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Market Research

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1default Market Research on Tue Nov 18, 2008 12:54 pm

lalalie

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Hey guys, I have to do some market research for my business plan. Can you help? (Its fashion, so I thought this would be an appropriate thread). Just answer these (or a couple... whatever suits) if possible Very Happy

Basically, the business is fashion/accessories/artwork design and manufacture, but the design is in collaboration with the client so they have a unique piece that is tailored to their individual style and measurements and body shape, etc. (I sound so wanky when I say that)


What is the current demand for the business within the general fashion market? Do you see this business as having a high demand when compared to chain stores, high fashion, etc?

What are major competitors for the business? How will products/services offered compete with these?

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2default Re: Market Research on Tue Nov 18, 2008 1:34 pm

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I think your business sounds like it would have a high demand. Probably more if someone was after something special because it would take more time than grabbing something of the rack. But a lot of things in chain stores don't have a good fit because they are made for such a wide range of people so people would come to you. High fashion is expensive and I'd imagine that your business would be cheaper even though it's custom made. So yeah you fit into a niche there.


Competitors are other clothing businesses or other shops surrounding you type of thing. So to compete you have to do something different to stand out from the rest. For clothing the best way to make yourself stand out is by some sort of clever advertising that highlights what makes you different and therefore gives people a reason to choose you over the others. So you would advertise how you collaborate with the client and this makes your business more personal and gets a higher level of creativity which is what people are looking for in a business these days; a more personal approach.
And the point is, that when you make yourself different from other businesses you don't need to compete which is better for your company.

Yeah part of my mcom paper was on this stuff Embarassed but yeah I hope that's what you needed?

3default Re: Market Research on Tue Nov 18, 2008 1:51 pm

lalalie

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It is!

See, this is why I love you.

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4default Re: Market Research on Tue Nov 18, 2008 1:55 pm

I am not informed like Kelsey Smile but I think yeah, a lot of people would much rather work with someone and create a dress that they've come up with sort of than just have a wardrobe filled with other people's stuff. So I think there's definitely quite a market for it! I think the competitors would be...are you planning on this being an internet thing mostly? Because I think your competitors would be people online on Etsy and stuff offering the same kind of thing.

And I think there's a lot of Etsyers and things that are U.S. so Australians might prefer to work with/buy from you because shipping prices would be lower and you'd be more relatable?


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5default Re: Market Research on Tue Nov 18, 2008 1:56 pm

lalalie

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Oooh, I hadn't thought of etsy as a competitor.

You guys deserve lots of chocolates.

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6default Re: Market Research on Tue Nov 18, 2008 2:36 pm

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Very Happy

7default Re: Market Research on Tue Nov 18, 2008 7:48 pm

Subie

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This business would strive in popularity as it allows the consumer to work with the designer to achieve a product which suits their indiviual taste and style. It would have a higher demand than chains stores etc. as many of these stores do not cater for a range of body types. Also, many consumers enjoy knowing that their garment is a one-of-a-kind.

Major competetors would include high-end fashion and other dressmakers. The best ways to compete with these include reasonable prices, good quality products and customer service, and advertising techniques.

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8default Re: Market Research on Tue Nov 18, 2008 10:06 pm

thechickenhouse

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wombieheartanimal wrote:
And I think there's a lot of Etsyers and things that are U.S. so Australians might prefer to work with/buy from you because shipping prices would be lower and you'd be more relatable?

Also, if the store was an actual store you could walk into it would ahve a higher popularity than etsy because
a) more people would know about it
b) you would be aware of the quality
One of the girls I work with bought a button bracelet off etsy and all the buttons fell off within a few hours. The funniest one was the button that fell in the milo tin which we found a few days later.



Sorry, I really have nothing much to add.

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9default Re: Market Research on Tue Nov 18, 2008 11:35 pm

lalalie

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BAHA.
That is gold.

I wish I could have a walk-in store Crying or Very sad

Also, kinda off topic (but its my thread so I'll spam anyway) - advertising ideas? I'm a poor student, you see.

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10default Re: Market Research on Wed Nov 19, 2008 12:12 am

Hmmm, I don't know!

For a web business:

Arrow Putting your products on your blog then getting a blog network happening by commenting and following lots of like minded others might help people see your product - and if they put you on their list of blogs to follow, then others who check out their blogs will check out yours and see your product. Might not be the most successful way of advertising but it probably wouldn't hurt at all, if you could be bothered.

Arrow asking well known fashion blogs if you could give them a discounted product in exchange for a review/mention? I know Gala Darling has a lot of Australian readers because she lived in Melbourne, and if you offer to send her a product and she likes it she will gush about it on her blog and you will have SHITLOADS of people flocking to see what you're about - offer to make and send her a custom black and hot pink cupcake dress, work with her on a design and she'll be putty in your hands. She has a policy where she won't GUARANTEE to write a review thing if you send her an item, but she always does if she gets sent something she likes by someone who stipulates they completely understand she'll only write about it if she likes it. And she'd definitely like something she helped create. Of course that would cost money, I think it would be worth it in the long run but it's up to you.

Arrow maybe a myspace for the business and add heaps of cool looking like minded people randomly? hahaha.

Arrow free ad in the local paper's weekend shopper can't go awry.

that's all I can think of for the moment, sorry. Sad


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Clover " LET'S CALL THE NEW SITE THE H.M.S INDEPENDENT!" Spaghetti, who sits on the fence in the country looking at the cows as it rains, holding a big sign that says "I started the whole damn sea analogy, I came up with the name for this vessel, It's my goddamn party and I'll cry if I want to!"
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11default Re: Market Research on Sat Nov 22, 2008 8:15 pm

Subie

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Word of mouth? Like, make things for friends on the condition that they tell their friends to visit your website/myspace.

That's all I can think of, sorry.

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