2013 Fashion Promotion - Essay Example

Fashion Promotion The fashion industry has enormous variation in the size and structure of businesses serving the needs of customers. From a small retailing establishment to enormous fashion businesses such as Liz Claiborne or ZARA, assortment, and inventiveness remain fundamental features. With shifting demographics, and augmentation of the internet, the fashion industry is progressively becoming a global and multifaceted business. This characterizes a significant difference in the cultural, social and economic perception of the participant. The result of these differences in magnitude, occurrence and viewpoint is that fashion marketing is dissimilar at the local level, let alone at the global one. This means that for every new player, there is an immediate need not only to look at the existent players and how they have succeeded but also to meticulously plan, and execute market oriented strategies that allow for growth through satisfied customers. In this study, we look at a means to launch a new fashion brand, Release, to the market and raise its profile such that it is in a position to gain at least 5% market share of the high-end fashion segment. The brand, Release, has every intention to rival well positioned brands in the fashion industry such as ZARA, HM and TopShop. Obviously, this is not a mean challenge as these are well established brands which have largely cut a niche in the fashion market. At the moment, a brand such as ZARA is the biggest fashion retailer in the world, eating into its UK market share will require meticulous planning and exquisite brand positioning. One that puts into consideration the cultural diversity, demographics, and the choices and priorities of the brands focus group. Release has made a deliberate effort to define its customers not on basis of products but on class, with the focus group being the high end clientele who are often in the middle or upper middle bracket. The idea is to provide everything this class of customers requires in terms of fashion under one roof, availing them a chance to shop for the entire family with complete ease (Ramesh, 2007.p.372). Besides, Release also seeks to focus on a particular generation, Generation Y, which encompasses individuals born 1976-2000; this is largely the group that makes up the frequent shoppers and persons within the targeted earning group. The premium fashion brands segment has arguably witnessed the greatest changes in the consumer market. The segment also faces aggressive competition from the higher-priced luxury and prestige brands and the lower priced mass fashion brands (Luxuryy, .p.242). High end consumers desire innovative and inspiring luxury products to enable them to feel dynamic and alive. They view high-end products as not necessarily the most expensive or the most lavish products, but the best that suits each individual and their outlook of life. Modern day high end consumers’ use expensive products and services as sentimental and expressive tools. Thence a high-end brand needs to offer an appropriate balance between the need levels of tangible and intangible benefits. The Release Brand Every time one, mentions about a “brand” in marketing the very first images are the names, sign or design of a particular product that is synonymous with a certain firm (OaShaughnessy, 2000.p.386). Initially, a brand is just a name but over time it comes to acquire definite associations or sense meaning. What the brand symbolizes is part of this sense meaning. A symbol is a sign that not only represents something but connotes some value. Whereas the brand image is the impression created by the brand in the minds of consumers, what the brand stands for, what it exemplifies. Gut reactions to symbols like brand-names can be viewed as identification reactions since reactions, such as favoring or not favoring buying, take place on identification without further investigation (Hackley, 2010.p.21). A brand’s image as a collection of qualities, properties, attributes, characteristics, attitudes, benefits and feelings associated at large or brand, encapsulates a brand’s overall connotations as shared by the public at large or by some particular class of buyers. A favorable brand image can be key in buying since it signals benefits without involving the consumer in exhaustive information processing. A brand image may speak to the imagination in a way that drowns out whatever speaks for substance (Ramesh, 2007.p.372). However, at the level of the individuals consumer, brand image will always vary somewhat since experiences that shape that image are never quite the same for any two people. In particular brand image constitutes a profile of beliefs and impressions about the likely performances of a product. When these embrace what the consumer seeks, the brand is perceived as desirable (Mooij, 2010.p.24). A look around provides evidence for the fact that modern companies do not compete with products but with brands, extensive merchandise that are distinguished and positioned versus other brands in the category (Jones & Slater, 2003.p.65). A competitive brand is one that is made to appear unique. A brand is trust. A brand is why people will pay more for a product. A brand is the proprietary visual, emotional, rational image that people associate with a company or a product (Hackley, 2010.p.23). Brands have become intangible assets that produce added benefits for the business. The value created by brand management is the cash flow resulting from consumers’ willingness to buy one brand more than its competitors, even when another brand is cheaper. Consumers do this because of the beliefs and bonds that are created over time in their minds through the marketing of the brand. This is referred to as consumer equity. Brands have financial value because they have created assets in the minds of consumers (Ramesh, 2007.p.372). Brands have three elements, brand personality, brand identity, and