Podcast
Questions and Answers
What is a key reason for conducting market research in fashion buying?
What is a key reason for conducting market research in fashion buying?
Fashion buyers rely solely on primary data for making buying decisions.
Fashion buyers rely solely on primary data for making buying decisions.
False
What is one demographic factor that can impact consumer spending patterns?
What is one demographic factor that can impact consumer spending patterns?
Age groups
Buyers are expected to undertake continuous market research using both ______ and formal research techniques.
Buyers are expected to undertake continuous market research using both ______ and formal research techniques.
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Match the following demographic factors to their impacts on consumer behavior:
Match the following demographic factors to their impacts on consumer behavior:
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Which generation tends to be characterized by their brand loyalty and fashion tastes?
Which generation tends to be characterized by their brand loyalty and fashion tastes?
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Developing a customer profile is unimportant for fashion buyers.
Developing a customer profile is unimportant for fashion buyers.
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What is one challenge fashion buyers face in today's market?
What is one challenge fashion buyers face in today's market?
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What is one key service provided by independent buying offices?
What is one key service provided by independent buying offices?
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Buying offices for large department stores share their information with other retailers.
Buying offices for large department stores share their information with other retailers.
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Name one significant source for fashion trends that buyers consult.
Name one significant source for fashion trends that buyers consult.
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The __________ provide fashion forecasting services to help retailers plan ahead.
The __________ provide fashion forecasting services to help retailers plan ahead.
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Match the following buyer types with their descriptions:
Match the following buyer types with their descriptions:
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Which of the following is a primary function of buying offices?
Which of the following is a primary function of buying offices?
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Fashion buyers must integrate their decisions with retail pricing and promotional activities.
Fashion buyers must integrate their decisions with retail pricing and promotional activities.
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What is the importance of trade shows for buyers?
What is the importance of trade shows for buyers?
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Fashion buyers keep track of __________ to remain competitive in the fashion industry.
Fashion buyers keep track of __________ to remain competitive in the fashion industry.
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Which agency is known for its fabric swatches and clear color illustrations in trend books?
Which agency is known for its fabric swatches and clear color illustrations in trend books?
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Which city is considered the capital for womenswear in international fashion?
Which city is considered the capital for womenswear in international fashion?
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Trade fairs are typically held once a year.
Trade fairs are typically held once a year.
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What is the primary purpose of buyers attending trade shows and fairs?
What is the primary purpose of buyers attending trade shows and fairs?
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The main buyers likely to attend fibre, yarn, and fabric fairs are _____ buyers.
The main buyers likely to attend fibre, yarn, and fabric fairs are _____ buyers.
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Which of the following shows focuses on mid to low market trends?
Which of the following shows focuses on mid to low market trends?
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Match the following key fabric fairs with their locations:
Match the following key fabric fairs with their locations:
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Comparative shopping allows buyers to find items not carried by their stores.
Comparative shopping allows buyers to find items not carried by their stores.
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Fashion weeks involve a combination of runway shows and _____ exhibitions.
Fashion weeks involve a combination of runway shows and _____ exhibitions.
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What can buyers learn from observing competing stores?
What can buyers learn from observing competing stores?
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Which of the following is a key yarn fair?
Which of the following is a key yarn fair?
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What significant effect does the trend crossover analysis 'Primark to Prada' examine?
What significant effect does the trend crossover analysis 'Primark to Prada' examine?
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Fashion weeks only showcase finished garments and do not allow for live presentations.
Fashion weeks only showcase finished garments and do not allow for live presentations.
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The two key cities for international menswear fashion are Milan and _____ .
The two key cities for international menswear fashion are Milan and _____ .
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How often do international ready-to-wear trade fairs occur?
How often do international ready-to-wear trade fairs occur?
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Match the following shows with their focus:
Match the following shows with their focus:
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Study Notes
Market Research Lecture 4
- Market research involves gathering, recording, and analyzing information.
- Effective market research is systematic and step-by-step; it cannot be haphazard.
- It utilizes information from many different sources.
- Fashion buyers must analyze and use collected information, not just locate it.
- Buyers are expected to use both formal and informal research techniques.
- Buyers conduct research using secondary data before primary data.
- Understanding customer needs and wants is crucial for successful businesses.
- Fashion tastes and preferences change constantly.
- Retailers strive to understand customer profiles (age, income, education, spending patterns).
- Customer profiles are essential for promotion and product selection decisions.
- Knowing customers well allows anticipation of needs; market research helps in this.
- Buyers must make decisions based on their interpretation of data.
- This includes decisions on quantities, colors, styles, vendors, and merchandise to eliminate or add.
- Key sources of information come from both internal and external sources.
- Internal sources include store records of sales, inventory, and customer data.
- Sales associates' insights are valuable sources of internal information.
- External sources can include magazines and trade publications.
- Suppliers/vendors are often keen to share information.
- Buying offices (internal or external) are crucial resources for finding information.
- They offer assistance with market conditions, prices, styles, deliveries, finding resources, secure brands, and forecasting.
- Large retailers often have their own buying offices.
- Independent buying offices serve as consultants and advisors to buyers.
- Independent offices assist buyers in identifying trending products.
- Buyers should watch changes in society and trends (informal research, like photos, looks, or street fashion).
- Buyers interpret the marketing mix to make decisions about products, pricing, outlets, and promotions.
- Formal market research involves using reports from companies like Mintel, Verdict, Euromonitor, and Key Note.
- Fashion forecasters provide trend predictions months in advance.
- Trend-setting agencies provide valuable trend information (e.g., Pantone, WGSN, Stylesight).
- Trend books offer visual aids (color illustrations, fabric samples).
- Trade associations offer updated news, trends, and networking opportunities.
- International fashion fairs, shows, and exhibitions provide valuable insights and trends.
- Fibre, yarn, and fabric fairs often precede the garment season.
- Key fairs (Pitti Filati, Exporfil, Indigo, Premiere Vision).
- Buyer participation in these events is common.
- International fashion weeks are significant (Paris, Milan, New York).
- Comparative shopping involves studying competitors' marketing campaigns, displays, and pricing.
- Buyers visit competing stores to gather information on merchandise.
Homework
- Students should work in groups of 3-5.
- Present a 5-10 minute presentation to the class.
- Prepare a one-page report on current fashion looks, fabrics, and colours from selected high street retailers.
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Description
This quiz covers key concepts from Market Research Lecture 4, focusing on the systematic approach to gathering and analyzing data. It emphasizes the importance of understanding customer profiles and the role of market research in the fashion industry. Additionally, it details the usage of formal and informal research techniques by buyers.
