Product Portfolio in Fashion Industry - Report
Added on - 28 May 2020
Showing pages 1 to 4 of 18 pages
Running head: PRODUCT PORTFOLIOProduct PortfolioName of the StudentName of the universityAuthor’s Note
1PRODUCT PORTFOLIOIntroductionFashion industry evidences constant change in the trend, which makes it necessary for theorganisations to constantly introduce innovative designs in market for holding competitiveadvantage. However, the innovative product development incorporates a number of verificationstages, which ensures the product sales and profit in the particular target market. This canincorporate trend or directional trend analysis, style and colour trend, market research, rangebuilding, pricing strategy, sourcing, costing, negotiation, product specification, fittings, testingand critical path. Following this steps help in validating the effectiveness of the product. Thisportfolio aims to identify the validity of denim jeans in the target market of UK.Directional Shopping AnalysisDirectional shopping analysis is the step incorporated by the fashion industry to identifythe current dominating trend in the market. A company in this particular stage of productdevelopment employs its effort in studying the market trend (Choiet al2013).This helps indirecting the focus of the fashion product manufacturers towards the upcoming trends in themarket.Collecting information is however a complicated process, where identifying the trenddirectly from the target customers has limited options. This identifies the need informationcollection from the retail stores for formulating idea on the popular styling, price, fit and qualityof the materials used by the mass target population. This specific criterion is fulfilled by visitingthe local stores, whereas, introduction of new trend in the market requires the designers to visitthe major fashion cities.
2PRODUCT PORTFOLIOSamuel Trotman, senior editor of WGSN is a denim specialist. WGSN is fashionconsultant agency that employs its resources for identifying the market trend in different parts ofthe world (wgsn.com 2018). The report submitted by Trotman reveals that denim is consideredas all seasonal jeans availed by the mass in UK and the population around the world. The out-there jeans, super-dramatic flares, pearls embellishments and ruffle-trim cropped jeans(Store.mintel.com 2018), will accompany the present trend of skinny jeans and straight legs. Inthe meantime, the denim jacket is likely to be back to have its impact in the market.Men’s denim on the in the other hand for the upcoming year is likely to undergo limitedmodification. The popular upcoming denim trends that are likely to dominate the market are,unwashed, cropped, skinny, slim fit, embellished and ripped. Moreover, classic 80s style is likelyto revisit the market in 2018 (wgsn.com 2018). These trends are likely to dominate the marketfor the upcoming year.Style and Colour trend IllustrationThe product proposed to be developed in the process is the denim jeans that have lastedin the market for comparatively longer period. This is due to the comfortable use and easy tomaintain nature of the product. Moreover, in the meantime, this particular product is useable inall season and the demand remains constant around the year. However, the product hassignificantly evolved in the chronological frame and it is not the same as it was in its early stagesof development. The above directional shopping analysis provided detailed insight about thecurrent trend of denim jeans in the UK market for both the male and female perspective.Depending on the above directional shopping analysis, the style selected for processingcan be the ripped denim jeans that are getting attention in the recent years. The trend became
3PRODUCT PORTFOLIOpopular among the youth of UK as well as in the international market. However, the intensity ofripping will be reduced and controlled for bringing variation when compared to the productsdelivered by the competitors. This is to allow the customers using the product in multipleoccasions and various types of appointments. This will provide a versatile usability to theproduct. Additionally the product will follow the criterion of skinny jeans for bringing modernityin the ripped category.Colour of the product is another important concern in the fashion garments industry. Thecolour that is believed to have greater attraction in the target market is the traditional blue denim.Moreover, different shades of denim blue for this product will gain greater attraction among thewide target customers.Selecting this style will help addressing both the UK customer base along with theinternational fashion cities namely Melbourne, Amsterdam, Moscow, Vancouver, Berlin andmany more. These cities are considered as the promoter of fashion around the world.Market ResearchMarketing research in the product development refers to the market study conductedbefore sending the product for production. This step is undertaken for identifying the potentialbuyers in the target market and the demand of the product. This helps the company indetermining the amount the company needs to produce for the target market.SegmentationSegmentation helps in identifying the niche with specific needs of the product beingdelivered. The focused market can be segmented basing on a number of variables, where the