brand image. The brand personality model defines the brand as a human personality. Marketers attribute human personality traits (e.g. seriousness, warmth, imagination, sincerity) to a brand as a way to achieve differentiation. Personal characteristics of brands are created by transferring personality features of the typical brand consumer to the brand itself. In addition, the brand may take on the characteristic features of the marketers who create the brand (Mooij, 2010.p.26). Brand personality is a central component of brand identity, the expression of the brand, including its name and visual appearance. The brand identity is the input by marketers, what they want consumers to take out; its, or the brand’s uniqueness, meaning, and values; and how the brand aims to be positioned in the market place. The brand image is the consumers’ outtake from the brand, the depiction of the brand, in the minds of consumers. It reflects how the brand signals are decoded by users, nonusers, and stakeholders (Hackley, 2010.p.22). For users, brand image is based on practical experience of the product or service concerned (informed impressions) and how well it meets expectations; for nonusers, it is based almost entirely on impressions, attitudes, and beliefs. In a market that is culturally homogeneous the likeliness that a brand personality created by a company is recognized by consumers is quite high because people share cultural meanings (Shimp, 2010.p.75). Across cultures, a brand’s personality may not be perceived in a manner consistent with how a firm has designed it to be because cultural differences influence the meaning consumers in different markets assign to the brand. The choice of what human characteristics to associate with a brand is made by marketing managers. It is quite possible that the brand personality created may resonate only in the market that has a similar culture as the marketing manager (Mooij, 2010.p.26). Release as a brand will focus on marketing itself to a certain generation, Generation Y, therefore it is expected that the brand personality will be built around the preferences, feels and conduct of members of this generation. Besides the personality, Release will want to be identified with this group of individuals and also be identified as a high end fashion outlet. This means marketing itself as a premium fashion house that provides outstanding designs and one capable of delivering utmost value for the middle and upper middle class clientele. These are basic aspects that must be incorporated in building the brand in the already crowded fashion market. Additionally, it is fundamental that Release be an overall brand, under the brand architecture this can be identified as product branding. This is where the corporate brand operates merely as a holding company, and every product is independently branded for its target market. This is important as Release wants to be known not for a single product or designer but a myriad of designers and collections with the only common basis being the quality and focus to a definite market segment. It was mentioned that Release will sell men’s, women’s and children’s clothing, thus the whole idea is to retain the identity of each product under these categories but publicize the Release brand as the provider of these premium or quality products. Critical to the success of the Release brand understands the customers. As repeatedly mentioned, Release hopes to strike a chord with the Generation Y, therefore; the brand must be built around the preferences and likes of this generation. Customers Generation Y also known as the Millennial Generation comprise individuals born 1982 onwards. Generation Y has grown up in a globalised society where many of the limitations of time and space have been overcome by further advances in information and communications technology (Mayo & Mayo, .p.7). Growth in technology means further expansion and diversification of well-liked culture. A youthful person living in any country today can access hip hop, dressing trends, and other modern trends all over the globe. This means that a focus in this generation requires an inclusion of variety and quality (Savage, 2006.p.8). Quality emanates from the fact that the exposure to overwhelming information and social interaction platforms avails a chance for this generation to share opinions. These opinions and debates will often revolve around matters of common interest, assumedly fashion and the existing trends, best designers, and quality material will often materialize (Michman et al 2003.p.114). This means that the level of information is a notch higher than was the case with the preceding generations. Newton (2008), notes that Generation Y, most of which are now in early adulthood have just began being noticed in the work place (.p.122). Generation Y’s lifestyle, and thus consumer habits, are significantly different to those of their elders. Generation Y are said to be the first generation to be viewed as consumers in their own right and targeted by advertising since birth, which has led them to be savvy in making purchase choices (Newton, 2008.p.122). It is also postulated that the living arrangements and career paths of the Generation Y affect their consumer profile. The group is stereotyped as spending frivolously at the expense of saving for investment that is out of reach, such as a home. At the moment, Generation Y is thought to be about 25% of the world’s population a factor that makes it a significant market, this number coupled with the highlighted spending habits presents a huge opportunity for any new brand such as Release. To take advantage of this market segment, a further understanding of what appeals to this group, and their characteristics would create a starting point for any brand seeking to appeal to the generation. For instance, Generation Y is perceived to be more positive and self confident as compared to the preceding generations, they value diversity