Market research in fashion

Consumers buy what they require to satisfy their needs and wants but there is no guarantee that a producer and/or retailer can predict accurately what the consumer will choose. Therefore satisfactory exchanges are not always possible. When there is a mismatch between what is produced and offered for sale and what consumers are looking for, the producer and/or retailer suffers financial losses.

The success rate is improved and mismatches are avoided when the producer and/or retailer finds out before production what the consumer is likely to buy. Market research is carried out to get information about what the consumer expects from a product, so this also becomes an important link between the three groups mentioned earlier.

Research does not always provide the best evidence about the nature of demand for a product but it helps to reduce the risks of mismatches occurring when products are being developed.

All traditional forms of marketing are based on five activities, called the five Ps in the industry. These are: product, people, promotion, price, place.

In recent times changes such as technological developments, large ranges of cheap imported goods, the increasing wealth of much of the population and a widening interest in fashion in all areas of life, have meant that marketing has had to become a very important and aggressive aspect of every company's operation. Fashion does not relate only to clothing there are fashions in all aspects of textile production, including upholstery, soft furnishings, accessories.

Research into the 5Рs involves investigating:

-demographic trends and the changes in society indicated by them (the study of the figures relating to deaths, births, disease and how they affect communities, where people live and how they live!

-social trends

-lifestyles

-working practices

-finance and the ways in which purchases can be paid for

-how the organizations which exist for selling and buying are arranged and managed.

Fashion is no longer something that only interests wealthy people. Marketing fashion today is synonymous with marketing a way of life. Producers and retailers have to make sure that they can make the latest trends available to the consumer in as short time as possible, when the consumer wants them. The fashion world is dynamic and is always changing. If the goods are not available when a particular fashion is popular, the consumer loses interest and sales are lost. Fashions can become out-dated very rapidly. Producers and retailers have developed strategies to ensure that goods are available when they are needed. A computer-based technique called Rapid Response is one such strategy. This involves making all the processes involved in production, distribution and marketing as efficient and speedy as possible. The people involved throughout the chain of production and marketing are kept up to date about demand at each stage. This ensures that supplies of component parts and products are available both when and in the amounts in which they are required. The information provided includes feedback about what is required at each stage within the systems used in designing, making, distributing and marketing to ensure efficiency and speed.

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