Fashion Business and marketing report PRINTXKNIT - Essay Example

School: Topic: FASHION BUSINESS AND MARKETING REPORT Lecturer: Contents 0 Place 3 1 History 3 2 Market positioning 4 1.3 An analysis of retail brand 4 1.4 Brand identity 4 2.0 The customer 5 2.1 An analysis of your consumer 5 2.2 Written and visual pen portrait 5 2.3 Consumer buying behaviour 6 3.0 The product 7 3.1 Mood boards 7 3.2 Colour trends 7 3.3 Proposed collection 8 4.1 Cost of your range 10 5.0 Promotion 10 5.1 Advertising 10 5.2 Public relations 11 5.3 Sales promotions 11 5.4 New media 11 6.0 Conclusion 12 References 13 List of Figures Figure 1: Customer dynamism 6 Figure 2: Mood Range 7 Figure 3: Colour Range 8 Figure 4: Range Plan 9 List of Table Table 1: Price Range 10 1.0 Place 1.1 History PRINTXKNIT is women’s wear brand which combines print designs with knit designs. It currently has 3 print designers and 2 knit designers in its fold. PRINTXKNIT can be said to be a seasonal wear which has both spring and summer collections. The inspiration of creating a seasonal wear comes from the artwork of two icons who are Pharrel Williams and Patrick Procktor. 1.2 Market positioning PRINTXKNIT is expected to be marketed with the use of functional positions where three major concepts shall be focused on. These are solving problems, provide benefits to customers, and get favourable investor response (Kozak & Rimmington, 2008). The functional position will be incorporated in the focus strategic option where female customers requiring solutions to weather or season related dress code shall be targeted. 1.3 An analysis of retail brand The retail brand aimed to be created is a collection of luxury casual wear that comes with a sportswear edge. This means that the brand shall combine simplicity with class to ensure that the focus strategic option can have a highly transcending reach. This is because the farther the reach, the higher the number of customers that can be brought on board (Kotler & Armstrong, 2012). 1.4 Brand identity Because PRINTXKNIT will combine simplicity with class, its unique selling point is expected to be the offer of high tech leisure wear fabrics and yarns which combine luxurious feel with active wear sensation. This is indeed expected to be the brand’s identity as most competitors fail to offer such combination but only dwell on either cost leadership (non-luxurious product) or differentiation (luxurious product). 2.0 The customer 2.1 An analysis of your consumer The customer is a young lady in the age group of 28 to 38. Such a lady can be said to be one who is looking to achieve a wardrobe of contrast by having different shades, colours, designs, and materials of clothing. The customer is also expected to be a city lady largely affected by weather and climate and thus concerned about both mixed and matched wear depending on prevailing conditions. 2.2 Written and visual pen portrait As can be seen below, the customer is a dynamic and versatile young woman who believes in both class and simplicity, depending on prevailing circumstance. Weather and climate are also important factors in the selection of wear, as well as venue where the customer may be finding herself. Figure 1: Customer dynamism 2.3 Consumer buying behaviour As a young city lady, one unique consumer buying behaviour is the preference for value for money. That is, the customer buys only products that she believes will give her the highest value in return for the money spent on it (Porter, 2008). This is because the customer is slightly affluent, yet has limited budget due to prevailing cost of living. 3.0 The product 3.1 Mood boards As depicted in the figure below, the mood presented by the product are varying, including anxiety, loneliness, relaxation and frenzy. This is indeed a unique feature of the product as it can be said to be an all-fitting product. Figure 2: Mood Range 3.2 Colour trends The most predominant colours used are different shades of green, blue, grey, red, and pink. This means that there is a combination of hot and cold colours to add variety to the options of customers. An overview of the colours used has been depicted in the image below. Figure 3: Colour Range 3.3 Proposed collection Generalisability is crucial to the company’s collection. As a result of this, all daily wear garments have been captured as part of the proposed collection as can be seen in figure 4. The proposed collection thus includes printed jackets, printed jumpers, knit jumpers and knit skirt. Clear range of garments, using visuals to support the range Figure 4: Range Plan From the image above, different portraits of the brand is showed. From left to right, the following are presented: 1 and 2 – printed jackets with knit shirts 3 and 4 – knit jackets with knit skirts 5 and 6 – knit vests with knit hot pants 7 and 8 – knit jumpers with printed pants 9 and 10 – printed T-shirts with printed leggings 11 and 12 – knit top with printed shorts 4.0 The price 4.1 Cost of your range As it has been indicated earlier, the product’s brand identity is to combine luxurious feel with active wear sensation. In the light of this, a costing range that is highly relative based on what the customer is receiving will be used. In the chart below, the range for different types of products is offered. Table 1: Price Range £100 £200 £300 £400 £500 £600 £700 £800 £900 Coats and Jackets Dresses Tops Trousers Knitwear Skirts All-in-ones Hosiery 5.0 Promotion 5.1 Advertising Advertisement is an important way of reaching the customer with the unique message that the seller carries (Pelsmacker, Geuens & Van den Bergh, 2010). The more outstanding a piece of advertisement is, the more likely it is to yield expected results (Lukas & Ferrell, 2010). In the light of this, existing advertisements such as those of Stella McCartney and Celine will be combined and used as models for our own. We shall however ensure that our advertisements tell a unique story based on customer’s personality. 5.2 Public relations Public relations will be used as the official mouthpiece of the company where personnel will be selected to deliver corporate communiqués to the public. This will be done by a public relations team who makes use of Instagram, magazines, celebrities. 5.3 Sales promotions Sales promotions will be used as an important determinant for competitive advantage. This is because where value and price are relatively same between us and competitors, customers may select out brand based on the sales promotion offered (Porter, 2008). Our sales promotion shall include discount sales, customer loyalty rewards, and occasions where customers come to our showroom and have chance to try our products on. 5.4 New media Using new media as a means of publicity and promotion has been noted to be one of the most effective, yet affordable options to choose from (Worren, Ruddle & Moore, 2009). In the light of this, PRINTXKNIT apps will be created as well as social media platforms where we can get interactive with the public. 6.0 Conclusion From the report produced, it can be concluded that PRINTXKNIT is well positioned to compete against major existing and new competitors in the fashion industry. Such readiness is largely informed by the unique market positioning and brand identity which have given rise to a transcending customer base. Because of the large customer base and unique marketing mix offered, consumers from all walks of lives can be targeted by the company. References Kotler, P & Armstrong, G. (2012). Principles of Marketing. New Jersey: Pearson Prentice Hall. Kozak, M & Rimmington, M. (2008). “Benchmarking: destination attractiveness and small hospitality business performance” International Journal of Contemporary Hospitality Management, Vol. 10 No. 5, pp. 184-188. Lukas, B. A. & Ferrell O.C. (2010), "The Effect of Market Orientation on Product Innovation” Journal of the Academy of Marketing Science, 28, pp. 239-47. Pelsmacker P, Geuens M & Van den Bergh J (2010), Marketing communications, a European Perspective. New York: Ultimate Press Limited Porter, M.E. (2008). “The Five Competitive Forces That Shape Strategy” Harvard business Review, Vol. 20 No. 8, pp. 38-56. Worren, N. A. M., Ruddle, K. & Moore, K. (2009). “From organizational development to change management: The emergence of a new media” The Journal of Applied Behavioral Science, 35, pp. 273–286. Read More