Marketing The process of developing, promoting and distributing products to satisfy customers’ needs and wants
Marketing Information Management MIM (research) Getting the information necessary to make sound business decisions
Using Marketing Research in the Fashion Industry • Fossil surveys customers for preferred watch fashions • Wal-Mart reviews past sales records to help determine future orders
Distribution Making decisions about where to sell products, how to get them there (transportation) and how to store them (warehousing).
Distribution in the Fashion Industry Manufacturer (Donna Karan, NY) Wholesaler (Ambrosia, Inc. Atlanta Apparel Mart) Retailer (Macy’s) End Consumer
Selling Providing customers with goods and services they want to buy.
Selling in the Fashion Industry • A sales associate at The Men’s Warehouse helps a young college graduate choose the right suit for his first job interview • E-Bay • Mail-order • Telephone sales
Product Planning Deciding what goods and services to produce and sell
Product Planning in the Fashion Industry • Tommy Hilfiger decides what to make and how to package it • Neiman-Marcus decides what brands of clothing to carry
Pricing Deciding how much to charge for goods and services. Affected by competition and supply and demand
Pricing in the Fashion Industry Inside Out Thong Price: $9. 99 Champion Leather Rival Runner Price: $24. 99 • Payless Shoe. Source prices below the competition • The Gap makes sure its costs are covered in order to make a profit.
Purchasing Buying goods and services for a business’s operation (Business-to-business sales)
Purchasing in the Fashion Industry • Ralph Lauren buys fabric from Tsung Wen Textile Co. , Ltd. to make shirts • Joseph A. Banks buys shirts from Ralph Lauren to resell to consumer
Promotion • Any communication a business uses to inform, persuade or remind people about its products, and to improve its public image • Advertising • Public Relations/Publicity • Sales Promotion • Personal Selling • Visual Merchandising
Promotion in the Fashion Industry • Macy’s advertises One -Day Sale on TV • Skechers places an ad in Seventeen Magazine • David’s Bridal sponsors a fashion show • JC Penney places its Levi’s 501 jeans on sale
Importance of the Marketing Functions Marketing research Product planning Promotion Meeting the needs of consumer And Purchasing Making a profit Pricing Distribution Selling
Functions of Marketing • • Marketing Information Management Distribution Selling Purchasing Pricing Product Planning Promotion
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