other hand, are a link between production and buyer merchants. They have the responsibility of ensuring that the production goes according to the schedule and requirements of the buyer. Other concepts and requirements in fashion merchandising that one needs to understand are: Target Market : It is defined as category of consumers one is targeting at for selling the product. It is essential to understand the target market as this will allow the sales department to focus on that category of consumers who are ‘most likely’ to purchase the offering.
It is also to insure the highest return for the marketing/sales expenditures. This can be done through Market segmentation. Market segmentation is a strategy that involves dividing a larger market into subsets of consumers who have common needs and applications for the goods and services offered in the market. Market can be segmented in various ways — Demographic Segmentation is on the basis of Population, Age, Sex, Occupation, Education and Income.
Geographic Segmentation is on the basis of cities, states and regions. Climate of various places may vary and it plays an important role as choice of merchandise, especially as selection of clothes is climate dependent. Psychographic Segmentation is on the basis of lifestyle like social activities, interests, leisure pursuits, needs and wants. People having similar lifestyles can make up a target market group.
Behavioural Segmentation is on the basis of opinion on specific products or services. Many times rating of usage of products and services is done. This helps in improving the service/product and make it different from others. As a merchandiser one needs to interpret consumer demand also.
There is a need to understand what customers’ buying motivations are. Merchandising Rights Right Merchandise: Retailers must fill their shelves with the merchandise that the customer wants. At Right Place: The location of the merchandise is of prime importance since it decides accessibility. At Right Time: Much merchandise is seasonal in nature and must be on hand when it is most needed.
In Right Quantity: This means a profitable balance between volume of sales and amount of inventory. Right