- Dr Tarun Panwar Presentation Plan Revisiting Fashion Uniqueness of Fashion Marketing Luxury Brand Systems Principles of Luxury Identity v/s Image Branding Strategies “Fashion is not something that exists in dresses only. Fashion is in the sky, in the street, fashion has to do with ideas, the way we live, what is happening.” Coco Chanel UNDERSTANDING FASHION FASHION is the currently prevailing style well accepted by masses at a given point of time the key question…. Fashion movements are evolutionary or revolutionary? Nature of Fashion Fashion movements are evolutionary in nature Uniqueness of Marketing fashion Psychological Obsolescence A short life cycle (selling period) Long lead times High product variety, low volumes per SKU High demand uncertainty and variable demand high stock-out cost High inventory and obsolescence costs FASHION PRODUCTS : CHALLENGE Long supply lead times Having too much product leads to markdowns/ discounts Having too little product leads to stockouts and lost opportunity Leanings from Toy Industry “Mattel's business is subject to risks associated with the underproduction of popular toys and the overproduction of toys that do not match consumer demand.” Mattel Annual Report Marketing Fashion PEOPLE NO LONGER BUY PRODUCTS TO KEEP THEM DRY AND WARM. They buy them because ……. The product can……..make them feel:- MASCULINE SPORTY RUGGED DIFFERENT YOUNG RICH GLAMOUROUS SUCCESSFUL SENSUAL Our business now is selling excitement rather than products. Brand “The consumer‟s idea of a product” - Ogilvy Perception of an „experience‟ offered by the product or service A promise that no other competing product provides Uniliver chairman, Niall Fitz Gerald says a BRAND is a storehouse of trust. That matters more and more as choices multiply. People want to simplify their lives. Promise User Brand Provider Trust How are Brands different from Products? Brands Products Functional Emotional/Functional Concrete, Rational Conceptual, Describes “What” Perceived Generic Describes “What” & “Who” Limited life span Unique, Distinct Transaction oriented Unlimited life span Easy to copy Relationship oriented Can‟t be copied A Louis Philippe A shirt Shirt Singularity of focus Own a word Leadership Consistency Own the category Be consistent Longevity Strong Perceived Withstand the test of time Brands Quality Advertising Perceived Be refreshingly different Uniqueness Vivid Imagery The Luxury Brand System AURA • Pure Creation, Unique Work, Griffe Materialized Perfection • Small Series, Workshop, Luxury Handmade Work, very fine craftsmanship • Series, Factory, Upper Range Highest Quality in the category • Mass series, The Brand Cost Pressure Principles Of Luxury Brand Management Protect clients from non-clients. Luxury brand awareness must be superior to its penetration. An object must always be up to par with its brand. SENDING MEDIA RECEIVING BRAND IDENTITY SIGNALS BRAND IMAGE TRANSMITTED OTHER SOURCES COMPETITION OF INSPIRATION AND •MIMICRY NOISE •OPPURTUNITY •IDEALISM IDENTITY Vs IMAGE PICTURE OF SENDER PHYSIQUE PERSONALITY E I X N T T E E R R N N A RELATIONSHIP CULTURE A L L I A S I A S T A I T O I N REFLECTION SELF IMAGE O N PICTURE OF RECIPIENT BRAND IDENTITY PRISM Brand Identity Prism Branding Strategies Product Brand Line Brand Range Brand Source Brand Endorsing Brand Product Brand Strategy Range Brand Strategy Sports Apparel Footwear Equipments Eyewear Watches Accessories The Source Brand Strategy Armani The Endorsing Brand Strategy Thank You for your time The Line Brand Strategy GAP Inc. House of Brands Branded House Value Addition Process In Fashion Marketing Type Retail Channel Fantasy Designer house Haute couture Boutique Better independent store Price, Fashion pret-e-porter Specialty store fashion, Diffusion line Department store value of timeliness Style wear Mail order Contemporary classics Mass merchandiser Department store Basic updated Budget store Discount store Basic budget Creating a winning Brand.. Brands : A brand‟s identity personifications of Top management must be frequently organizations, support is crucial to and consistently products, services a brand‟s success. presented. and experiences, Brand building with A brand should Profound customer relevant strive to evoke knowledge- to differentiation emotions and delight the begins with create sensory customers awareness. experiences. The corporate Front line culture must employees are key reinforce the brand to a brand‟s essence, promise success. and personality. Brand It! Now, More Than Ever! “The increasing difficulty in differentiating between products and the speed with which competitors take up innovations will assist in the rise and rise of the brand.” Gillian Law and Nick Grant, Management [New Zealand] Scott Bedbury: Nike/Starbucks “A Great Brand taps into emotions. Emotions drive most, if not all, of our decisions. A brand reaches out with a powerful connecting experience. It’s an emotional connecting point that transcends the product. “A Great Brand is a story that’s never completely told. A brand is a metaphorical story that connects with something very deep - a fundamental appreciation of mythology. Stories create the emotional context people need to locate themselves in a larger experience.” BRAND CUSTODIAN BLUEPRINT MEDIA SPECIFICBRAND MANAGEMENT MEDIA NEUTRAL BRAND MANAGEMENT Corporate Product Brand Service BRAND Brand Brand identity DNA theme name Retail site Packaging Advertisement Public relations The above blueprint structures the process of developing new brand names, identities and experiences expressed through all media types. Strong brands own a word in the minds of consumers. Say the word and the brand will pop out! Spykar Levi’s •Youth •501 Jeans Culture United Big Colors of Bazaar Benetton •Value for •Colors money Nike Own Armani •Just Do it! a •Niche Word!
"Selling Strategies of Big Bazaar"