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Marketing high street fashions in today's economy
Pages 12 (3012 words)
Marketing high street fashions in today’s economy Marketing high street fashion in today’s economy Introduction Major fashion designers and businesses providing high end clothing and accessories in today’s economy have mixed results in terms of gaining customer loyalty and ensuring profitability.
There is currently a lingering recession in the UK and abroad that is radically changing the buying behaviour of consumers that were once devoted and loyal to their favourite brand names. This difficult economy and changing consumer sentiment, along with rising competition, is changing the nature by which high street and other high-end retailers market their products. This report identifies how fashion companies segment their customers in the current economy along with discussion about how companies now differentiate to gain loyalty and correct their image problems. Segmentation, targeting and communications In the past, high end retailers like those commonly found on High Street in London used to segment their most relevant customers by needs and lifestyle, along with resource availability depending on their social class. However, with rising competition from fast fashion, lower-end retailers acting like high-end fashion retailers, this philosophy has changed. Western models of segmentation such as the VALS2 Network which describes eight different lifestyle and resource tendencies of key markets are not as effective as they once were. This model describes active lifestyles versus more sedentary buyers with traditionalist values, as two examples, in order to help marketers identify with key needs, values and attitudes (Boone & Kurtz 2007). ...
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