1/28– Warm-Up Take out a piece of paper and your book. Read Polo Ralph Lauren on p. 3 and answer questions 1-2 on your paper. Keep it for discussion and later use. Take out a piece of paper and your book. Read Polo Ralph Lauren on p. 3 and answer questions 1-2 on your paper. Keep it for discussion and later use. Finish filling out 7 Marketing Functions pie chart if you havent yet Finish filling out 7 Marketing Functions pie chart if you havent yet

The Fashion Industry Chapter 1

Do you agree? Fashion marketing has glamour and mystique about it that may trick some people into thinking it has its own set of rules. Fashion marketing has glamour and mystique about it that may trick some people into thinking it has its own set of rules. In reality, fashion marketing follows the same rules as marketing for any product. In reality, fashion marketing follows the same rules as marketing for any product.

Marketing Concepts The American Marketing Association defines marketing as planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. The American Marketing Association defines marketing as planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marketing Concepts What are the 4 Ps? What are the 4 Ps? What is this referred to? What is this referred to?

Marketing Concepts The marketing mix is how the basics elements----product, price, promotion, and distribution (place)---are combined to meet customer needs and wants. The marketing mix is how the basics elements----product, price, promotion, and distribution (place)---are combined to meet customer needs and wants.

Marketing Concept Each of the elements is critical to the other three! Each of the elements is critical to the other three! –The product can be right but the price is wrong. –A good product can fail if not promoted effectively Restaurants Restaurants –Too many or too few Name something you have tried to buy that has been sold out? Name something you have tried to buy that has been sold out?

Take Notes Review the 4 Ps on pg 5 and jot down any additional notes you would like to take. Review the 4 Ps on pg 5 and jot down any additional notes you would like to take.

7 Key Marketing Functions These seven functions are basic to all marketing. These seven functions are basic to all marketing. A designer who does not understand these key functions will need to learn them or partner with someone who does. A designer who does not understand these key functions will need to learn them or partner with someone who does. Businesses will struggle to exist of they do not fully understand these functions. Businesses will struggle to exist of they do not fully understand these functions.

Last Assignment Do Final Fit on pg 8 #1-4 Do Final Fit on pg 8 #1-4 Turn it in to the basket! Turn it in to the basket!

1.2 - The Next Hot Item The Fashion Cycle The Fashion Cycle Introductory Phase- Early in the life of the product Peak Phase- Describes the time during which sales of the items to the customer are at the highest level. Decline Phase- Occurs when the masses have tired of the item and are no longer buying it

Fads! Quickly move through 3 phases Quickly move through 3 phases Generally outlandish in color or style Generally outlandish in color or style

Classic Style Timeless Timeless Flattering to wearer Flattering to wearer Not easily dated as to when purchased Not easily dated as to when purchased Subtle and refined Subtle and refined

1.3 – Capitalizing on Style The Product Mix Department Stores Department Stores –Variety of merchandise besides fashion items

Discount Stores Low-priced clothing Low-priced clothing One of the fastest growing areas of retailing One of the fastest growing areas of retailing

Off-Price Stores Irregular or close-out fashions at % off Irregular or close-out fashions at % off Accounts of hundreds of millions of dollars a year in retail sales Accounts of hundreds of millions of dollars a year in retail sales

Chain Stores Usually found in malls Usually found in malls Offer consistent lines Offer consistent lines

Boutiques Smaller stores with a specific customer in mind Smaller stores with a specific customer in mind

Classifying a collection Sportswear – Americanized category Sportswear – Americanized category –Worn for work or play – Activewear Activewear –Worn while working out/playing sports –

Classifying a collection Careerwear/Business Attire Careerwear/Business Attire –Traditional design for workplace –Has own fashion cycle – more subtle, gradual –Ann Taylor Ann TaylorAnn Taylor Eveningwear Eveningwear –Special occasion or formal – includes cocktail, prom, formal events –Elegant –Macy's Little Black Dresses Macy's Little Black DressesMacy's Little Black Dresses

Classifying a collection Wedding Apparel Wedding Apparel –Related to eveningwear –Includes bridal gowns, bridesmaids gowns, mother of the bride dresses –David's Bridal David's BridalDavid's Bridal Other Categories: social apparel, lingerie, accessories –Ex: Forever 21, Victorias Secret, Anthropologie

Assignment Read 1.4 pp Read 1.4 pp Complete the chapter review pp #1-16 Complete the chapter review pp #1-16