Differentiation can be attained through competitive pricing, improvements to functional design or features distribution timing, expanded distribution channels, brand reputation etc. • TYPES OF PRODUCT DIFFERENTIATION: There are three types of product differentiation: 1. Simple: These products are differentiated based on a variety of features. 2. Horizontal: This type of products is differentiated based on a single characteristic, but consumers are not clear on which product is of higher and sophisticated quality.
Marketing channel decisions are one of the most complex and important decisions that management faces today. If one looks at the major strategy of the marketing mix (product, price, promotion and distribution), the greatest potential for achieving a competitive advantage now lies in distribution (Obaji, 2011). Distribution is an inseparable part of marketing decisions and involves all the decisions about distribution of products to the consumers or the end user. The issues of distribution were analysed by a number of marketing specialists (Berman, 1999; Kim, 1996; Delton, 1997; Frazier, 1999; Kotler, 2003; Rosenbloom, 1999; Stern, 2006; etc.). Distribution still offers a new frontier for competing successfully, especially if the emphasis is
Overview As the world progresses at a swift pace with technology advancements and globalization on the rise, reports have shown that consumer experience, personalization and keeping up with technology is key to stay relevant in the fashion industry. Below I identified two contemporary fashion marketing trends that will be influential over the next 5 years. Customer Experience Model – Why is it important? "Customer value from the customer-dominant logic perspective of services emphasise the need to move away from the service-dominant perspective and adopt a customer-based approach that considers value within the broader context of a customer 's life world" • Tynan, C.; McKechnie, S.; Hartley, S. (2014). "Interpreting value in the customer service experience using customer-dominant logic".
Response to Changes in The Fashion Industry. Over the last 20 years, the fashion apparel industry has greatly evolved through its changing dynamics. Through the fading of mass production, modified structural characteristics in the supply chain and the increased number of fashion seasons, the retailers have been forced to desire flexibility in design, quality, delivery and speed to market, and to desire low cost in fashion production. The competitiveness in the industry of fashion have been identified to be marketing and capital investment in addition to speed up design and market. Since the fashion industry is increasingly becoming dynamic and its market becoming so demanding, the key strategy to keep profitable position maintained is through
A good manager in the fashion industry must be able to handle environmental uncertainty. It is difficult to predict what will be bought, in what volume, for how long in fashion. Trends change swiftly, especially within the last decade. 3D printing is one way fashion managers can keep their company secure. When a trend changes, a company can easily program the printer to begin printing the next hottest item.
These characteristics, a complicated supply chain and wide availability of data make the industry a suitable avenue for an efficient supply chain. Also the fashion industry has been in a transition during the last 20 years: significant consolidation in retail, with most of the apparel manufacturing operations moving overseas and, in more recent times, increasing use of e-commerce in retail and wholesale trade. Historically, retailers have tried to exploit relationships with suppliers. Bargaining power of buyers is moderate because of the size and concentration of major retailers. To reduce power and you gain customers, retailers seek to differentiate products and to create stronger brands.
‘product differentiation’ and ‘market control’. To the extent that a firm can inform buyers about physical differences or create the perception of such differences, then product differentiation increases. 6.1 Product Differentiation: Monopolistic competition cannot exist unless there is at least a
Clothing or apparel is an essential need of any individual alongside other fundamental necessities like food, water and shelter. The way of life of individuals in any nation is for the most part reflected in their dress. Individuals demonstrate their social and monetary status first in their clothing as it were. Apparel industry is the nation 's second biggest area after the IT business (Kumar et al., 2016). Apparel brand inclination is one of the markers of the quality of a brand in the hearts and psyches of customers; brand preference speaks to which brand is favored under assumptions of fairness in cost and accessibility.
Introduction The pioneer of direct marketing “Aaron Montgomery Ward” stated that, if executed effectively and efficiently the marketing industry could experience a new phase altogether by increasing customer loyalty at an increasing level. Direct marketing in simple terms refers to the use of consumer-direct channels to reach and deliver goods and services to customers without using Marketing Middlemen. In other words this is where the company would directly reach and cater to its customers. This can also be termed as “direct order marketing”, because the business would get orders directly from the customers. Direct marketing has become the forefront in the industry due to its immense level of maintaining customer relationships at greater heights.