Fashion Research Assignment

<<Research study on Fashion Industry>>

Introduction

Fashion industry is the multi-billion dollar industry having its existence all over the world. Fashion is termed as the style preferred by the group of people over a period of time in the items of the apparels, footwear, accessories etc. The apparel market of the world is valued around 3 trillion dollars and it represents 2% in the global Gross Domestic Products (GDP). The divisions of the fashion industry include the men’s wear, kids wear, sportswear, bridal wear along with the accessories.

Branding

Branding is the orchestrating of the values of the product forcreating a permanent place in the mind of the customers inthe way like:

• promotion

• Promotion

• Placement

• product quality

• pricing

Uniqueness in Brands

The people used to influence by the fashion brands mainly in the terms of uniqueness.

• Quality• Price• Attracting Designs• Unique Creativity• Comfortable Fibres etcPeople used to prefer the brands personallity not only by the price

but also the role of the endorser who influence the mind of the people in order to showcase their standard in the society.

Marketing Strategy used by Brands

• The organization fixes their marketing strategy based on the niche market or differentiated market for influencing the target audience towards their brands.

• Mostly the luxury brands target the niche market where they attract a particular section in the market for increasing their sales turnover.

• Luxury brands showcase the “best” attribute in their product offering which is exclusive, mysterious, expensive and rare by nature.

• The mass market strategy or market research is avoided by these brands in order to align the customer’s emotion in the society.

Market Research for Branding

• The people preferring the luxury brands are the richest section of the society whose standard and value is also very high. From that point of view, these people used to prefer the luxury brands for differentiating their value in the society.

• Luxury brands cannot be accessible to everyone in order to hold a high value in the market

• The fashion brands like Louis Vuitton, Rolex, Hermes and Gucci can fall under the category of the luxury brand with the features like exclusive design, high price and renowned fashion designer’s contribution.

Behavioural Psychology of Buyer

Social as well as behavioural psychology of the buyer influence the decision making process while considering the purchase.

Personal factors like:

• Personality

• Motivations

• Desire

• Aspiration etc.

plays a major role to provoke the buyer for selecting the premium brands.

Social Factors like:

• Interactions

• Sharing Opinions

• Suggestions

which influence a buyer to select the premium brands. Sophistication comes in the mind of the buyer who is having high aspiration in their life and has a role model. It is the psychology that comes in the mind of the buyer to follow the role model which reflects in their purchase decisions.

High Level of Competition

• High level of competition is exists in the fashion industries. There are many stories in the fashion industry which decline the business due to the negligence and sound market research of the people’s taste and preference. Thus investment plays a major role which brings difference among the brands operating in the premium and luxury segment. For example, premium brands like Loro Piana having their items which includes cashmere fabrics and woollen garments that are operating their business successfully across the globe. The sales turnover of this brand has increased from 243 million Euros to 512 Euros despite of the recession period

Research and Findings

Research is the only way that can give insight in to a well defined situation or problem. The approach of the research can be of two types which are:

• Primary Research: It is the procedure, where the responses are collected directly from the respondents in the form like interview, opinion sharing, observation, survey etc.

• Secondary Research: It is the procedure where the responses are already exist in the secondary sources like books, websites, publication works etc.

In order to make the discussion more relevant, both the approaches of the research are taken granted in order to determine a relation between the roles of the premium brands in the fashion industry with the attitude, culture and lifestyles of the customers.

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