FATIMA M.T LIMAN WEST LONDON COLLEGE
MARKET RESEARCH
Fatima Liman BA Fashion Womenswear E19CC West London College
CONTENTS TABLE OF CONTENTS BRAND IDENTITY TARGET CONSUMER RESEARCH (SELFRIDGES) TARGET MARKET GEOGRAPHIC DEMOGRAPHIC FINANCIAL AND SALES ANALYSIS SOURCE OF FINANCE ADVANTAGE DISADVANTAGES BUSINESS OBJECTIVES CUSTOMER SATISFACTION SWOT ANALYSIS PESTLE ANALYSIS MAIN RANGE DIFFUSION COMPETITORS PROMOSION INVOICE RETAIL SPACE BIBLIOGRAPHY FIG 1
FIG 2
BRAND IDENTITY
Diversity Now is the fresh and innovative visionary behind the V.O.T.F. A/W 16 collection. V.O.T.F. presents the modern lady who isn’t afraid to speak up for what she believes in. The collection is truly timeless and daring and appeals to the woman who wishes to make gallant statements with what she wear. The collection incorporated with many different textures of fabrics. In terms of fabric, mesh, jersey, wool and cotton are very famous with the collection. The V.O.T.F. collection truly captures the struggles of women in our society today.
FIG 3
FIG 4
TARGET CONSUMER Flexible, hardworking, non judgmental and self-motivated individuals Gender: Female Age: 20-55 Income Level: High Education: Bachelor and Above Style: Minimal, Daring Position: Wealthy, students... Lifestyle: Feminist, passionate about architecture, family always comes first and outspoken Also Buying: Ann Demeulemeester, Rick Owens, Qui Hao, KTZ
FIG 5
FIG 6,7,8,9,10,11
RESEARCH
FIG 12
FIG 12
Fashion designing can be classified as one of the most competitive industries in the world. Innovation is the foundation of any design and this is what distinct one designer from another. However , it is not mainly about innovation , many other factors are involved. Designing is one thing whereas staying in the market is another. Designers in times of growth have stayed in the market due to factors like price , quality and advertisement. Prices vary from design to design but on the one hand , some clients are interested in the affordability of a brand over its style. For instance , Donna Karen is more expensive than DKNY but they are both stylish on different levels - an interesting distinguishing factor is the price level. Clients with a lower budget are more inclined to go for DKNY than Donna Karen. This does not mean that the main range is not stylish , it just highlights the affordabilty concept in designer sales. Secondly , quality is important to most clients. Products should be able to last a while , if a designer cannot produce this , then he is out of the competitive circle , less people will not want such designers no matter how cheap. Finally , advertising is possibly the most important factor. The ability to create awareness with a design is necessary for sales. Different fashion houses use various methods. From the use of celebrities to campaign, aligning designs with a cause.
Confident. Daring.
Connected.
Target Market V.O.T.F primarily focuses on females between 18-55 who is confident, daring and connected
FIG 14
FIG 15
CONSUMER SEGMENTATION Geographics In the geographic target market, V.O.T.F will specifically cater to a particular customer group of fashion conscious affluent individuals between the ranges of 20-55 yeards with the annual incomes between £20,000 and £50,000 and resides in Central London.
FIG 16
Demographics V.O.T.F focuses mainly on women between the ages of 24-55 who have high income and professional careers. Young adults aged 18-24 are the next large group that the brand Targets, who highly appreciate fashion but they usually have low loyalty.
AGE
24 - 55
INCOME
£20,000 £50,000
CAREER
Magazine Journalist, Estate Agent, Student, Magazine Editor W8, SW7, SW3, W11, W1, NW3, SW13 FEMALE
POSTCODE GENDER
Table 1
Financial and Sales Analysis . This is a sole proprietorship business, which means I’m the one in charge of everything that happens. Source of Finance * Private investor My choice of source of finance is a very efficient and reliable source, which is a private investor and the investor happens to be my father. I chose him because I sat to think of all the other sources of finance and found private investor more satisfying than the rest, the reason being that I won’t have to pay him any collateral after my transaction, also because of the high status in the society and his vast amount of wealth. Him being the investor will help me in two ways, which are; financially and socially.
