Our five-pronged approach focuses on your individual strengths to develop your unique qualities towards making you an exemplary pi- designer.
Shraddha Kochar
20/06/2024
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Consumers buy first with their eyes. This idea creates the foundation for building both retail spaces and emotional connections for fashion merchandising which plays a crucial role in any retail strategy. One might ask, “Why is merchandising so important?” or “Can’t you just sell any product to the consumer?” These are interesting questions, and they answer themselves. The purpose of fashion merchandising is explained in mastering the 4 P's.
Sustainable and eco-friendly products are increasingly popular, and incorporating such items into your product mix can be a big win. A yoga brand, let's say Nike offers mats made from natural rubber or cork and accessories crafted from recycled or organic materials. This not only attracts environmentally-conscious consumers but also enhances the brand's image as a responsible and forward-thinking entity. In short, a diverse product assortment keeps things exciting for your customers and helps your brand stay ahead of the curve!
Strategic Comfort with Style:Bliss Club achieves this by strategically incorporating elements of comfort wear into office-appropriate attire. Think soft, breathable fabrics with tailored cuts. This ensures all-day comfort without sacrificing a polished look.
Benefits for the Modern Professional: The result is a highly versatile product line that caters to the modern professional's dynamic lifestyle. Bliss Club empowers customers to feel confident and comfortable throughout their workday, whether they're tackling a presentation or brainstorming with colleagues.
A brand that employs a similar strategy is Anita Dongre’s brand. She focuses on promoting craft and craftsmanship in her brand's narrative. Anita Dongre has exclusively launched her brand Grassroots, which further strengthens her commitment to promoting indigenous crafts and artisans.
Therefore, the retail price would be INR 20,000 to achieve a 100% profit margin.
This example illustrates the basic concept of cost analysis and how it informs pricing decisions. However, in real-world scenarios, businesses may consider additional factors such as market demand, competitor pricing, perceived value, and pricing strategies to determine the final retail price.
Additionally, businesses may conduct thorough cost analyses for each product to ensure profitability and competitiveness in the market. They might decide to price their product slightly below the competitor's price, for example, at INR 17,500 or INR 18,000. This allows them to attract customers while still generating a profit.
Let's look at Kazo, a mass-market retailer, as an example. The brand leverages data analytics to forecast seasonal trends and predict the quantities needed at different distribution centres. Kazo also maintains strong supplier relationships for a steady supply chain. Additionally, real-time sales monitoring helps them identify best and worst sellers, enabling them to implement a just-in-time system for efficient replenishment.
The 4 P's—Product, Price, Place, and Promotion—form an interconnected system that is essential for successful fashion merchandising. Mastering these elements enables fashion merchandisers to create compelling product offerings, set competitive prices, choose effective distribution channels, and implement impactful promotional strategies.
For those considering a career in fashion management, understanding and applying the 4 P's is fundamental. Understanding the importance of Fashion Business Management equips you with the tools to translate creative vision into sustainable success within the fashion industry. Mastering the 4 P's, aspiring fashion managers can lay a strong foundation for a thriving career, contributing to the success and growth of the brands they work with.
Explore Beyond Fashion Business Management
Hi! I am Shraddha Kochar, I was born, raised, and have completed my education in Delhi. I have been in the fashion industry for the last 7+ years, with varied experience working in startups, national brands, e-commerce, exports and education secto ... r. I like travelling and exploring places for food. I landed in the education sector very mystically, and since then there is no looking back. I enjoy reading about fashion & lifestyle brands, fiction, fitness, personal finance and philosophy. Keeping in mind the 17 Sustainable Development Goals (SDG’s), I am trying to become a conscious and aware human.
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