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Publisher The Goodheart-Willcox Co., Inc. Tinley Park, Illinois. PowerPoint for. T HE W ORLD OF F ASHION M ERCHANDISING. By Vicki Shaffer-White. Part 1: Basic Fashion and Business Concepts. Chapter 5 Satisfying the Fashion Market. Objectives:.

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  1. PublisherThe Goodheart-Willcox Co., Inc.Tinley Park, Illinois PowerPoint for THE WORLD OFFASHIONMERCHANDISING By Vicki Shaffer-White

  2. Part 1: Basic Fashion and Business Concepts Chapter 5 Satisfying the Fashion Market

  3. Objectives: • Distinguish between market growth, share, and segmentation • Describe the importance and methods of market research • Summarize the concept of product development • Explain the latest fashion industry information technology • Explain the efforts that are being made for overall industry excellence • Describe how the industry is improving its image

  4. Market Growth and Share • Growth is the increase in size of the entire market • Share is the part of the total market controlled by a firm • Competition results from firms trying to increase their market share

  5. Market Segmentation • Dividing the total market into smaller groups that contain similar characteristics, since no business can serve ALL customers • Target marketing defines this niche

  6. Demographics • Statistics of human populations by: • Age • Gender • Race • Education • Religion • Income • Occupation • Geographic location

  7. Psychographics • Statistics that try to explain consumer behavior through: • Lifestyle • Values • Attitudes • Self-concept • Culture • Social groups • Personalities

  8. Market Research • Gathering and analyzing information relating to a particular market • Results may indicate: • Shopping behavior • Product preferences • Price ranges • Types of advertising preferred • Needs and wants

  9. Market Research Methods • Surveys • Consumer panels keeping diaries • Slower; broad trends • Focus groups • Particular subject or product line • Computer databases • Electronic feedback tests • Virtual reality

  10. Product Development • Process of taking a product from the conceptual idea to the market • Continually changing, striving to meet the needs of the consumer

  11. Information Technology • Providing information through computer technology • Collection, classification, storage, retrieval, and dissemination of data • Inventory control • Shipping/receiving • Customer tracking

  12. Bar codes Universal Product Code (UPC) UPC printers UPC compliance of code standards Optical scanners Feed bar code information to the computers RF scanners Feed information via radio frequency Magnetic stripes Voice recognition Machine vision Video cameras Smart cards Microprocessor embedded in plastic Technology Methods

  13. Technology Disadvantages • Financial cost • Computer hardware • Software • Scanners • Bar code printers • Power failures • Incorrect data entry

  14. Open Systems • Integration of computer systems with each other • Industry data exchange standards • Multivendor networks • Outsourcing hires “third party providers” to manage computer network

  15. Electronic Data Interchange (EDI) • Communication through computers and modems • Data available in “real time” • Print-outs can be generated • Web based

  16. Cooperation for Industry Excellence • Competition from world markets has increased over last 50 years • Industry segments now cooperating to regain market • The industry is striving to provide quality, value, and delivery in a timely, efficient manner

  17. Streamlines supply chain by transmitting bar code data using EDI technology throughout the entire textile-apparel-retail pipeline. Benefits: Focus on consumer needs Communication accuracy Higher quality standards Better buying, production, and distribution Lower inventories Easier reordering Shorter lead/response time Improved forecasting Fewer markdowns Higher profits Quick Response

  18. Corporations and Partnerships • National Apparel Technical Center helps upgrade the technical knowledge and skills of industry personnel • American Textile Partnership links government labs with the textile/apparel pipeline

  19. Improving Image • Continuing efforts to educate the public about the industry • Quality products • Higher standards of ethics and social responsibility • Education, family care, health issues, and safety of employees • Environmental and community initiatives

  20. Do You Know . . . • What demographic and psychographic data would define YOU? • Why is product development so important to the fashion industry? • Name some disadvantages of Quick Response.

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