Introduction
In fashion merchandise, I consider market segments where I try to analyze their target customer and market level. In doing so, there is the need to analyze the pricing cost components, and the ultimate manufacturer’s suggested retail price. The essay shall look at the good, better and the best marketing plans within the context of ladies’ knit dresses that are mostly of fabric and imported from various countries in the Far East, North America, Europe and North Africa (Wells, 2011).
Good marketing plan
This marketing plan has a target customer line for high school and college ladies. This group of clients comprises of Strikers class according to Val's Psychograph. They have full knowledge of what is trending in the market due to having access to social fashion blogs and celebrity show following.
The marketing strategy is to ensure that the dresses are up to the current trends and, therefore, appealing to this class of ladies who have few resources at their disposal but at the same time want to look trendy and stylish.
The dresses are for the contemporary market that is for the trendy apparel ladies out to spend more than on budget markets/mass markets, but less than on moderate markets but have the ‘popular’ look on them.
Good marketing plan cost sheet
Better marketing plan
This marketing strategy targets married women with a good sense of fashion and desire to be trendy and although they command a lot of resources, they have a low disposable income due to unlimited family wants and priority lines. In Val's psychographic, they fall in the category of makers.
At the price point classification, these ladies are in the Better class because they desire to have better quality dresses and fabrics at a lower price but share a feeling of being in a designer wear. Mexican laborers are famous for their handwork and perfect machine work due to the prevalence of cottage industries in the vast country.
The dresses are to be imported from Mexico, which has a more quality brand than the Far East and the Caribbean but less expensive than similar brands from Europe or North America. Furthermore, the dresses are more expensive in this category than the good brands because they are of pure sateen as contrasted with the mainly cotton dresses. Mexico has a comparative advantage in the production of sateen fabrics and the geographical advantage of being close to the USA that guarantees Mexican Imports to America being duty-free (Angus, Baudis & Woodcock, 2015).
Better marketing plan cost sheet
Best Marketing Plan
Target customers are well to do women in the society, possibly social personality, working in the entertainment world. The industry is fashion sensitive; hence, the women are in need of commanding public respect by wearing the correct attire while looking fashionable and admirable without spending a fortune on Designer clothing.
In pricing of the product, consideration is given to the fact that the fabric is originally made in France, one of the world’s fabric pace setter as Southerton (2011) argues. The finishing is then done in Morocco which has a lower wage rate than France. The strategy is aimed at keeping the price lower than designer clothing but still maintain the desired quality.
Silver zipping, studs embroidery and sanding are done to trim the product and boost the quality of the dress. The quality improvement is aimed at making the dress appeal to this class of women. The ladies are Believers according to Val's psychographics because they have social personalities and an image to portray to their many admirers. However, they are constrained by limited resources as compared to first class citizen though better off than most middle-income earners.
In addition to that, the ultimate product is valued at a price of slightly below $1000. The price falls in the top segment in the pricing class of Bridge, therefore, possess the attribute of exclusiveness and designer wear at an affordable rate though lower quality than Haute Couture.
Marketing strategy: keep the pricing lower than a designer; perceived value is to do with quality in detail and fabric; possible to make a higher markup in this market level; quantity is lower (Institute for Career Research, 2005).
Best Marketing plan cost sheet
Conclusion
In conclusion, the essay has demonstrated how a unique product can be made for specific markets by the addition of value. The value addition translates to the good, better and best marketing plans that have elaborate strategies that target customers with different psychographic characteristics and ability and desire to shop at specific price levels. The cost sheets are an illustration of what constitutes the end product in the fashion merchandise business.
References
Wells, W. D. (2011). Lifestyle and psychographics. Chicago: Marketing Classics Press.
Angus, E., Baudis, M., & Woodcock, P. (2015). The fashion dictionary: A visual resource for terms, techniques, and styles. London: Carlton Books.
Southerton, D. (2011). Encyclopedia of consumer culture. Thousand Oaks, Calif: SAGE Reference.
