CTD 387 Fashion Marketing Exam 2 – Flashcards
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What is the trickle-down theory and how does it apply to fashion marketing?
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consumers who adopt fashion based on the fashion marketing efforts of the entertainment industry fashions worn by the upper class are ultimately adopted by middle class then by lower class It suggests: consumers with wealth, status, and appearance set the fashion trend, celebrities' opinions and use of fashions help market and influence consumers adoption of fashions
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What is the belongingness theory and how does it apply to fashion marketing?
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people need social acceptance: we need to belong to a community, a society, and a world that is bigger than ourselves consumers follow the fashions worn by entertainers and celebrities as a sense of belonging the fashions offer consumers a feeling of connection to a different and bigger life or world, while they are often associated with beautiful, successful, and positive men and women
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What movies have successfully promoted fashion?
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The Devil Wears Prada, Pretty Woman, 27 Dresses, Sweet Home Alabama, Sex and the City, The Women
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What does it entail to be a spokesperson for a fashion brand?
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celebrity endorses a fashion brand: wears the fashions or uses the products individuals who have a huge fan base and are instantly recognized around the world the celebrity must clearly represent the values and attributes of the brand celebrity is contractually obligated to: (1) wear brand in public a certain # of times (2) Publicly state his/her commitment to the brand (3) Avoid patronizing the competition (4) Wear product to prominent event
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What are the benefits of having a celebrity lend his or her name to a brand?
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celebrities are trendsetters and innovators, people want to wear and do what they are large exposure to people of all geographics and demographics from their fan base attract new customers, influence purchases
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How do supermodels influence the fashion industry?
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super models have the power to increase the sales of the fashion they are wearing simply by their status runway shows are a source of entertainment for the fashion industry, but they are equally sought out by paparazzi after the shows every aspect of their lives is photographed
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What is the meaning of celebrity endorsement?
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a form of brand or advertising campaign that involves a well known person using their fame to help promote a brand, product, or service
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What are the common techniques for celebrity endorsement?
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-print + TV ads -event appearances -spokespersons of a brand -associating a fashion item with a celebrity
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What are the rules of celebrity endorsement for fashion brands?
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(1) credibility: the celebrity must have a high level of expertise and talent in their field (2) global appeal: the celebrity must be known and liked worldwide (3) personality: the celebrity's personality must match the brand's personality (4) uniform power: the celebrity must not overshadow the brand (5) constancy: the celebrity must have constancy and lasting appeal
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What are the benefits and risks of the celebrity endorsement strategy?
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benefits to celebrities: fashion become an important part of the personality and success of a celebrity, financial benefits benefits to fashion brands: great brand awareness creation tool, attract new customers, help to position + re-position existing brands, revive and revitalize staid brands, generate extensive PR leverage and opportunities for brands, influence consumer purchases risks: overshadow the brand, public controversy, image change + over exposure, loss of public recognition, expensive
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How does the entertainment industry interact with the fashion industry?
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-celebrity lines -spokespersons -special appearance -knockoffs -print exposure -supermodels -royalty
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What reality shows have been successfully promoted fashion?
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What Not To Wear, Say Yes To The Dress, Project Runway, Shear Genius
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What are the places for retailers to buy wholesale clothing and accessories?
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(1) trade shows (2) apparel marts (3) resident buying offices (4) international fashion weeks
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What is the purpose of a resident buying office?
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purchasing agent located in a national or international market center, experts in the global fashion industry responsibilities: provide its clients or member stores with information and select and buy merchandise for them
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What is the purpose of a centralized buying office?
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buying for the entire company, conducted from the headquarters
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What are the benefits and limitations of a centralized buying office?
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advantages: integrated efforts, strict controls, consistent image, bigger volume discounts, and clarifications of marketing efforts handled face to face disadvantages: limit ability to serve individual needs of stores, inflexibility, lose touch with the target market, and excessive uniformity
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What is the purpose of a decentralized buying office?
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different buying offices based on the geographic region, merchandise category, and/or divisions
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What are the benefits and limitations of a decentralized buying office?
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advantages: more adaptability to locale needs, quicker reordering and improved morale disadvantages: disjointed planning, inconsistent image, lower volume discounts, increased errors, delayed or disrupted communication, require decentralized marketing efforts
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Where are the major apparel marts located in the US? What are the names of the marts?