and education (Amis l, 2004.p.193). Additionally, and as mentioned, they understand technology and utilize the Internet extensively, are goal-oriented, and value honesty and integrity. Further research has indicated that Generation Y is spontaneous, realistic, action-oriented and highly intelligent (Amis, 2004.p.193). These characteristics, as examined from a marketing perspective, represent a fragmented brand consciousness and cannot be reached with a classic shotgun marketing messages. Brands must bring their message to where Generation Y gather, which could be the Internet, cable TV or a snowboarding event (Shimp, 2010.p.73). However, Generation Y can also react negatively to both big brands and the over-commercialization that can occur through various marketing platforms. Therefore, it is sometimes better to use subtle messages at the grassroots level to reach Generation Y. The idea in reaching Generation Y is to infiltrate their lifestyles without letting them know you are infiltrating their lifestyles. Therefore, in launching Release it is important to fragment advertising with numerous offbeat small brands based on the concepts of the hot retailers that are selling until a brand hits it big then extend that brand identity for all its worth in every marketing medium technology offers (Amis, 2004.p.193). Promotional campaign Having identified the brand name and the products under the brand the next step is determining how this can be publicized to the identified focus group/market segment. So far, it is clear that Release will operate in the high street market level and will almost entirely focus on Generation Y. The idea is that within one year, the brand will have gained enough publicity to help gain a market share of at least 5% by value. In this section, we exhaustively examine the means through which this brand can be publicized to meet the aforementioned target, simply put, the most effective promotional campaign to meet the 5% market share. The promotional campaign detailed here has three main goals, these are; market segmentation, market differentiation and market positioning. Market segmentation is the process of reducing the focus of a large, extensively diverse market into distinct markets, or segments, that have semblance than they are dissimilar on basis of what the consumer is looking for (OGuinn et al 2009.p.26). Underlying the strategy of market segmentation are the facts that consumers differ in their wants and that the wants of one person can differ under various circumstances. The biggest focus under the release brand is to focus on the wants of the Generation Y these are young adults probably shopping for office wear, casual wear and also for their young families. The idea is to demonstrate that Release is aware of these specific needs and has taken considerable measure to meet the wants of this particular segment of young buyers. Market differentiation is the process of creating apparent difference, in the mind of the purchaser, between an organization’s brand and the competition’s. In this sense, bran differentiation is taken to only focus on consumer perception (OGuinn et al 2009.p.27). The launch of Release is an addition of yet another fashion dealer in the market which is dominated by the likes of ZARA and HM. Therefore, to withstand competition and achieve the enumerated goals, the focus of the promotional campaign will be to demonstrate that Release is different from these other establishments (Shimp, 2010.p.73). Difference arises from market focus, personal services, and congruence with the feelings, emotions and wants of a particular market segment, simply Release is Generation Y and not only any other fashion brand. Lastly, positioning, this is the process of designing a brand so that it can occupy a distinct and valued place in the target consumer’s mind relative to other brands and then this distinctiveness is communicated through advertising (O’Guiin et al .p.26). Positioning, just like differentiation, relies on the perceived image of tangible or intangible features. The importance of positioning can be understood by recognizing that consumers create a perceptual space in their minds for all the brands they might consider purchasing. The idea under positioning is to represent Release as a premium fashion brand that meets the individual’s as well as the entire family’s fashion needs in a way no other fashion brand can. Release’s promotion campaign will revolve around the identified market segment, Generation Y. This means that the choice of marketing tools must be guided by accessibility and appropriateness. Notably, the idea is not to bombard this segment with unending commercial or publicity messages but to create a buzz on the launch of this new fashion brand (Strydom, 2004.p.145) Focus will also be made to ensure that the customers are constantly reminded of the brand’s commitment to help in retention of this class of clientele. Promotion mix Promotion mix refers to combination of different kinds of promotion tools used by a firm to sell its products and services (Trehan & Trehan, 2004.p.45). In this case, this represents the tools that will be employed to publicize Release as a passionate, interesting, passionate, quality and fashionable brand. The chosen promotion tools are; interactive/internet marketing, advertising, and publicity. Advertising Advertising is a means of mass communication which is paid for and entails non-personal presentation of goods/ideas. The most common forms of advertisements are television, radio, press advertising and Internet (Hackley, 2010.p.48). Each of these forms of advertisements can be effective in the launch of a new fashion brand. However, much deeper thought must be given to the forms of advertisements that will reach the intended market segment (Shimp, 2010.p.73). Generation Y represents individuals who are often watching entertainment channels, reality TV shows, and extensively reading or watching fashion magazines