Table 2 (“Fashionbi Index ® | Fashionbi”)
Therefore I didn’t choose bank loan because I will have to pay the bank a collateral, which I don’t find comfortable for my business, and also it is risky. Furthermore; factoring is proved to be an excellent source of finance, but the problem with factoring is that it has so many procedures and also there are too many people involved.
Disadvantages
Advantages Lack of misunderstanding What I mean is misunderstanding happens between two or more people, therefore when only one person involved, there wont be any misunderstanding. Absence of difficulty in decision There won’t be any difficulty in decision making because only one person is in charge of making decisions so whatever it the owner says, it stays like that, no arguments no corrections. Higher access to profit The profit will be higher than that in partnership business because the profit will have to be equally shared between two or more people.
Higher level of stress The business will revolve around only one person, so there will be so much the owner’s head. No back-up or helping hand What I mean by that is for example if the owner dies, the business automatically goes down. Raising capital will be difficult This means that capital will only be coming from one source which is the owner only and it is going to be very expensive.
Customer satisfaction Without customers, there won’t be a successful business, and if there are customers, they have that right of being satisfied. My goal is to see that every customer buys V.O.T.F with good expectations and having a high level of satisfaction. To achieve maximum amount of expected profit Profit can be said to be every business’s number one priority, of course profit can be called my centre of concentration. But if the other objectives are not achieved or handled very well, there is no way profit can be accomplished.
A customer is 4 times more likely to defect to a competitor if the problem is servicerelated than price or product related Price is not the main reason for customer churn, it is actually due to the overall poor quality of customer service
CUSTOMER EXPERIENCE
A dissatisfied customer will teell between 9-15 people about their experience. Around 13% of dissatisfied customers tell more than 20 people
A 2% increase in customer retention has the same effect as decreasing costs by 10%
For every customer complaint there are 26 other unhappy customers who have remained silent
96% of unhappy customers don’t complain, however 91% of those will simply leave and never come back.
(Beard) 15 Customer Experience Statistics You Cannot Ignore
SWOT ANALYSIS
Strengths
Good financial support Good money value Strong foundation Experience
Weakness
Lack of helping hands Unsatisfied customers
Opportunities
Customer satisfaction Market development Job opportunities for the people
Threats
Lack of recognition Low demand due to high level of price Inflation FIG 17
PESTLE ANALYSIS
Political: This factor has to do with the way the FIG 18
government’s system is how stable or flexible it is, for example let’s use the tax policy and tariffs. Okay what is tax policy, it is the administrative apparatus that is built to levy and collect tax, through applying different tariff and basis taxation, in order to apply policy that has built. Tariffs can be tax vested on goods engaged in export and import.
Economic: This has to do with the way the economy of the area is affected how, for
example; inflation, economic growth and exchange rate the inflation rate is 2.7% while the economic growth, the UK economy shrank by 0.3% in the last three months of 2012, further fuelling fears that the economy could re-enter recession. The exchange rate between France and England is I pound to 1.16 euros.
Social: This factor has to with the trends, which affect the demand in the market,
also the population growth within area, if it increases then VOTF has a higher chance of demand but if it decreases the demand is likely to go down.
TABLE 3 (“ A Booming Luxury Goods Market | Interpartners Worldwide”)
Technological: factors include technological aspects such as R&D activity, automation, technology incentives and the rate of technological change. They can determine barriers to entry, minimum efficient production level and influence outsourcing decisions. Furthermore, technological shifts can affect costs, quality, and lead to innovation.
