Market Research Lecture 4

Gathering, recording, and analyzing information about a market in a systematic way.

A step-by-step process for conducting market research, avoiding haphazard approaches.

Information or data from external sources, used before collecting primary data.

Data buyers collect themselves to gather information about the market

Description of a customer, focusing on characteristics like age, income, education, & spending habits.

Making informed conclusions & recommendations based on market research.

Ongoing market research using both formal and informal methods.

Understanding your customers better than competitors to anticipate and capitalize on market changes.

Trade shows allow buyers to stay updated on new products, gather ideas, network, find new suppliers, confirm range relevance and potentially place orders.

Buyers discover new shades, textures, styles, and prints from various products at trade shows, leading to future design ideas.

Buyers compare products, prices, assortments, services, and customer response to evaluate competitor stores' successes.

Biannual events where designers and manufacturers showcase their next season's products to international buyers, typically held in fashion capitals.

Fairs showcasing fiber, yarn, and fabric, often held a year before garment seasons. Popular for own-label buyers.

Events combining runway shows and exhibitions influencing international fashion trends, especially for womenswear in Paris and menswear in Milan, with New York and London competing as influences.

Biannual events in exhibition halls showcasing ready-to-wear products on live models, attracting buyers from various businesses.

Buyers who source from independent manufacturers, often placing orders in advance of the season, typically not attending fiber/yarn/fabric fairs.

Buyers responsible for sourcing from and stocking designer or specific brands. Attend trade shows to see new collections.

Discovering products and shops not offered by current stores, finding novel ideas and items, informing purchase decisions in light of the competition.

Studying competitor store advertising to understand pricing strategies, quality comparisons, and product features.

Buyers attending trade shows must choose whether to buy, or further analyze products. This is important to understanding the product's success amongst competitor products.

Observing street fashion and popular items provides insights into emerging trends.

Identifying how a trend in one market segment (e.g., lower price fashion) later appears to trend in other segments (e.g., more expensive fashion).

Major cities like Paris and Milan, along with New York and London, heavily influence global fashion trends.

Buying offices within a store, handling purchasing for that store, without sharing info with other retailers.

External consultants advising buyers on fashion trends and market conditions, helping small retailers compete.

Non-formal methods such as looking at photos, images, and attending events like nightclubs to see current trends.

Fashion buyers are key parts of the marketing process, affecting product design, pricing, retail locations and promotion.

Using professional sources such as Mintel, Verdict, Euromonitor, and Keynote for business insights into fashion trends.

Business consultants who predict fashion trends in advance to help retailers plan their products.

Agencies (like Pantone) that predict color trends for use in fashion and other industries.

Agencies (like WGSN or Stylesight) that provide trend analysis, color swatches and lookbooks for the businesses.

Organizations for retailers, providing news, connections, and trade-show opportunities in a specific segment of retailing.

Trade shows and fairs help buyers see new products, meet vendors, and understand new trends, fostering important business connections.