Monday, 23 December 2013

Introduction to market research and trends

8th November

Research Sources

Primary Sources:
- Experiments
- Field Study
- Surveys - Questionnaires/Interviews
- Prototypes

Secondary Sources:
- Literature review - Books/Journals/Research papers
- Case Study - News/Products/Practices

Michael Kors,
'Fashion used to come from one source at a time, be it the street, the runways or the entertainment business. The interesting thing about today is that influences come from high and low - everything from couture to target'.

Trend Research Analysis:
Pestled/Brand/Consumer/Competition/Media/Product

Types of trends

Long term:
- Political   - Sociocultural  - Environment  - Economy   
- Technology  - Demographics   - Legal

Short term:
- Brand   - Competition   - Product   - Consumer   - Media

Trend timescales

Megatrends - Impacts of climate change
Socio-cultural trends - environmental
Consumer trends - youths start to rethink consumption
Behavioural trends - green packages e.g. unpackaged shopping
Solutions & products - reusable shopping bags

Dominant mega trends:
- Globalisation   - Digital   - Health & wellbeing   
- Environment

Long term trends 

Social:
- Ageless society   - Body perfection   - Networked society
- Personalisation   - Globalisation/homogenisation

Technology:
- Moblie/mobile payment NFC   - Personalisation
- Ecommerce                   - 3D Printing
- Price comparison/reviews    - Click and collect (ASOS)
- QR codes                    - Social media
- Wearable technology         - Interactive retail
- Apps                        - Live participation

Environment:
- Environment/globalisation   - Closer to market
- Faster: reduce lead times   - More flexible: customisation

Short term trends

Consumer:
Street -> Celebrity

Competition:
Catwalk -> In store -> Visual merchandising 
-> Advertising/Promotion

Media:
Print -> Film/TV -> Music -> Photography -> Art

Products:
Colour -> Materials -> Prints -> Patterns -> Design



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