Main range & Diffusion references
TABLE 4 (“Fashionbi Index ® | Fashionbi”) LUXURY
TABLE 5 (“Fashionbi Index ® | Fashionbi”) DIFFUSION
COMPETITION
FROM:
Ann Demeulemeester TROUSERS ANGELINA £2,500.00
RICK OWENS SS16 CYCLOPS ZIPPED TURTLE £1.606
Chloe Bicolour Daisy Chain Smock Dress £1,499.00
Marc Jacobs Broderie anglaise cotton top £990.00
Marc by Marc Jacobs £425.00
KTZ £400.00
DKNY £335.00
MCQ £230.00
TO:
PROMOTION Designers are known for promoting their works or clothes through variety of ways or mediums. With the world changing and developing into a more technological friendly world, designers have found it easy and efficient enough to promote their works on the social media, this gives their product much more amount of audience than just having a runway fashion show. Where it is also another way to promote, but that will not reach as many people as it should. Swell as paying well known influential people to use their products and this gives them the opportunity to showcase their product in an efficient way. They all tend to make promo videos and use it as an advert on TVs.
FIG 19
INVOICE DESIGNER:
FATIMA M.T. LIMAN
COLLCETION: VISIONS OF THE FUTURE SEASON: AUTUMN/WINTER 2016-2017 OUTFIT:
HOODED JACKET, JUMPER, TROUSERS
FABRICS: MESH (BLACK) £9.00 JERSEY (BLACK) £2.00 COTTON (BLACK) £4.00 LEATHER (BLACK) £5.00 FASTENINGS: ZIP (TROUSERS) £2.30
TOTAL:
TOP JERSEY TOTAL
METRE 2
PRICE £2.00 £4.00
JACKET MESH LEATHER TOTAL
METRE 1 1
PRICE £9.00 £5.00 £14.00
TROUSERS COTTON ZIP TOTAL
METRE 1 1
PRICE £4.00 £2.30 £6.30
£124.30
WHOLESALE PRICE:
£310.00
RETAIL PRICE
£440.00
Retail Space
MINIMAL. POLISHED. SLEEK. SPOTLESS.
FIG 20
BIBLIOGRAPHY PHOTOS Anon, (2016). [online] Available at: https://www.pinterest.com/pin/341288477993725582/ Anon, (2016). [online] Available at: https://www.pinterest.com/pin/341288477993725873/ Anon, (2016). [online] Available at: https://www.pinterest.com/pin/341288477993725876/ Facebook.com. (2016). Security Check Required. [online] Available at: https://www.facebook.com/ysl Kokontozai.com. (2016). DEVIL PRINT SHORT BOMBER JACKET with PATCHES - KTZ S/S 2016 Women’s - KTZ. [online] Available at: http://www.kokontozai.com/ktz/ktz-ss-16-women/devil-printshort-bomber-jacket-with-patches.html Limited, H. (2016). Chloé Bicolour Daisy Chain Smock Dress. [online] Harrods.com. Available at: http://www.harrods.com/product/bicolour-daisy-chain-smock-dress/chloe/000000000005187110?cat1=bc-chloe&cat2=bc-chloe-womens Limited, S. (2016). DKNY Asymmetric wool pencil skirt. [online] Selfridges.com. Available at: http:// www.selfridges.com/GB/en/cat/dkny-asymmetric-wool-pencil-skirt_236-74029065-P1612474DA/?previewAttribute=Hthrd+granit
