What Does a Marketing Mix Consist of in Fashion?
The standard components of the marketing mix are product, price, place and promotion. The method used to apply these components differs between industries. The fashion industry is no exception, and each component has its own characteristics in the context of fashion. Although the term “fashion” has a wide range of meanings, it is commonly used in reference to clothing and accessories, where it indicates a style prevailing at a specific period in time.
The fashion industry’s product component applies to items sold by fashion designers and retailers and the various factors that go into marketing them. This includes the name of the fashion brand, such as Gap, Levi or Nine West, as well as the quality and selection of items. It may also refer to services, such as custom designs and alterations, or to the positioning, life cycle or functionality of the products. For example, products sold by Ugg Australia are marketed on the grounds of functionality and warmth equally, as well as their brand name.
Pricing decisions affecting the fashion industry’s products include wholesale and recommended retail prices of the clothing and accessories. The price determines the financial success and longevity of both the manufacturer and the retailer’s companies. Production and selling costs typically determine the pricing of garments, on which marketers based the positioning of the brand. Fashion products that cost more to produce usually carry a higher price based on perceived value to the customer; for example, fashion followers believe Parisian designers set the trends for each season, so clothing designed or produced by their fashion houses reflect premium prices.
The place where items are sold varies widely in the fashion industry and does not always refer to a physical location. Some fashion manufacturers sell their products from their own privately-owned stores or high-end boutiques, while others sell through distribution channels, including mass-market retailers such as Wal-Mart, mall clothing stores. Many fashion retailers make their products available for purchase online. Well-known design houses such as Ralph Lauren and Chanel sell made-to-order garments, crafted specially for individual customers who have the means to pay for exclusivity.
The various methods used to market fashion products make up the promotion component. These include branding as well as online and traditional forms of advertising. Product launches, fashion shows, displays and merchandising are commonly lucrative methods of promoting new clothing lines, while publicity such as news or magazine articles, public relations and social media help to build the profile of the brand and the product range. In the fashion industry, promotion is typically a seasonal activity because each season’s fashions are often marketed as individual ranges.