Chapter 5 - Market Forecasting Flashcards
In house research
Data sharing
designers, manufactures, detail management, and buyers share data that is specific to their products.
In house research
Fashion offices
fashion directors research and disseminate fashion trend information to buyers, planners and product developers.
In house research
Sales strategy
Sales strategy – developed by retailer and manufacturer based on data
- When the merchandise sold
- How many pieces were sold?
- What sizes sold best
- What colors sold first
- What incentives were offered
- When markdowns occurred
In house research
Observations
watching, photographing, recording and reporting on consumers behaviors in multiple locations
In house research
Focus groups
Focus groups – representative groups of consumers are questioned together
- Informed conversations
- Organized debates
Gather opinions about:
- Product
- Services
- Prices
- Marketing techniques
In house research
Questionnaires and surveys
Questionnaires and surveys – understand and identify existing and potential customers
- Questions are designed to elect the desired information:
- Identify who the customer is and clues for new predictions (age, where they live, gender, religion, income bracket)
- Historical perspective: past purchases, brand loyalty and spending habits
Internet resources
Viral marketing
Viral marketing - marketing practices that use existing social networks to spread the word through society: consumer participates and contributes to the process
- Internet videos
- Interactive websites
- Social networking sites
- Blogs
- Text messages
Internet resources
Social media sites
Social media sites – internet-based platforms used to broadcast messages, communicate and hold conversations
- YouTube
- Snap chat
- Tumblr
Internet resources
Blogs
Blogs – Types of websites often frequented regularly by individuals who post text, images, videos and links to other websites related to the topic of the blog
Internet resources
Bloggers
Bloggers – are people who post commentary or images about subject on their blogs
- Different types of fashion blogs
- Written and maintained by insiders from the industry
- Outsiders who have a strong opinion about fashion
- Aspiring fashionistas who hope to enter the industry through a nontraditional route
An influencer has the ability to influence many people to adopt a trend and buy product
Market research firms
Market research firms – conduct studies and provide information that can benefit forecasters, analyze and project marketing opportunities
- Report detailing product and market trend
- Marketing strategies
- What is being purchased
- Where
- When
- Why
- How consumers are buying
Market research firms
Data analytics companies’ predictive
analytics – help to accurately determine and project consumer demands to provide that right quantity and quality of product at the product at the right time to ensure profitability and growth
- Cast wide net to capture the voice of the consumer
- Look forward
- Based on various statistical formulas
- Identity future projections of demand
- Filter and weight responses
- Analyze millions of SKUs
Government Organizations
- Agencies of the US federal government collect data and provide statistics
- Organizations conduct research and retailing – consumer statistics and sales data from
- Department store
- Specialty stores
- Catalog companies
- Internet marketers
Retail trade associations, federations and organizations
The national retail federation helps retailers in every segment of their business while protecting their clients’ interests
Retails groups give guidance through:
- Newsletters
- Publications
- Seminars
- Webinars
- Private meeting
The fashion group international
The fashion group international – provide insights that influence fashion direction for the marketplace
- Lifestyle shifts
- Contemporary issues
- Global trends
