Salamatu Kamara
P1 Describe the characteristics of the target markets of two different fashion retailer. In this assignment I will be describing the characteristics of the target markets of two different fashion retailers. What is Fashion?
Fashion is a way to express your personality, as it something we want other people to believe about us so it sort of statues. However Fashion can be a creativity thing which everyone gets inspired by. What are the different fashion outlets? 1. Haute Couture (Dior, Chanel, Valentino) 2. Department stores (John Lewis, Fenwick and Debenhams.) 3. Market stalls (Camden market, North Finchley market) 4. Discount stores (TKMaxx, Tiger and Wallis) 5. Supermarkets (Tesco F&F, Asda George and Sainsbury's TU) 6. Outlet shops (Bicester Village, Asics Outlet) 7. Mail order (Next, Freeman and Littlewoods) 8. Multiple Chains (H&M and Zara) 9. Television (QVC) 10. Internet shopping (Boohoo, Asos, Misguided and Amazon) What is Fashion Retailing? Fashion retailing is classically a consumer goods market. It is characterized by very short product life, fickle consumer preferences, numerous competitors, relatively easy entry and exit, and a myriad of manufacturing, marketing and retail alternatives. What is Fashion Marketing? Fashion marketing is the process of analysing, developing, and marketing current fashion trends into sales strategies. Fashion marketing is vital in the fashion industry and is something that needs to be embraced in every fashion retailer.
What is Target Market? Target market is when the business targets a specific group of consumers at which a company aims its products and services. Targets certain customers who are most likely to buy their product. Businesses needs to resist the temptation to be too general in the hopes of getting a larger slice of the market. However, businesses need to know if their target customers are male or female? How old are they? Where do they do for a living? How much money do they make? retailers needs to put all this into consideration before targeting the market this is most significant if they’re selling relatively expensive or luxury items. As some people will be able to afford it whiles others won’t so they need to be able to balance their target market. What is Market Segmentation? Marketing segmentation is the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment. Few companies are big enough to supply the needs of an entire market; most must breakdown the total demand into segments and choose those that the company is best equipped to handle.
What is Fashion Merchandising? Fashion merchandising is the promotion of apparel sales and involves all of the tasks necessary to deliver the clothing requests and meet the needs of potential customers and designers. This graph shows the sale figures for the week ending in September 2015.
What is the Fashion life cycle? Fashion life cycle is the miracles that is adopted by consumers for a particular time and fashion. The fashion life cycle is the spam of a particular fashion in which the fashion exists, this goes from: The look of the product, the style of the product and the shape of the product. Every fashion movement has 5 phases in the life cycle and they are: 1. Introduction stage – During the introduction stage, the fashion trend is introduced by the designer or by the outlet to an exclusive audience. 2. Rise – During this stage, the trend is made familiar to fashion shows, TV commercials, magazines Sand advertisements but at this time the product is only available in specific brands or at specific outlets. 3. Peak/ saturation – At this stage the particular trend is made aware and common to the public and will now be available to a wider and common outlets. This stage defines how long the fashion trend will stay in market. This stage can last up to one year or even more for some of the products, there is no set pattern for this stage, it just depends on the length of the peak of the fashion up to when it reaches. 4. Decline- At this stage the trend is starting to decline, fashion retailers usually offer the trend at a discounted rate so customers will be more likely to purchase the products, because they are cheaper. 5. Out of fashion- And lastly at this stage the trend becomes outdated and it is very difficult to get a hold of mainly because it will not be in stock at this time. The two businesses I have chosen to do are John Lewis and TK Max as many people know that John Lewis is a department store that frequently sells dissimilar items but primarily focus on clothing for women and men, beauty, toys baby and child sports & leisure, home & garden and Electronic goods such as washing machines. They have recurrent floors and that necessitates on the different products that they sell. An example of this could be clothing, perfumes and equipment) Retail outlets that sell things like this are commonly known as department stores. The second business is
