1. S ATISFYING THE M ARKET All parts of the soft goods chain must focus on the changing needs and lifestyles of customers

2. L ET ’ S CHECK OUT SOME QUICK CLIPS …. http://www.youtube.com/watch?v=Imz6jdTME0w &feature=pyv Who is the target customer for this commercial and product? Example of a show where this commercial might appear? http://www.youtube.com/watch?v=ECzGO5VZd-U Who is the target customer for this commercial and product? Example of a show where this commercial might appear?

3. W HO ’ S THE CUSTOMER ? Each product and company has a specific customer. Let’s take a look at some retail stores. Each table will be assigned a store. Fill in the requested information. You will need a recorder and a spokesperson. Your group has about 5 minutes before we share.

4. M ARKET G ROWTH AND S HARE All parts of the industry want market growth The goal of every company is to make money and get more customers. Companies identify the customers to whom they can sell the most and make the most profit.

5. M ARKET S EGMENTATION Divides the total market (all customers) into smaller groups that contain similar characteristics. This is a target market Target Customer (Market) Right Product Right Place Right Time

6. T ARGET M ARKETING Defining the specialized niche of the market whom the company wishes to make its greatest appeal... Should be well defined for each fashion company. Besides the right products, each firm should develop communications and services that help sell and maintain the patronage of their selected market.

7. D EMOGRAPHICS Vital statistics of human populations, broken down by Age Gender Race Education Religion Income Occupation Geographic location

8. T RENDSETTING B RANDS Top most respected Generation Y brands, 21-27 year olds(survey in April 2007): 1. Apple 2. Trader Joes 3. Jet Blue 4. In-N-Out Burger 5. Ben & Jerry’s 6. Whole Foods 7. Adidas 8. American Apparel 9. Target 10. H&M

9. P SYCHOGRAPHICS Statistics that try to explain consumer behavior through... Lifestyle – snowboard, knit, party, read Values – family oriented, religious Attitudes – liberal, conservative Self concept Stems from cultural backgrounds, social groups or personalities.

10. M ARKET R ESEARCH Process of systematically gathering and analyzing information relating to a particular market Studies consumer tastes and changing trends Results can indicated what retail images, prices ranges, packaging, and types of advertising certain consumers prefer Are you the bleach or modern warfare customer? Or completely different?

11. M ETHODS OF M ARKET R ESEARCH Surveys – mail, phone, internet, social media, in person (stopping people in store) Consumer panels – participants keep diaries Focus groups Computer databases – formulated from consumer actions and purchases (customer card) http://www.youtube.com/watch?v=p8A4yqN 4_9A Example of focus group

12. W HAT D O W E F IND O UT ? 117 cell phone subscriptions to every 100 people in Hong Kong. 70% of Spaniards ages 16-29 still live at home with their parents. 12% of 13-17 year old females purchased apparel because of advertising. 81.56 of female college students wear jeans to class. 68.35% of female college students spent less than $50 on their last pair of jeans. No female college students said they spent over $150 on their last jeans purchased but 4.26% of male students said they had.

13. P RODUCT D EVELOPMENT After discovering preferences of their target markets, companies fill customer desires Product development Process of carrying a product idea through stages of initial conceptualization to actual appearance in the market. One of the largest growing areas in fashion!!

14. Y OU ARE GOING TO BE A MARKET RESEARCHER Find a picture of any fashion item in a magazine. It can be a garment, footwear or accessory. Rip out the picture,you will need to show this to each person you interview. Take the survey with you and ask 10 different students the 4 questions about your fashion item. Using those answers, analyze the information to answer the next 4 questions. What is the difference between quantitative and qualitative?