Miss Selfridge Fashion Forecasting Report free essay sample

Textile trade fairs confirmed the choices made for the seasons` prints and fabrics, also enabling Miss Selfridge to collect unique, affordable additions to its range and at the same time follow the styles invented by reputable fashion designers. The high street trading environment was closely analysed according to the PEST factors. According to the survey and this analysis the main competitor of Miss Selfridge was Zara and River Island, both of which target the same customers and have very similar price range. In this competitive economic environment making the right decisions were crucial to the success and survival of the business. After all of the resources were taken into consideration three trends were chosen to represent the Miss Selfridge style in 2012. While the target customer for this company is in her 20s, these trends have the potential to bring in a wider customer range because they are very versatile and different. We will write a custom essay sample on Miss Selfridge Fashion Forecasting Report or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Choosing three trends instead of one also gave an advantage to Miss Selfridge compared to other retailers; it enabled the company to develop an affordable yet diverse range which is based on multiple styles and colours from the catwalk. The chosen trends were Amazon Queen (for customers aged 18-40, Hand Made (for all ages) and Colour Coated (for the daring fashionistas aged under 30). The colours are the essence of the spring summer season in 2012. As Leatrice Eiseman, the executive director of the Pantone Colour Institute said : â€Å" consumers look to spring for renewed energy, optimism and the promise of a brighter day. â€Å" This is especially true in London as the great island does not often get a sunny weather. Miss Selfridge`s colour palette will deliver in every aspect, and while it follows the â€Å"catwalk shades† it will incorporate some new hues that will make the range unique /bright magenta, tangerine, amazon green/. The garments follow the silhouettes seen on the fashion weeks, the signature styles are asymmetric hemlines, rounded shoulders, cropped tops and hot pants. The skirts are either skin tight or light weight and flowing. To give the company a competitive edge, this year Miss Selfridge was advised to focus on a new, unique selling point: the use of British textiles and resources. The fabrics used for the new trends should be sourced locally with minimal travel undertaken, therefore reducing pollution to the environment and advertise sustainable living and eco-fashion. As the brand launched a major initiative named â€Å"Fashion Footprints† in 2007 this will serve as a great reminder that Miss Selfridge is an eco-conscious retailer. This will draw attention to the company again and will attract very different-minded, completely new customers. Making profit As the business environment is constantly changing every company that wants to be successful and make profit needs to understand and examine the three components of market evolution: the way in which customers adopt new products, the evolution and acceptance of technology and the impact of competition. Brassington, 2006, p. 350/ The lifecycle of a product changes according to the changes in customer behaviour so predicting and anticipating the target audience`s reaction is crucial. The concept of the diffusion of innovation (Rogers, 1962) analyse the speed at which a new innovation – product – sweeps across the market as a whole. It is also very effective in the classificatio n of customers depending on their speed of adoption. For Miss Selfridge the Innovators are the â€Å"shopaholic fashion followers†, who devote time and money to achieve the â€Å"just off the catwalk† look when the new season starts. Innovators are not the usual high street shoppers; they belong to a high social class with financial background to afford often couture, designer items. They are going help to get the product off the ground and in the process of gaining acceptance. They are the first â€Å"adverts† for the spring summer styles of 2012. Miss Selfridge`s Early adopters are the mid-20s high shoppers who are enthusiastic about fashion and while buying designer items they also visit high street stores. All the 3 trend developed will appeal to these customers who will have a major role in maximizing profit. They are also the ones who spread word-of-mouth recommendations about value, quality and benefits and together with the innovators they are the best advertisement for the company. The developed trends will thrive as the mass market builds up with the Early majority customers entering the process. By this time the season`s and Miss Selfridge`s new prints, fabrics and fashion forward styles will be well known which creates a social pressure: customers who are yet to invest in the season`s new hits will want to have them soon and will not be likely to wait until the prices come down. According to the results of the survey that Miss Selfridge conducted most of its customers belongs to this category. According to careful prediction the percentage of the company`s Late majority customers will be very low this season due to the affordable pricing and tempting, sleek designs. By the time the Late adopters enter the market and most of the sales begin Miss Selfridge will be in the process of developing and presenting the next season`s lines and the whole circle begins again. The adoption process models of Rogers (1962 and 1983) and Robertson (1971) reflect the psychological process that each customers go through when choosing an innovation. This is the process that all the customers – innovators, early adopters, early majority, late majority – have in common. According to Roger`s theory the customer first gains KNOWLEDGE ( same as the stage AWARENESS in Roger`s 1962 model). Without this no product has any chance of surviving. For the Innovators this usually happens at the season`s first fashion shows or exhibitions.