1.13 Enterprise and Marketing in the Development of Products Flashcards
What is an enterprise?
A business that sells products or services to make a profit
Who usually sets up an enterprise?
An entrepreneur who has created a new idea or identified an opportunity in the market and takes the risk of putting it into practice
What are some examples of of fashion and textiles enterprises?
- New start ups
- Online businesses
- Project businesses
- Community projects
What is marketing?
Developing a product so that it appeals to the target market
What makes a product appeal to a customer?
- Need to be at the right price and available
- Need to be advertised to create demand
- Shoppers made aware of new products
- Sales data analysed
How are products advertised and promoted?
- Websites
- Social media
- Online blogs
- Pop up adverts
- Promotional events
- Media adverts
- Packaging
- Display boards
What is brand identity?
The way in which a business presents itself to and what’s to be perceived by its customers
How can retailers communicate their brand identity?
Through a short, easily remembered phrase or strapline that is often used by organisations or retailers to communicate their brand identity
What should companies be able to identify?
A customers:
- Age
- Gender
- Location
- Lifestyle
Why does a company build a clients profile?
So marketing campaigns can be more effectively targeted
What is Customer Identity and Access Management?
A system used by companies to securely acquire and handle such customer data
What identifies and promotes a product brand?
Product labels, including fabric labels, embroidered logos and swing tickets
Why is packaging used on a product?
Protects the product so that the customer receives it in good condition, but it can also be used to promote the brand and build brand loyalty
What is corporate identity?
The visual representation of the business for example think the use of logos and trademarks
How is corporate identity expressed visually?
- Logos and trademarks
- Shop signage
- Shop/outlet design
- Staff uniforms
- Company stationery and packaging
What is global marketing?
Where a company adapts it’s marketing strategies in order to sell products internationally
How has the marketing of fashion products been globally affected?
- Demand from culturally diverse countries
- Rising affluence in emerging countries
- Rise of new, talented designers
Why is social media good for maketing?
- Reach a global market immediately
- Cheap compared to traditional advertising
- Build a community of potential customers
Why do products have to be realistically priced?
To compete and appeal to the target market
What are the strengths of collaborative working?
- New creative ideas
- Skills can be combined
- Support and encouragement
- Reduce business costs
What will affect the product price?
- Demand for product
- Price of rival products
- Price per unit
- Potential for unsold stock
- Recommended retail price
What 4 things affect product price?
- Cost
- Profit margin
- Target market
- Budget
How do costa affect product price?
The cost of materials and components and takes into account overheads, for example marketing, administration, packaging and transport
How does profit margin affect product price?
Amount of money gained from selling products after all costs have been deducted, expressed as a percentage
How does target market affect product price?
Particular group of people defined by factors such as age, gender, interests, location, disposable income at which a product or service is aimed
How does budget affect product price?
A realistic calculation of the income required to fund a complete project
What happens in a fashion cycle?
New fashion is sported by trendsetters, the fashion becomes popular, it’s popularity reaches a peak, the fashion then declines and dissapears
What is the sales and marketing cycle?
The sequence of advertising and promotional events that attracts customers, communicates with them and persuades them to buy the product
What different marketing strategies are used?
- A fad: short lived craze
- A classic: simple, elegant design that stays in fashion
- A standard: popular while that lasts longer than a fad but shorter than a classic
What are 4 influential trends?
- Retro
- Vintage
- Industrial
- Traditional
What is retro?
Retrospective in that they are derived from last fashions and designs
What is vintage?
Use of actual items from the past. This fashion shows an appreciation of colours, patterns and fabrics from the past
What is industrial?
Black or military influenced clothing, which emerged in the late 1980s. It is often associated with anti establishment, sci fi or post apocalyptic themes
What is traditional?
A trend inspired by traditional styles and fabrics
What are the traditional fashion seasons?
- Spring/summer
- Autumn/winter
What are the average lead times?
To develop a collection for each system is 18-24 months
What is fashion forecasting?
A global industry, with trend forecasters such as World Global Style Network producing reports that forecast future style themes, colours, fibres and directions
What influences style of clothing?
- Work
- Health and fitness
- New technologies
- The cult of the individual
- Internet access/ social media
- Travel opportunities
How does work influence the style of clothing?
Become less formal, leading to dress down days and a demand for more comfortable work clothing
How does health and fitness influence the style of clothing?
Become popular leisure pursuit, leading to a demand for fashionable leisure wear
How do new technologies influence the style of clothing?
Use of devices such as smartphones, tablets and computers have led to design modifications in bags, hats and jackets to accommodate them
How does the cult of the individual influence the style of clothing?
People are free to develop their own personal style and dress eclectically, leading to a demand for more customised products
How does internet access/social media influence the style of clothing?
Allows fashion trends to be communicated very quickly
How do travel opportunities influence the style of clothing?
As more people travel more frequently, holiday clothing needs to be available all year round
