Products pt 2

Products Continued

Fashion Brand Management Map

Course Objectives

Today's Focus

Consumers

Symbolism

Distinctive Elements

Consistency

Metrics (KPI)

NOT controlled by the Brand

Experiences

Controlled by the Brand

Digital

Physical

Strategies

Omni-Channel

Products

Price Points

Product Innovation Review Price Points Next Final Project Component

Product Innovations

Key Responses on Going Public

Experiential

"No, it's not"

Extension

Ethical

Product Innovations

More specific examples

Experiential

Extension

Ethical

Product Price Points

Why do we talk about these separately from innovations and cycles?

Product Price Points

Different segments = Different expectations

Off-Price

20-60% off

Budget

<$50

Moderate

$50-$150

Better

$150-$300

Contemporary

$100-$500

Bridge

$300-$1,000

Designer

$1,000<

Are you willing to play a game?

A reminder

Product Category Innovation

Purpose

This assignment requires you to propose a product innovation that would enhance brand equity. When you have completed the activity, you will be able to identify product categories, construct innovations, and communicate their potential for expanding brand identity and image.

Final Project Component

This will be a component of your final project if you are hired as Product Specialist. Your submission may be used by the Brand Manager to determine their team if you score high enough COL points.

Anticipate Omnichannel requirements!

Product Category Innovation

Example Response

Inspiration and Ideas

LookingAhead

Vocab Quiz!

This is meant to be vague and challenging

Digital and Physical Experiences are aheadThis encourages you to: Not feel obligated to use ideas covered in class Spend independent time researching, preparing you for those experience discussions

1. Product Category: Women's luxury handbags
2. Product Profile
1. Product type: specialty; women's luxury handbags fall under the specialty products category. To find the perfect item, consumers tend to research and select specific brands, styles, and quality.
2. Product lifecycle stage: maturity; luxury handbags are mature. To keep market share, brands need to distinguish themselves through their quality, exclusivity, and innovation
3. Diffusion stage: early majority; Investing in high-quality, stylish bags has become a fashion staple for most consumers.
3. Market Research: Gucci's "Gucci Off The Grid" collection uses recycled materials and eco-friendly processes, making it a standout innovation in the luxury handbag market. As a result of this initiative, Gucci is today positioned as a leader in sustainability within the luxury segment, appealing to younger, eco-conscious consumers.
4. Innovation
1. ethical innovation: The "Custom Craft" handbags for women is an innovation that offers customers the opportunity to design their own handbags. With this program, consumers could choose colors, and materials, and even add personalized monograms or symbols. In addition, the brand would commit to a bag take-back program, encouraging customers to recycle or refurbish old bags.
5. Innovation Value: In this innovation, the brand aligns sustainability and personalization, reaffirming its identity as a luxury brand that is committed to the environment, while also providing unique and customizable products. Bringing together exclusivity and ethical practices, it appeals to both consumer's desires and needs. A positive impact on brand image is heightened consumer loyalty and engagement through personalized experiences, which could attract a new demographic. A negative impact on one's brand image could be the long wait times or the lack of luxury standards in customized products that harm a brand's reputation.

Lululemon:

• Wellness space in Lincoln Park
• Holistic with lifestyle
• Usage imagery applied
• Foster community

Course Objectives

• Identify basic terminologies and concepts in fashion branding and marketing
• Explain the importance of brand experience in establishing brand equity and salience
• Comprehend different types of brand strategies and their key benefits and costs
• Identify the characteristics of highly effective brand communication
• Explore the future of digital brand communication in the light of constant changes in the retail environment
• Develop a successful fashion brand omnichannel launch strategy designed to enhance sales and profits

" Yes, because it increases ethics."

"No because you’re not adding a new product or category. But it can have ethical impacts because it enhances transparency and can change the consumers perception of the brand."

Bulgari:

• Initially high-end jewelry
• Launched hotels/resorts in 2004
• Provides a unique service
• Builds the brand image

"Going Public is an Experience Product Category because it can make a brand more memorable and engaging. People will associate that brand with whatever they do to “go public”, because it will usually be some kind of big statement."

"We say it would be classified as an extension because it’s goal is to grow the existing brand and gain visibility"

Stella McCartney:

• adidas by Stella McCartney performance wear partnership in September 2004
• Vegan STELLA fragrance and debuting the first lingerie collection in 2008.
• Iconic vegan Falabella bag in 2009 was introduced, distinguished by a hand-laced cotton and diamond-cut chain detail
• Expanded into eco-friendly eyewear in 2011