and channels. The idea here is then to ensure that the right information is presented in these forms of media or carried in the mentioned shows. At the moment, there are many fashion or entertainment magazines in the UK, most of them such as Vogue, Fashion, Elle, Marie Claire just to mention a few are bought by Generation Y. This generation is interested in trends which are often dictated by contents of these magazines, therefore establishing a constant contact through these magazines or having advertisements published here is a sure way to reach this generation. Release can also shoot commercials to be broadcasted during certain fashion or entertainment related shows. Most of the Generation Y is watching these shows and a catchy advertisement will create the necessary buzz. Notably, the role of advertisement is not only to inform of Release’s launch and products but also to differentiate the brand from existent fashion brands. Often, by choosing specific shows or magazines segmentation is reached as it is less likely that Baby Boomers and Generation X are interested in trend setting magazines and TV shows. Interactive/internet marketing Very much a developing media, but one of the most widely used forms of media by Generation Y the Internet has become a very effective marketing tool. One of the factors that have made it very effective is the size of the audience. Internet advertising overcomes many of the constraints presented by printed advertisements or even TV commercials (Jack, 2005.p.218). It allows for moving pictures as well as narrative information. The internet has heralded the growth of social sites and e-marketing which all allow fast generation and communication of advertisements. the case of Release, the idea is to actively participate in social sites, which have typically become the convergence areas for Generation Y. Engaging them in an entertaining way, and getting them to view the variety of garments as well as communicating how Release Brand meets their individual needs is a good way of arousing interest and prompting conversations on the brand (Gelder & Woodcock, 2003.p.25). Perhaps the biggest move with internet marketing is the fact that it has allowed consumers to interact with the organization, making the whole process of advertising and promotion an enjoyable and two-way process. Publicity Publicity refers to the creation of news regarding an individual, merchandise or service that is represented in broadcast or print media (Sharma & Singh, 2009.p.422). Publicity is often managed by the PR department to ensure that the information out there only touches on the issues that the firm wants headlined. The power of publicity is so immense that it can completely shatter or make a product. The extremity of publicity is the one factor which prompts adequate preparation and proper execution. The reasons behind the power of publicity are, it is highly credible as it is not usually perceived as being sponsored by the company, publicity information appears to be endorsed by the medium in which it appears, and lastly publicity is news and people love to pass on information that is news value (Sharma & Singh, 2009.p.422). Release can ultimately use publicity to promote the brand, however, this requires employment of a well versed PR firm which would be responsible for managing the information and controlling its flow to ensure that only positive publicity results. If successfully, publicity would largely improve the brand’s position and this would be a huge step in achieving the 5% market share. In conclusion, building the Release brand requires careful consideration and meticulous planning. Launching a brand is indeed a complex affair but much greater complexity arises if the brand is within a sector that has established marker leaders as is the case with the fashion industry. Notwithstanding, proper planning, focus, and execution heightens the chances of a brand’s success and if the right promotional tools are applied a significant market share can be gained. The promotion tools must not only aim at publicizing the firm’s strengths but also illuminating the competitor’s weaknesses so as to highly position the new brand. Bibliography Amis, J. (2005). Global sport sponsorship. New York, NY [u.a.: Berg. Gelder, D., & Woodcock, P. (2003). Marketing and promotional strategy. Cheltenham: Nelson Thornes. Hackley, C. E. (2010). Advertising and promotion: An integrated marketing communications approach. Los Angeles: SAGE. Jack, K. (2005). Video demystified: A handbook for the digital engineer. Amsterdam: Elsevier. Jones, J. P., & Slater, J. S. (2003). Whats in a name?: Advertising and the concept of brands. Armonk (N.Y.: M.E. Sharpe. OGuinn, T. C., Allen, C. T., & Semenik, R. J. (2009). Advertising and integrated brand promotion. Mason, Ohio: South-Western/Cengage Learning. Michman, R. D., Mazze, E. M., & Greco, A. J. (2003). Lifestyle marketing: Reaching the new American consumer. Westport, Conn: Praeger. Mooij, M. K. (2010). Global marketing and advertising: Understanding cultural paradoxes. Los Angeles: SAGE. Newton, P. W. (2008). Transitions: Pathways towards sustainable urban development in Australia. Dordrecht, The Netherlands: Springer Science. OaShaughnessy, J. (2000). Competitive Marketing: A strategic Approach. London: Routledge. Ramesh, K. S. (2007). Marketing and branding: The Indian scenario. New Delhi: Dorling Kindersley (India. Savage, S. B. (2006). Making sense of Generation Y: The world view of 15-25-year-olds. London: Church House. Sharma, S., & Singh, R. (2009). Advertising: Planning and implementation. New Delhi: PHI Learning Private Limited. Shimp, T. A. (2010). Advertising, promotion, and other aspects of integrated marketing communications. Mason, Ohio: South-Western Cengage Learning. Strydom, J. (2004). Introduction to marketing. Cape Town, South Africa: Juta. Trehan, M., & Trehan, R. (2004). Advertising and Sales Management. New Delhi: FK Publications. Read More