition

https://clipartxtras.com

“market knowledge”

“ is the comprehensive understanding of a company’s market and products.”

• • • • • • • • • • •

Shopping the market Meeting with retail professionals Researching the consumer market Shopping fabric and trim markets Reading trade and business journals Observing lifestyles and tastes Use styling and forecasting consultants Scanning the internet Industry associations Trade shows Review past sales

“ is the comprehensive understanding of the elements in the world that affect your business.”

External • • • • • • • •

Social issues Economic trends Global trade Technology Cultural changes Politics / Government Competition Resources

Internal • • •

Corporate Culture Legal Issues Past Sales

“environmental factors”

Progress Question When “shopping the market”, we should observe ________.

A. Price points B. Competitor’s products C. Floor presentation D. Consumer behavior E. All of the above

https://decooda.com/2017/10/25/revealing-the-true-unfiltered-voice-of-the-customer-with-one-question/

Progress Question A “quota� on incoming merchandise to the United States would be a ________ issue.

A. Competitor B. Resource C. Technology D. Global Trade E. Social

http://www.chinadaily.com.cn/a/201808/27/WS5b833352a310add14f387d4d.html

“the ultimate consumers who will purchase a brands products.”

“target market”

1. Target markets can change 2. Price sensitive shoppers are less loyal 3. Today’s consumers are more savvy 4. Comparing products is easy 5. Age groups are concerned with different issues Understanding information is the most powerful tool to success.

“the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics.”

Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.

“segmentation”

Sample Market Segment Profiles

Age Gender Education Income Residence Living Situation Religion Race Ethnicity

Interests Passions Lifestyle Habits Brands Aspirations Feelings Preferences Flexibility

Northeast Southeast Mid-west Northwest West Coast Urban Rural Suburban Ethnicity

Demographics * Psychographics * Geographics

Data Collection Quantitative Data vs.

Qualitative Data Primary Data vs.

Secondary Data

Internal Data vs.

External Data

Gathering, validating, interpreting, and evaluating information can represent 30% to 40% of a merchandiser’s time.

How & Where to Collect Data 1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

Sales Records Observation Review existing information Experimentation Focus Groups Mall Intercepts Interviews Consumer Panels Mail Surveys Internet & Phone Surveys Trade Publications Consumer Publications Subscription Services

The “focus group”

Women’s Wear Daily is a __________ publication.

A. Consumer B. Trade C. Government D. Journal E. Legal

https://bcfashionmarketing.wordpress.com/2015/03/19/womens-wear-weekly/

Final Questions

Qualitative data is most concerned with ___________ information.

A. Statistical B. Cumulative C. Subjective D. Objective E. Experimental

PAST . PRESENT . FUTURE