TK Max this is because it is a discount store as they sell things online and people can work into their store and buy their items TK Max focuses on the popular and courageous side of custom TK Maxx do sell most things is not just clothing, shoes wear and accessories). John Lewis John Lewis is a department store with many different types of goods to sell at different times of year. John Lewis offers apparel, footwear and accessories for women, men and children from all ages. John Lewis stores have two basic product lines. Each of these subdivided in Lower Garment, Upper Garment, Shoes, Cosmetics and Complements, as well as children's clothing (John Lewis Kids). Currently their sizing on women' clothing goes to a US size 12 or a UK size 14. John Lewis is so diverse that they're able to attract thousands of customers on a daily basis. John Lewis have been keen to target people with different ages, different financial backgrounds and different styles, they also sell different gender clothing this benefits John Lewis as they are able to influence an enormous amount of people and this aids as they are able to distinguish between the type of clothing they sell and which age group go for certain items and certain people. If you look at their website: http://www.johnlewis.com/you can see that their products differ so much from Home and Garden, Electrical, women, men beauty baby and child toys sports & leisure gifts special offers and shop by brand. They also have both men and women website that allows them to attract the opposite sex and it increases their target market to a new level. However, this tolerates the customers to be able to buy all types of products that plea to them on the website. though John Lewis are in partnership with Waitrose, by doing this John Lewis have appealed to a wider range of consumers this is because there may be some consumers that would only buy food from Waitrose going into partnership with them will permits the customers to gain access to that specific target market that is frequently rather tough to find. Moreover, John Lewis department store sell, electronics, beauty and perfumes this shows that they are able to target anyone that is attracted in purchasing their products. John Lewis also deals with maternity wear and this assist them to entice pregnant women who may be interested to buying their maternity wear or baby clothes. John Lewis have used retail schemes such as their use of visual merchandising displays to attract their customers and attract them to make purchases even if it's not what they had no intentions buying their items. If you look at the picture below you can see that John Lewis have used this big bold poster to appeal to customers into the store to purchase the new perfume that they are selling. If you look at the poster below you will see that John Lewis have used a Christmas themed style to try and persuade customers to buy their clothing and this has helped them gain a ration of acknowledgement during the Christmas season. John Lewis have used market segmentation to segment their clothing range from old to young and from reserved to fashion trendy, this enables them to keep in contact with all types of people from different ages and different backgrounds and different needs. This has aided John Lewis to gain a lot of consumers on a daily basis.
TK Max Furthermore, I will be moving on to TK Max, they are an online shopping store that particularly focuses on trendy clothing and accessories. Because TK Max is such a fashionable outlet, they mainly target young adults and much older audience by the attire that they are selling. Dissimilar John Lewis, TK Max have 30 stores in the UK so all of their persuasive visual merchandising is done on their store and websites and they have done this by putting notifications that they are selling products at 80 % off. This will seduce the young adult buyers to purchase their products. TK Max target market is both male and female, this allows them to develop their target to both sexes therefore increasing their sales, TK Max are also into the stylish and bold side of custom, this is because there are a lot of young people and adults looking to astonish their friends, so when they come across a website like TK Max they are immediately going to be amazed by their attractive clothing. However TK Max is a store where people can work in anytime they like. And they have their website for people who don’t have the chance to visit their store as they use it to promote their products as it helps them to gain more customers. If you look at the image below you can see that the shortness of the dresses are aimed to young adults and adults basically because it just wouldn't conciliate a middle aged women. Also by the ages of the models you can see it is clearly made for the fresher group age between 20 to upwards.
TK Max has used market segmentation to segment their clothing from "going out" evening wear or even swimwear. This lets TK max to spread a large amount of young adult from all over the UK who are interested in buying their merchandising. The only dissimilarity is John Lewis sells a VARIED range of products and this consents them to make more marketing strategies that will tolerate them to gain more consumers and because TK Max only focus on the clothing and accessories so that bounds them from being capable to do more market segmentation that could help them increase their sales and get more customers. Overall, I have described the characteristics of the target markets of two different fashion retailer. Both John Lewis and TK Max have taken steps to guarantee that they are able to influence a huge amount of their target market on a daily basis. John Lewis have used their visual merchandising
procedures to seduce their impending target markets to obtaining their products. John Lewis have used different types of clothing such as dresses, tops coat and jackets cardigan and maternity wear for pregnant women to appease to a mass market. TK Max on the other hand only specialize in clothing and accessories and they attract the young adult generation of people. http://www.the-reseller-network.com/content/88/types-of-retailers/ Read more: http://www.businessdictionary.com/definition/market-segmentation.html#ixzz3xDqB58Ag
http://afashionscript.blogspot.co.uk/2012/02/definition-fashion-marketing.html