* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Case Study Part 1 - Montgomery County Schools
Viral marketing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Grey market wikipedia , lookup
Marketing communications wikipedia , lookup
Consumer behaviour wikipedia , lookup
Darknet market wikipedia , lookup
Digital marketing wikipedia , lookup
Youth marketing wikipedia , lookup
Market analysis wikipedia , lookup
Marketing plan wikipedia , lookup
Direct marketing wikipedia , lookup
Street marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Market penetration wikipedia , lookup
Market segmentation wikipedia , lookup
Multicultural marketing wikipedia , lookup
Product planning wikipedia , lookup
Visual merchandising wikipedia , lookup
Green marketing wikipedia , lookup
Supermarket wikipedia , lookup
Target audience wikipedia , lookup
Neuromarketing wikipedia , lookup
Advertising campaign wikipedia , lookup
Global marketing wikipedia , lookup
Marketing channel wikipedia , lookup
Sensory branding wikipedia , lookup
Marketing strategy wikipedia , lookup
Case Study Part 1: Closing the Gap? Since 1969, Gap, Inc., has opened stores in mall across the United States. The popular retail clothing chain experienced the economic boom of the 1990s, as sales almost tripled from $5.3 billion in 1996 to $14 billion in 2001. The company continued to open new stores, construct a new corporate headquarters, pour money into distribution centers. Gap was banking on the continued success of its products. That success, however, never completely materialized. There were too many stores, and Gap’s customers did not like the new, edgier designs and unfamiliar clothing lines. By the end of 2001, Gap, Inc., showed a loss of $8 million. In October 2003, Gap hired Paul Pressler from The Walt Disney Company to revive Gap, Inc. as chief executive of Gap. Inc., Pressler’s first step was to insist that the company “listen to customers.” But was this approach successful? Analyze and Write 1. Why did Gap’s expansion result in losses? List two reasons. 2. How important is understanding the needs and wants of the consumers for Fashion businesses? Discuss you answer in one paragraph. CHAPTER 2: FASHION AND MARKETING 2.1 Fashion Marketing Basics How Fashion Is Marketed Marketing The process of developing, promoting, and distributing products to satisfy customers’ needs and wants. The Marketing Concepts The idea that businesses must satisfy customer needs and wants in order to make a profit. Target Market Target Market - The specific group of people that a business is trying to reach. Market Segmentation – a way of analyzing a market by categorizing specific characteristics. Marketers divide the people into groups of consumers based on various shared characteristics Demographics Psychographic Geographic Behavioristic Demographics Statistics that describe a population in terms of personal characteristics such as age gender income ethnic background education religion occupation lifestyle Psychographics Studies of consumers based on social and psychological characteristics such as Attitudes Interests Opinions Chart: http://highered.mcgraw-hill.com/sites/dl/premium/0078682959/instructor/265262/FM_OLC_Fig_2_1.pdf Geographics Statistics about where people live Breakdown could include: Region of Country Size of the City or County Density of the Population (urban, suburban or rural) Climate Behavioristics Statistics about consumers based on their Knowledge Attitudes Use Response to a Product Fashion Merchandising The planning, buying, and selling of fashion apparel and accessories to offer the right merchandise blend to meet consumer demand. Retailers and Fashion Merchandising Merchandising Market Factors Quiz: What is target marketing? 1. a) b) c) Specific group of people that a business is trying to reach. A way of analyzing a market by categorizing specific characteristics. Process of developing, promoting, and distributing products to satisfy customers’ needs and wants. Which of the following is not customer characteristics used to segment markets? 2. a) b) c) Demographics Psychographics Promographics What is fashion merchandising? 3. a) b) c) Specific group of people that a business is trying to reach. A way of analyzing a market by categorizing specific characteristics. The planning, buying, and selling of fashion apparel and accessories to offer the right merchandise blend to meet consumer demands.