Marketing Fashion A Global Perspective

What is marketing?
Creating Value
“an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”
The marketing Mix
The Four P’s
Place
Product
Promotion
Price
Customer Relationship Management
CRM
the overall process of building and maintaining profitable customer relationships through providing superior customer value and satisfaction
Ethics
a system of moral values or a set of principles that define right and wrong
Exchange
any activity such as buying and selling in which one party receives something by voluntarily giving something in return
Fashion
any designed product that is currently popular, that is of the moment and subject to change, and that people consider desirable and appropriate at a given time
green marketing
a business approach that protects the environment throughout the development and marketing of a company’s product
market
the group of actual and potential customers who have both an interest and the ability to buy the company’s product
market segment
a group of consumers displaying like needs, wants, values, and buying habits
market segmentation
defining smaller, more homogeneous customer groups based on similar customer characteristics
perceived value
a customer’s internal calculation as to whether or not a product is worth its cost
social responsibility
the principle that everyone is responsible for making the world a better place for all its inhabitants
target market
the group of customers deemed most likely to purchase a given product and on whom the company’s marketing efforts will be focused
value proposition
the sum of all benefits that marketers offer customers
Five basic points of view that marketers can adopt
The production concept
the product concept
The selling concept
The marketing concept
The societal marketing concept
Microenvironment
the set of forces close to an organization that have direct impact on its ability to serve its customers. Includes the company itself, its suppliers, customers, competitors, and publics
Macroenvironment
the collection of uncontrollable forces and conditions that face a company. Includes social, technological, economic, political and legal, and natural forces.
Disposable income
the amount left over after taxes but consumers must still allocate much of it to food, shelter, utilities, and transportation
Discretionary income
what is let after the necessities are paid for. Represents the funds that consumers can use for fashion and accessories, home furnishings, entertainment, vacations, and other optional items
CSR
Corporate Social Responsibility
focuses on including public interest into corporate decision making, with the belief that responsible labor and environmental practices will benefit both the company and society as a whole
Consumer behavior
the decision making processes and actions of buyers as they recognize their desire or need for a product or service, and engage in the search, evaluation, use and disposal of a particular item
Impulse item
something purchased without previous thoguht
Integrated marketing system
IMS
When all four elements of the marketing mix are planned, coordinated, and targeted and a marketing organization has continuous sharing of ideas and strategies to reach customers,
Subculture
a smaller group within a large society/culture who possess distinct beliefs, goals, interests, and values that differentiate them from the dominant culture
Personal Influences
Perception
Learning
Motivation
Attitude
Personality and Self-Concept
B2B
Business to business marketing
compaines and organizations that buy from or sell to other businesses or organizations as opposed to consumers
producers, resellers, government, and institutions
types of marketing plans
Strategic
Functional
Operational
Contingency
Mission statement
a declaration that concisely conveys, in a big picture perspective, the overarching goals of a company
Psychographics
lifestyle preference descriptors such as individuals’ attitudes, values, and interests
SWOT analysis
Internal factors:
Strengths
Weaknesses
External Factors:
Opportunities
Threats
Marketing strategy
a plan of action designed to identify the target market and shape the marketing mix in order to satisfy target customer’s needs and propel the marketed toward its goals
Types of strategies
Differentiation Strategy: a company clearly communicates its distinct solutions to consumers wants and needs
Exit Strategy: a company no longer provides a product it provided in the past
Expansion strategy: a company seeks ways to extend its business beyond its current status
Segmentation strategy: marketers identify potential customers who share similar preferences, behaviors, values and so on
Positioning
using the various marketing tools to determine how a product fits within the marketplace and in relation to other products and to influence how consumers in specific segments view the product.
Repositioning
revising a marketing strategy in order to adapt to marketplace changes and modify the way consumers think about or perceive the brand
could be:
targeting a new age segment
adding an unrelated product or service
integrating a lifestyle change
ROI
return on investment
defines the value (sales and profits) a company realizes after accounting for its expenses
marketing intelligence
a systematic collection and analysis of publicly available information about competitors and developments in the marketplace. Revels market opportunities, monitors the competition, improves strategies, and enables more informed decision making
forecasting
a process in which professional observers of culture and cultural shifts provide calculated predictions about the likely direction in which design and other consumer preferences are moving
Marketing information system
MIS
a set of procedures and practices a company puts in place in order to analyze, assess, and distribute the marketing information being gathered continuously from sources inside and outside of the firm
Quantitative Data
objective information
Qualitative Data
subjective information
Demographics
statistical characteristics of a population such as age, sex, household income, education level, occupation, ethnicity, religion, birth and death rates, gender orientation, marital status, and family size
Geographics
the physical environment, climate, and natural resources inherent to a particular market
Pyschographics
involves consumers’ lifestyle, leisure activities, or other personal preferences
Usage
the quantity and rate at which consumers make brand purchases, as well as their level of loyalty to a particular brand
Niche marekting
targeting specialized market sub segments within a larger group
mass marketing
d=undifferentiated targeting strategy focusing on an entire market universe
CEM
customer experience management
the function of managing the overall experience that the customer has with the supplier