21st of Jan lecture notes

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What is consumer behaviour? 
The study of the processes involved when individuals or groups select, purchase, use or dispose of products, services, ideas or experiences to satisfy needs and desires.


Maslows hierarchy of needs 
  • Self actualisation needs - the desire for self-fulfilment in achieving whatever someone can 
  • Esteem and status - striving to achieve a high standing in relation to other people
  • Social needs - we need social experience and desire products and services that facilitate social exchange 
  • Safety needs - protection from the unpredictable happening in life 
  • Physciological needs - the fundamentals of survival 


Diverse and changing markets 
  • Most fashion marketers try to attract several segments at once 
  • Changes in economic or social conditions can change consumers mind

Segmenting a market
  • Market segmentation is a way of analysing a market by categorising their specific characteristics 
  • Demographics 
  • psychographics
  • Geographic 
  • Behavioristics 
  • Marketers may look at the purchase occasion for a product, the product benefits sought by consumers or usage level and commitment towards a product:
       -purchase occasion 
       -product benefits 
       - usage level and commitment 
      - geo demographic segment 


Tageting 
  • The next step is targeting in which marketers evaluate each potential segment and decide upon which groups of customers they will invest marketing resources 
  • Selected groups are known ad target markets 
  • How is technology making it easier for fashion firms to target potential customers 


Brand positioning statement 
  • An effective brand positioning strategy will maximise customer relevancy and competitive distinctiveness in maximising brand value 
  • What does the brand community currently believe about or value in the brand?
  • What might the brand community believe or value about the brand in the future?
  • What does the organisation currently claim about the brand?
  • What would the organisation like the brand to become down the road?

The final step, positioning?
  • Product differentiation 
  • Service differentiation 
  • Personnel differentiation 

A market map illustrates the brand if positions that a product can take in a market based on two dimensions that are important to customers 

Product life cycle 


  • The first stage of the fashion cycle is when new styles colours textures and fabrics are introduced 
  • The second stage of the fashion cycle when consumer interest grows and the fashion becomes more readily accepted by consumers 
  • Mass production brings down the price of the fashion, which results in more sales 
  • The third stage of the fashion cycle during which a style is at its height of popularity 
  • He fashion is demanded by almost everyone because it is now within the price range of the most consumers and is mass produced in many variations
  • The forth stage of the fashion cycle when the market is saturated and popularity decreases
  • The fashion is overused and becomes dull and boring
  • The fifth stage of the fashion cycle when the style is rejected, is undesirable at any price, is no longer worn and is no longer produced 

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