WHAT ARE 4 Ps IN FASHION RETAILING?

In the whole chain of fashion industry that begins from the cotton fields and ends in the hands of the customers, two sectors are highly significant though other sectors have their own importance but manufacturing and retailing sectors are the pivots of this huge industry. It is retailing sector that determines the manufacturing of the fashion products sensing and evaluating the trends, behavior, reaction, priority and demand of the customers and the best marketing practices. The retailing sector holds the key of the brand’s success as it also guides the whole industry what the competitors are following and what is going on around.    

WHAT ARE 4 Ps?

The 4 Ps can be defined as;

1. Product
2. Promotion
3. Price

    4. Place

WHAT IS IMPORTANCE OF PRODUCT IN FASHION RETAILING?

A good and suitable product provides a robust base for the vibrant retailing sector as it is first to attract the attention of the c

ustomers because a good and attractive product rolls the eyes which are the first customers then comes the heart followed by the mind that decides what to buy at what price. The decision what to put on display at a retailing out is taken while taking into account many factors such as;

1. Age

The consideration of age factor while putting the fashion products on display is very important because it is based on the whole study of the mindset and priorities of all the age groups as it is required to present colorful, fluffy, easy to wear, comfortable and cozy dresses for the kids. The trendy, dark colored, high end and valuable dresses are meant for the teenagers and youngsters while sober colored, nicely sewn, valuable, comfortable and trendy dresses cater to the middle-aged people and for the older people, comfortable, airy, dark colored and easy dresses are the requirement of the old people.

2. Gender

The most valued customers of the fashion products are the women and catering to the women requirement is catering to the whole business. They make purchases not only for themselves but for the kids, male members of the family and even the husbands. It is highly important for the fashion retailing sector to satisfy the women with their products and services because a satisfied woman customer is a big reference for the products as a good customer brings many other good customers to the fashion retailing.

3. Income

The fashion retail sector is required to make a deep analysis of the purchasing power of the potential customers and should be divided in three brackets based on the range of the incomes. It is important to know what a group can spare the amount from their income for the fashion products. The products should be put on display as per the requirements of the income group as the street wear and casual dresses are meant to cater to the lower income group while trendy dresses with the semi-valued material should be put to sale for the middle-income group and the high ended and highly valued fashion products should cater the high-income group. Th elite class requires Houte couture, port-a-pert and luxury wear.

4. Other factors

Apart from these considerations, the retailing sector should also analyze and evaluate the marital status, ethnic origin, education level, purchasing habits, living style, behavior, interests and priorities of the people while putting the products on sale.

WHICH ROLE DOES PROMOTION PLAY IN FASHION RETAILING?

It is the advertising and promotion strategy that guides the customers to the fashion retailors for the products of their choice. The promotion drive is the way to approach the eyes and ears of the customers as it influences their minds and hearts which pave the way for robust shopping spree. The advertisers and promoters adopt different tools to convey the message of the fashion brands to the potential buyers such as newspapers, magazines, TV channels, radio and more importantly social media. The huge neon signs, pamphlets, flyers and other such traditional methods are also followed for the promotion campaign. The visual gadgets are the strong media to influence the minds and hearts of the customers. Moreover, these modern methods are the strong tools to set the trends. They give the message in a way that life would be incomplete if such and such fashion products have not been worn. 

WHAT IS PRICING IN FASHION RETAILING?

Pricing of the fashion products involves two-prong strategy as it is to calculate the cost in the manufacturing of the fashion products and overhead charges and suggest the price to make sizeable profit that ensures the ball of the business rolling. The other factor is to suggest which product of the fashion industry should be put on sale on which price as per the requirement and purchasing power of the potential buyers. The products of low cost with low price should be put on display for the lower income people, the products of average cost with average price should be offered for the middle-income group while luxury items without the high price benchmark should be presented for the high-income group and there are the products and purchasers where price factor loses its importance and trendy, fashionable and high valued products reign supreme.

HOW MUCH PLACE IS VITAL FOR FASHION RETAILING?

The right place for the right product is very important factor for the successful sale strategy of the fashion products. The place should be chosen for the fashion products keeping in view the valuable and robust supply chain. It also depends on the analysis which product should be presented to which type of the customers. The posh areas should have preference of the luxury wears, the average customers should be catered to with the products of semi-luxury and ready to wear products while the street wears are meant for the casual wearers. Moreover, there should be a viable strategy to make a choice what should be put on sale at the brick-and-window stores (retail stores), pop-up stores, ordinary bazaars and markets, shopping malls and more importantly online stores.

• CONCLUSION

The whole discussion reflects only one point as to how to sell the fashion products. The products, cost of their manufacturing, finding the suitable audience, approaching the customers with promotional activities and finding the appropriate place for the appropriate customers are all meant to make successful sale of the products. It involves a huge business activity making fashion retailing a very strong business model in which hundreds and thousands of people put in their best to make it a success. This vibrant business provides endless job opportunities and proves beneficial for many others who are directly and indirectly involved in this business.     

FAQs (Frequent Asked Questions)