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Dallas Atlanta Chicago Los Angeles
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What is the name of the largest US fashion trade show?
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Las Vegas - MAGIC (Men's Apparel Guild in California)
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What are the benefits of attending a trade show?
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(1) purchase merchandise of the upcoming season (2) help the buyers focus and maintain product awareness in relation to the target market niches (3) learn about new sourcing opportunities (4) provide companies with opportunity to interact with other people in the industry
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What are the six major fashion price zones?
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(1) designer signature (2) bridge pricing (3) contemporary price zone (4) better pricing (5) moderate fashion pricing (6) budget pricing
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What are the things to consider when buying and marketing the fashions?
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(1) the company's mission (2) the characteristics of the brands carried (3) the needs and wants of the target market
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Designer Signature
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highest zone, high quality fabrics, styling, designs, and craftsmanship example: Dior
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Bridge Pricing
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between designer and contemporary price zones, bridge label to a secondary market, lower price but fashion and design are above average example: Ellen Tracy
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Contemporary Pricing
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quality yet affordable fashions, popular among new designers and those with innovative fashions example: bebe
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Better Pricing
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affordable and stylish fashions in national and store brand names, the designs, styles, and quality are good example: Jones New York
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Moderate Fashion Pricing
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targets the mass market, items the majority of the population wear, value and low price without sacrificing quality, a brand name, and design example: The Limited
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Budget Pricing
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least expensive, target the mass market, is not necessarily a staple or fashion insensitive example: Walmart store brand
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What is the meaning of trickle-up theory? What are the examples of trickle-up theory in the fashion industry?
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consumers at lower income levels influence fashion trends jeans, flip-flops, ball caps, tattoos, t-shirts
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What is the meaning of consumer segmentation (market segmentation)? What are the common approaches to segmenting markets?
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the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests, spending habits, and so on demographic, geographic, psycho graphic, benefit segmentation
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Demographic Segmentation
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age, gender, income level, education, ethnicity, and family status
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Geographic Segmentation
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south, northeast, western regions urban, suburban, or rural areas
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Psychographic Segmentation
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social class, hobbies, interests, and opinions
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Benefit Segmentation (behavioral)
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brand conscious, quality conscious, price-value conscious, novelty fashion conscious, time conscious, recreational shopping conscious
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What are the criteria marketers can use to decide which segments to target?
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measurability: determine whether a particular segment is large enough and has enough purchasing power to be worth pursuing (size, purchase power, discretionary income) accessibility: how easy will it be to reach customer in the segment? what media do they prefer? sustainability: does the segment encompass a large enough customer base to generate sufficient sales and profit, and what is the potential for future growth? actionability: the segment has to have characteristics that are distinct enough to make it possible to target a campaign specifically to it
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What are the characteristics of Generation Y? Why is Generation Y important to fashion marketers?
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big in size, deep in debt, ranging in age 15-34, brand conscious, want one-on-one communication and customization, digital channels and social media
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What are the characteristics of Generation X?
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the smallest, 'most stressed' generation, ranging in age 35-45, emphasize value and price without sacrificing quality, digital channels
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What are the characteristics of baby boomers?
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biggest spenders, ranging in age 45-65, desire high quality fashions and designer brands, TV, integrated marketing efforts
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What are the characteristics of grey market?
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doesn't have a lot of income, but have a lot of discretionary income, >65, shop at brick-and-mortar retailers, newspaper and radio
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What is a primary target market?
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most likely or frequent buyers/users of a product, 60-70% of the marketing marketing goal: make this market purchase in multiple quantities and repeatedly
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What is a secondary target market?
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have some use for a product, 15-20% of the market marketing goal: generate additional sales and profits from this market
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What is a tertiary target market?
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make use of a product or purchase a product occasionally, smallest of the market, 5-10%, fashion marketing is NOT a focus here
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What are the differences among the four levels of market segmentation? mass marketing, segment marketing, niche marketing and micromarket?
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mass marketing: message may be diluted in order to attract a wide audience example: Hanes segment marketing: demographics and psychographics used, incorporate message that are important to the segment example: Liz Claiborne, stylish career apparel for baby boomer women niche marketing: emphasis on psychographics, very important in fashion marketing example: Free People, 20-something women appreciating the line of clothing that catered to their intelligence, creativity, and individuality micromarketing: message focused on a geographic, regional, or population base, emphasizes and understanding with the culture and commitment to the target market
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What are the guidelines to use when marketing to the target market?
