For all assignments, you are required to market the same fashion product. This product should be your own fashion product, not another designer’s product or existing product. You will determine what the item is and create a brand name for your product or product line.
This section answers the basic question – what market are you in? Simple though the premise may be, there are a lot of factors to consider in answering it. These include all the relevant information about the market (size, growth rate, trends, target audience – their needs and wants), as well as the competition (both direct and indirect). There is, of course, a plethora of information out there on any given market, and it can be found in association and industry publications and research firms that track your industry. Not all of it will be significant to your analysis. Make sure that you include only those parts that are highly relevant to your recommendations.
In this section, describe the situation in the market that you are entering with your product/service – is it growing, shrinking, or stable? It is important to bring some supporting evidence to your statements – look for trade association reports, market research published by research companies (many of them publish white papers and reports that are available online). Pay attention to growth rate and market size, and try to connect the growth rate of the market that you are entering with that of your chosen target market segment.
Section 1: Market Trends
Market trends refer to the host of factors that may influence purchasing behavior in your market. These could include things like demographic changes, alterations in customer needs, the development of new styles or fashions, etc.
This section should cover your understanding of where the market trends are headed, as this will allow you to stay ahead of the curve when it comes to offering your product/service to the consumers. Information on market trends can be derived from a variety of sources, including an industry association, relevant magazines or other publications.
Section 2: Target Market Analysis
Upon studying the market, you will pick a segment of it as your target market. Determining why a particular group should be picked over others is the purpose behind the target market analysis. You can choose primary and secondary target markets, and explain why you are focusing on these groups by describing why their characteristics are important and relevant to your marketing plans. Include a Market Analysis table that summarizes comparative size (and, where possible, growth) of different market segments.
Section 3: Direct Competition
Direct competitors offer similar or identical products/services. List your direct competitors, discuss their strengths and weaknesses, and briefly describe their offerings.
Section 4: Indirect Competition
As a business selling a new product or service, you may sometimes not have direct competitors. But you will always have indirect competition. Other kinds of services/products will compete with yours, or impact it indirectly. For example, even if you have the only airline in the market, with no direct competition from other airlines, you would still be facing indirect competition from trains, buses and rental cars.
Section 5: Customer/Consumer Analysis
A detailed description of your consumers/customers should include demographic, psychographic and behavior characteristics of the target market that you identified in the above section. Highlight the features that matter most in the formulation of your marketing strategy.
Section 6: Need Analysis
While the preceding two sections focus on defining and analyzing your customers, this section should focus on describing the needs of that group, and the benefits your product/service provides them (as opposed to the benefits of targeting the group from your business’ point of view). This analysis will be tied to the value proposition.
In describing how your product meets their needs, keep in mind that its value can be recognized in both tangible and intangible forms – money, self-perception, time, self-esteem, risk-reduction etc. can all factor into the value assessment.
If you have more than one target market segments, you should do this analysis separately for each one.
Section 7: Competitive Analysis
List who your major competitors are, and describe how they market their products. Your analysis should cover the competition’s size, market share (and growth), comparative quality, brand image, target markets and marketing strategies, and any other features that are relevant.
(STP) Segmentation, Targeting and Positioning
Identify your target market for your line and how you intend to fill the needs of this target market. Describe the target market using demographic, psychographic and behavioral information. Explain why you chose this particular market. Describe your position in the marketplace. Write a 3-4 page report describing this target market, how you chose this segment and your position in the market relative to competitors.
Section 8: Positioning Strategy
Based on what the major product attributes are and how your product and your competitors’ product are situated relative to these attributes, determine a strategy for positioning your product in the marketplace and in the minds of your consumers.
Section: 9 Product Strategy
The product or service is the central piece of your marketing plan, especially when your marketing plan is proposing a new product/service. This section should contain a detailed description of what is being offered – size, shape, design, structure, etc. Provide sketches or photos if possible (you can be put in an Appendix). Flesh out the product’s features (durability, reliability, etc.). Remember that all the characteristics of the product should stem from a deep understanding of what the customer needs and wants are. Describe the product that you intend to market. Describe fabrication, style and how this product differs from competitors’ products. How will the product meet the needs of your target market?
Your product strategy should describe the product/service as an entire package that you offer to the consumer. In addition to the core benefits outlined in prior sections, describe your augmented and potential product offerings (which will tie in with the Product Description section). Describe your product assortments, packaging, warranties and guarantees, customer service etc. If your marketing plan is focused on innovative service, describe the category of service and service-quality management strategies. For more information on Marketing a Fashion Product see this: https://www.encyclopedia.com/fashion/encyclopedias-almanacs-transcripts-and-maps/fashion-marketing-and-merchandising
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