Limited, S. (2016). MARC BY MARC JACOBS Striped metallic dress. [online] Selfridges.com. Available at: http://www.selfridges.com/GB/en/cat/marc-by-marc-jacobs-striped-metallic-dress_236-3000609-M400523 0/?previewAttribute=Black+multi Limited, S. (2016). MARC JACOBS Broderie anglaise cotton top. [online] Selfridges.com. Available at: http://www.selfridges.com/GB/en/cat/marc-jacobs-broderie-anglaise-cotton-top_238-3000609-W5155661 2/?previewAttribute=Ivory Limited, S. (2016). MCQ ALEXANDER MCQUEEN Swallow-jacquard stretch-jersey dress. [online] Selfridges.com. Available at: http://www.selfridges.com/GB/en/cat/mcq-alexander-mcqueen-swallow-jacquard-stretch-jersey-dress_236-3002434-391269RGJ99/?previewAttribute=Darkest+black Pinterest. (2016). Dolce & Gabbana Fall 2012. [online] Available at: https://www.pinterest.com/ pin/321092648408360092/ Pinterest. (2016). Twitter / Search - #MadeWithLove. [online] Available at: https://www.pinterest.com/ pin/300544975114193265/ Rickowens.eu. (2016). RICK OWENS - JACKETS. [online] Available at: https://www.rickowens.eu/en/GB/ women/products/rp16s9706lv-09
Uk.images.search.yahoo.com. (2016). URAStudio creates minimalist clothing boutique in Istanbul. [online] Available at: https://uk.images.search.yahoo.com/images/view;_ylt=A0WTTKtDFypXsh4A10Ge3olQ;_ylu=X3oDMTIzYXVjOTBnBHNlYwNzcgRzbGsDaW1nBG9pZANkZThlYmI5ZDJjY2UwMTBkZjk0OTNjODVkN2ZmZmQ1NgRncG9zAzk5BGl0A2Jpbmc-?. origin=&back=https%3A%2F%2Fuk.images.search.yahoo.com%2Fyhs%2Fsearch%3Fp%3DMINIMAL%2Bretail%2Bspace%26n%3D60%26ei%3DUTF-8%26y%3DSearch%26type%3Dmcy_popjar_16_08_ssg02%26fr%3Dyhs-iry-fullyhosted_011%26fr2%3Dsb-top-uk.images.search.yahoo. com%26ri%3D44%26hsimp%3Dyhs-fullyhosted_011%26hspart%3Diry%26nost%3D1%26tab%3Dorganic%26ri%3D99&w=936&h=625&imgurl=static.dezeen.com%2Fuploads%2F2015%2F12%2FCashmere-in-Love_URAStudio_retail_interior_dezeen_936_3.jpg&rurl=http%3A%2F%2Fdezeen. com%2F2015%2F12%2F18%2Furastudio-cashmere-in-love-store-boutique-istanbul-turkey-shop-interior-design&size=126.1KB&name=URAStudio+creates+minimalist+clothing+boutique+in+Istanbul&p=MINIMAL+retail+space&oid=de8ebb9d2cce010df9493c85d7fffd56&fr2=sb-top-uk. images.search.yahoo.com&fr=yhs-iry-fullyhosted_011&tt=URAStudio+creates+minimalist+clothing+boutique+in+Istanbul&b=61&ni=84&no=99&ts=&tab=organic&sigr=13b45gutf&sigb=17s8225rc&sigi=12tftn5mb&sigt=11q4no4tv&sign=11q4no4tv&. crumb=hdaiL41VbJ7&fr=yhs-iry-fullyhosted_011&fr2=sb-top-uk.images.search.yahoo.com&hsimp=yhs-fullyhosted_011&hspart=iry&type=mcy_popjar_16_08_ssg02
TABLES AND STATISTICS Beard, R. (2013). 15 Customer Experience Statistics You Cannot Ignore. [online] Client Heartbeat Blog. Available at: http://blog.clientheartbeat.com/customer-experience-statistics/ Fashionbi.com. (2016). Fashionbi Index 速 | Fashionbi. [online] Available at: http://fashionbi.com/fashionbi-index?ms=diffusion Fashionbi.com. (2016). Fashionbi Index 速 | Fashionbi. [online] Available at: http://fashionbi.com/fashionbi-index?ms=luxury Fashionbi.com. (2016). Fashionbi Index 速 | Fashionbi. [online] Available at: http://fashionbi.com/fashionbi-index?ms=