Fashion and Textile Marketing
Table of Contents Abstract: 3 Part 1: Introduction Market trends evaluation: 4 Brand Identity: 4 Brand USP (Unique Selling Point): 5 Target Market: 5 The needs of the Brand's target consumer: 5 Part 2: Marketing Mix: 6 Product: 6 Price: 7 Promotion: 8 Place: 8 Part 3: Discussion: 9 Conclusion and Recommendations: 10 Bibliography: 12
Abstract:
The fashion industry and usage of luxury products is increasing despite low economic growth and recession in global business markets. The emerging markets including China holds a potential for sales of luxury products and fashion articles. The availability of internationalbrands in china requires local brands to establish strategiesforefficiently catering the market. The brand, NE- Tiger, Shanghai Tang and numerous other players are required to adopt strategiesthat are developed on the basis of marketing research, data, and analysis of consumer trends. These businesses can take advantage of the trends in order to increase their business base.
Part 1: Introduction Market trends evaluation:
The market trends for fashion industry plays a vital role in developing business prospects for a luxury brand. The virgin consumer trends reflect that China is a leading emerging market in terms of fashion goods consumption. The current market and consumer trends analysis is conducted to provide a detailed insight about the consumer trends in china regarding fashion clothing brands. It
This expansion demonstrates how the luxury industry is now run by massive corporations whose focus is only on growth, visibility, brand awareness, advertising, and most importantly, PROFITS! With growth and expansion, has come a decrease in quality and rarity. The luxury garments produced are mostly not handmade but are even outsourced to large factories in places such as China and Turkey. Also, to meet quarterly turnover projections, “designers churn(ed) out increasingly trendy collections of clothes, handbags, and shoes.” (Thomas, Pg. 246) With hundreds of new stores around the globe the surplus of designer labeled merchandise is immense hence, the proliferation of outlet malls.
The consumption of luxury goods in China is mounting sharply. Not only those born to elite families, but also many common people are greedy for luxury brands (China, a Booming
This research is written to explore the consumer behaviours associated with fashion purchasing and help the manager understand what drives consumers to buy fashion products so as to determine the campaign strategy. The study proposes to investigate the people perceive what is fashion or unfashion and discover the possible relationship between different factors and the consumers’ willingness toward fashion. These factors include the effects of brand, the influences of mass media and social network, various shopping places. Surprisingly, the different attitude between different genders toward fashion is considered as an essential factor for people to engage in fashion purchasing.
The luxury market is growing fast in China and India due to the rapidly increasing wealth levels and standard of living gains. Coach must keep in mind the different cultural backgrounds of each country and take that into account when designing and marketing new products and lines.
Luxury is uniqueness, attitude and ethnicity. Internet is purely a medium of communication for Luxury brands. The industry has been showing less dedication towards integrating complex technologies and its associated interactive and digital tools in marketing and overall commerce strategies. There is also a push to be present on the internet to evolve consumer needs and expectations. The initiation of internet as a universal supply channel provided an unparalleled medium by which to boost brand awareness and recover market share. This proposal provides an outline for exploratory research in sustaining the luxury brands online. The study overlaps research findings on internet marketing and consumer behavior for luxury brands.
An increasing economic interdependence of national economies across the world experiences a rapid cross-border movement of goods, service, technology and capital. Luxury goods industry, serve as one of the most competitive industry, emerging and developing rapidly all the time. To a great extent, globalization promotes the development of luxury goods industry significantly in spite of the big shock hit by several times of economic crisis.
Depending on the product, staff interacts with a trainer of Sephora. Training is provided when a new product is introduced.
Because our main selling point is “local”, so our promotion strategy should focus on local market.
This behavior brings competitive advantages to the European luxury brands. Moreover, customers in different countries have different purchase behaviors. For instance, some countries’ customers are willing to move away from common recognized brand, because they want to purchase more exclusive products. Furthermore, because of the increasing speed of globalization, people are more likely willing to travel between different countries. These travelers will buy luxury good during their trips. In fact, Chinese tourists contributed over one third of sales in Europe. The luxury goods industry should notice to adjust the actual demand between local people and tourists in Europe
LVMH’s brand portfolio is a catalogue of the finest things money can buy. Arnault said, “A Star brand is timeless, modern, fast growing and highly profitable.”[iii] LVMH has positioned its brands strongly in the luxury segment offering more than 50 different brands under their five core competencies. LVMH has been successful through all of their various brands in their portfolio giving them each their independence and creativity. “LVMH is well known for leaving much operational and marketing freedom to the various brands it owns.”[iv] “LVMH has done an excellent job of brand positioning, says Ben Cavender, senior analyst at China Market Research Group. It has succeeded in securing the particularly enviable position of gaining a following among the top percentage of China’s wealthy. As the financial crisis stretches on, LVMH customers in China still have money to spend.[v] “LVMH’s brand imaging, which relies heavily on pushing its European heritage, is so successful that it has benefited other brands by proxy, says Paul French, one of the founders of Access Asia, a group dedicated to tracking regional consumer and marketing trends. “Everyone hangs on the coattails of Louis Vuitton’s brand imaging in China.”[vi]
The last problem we highlighted concerns how to increase the number of customers in the mainland China market . First, we believe that the most relevant issue is a survey amongst customers on the Shanghai Tang brand perception and the 5 luxury brands in their top-of-mind, in order to analyze the competitors that the company has to face in the future.
Luxury product sales boost in the emerging marketing like China, which has extraordinary growth and strong potential consumers for the development of luxury goods in the China market. With gradually lower and lower increase of revenue in the European countries, Louis Vuitton (abridged as LV in the following sections) commits itself to set up more stores in China. However, LV is faced with the problems of declining profits in China, which urges it to adjust its entry strategy into the China market. In this case, this report will focus on distinguishing the factors that influence LV’s development in China and
In order to build their brands better in China, the decision makers should consider deep reason of market changing and consumers behavior. As one of the world 's four ancient civilizations. China is a remarkable country with very long history and prominent traditional culture. Gong, D’Alessandro and Johnson’s argue that, for a long time, Confucianism, Taoism, Buddhism, Legalism and other ideologies shaped Chinese traditional culture. In particular, face, harmony and guanxi are fundamental cultural values (2014). These traditional Chinese cultural values and Political ideologies play important role in consumer purchase behavior, which has significant impacts on purchase intention on luxury products. Face, guanxi and ethnocentrism will be discussed in this section.
Emerging markets- The 2 biggest emerging markets for luxury fashion products are China and India, which is a great opportunity for the brand to explore and
Owing to the successfully accomplishment of " low price, quality assurance" and excellent online sales channels, UNIQLO sees itself as nicely positioned to weather the China's slowing economic growth (Roxburgh, 2016). Meanwhile, serious competition with other apparel retailers is the primary obstacle to the development of UNIQLO. In the view of Zhu (2013), the Chinese market is massive, diverse, and has enormous potential. For the sake of truly thrive in this market, there is a need for foreign brands authentically understand the changing characteristics of Chinese customers, and establish quality products and services to satisfy their requirements. One recommendation is because this report use the SWOT analysis and Marketing Mix to assess UNIQLO's marketing strategies in China, it is worthwhile for further researchers to utilize other marketing tools to evaluate UNIQLO such as Porter's Five Competitive