Chapter 2 Book Notes.docx

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Department
Fashion Design and Merchandising
Course Code
FASH 290
Professor
Videtic

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Fashion Branding Book Notes Chapter #2  A product is simply defined as a commodity offered for sale or as a sum of features that are meant to solve a problem and is offered for sale.  A product & a brand are not the same thing & developing a brand is different from developing a product.  Branding: is a multifunctional process that highlights a proposed value for a product & transforms it into a real consumer experience. - The branding process steps: 1. Brand decision: brand vision & brand concept 2. Positioning strategy: product mix (features & attributes), brand identity (symbols & personality). 3. Brand communication 4. Brand audit & evaluation 5. Growth or brand repositioning  Brand Decision: THE VISION: a brand is a vision, a concept, & a story coauthored by many partners. The starting point is realizing that there is a necessity for the brand to exist & a potential for reward. - Brand has 2 strategic goals: to bring value to consumer while satisfying need & to generate economic return to its owners. - Branding decision starts by recognizing that there is both an external & internal need for creating a brand. - A branding decision cannot be made in isolation from the organization’s financial/marketing goals. It must answer questions like who are we? What kind of business are we? What are our strengths & what are we all about? What is our mission? What is our vision for the company? - Generally the mission statements mainly targets internal audience. It directs the strategic decisions & answers the important questions of why we are in business & what kind of business are we in. - Vision statement also targets outside world. It is usually concise & long term oriented. Also presents framework for future decisions while maintaining the flexibility to respond to future changes. - Ex: NIKE mission statement “to bring inspiration & innovation to every athlete in the world. If you have a body, you are an athlete.” - In the fashion industry, decision making process/relationship between top management & the creative department varies according to the type of brand and its segment. - Luxury brands live on creative superiority/trendsetting. Full control/creative authority is given to designer. Many luxury brands don’t have brand managers. - Mass marketed brands are trend followers. In most of these companies, designs are handled by teams of young designers or product developers whose main role is to emulate fashion trends proposed by luxury brands’ designers. These brands have more of a marketing approach to design & almost always have brand managers. Most commonly created by entrepreneurs rather than designers.  The relationship between branding & marketing is strong & essential. Marketing supports development of a brand in all of its stages. It also plays a vital role in the creation of emotional values through the shaping of the brand personality & then communicating it to the outside world through its various communication channels. - Internal Marketing: need to sell & market brand’s concept inside the organization before you attempt to do so to the outside world. Main purpose is to overcome any internal resistance to new ideas or strategies as well as make it easier to implement them. it also created higher level of communication/commitment toward shared roles. Tools include use of: training programs, seminars, e-mails, special events, internal newsletters, word of mouth, etc. it’s essential that every activity within organization supports brand & that everyone understands it & believes in it. Everyone must be a brand advocate. - External Marketing: external interaction with the market. Starts at the early stages of market research and later activities aiming at the marketing & selling the brand concept to the rest of the world. Promotional activities, market research/analysis are used. External marketing also allows companies to identify a market niche that will distinguish them from competitors. Allows companies to identify a niche that will distinguish them from competitors. Marketing pushes necessary info/signals from the organization to the outside, allowing it to introduce brand to world/facilitate its penetration into these external markets. Marketing also pulls a wealth of market info into company.  Brand level: a new brand can be introduced by 1. Brand/promote the organization itself as an umbrella under which many products are sold (ex. NIKE). With fashion brands, it can also the promoting the designer as the institution & the brand at the same time (ex. Giorgio Armani). 2. Create separate brands, & promotes each individually as a separate entity.  The company: it’s the sole legal owner of brand & all its copyrightable elements such as name, logo, or technology. Also brand’s major investor & financial baker (through owners & shareholders). It is also major risk taker from a financial, marketing, & social perspective.  The customer: plays important role in shaping of brand through branding process: - Brand is meant to address a user’s need. Every brand is built with a target customer in mind. Marketing principles established various segmentations of criteria such as demographics, psychographics, Geographic’s, lifestyle, etc. - The customer is the one who ends up determining the market position. - Manner in which costumer sees brand/image he/she mentally creates are subject to many influences like their experience w/brand & its competitors, as well as other accumulated cultural, social, & economic influences. - Customer’s verdict on brand is also major catalyst in evolution of brand. User behavior/response to brand determines whether the brand is ready for growth, re- branding, or demise. - Consumer’s adoption curve: demonstrates that consumer’s adoption patterns differ in size/timing. Celebrities, socialites, & Fashonista are eager to buy new trends so they are willing to pay a premium price and the late majority adopt trends at its decline stage when it becomes available at discount retailers at cheaper prices.  Buyers purchase decision process: 1. Problem recognition: stage where person perceives that he/she has an unfulfilled need. This gap represents your need. Needs can be actual or perceived, functional or emotional, they are the main focus for branding & marketing activities. 2. Information search: after people realize need, they start to search to best options to fulfill it. This source of info can be internal or external. - Internal source: refer to person’s own experiences w/different products/brands relevant to that need. Effective, cheap, less risky source of information. - External source: external sources of info can be friends/family, consumer reports, or promotional sources, such as advertising, publications, & salespeople. 3. Alternative evaluation: individuals evaluate alternatives based on nature of the need & their own priorities. De
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