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Introduction to Fashion merchandising

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Fundamentals of fashion Merchandising

Fundamentals of fashion MerchandisingUnderstanding Fashion, Merchandising,Merchandise Management of Retail, Export & Buying House.FashionFashionAccepted by a substantial group of people at a given time , in a given place.

Understanding Fashion MovementFashion movement is the ongoing change in what is considered fashionable from acceptance to obsolescence (the rejection of a fashion in favor of a new one)A fashion trend is the direction fashion is moving

OBSOLETEThe fashion cycleFashion cycle: The ongoing introduction, rise, peak, decline, and obsolescence in popularity of specific styles or shapes.All styles that come into fashion rotate through the fashion cycle.Fashion acceptance can be illustrated using a bell-shaped curve.Overall Fashion Cycle Variations . . . From Flop to Classic

The Fashion CycleIntroductionNew style is introduced (colors and textures) RiseSlowly increases in popularity DeclineDecreases in popularity (saturation)ObsolescenceDiscarded for a newer style PeakHeight of popularity; Worn by the majority of people (culmination)ALSO KNOWN AS THE MERCHANDISE ACCEPTANCE CURVEThe fashion cycle (cont.)The cycles for some styles are exceptions to the bell-shaped curve.Flops: Fashions that are introduced and expected to sell but that are not accepted by consumers.Fads: Temporary, passing fashions that have great appeal to many people for a short period of time; styles that gain and lose popularity quickly.Classics: Styles that continue to be popular over an extended period of time even though fashion changes; styles that remain in fashion year after year.Kurtis

Skirts

Fashion Classics

Fashion Fads

Cycle within Cycles

Recurring Cyclic Fashions

PLAT FORMS SHOES

HOTPANTS

Stages of the fashion cycle (cont.)Introduction: The first stage of the fashion cycle when new styles, colors, textures, and fabrics are introduced.The new style may be accepted by a small number of people called fashion leaders.Promotional activities include fashion shows and advertising in high fashion magazines.Fashions are produced in small quantities at high prices.Retail buyers purchase limited numbers to see if the style will be accepted.Stages of the fashion cycle (cont.)Rise: The second stage of the fashion cycle when consumer interest grows and the fashion becomes more readily accepted by consumers.Mass production brings down the price of the fashion, which results in more sales.Styles are manufactured in less expensive materials and in lower quality construction than the original style.Promotional efforts are increased in high fashion magazines to heighten consumer awareness.Retail buyers order items in quantity.Stages of the fashion cycle (cont.)Peak (Culmination stage): The third stage of the fashion cycle during which a style is at its height of popularity.The fashion is demanded by almost everyone because it is now within the price range of most consumers and is mass produced in many variations.Each retailer tries to persuade customers that its version of the style is the best.Stages of the fashion cycle (cont.)Peak (Culmination stage)The style may have a long or short stay at this stage.Short-run fashions: Styles that are popular for a brief period of time.Fads, usually lasting only one seasonAccepted and rejected quicklyTeenagers fashions change the fastest and have the most trends.Styles are easy for the manufacturer to produce and are relatively inexpensive to the consumer.Styles typically have more details than seen in classics.Stages of the fashion cycle (cont.)Peak (Culmination stage)Long-run fashions: Styles that take a long time to complete the fashion cycle.Classics, basics, and/or staple fashionsSlow introduction, long peak, slow declineStyles have simple lines, minimal detail.Stages of the fashion cycle (cont.)Decline: The fourth stage of the fashion cycle when the market is saturated and popularity decreases.The fashion is overused and becomes dull and boring.As the fashion decreases in popularity, retailers mark down their prices.Promotions center around major clearance or closeout sales of the fashion.Stages of the fashion cycle (cont.)Obsolescence: The fifth stage of the fashion cycle when the style is rejected, is undesirable at any price, is no longer worn, and is no longer produced.

Lengths of fashion cyclesCycles have no specific lengths.Recurring fashions: Styles which have been in fashion at one time, gone out of fashion, and come back in fashion again.Fashion trends seem to recur about every generation or every 20 to 30 years.Fashion cycles are less distinct now than in the past.Theories of Fashion MovementTRICKLE UPTRICKLE ACROSSTRICKLE DOWNFashion trends start at the top of the social ladderFashion trends start with the young or lower income groupsFashion moves horizontally through similar social levelsLower $Higher $ Royalty RichWhite collar Blue collarTrickle-Down Theory18th-19th CenturySource of fashion ideasdesigners catered to wealthyFashion leadershighly visible elite served as models for lower classDirectiondown from elite class to working class

Change of speedhow quickly the lower class could obtain and copy the eliteDynamics of changedrive for differentiation and imitation

Mass Market Trickle-Across EssentialsMass productionNewest looks available quicklyFast-paced communication and mass mediaStyle information available to all at same timeEach social group has own fashion leaders

Trickle-Up TheoryStarts with young trendsettersMay be lower income groupsFashion defined by street wearExamples may include:Tattooing, body piercing, grunge looks

1960s Trickle-AcrossWithin group at similar social levelVietnamCivil rightsIntegrationMass communicationMass mediaGrowing middle classAvailability of quick, easy knockoffsMass production makes fashion available at all price levels

MerchandiseTypes of MerchandiseStaple Goods items that are constantly in demand by customers. Examples are toothpaste, milk, or bread.Used consistently and replaced on a regular basisSales are easily predictable because they are bought on a consistent basis.Convenience Goods small, inexpensive items that customers purchase frequently. Examples are gum, bottled water, or magazines. Found in convenience stores, grocery stores or gas stations. Fashion Goods items that are popular at a certain time. An example is clothing.Includes any item that comes in or out of styleRetailer will maximize sales by acquiring the product as it is gaining popularitySeasonal Goods products that are popular only at a certain time of year. Examples are swimsuits, boxed chocolates, or snow skis.

The Merchandise MixBusinesses must pay close attention to their target market and must obtain, develop, maintain, and continually improve upon their merchandise mix.Components of the MixMerchandise Mix made up of all the products that a business sellsProduct Line a group of closely related products that a business sellsProduct Items the products that make up a product line. A specific model or brandTypes of MerchandiseMerchandise Mix Strategies Development develop new products to bolster the companys image or to expand their market share. Expansion businesses can choose to add either new product items or new product lines.Modification altering a companys existing product.Deletion may occur when a product is no longer useful, obsolete, not fashionable, or room is needed for another product.