Marketplace
Transcript: Aspects of Marketing Textiles Products The brand names you purchase or shops you purchase from can be affected by the product, place, price and promotion strategies employed by the marketer. How well a business or product is marketed, depends on these 4 critical elements and a company, business or organisation can mix these elements together to suit the demands of their consumer base. This is sometimes referred to as the marketing mix. It is up to each business to determine what is the best marketing mix for their products. Marketing dries companies to focus on what it takes to satisfy the consumer. Place Wholesalers - defined as a person who purchases and stores bulk goods purchased from manufacturers or importers, then resells smaller quantities directly to retailers - Retailers then sell to the general public - Some wholesalers do sell to the general public - particularly for end of year/season sales Retailing - defined as the sale of goods or products from a permanent location, in small or individual lots for direct purchasing by the consumer. Retailers are at the end of the supply chain and will often purchase from wholesalers The process of determining a product's price can be complex, as pricing should reflect the appropriate positioning of the product in the market, while covering costs and making profit Price is often linked to whether or not consumers will buy a product - items priced too low are considered inferior in quality, whereas higher price structures are considered 'worth paying for' - especially when considering brand loyalty, designer brands and innovative/unique designs Pricing needs to reflect the demographics of the target market to which the product is aimed, as well as current fashion trends Promotion Refers to advertising and selling part of marketing Important to get people to recognise the product and understand how it satisfies their needs and fulfills their function Promoting an item is an attempt to persuade a consumer to buy it successful promotion strategies contain a clear message targeted to a specific audience Direct selling - involves direct contact between the maker of the product and the consumer or retailer, either personally or electronically. 4 P's Marketing Mix Price Marketplace Product A product is a good or service offered to a consumer Customer research is a key part in building an effective marketing mix Knowledge of the projected target market as well as competition in the marketplace will enable marketers to offer a product that will sell well In planning and producing textile products, designers and manufacturers should consider: quality of the product key features that set it apart from others available in the marketplace range of options for the product, such as mix and match, staples, coordinates brand name fashion statements - signature prints innovation in design or materials functionality or usibility consumer loyalty to product A product should also meet the needs of a particular target market. Successful marketers pay close attention to the needs of their target market and adjust their marketing mix to address consumer demand. Place refers to where a product is marketed and the distribution channels used to get products to consumers. The type of products produced will influence how it is distributed. Businesses that produce, assemble and manufacture a product have two main selling or distribution option: directly selling to consumers selling as wholesalers or retailers through reselling or agency managed product sales
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