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(1) focus on the primary target market (2) keep the message simple (3) repeat the message frequently (4) communicate your company's name (5) maintain a consistent corporate image (6) don't use the same message for multiple markets
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What are the methods for obtaining feedback from the target market?
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paper survey, electronic survey, focus group, integrated surveys
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Why are psychographics more likely to influence the fashion-marketing message than demographics?
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Benefit segmentation Brand conscious Quality conscious Price-value conscious Novelty-fashion conscious Time conscious Recreational shopping conscious The type of shopper they are is more important than where they live
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What are the benefits and limitations of operating a brick-and-mortar store?
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advantages: (1) ability to touch products (2) excitement from the shopping experience (3) ability to communicate personally with the retail associates disadvantages: (1) geographic distance to the store (2) limited store hours (3) ability to only view products offered at the particular store
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Where do brick-and-mortar stores focus their marketing efforts?
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(1) bring consumer traffic into the store (2) continually offer consumers sales promotion through the store -may look like a discount store -may lose gross margin -may lose the sense of fashion (3) difficult to distinguish themselves from the competitors
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What are the advantages and challenges for e-retailers?
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advantages: (1) place order 24 hours a day, 7 days (2) customer have a much wider choice (3) it is easier to find the types of goods a customer is searching for (4) enable e-tailers to personalize product placement and pricing based on previous transactions disadvantages: (1) can't feel and try on products (2) trust, security, and privacy concerns (3) logistics, distribution and customer service issues (4) website's design and ease of use
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What are the advantages and challenges for direct marketing retail?
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selling through: direct mails, telephone, catalog, mail order, flyers, insert in credit card statement or newspaper advantages: (1) reach hundreds of thousands of readers with just one mailing (2) place order 24 hours a day, 7 days (3) unique product assortment and customization of products (4) consumers enjoy viewing a catalog disadvantages: (1) need to work harder than brick-and-mortar retailers to build trust and customer loyalty (2) must purchase lists of prospective customers in order to generate a targeted mailing list
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What are the reasons for retailers to expand channels?
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(1) expanding product line: different products, special sizes, clearance products, large quantities (2) expanding marketing message: maintain the same store image and marketing message
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What are the potential negative impacts of frequent price discounts?
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-Destroy integrity -Expected deals -More shoppers aren't phased by discounts -Rather have experiences
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What is push marketing?
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advertisement pushed onto the consumers consumers forced to read the advertisement regardless of his/her desire pop-up advertisement or company banners
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What is pull marketing?
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consumers purposely seek out the direct marketer actively used in cross-channel shopping exotic Christmas catalogs intrigue customers and make them want to come to the store to see the luxury items they can't afford in person
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What is permission marketing?
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entices consumers to purchase from the company marketing is passive, requiring the consumer to take action not as effective as other forms Vogue inserting slips in their magazines to subscribe to the magazine
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Which channel of distribution frequently use pull marketing?
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fashion direct marketing, actively used in cross-channel shopping
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What is cross-channel shopping?
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the patronage of more than one retail medium designed due to the desire for uniqueness
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Why is cross-channel shopping important to the fashion industry?
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Enables consumers to seek products from around the country and globe for unique items more than 45 million consumers in the US cross-channel shopped consumers often identify a product through one channel but purchase it through a different channel each time a consumer accesses two or more channels of a particular retailer, his or her actions promote longevity in the marketplace and increase opportunity for multiple sales
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What are the five principle methods consumers can use to cross-channel shop?
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(1) brick-and-mortar - direct marketing (2) brick-and-mortar - Internet (info only) (3) brick-and-mortar - Internet (info or purchase) (4) direct marketing - Internet (5) fully integrated cross-channel organization
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Why is it important that multichannel retailers maintain a consistent store image across multiple channels?
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Maintain a consistent store image through copying style, branding, and tag lines throughout all the channels customers need to be able to expect the same quality/experience
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What is the uniqueness theory and how does it apply to fashion marketing?
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consumers' desire to express themselves as unique from one another by displaying a compilation of items differently than friends and/or neighbors cross-channel shopping enables consumers to seek products from around the country and globe for unique items marketers can promote product uniqueness
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What is focus group interview?
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a focus group is a group of consumers who are asked questions about a product and/or marketing efforts a form of indirect interview used in marketing research
