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Title: Fashion Design Market Research
Description: These notes are a step by step method on how to go about researching a specific market.
Description: These notes are a step by step method on how to go about researching a specific market.
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MARKET RESEARCH
INTRODUCTION
Fashion designers tend to get lost in their creativity and most of the time
they forget to analyse the market they are designing for
...
In order to avoid such mistakes, proper market research must be
conducted (Fezile 2015)
...
Also always ensure that you have done a market and competitor
analysis
...
You must have a
proper marketing strategy in place and it is explained in the following page
...
•
This will help you confirm as to whether there is a market for your business
of not
...
STEP 2- IDENTIFY YOUR SOURCE OF INFORMATION
•
Sources of info can be sub-divided into customers and fashion industry
...
•
Fashion Industry- Retail buyers, sales staff, trend forecast, trade fairs,
media etc
...
STEP 3- MARKET RESEARCH following guidelines
INFORMATION
To help focus your market research use the
5 Ps + C
5 Ws + H
People
Who
Need to establish potential customers and identify
their needs
...
Place
Where
Establish where your customers will purchase your
products i
...
online, physical location etc
...
Promotion
How and
When
Establish best method to communicate your
product
...
Competition
Why
How your competitors will react
...
's
goals & objectives
STEP 3- MARKET RESEARCH INFORMATION
To help focus your market research use the following guidelines
• Types of data that can be collected can be either primary or
secondary
...
• Secondary-Data is obtained through published information,
government statistics etc
...
• Quantitative-Data based on customer’s attitudes, views and feelings
...
Most common ways to break this down are:
• Geographic (location of customer)
• Demographic (age, socioeconomic groupings, income levels, race)
• Psychographic (lifestyle preferences, fashion attitudes, fashion
followers or trendsetters
...
Analyse the need versus the want behavior
...
What they look for and want in a product
...
The best way to analyse customer/consumer behaviour is to ideally
become one for the day
...
This is so that you see the reaction and behavior of potential
customers
...
You might also pick up missed opportunities that you can capitalize on
...
Another way to do it is to form focus groups where you can ask questions
in an open forum group so you get a whole overview of different opinions
...
However one
must carefully analyse the results as they can be bias
...
You could also
approach existing and potential customers for feedback
and talk through their needs and wants
...
Your range always needs to be aligned with seasonal trends in
terms of colours, styling, silhouettes, fabrication, trims even prints
...
Doing a trend research will guide you into
designing a suitable range for your customer that is inline with the market
...
There are 9 factors that you need to consider when doing a Trend Research(Please read through
thorough explanation on Sandra on pg
...
Awareness
2
...
Trend Sources
4
...
Faster communication
6
...
Fashion fads
8
...
Classic Fashion and Basic Fashion
STEP 8- KNOW YOUR COMPETITION
Always analyse your competitors products, prices and marketing
strategies
...
Knowing about your competitors product offering will give you a big
advantage when setting up your business
...
Basic economics influences the size of the market- this is called the supply
and demand curve
...
With larger production runs, unit
manufacturing costs will reduce and give you better buying power which
will influence the cost of your products
...
STEP 9- FORMULATE A PRICING STRATEGY
When deciding on the price of your product you need to determine, how much it
costs to make the product, How much the customer is willing to pay, what price can
the market stand and where the competitor is at
...
You need to determine the base price to cover expenses, the final
selling price is is determined as the result of where to place the product against that
of competitor
...
Also look at high end
designers as some people prefer to pay more for well knows designers that new
ones on the scene
...
•
It must be value for money
•
It must make a profit
•
If expensive the consider offering a Diffusion Label also knows as secondary
line
...
Try to strike a balance between offering what’s
commercial for your market and trends
...
In retail high
sales normally appear during month ends and festive holidays
...
Your market research will also
form part of your marketing mix
...
(ed) 2011
...
Second
Edition
...
Philip Liebenberg
...
(ed) 2008
...
Starting your own
fashion business
...
Title: Fashion Design Market Research
Description: These notes are a step by step method on how to go about researching a specific market.
Description: These notes are a step by step method on how to go about researching a specific market.