Copyright Goodheart-Willcox Co., Inc. 80 Fashion Marketing &Merchandising
Product Development
Findings from market research are used to correct current market problems
and to capture new market opportunities, Figure 5.5. Alert organizations
respond quickly to market research fi ndings. After
discovering preferences of their target markets, com-
panies fi ll customer desires that have been recognized
for both goods and services.
Product development is the process of carrying a
product idea through stages from initial conceptual-
ization to actual appearance in the market. Within the
resource limits of a company, it designs new products
for specifi markets. Since most changes evolve over fic
time, companies modify existing products to satisfy
changing desires of consumers. They replace obsolete
products, and add new ones.
Product development is especially important in the
fashion industry. Change is always occurring, so prod-
ucts cannot stay the same and continue to sell. Textile
fi rms develop new fibers or fabric characteristics to
meet specifi needs in the market. Apparel manufac- fic
turers design and produce lines of garments that are
predicted to be in demand at the exact time they are
offered by retailers. Product development for retail-
ers is stocking specifi up-to-date merchandise and providing new services fic
that will please their shoppers. Large retail companies have product develop-
ment departments that oversee the design and manufacture of private label
merchandise.
Using Information Technology
Through the use of computer information systems, adapting to changes in
the industry and the market as fast as possible has become easier for fashion-
related businesses. Information systems are computer components that work
together by combining collection, classifi storage, retrieval, and dis- fication,
semination of data toward a certain outcome. These systems can electroni-
cally locate, gather, process, and use pertinent information. Computers can
show exactly what is shipped, received, selling well, or returned. Computer
tracking of customer buying patterns and product preferences can help with
market research and product development. Automation of business functions
increases the effi and effectiveness of a company’s operations through ficiency
increasing productivity, reducing staff, accurately planning and timing stock,
and increasing sales.
Technology that gives accurate, fast information helps companies make
smart decisions. Data storage and retrieval can happen very quickly and
as often as necessary. Technology is one of the prime elements that sepa-
rates industry winners from losers. Companies that use the data wisely can
S. Castelli/Shutterstock.com
Figure 5.5 Textiles and fi nished products can be devel-
oped specifi cally to satisfy the identifi ed needs of markets.
Product Development
Findings from market research are used to correct current market problems
and to capture new market opportunities, Figure 5.5. Alert organizations
respond quickly to market research fi ndings. After
discovering preferences of their target markets, com-
panies fi ll customer desires that have been recognized
for both goods and services.
Product development is the process of carrying a
product idea through stages from initial conceptual-
ization to actual appearance in the market. Within the
resource limits of a company, it designs new products
for specifi markets. Since most changes evolve over fic
time, companies modify existing products to satisfy
changing desires of consumers. They replace obsolete
products, and add new ones.
Product development is especially important in the
fashion industry. Change is always occurring, so prod-
ucts cannot stay the same and continue to sell. Textile
fi rms develop new fibers or fabric characteristics to
meet specifi needs in the market. Apparel manufac- fic
turers design and produce lines of garments that are
predicted to be in demand at the exact time they are
offered by retailers. Product development for retail-
ers is stocking specifi up-to-date merchandise and providing new services fic
that will please their shoppers. Large retail companies have product develop-
ment departments that oversee the design and manufacture of private label
merchandise.
Using Information Technology
Through the use of computer information systems, adapting to changes in
the industry and the market as fast as possible has become easier for fashion-
related businesses. Information systems are computer components that work
together by combining collection, classifi storage, retrieval, and dis- fication,
semination of data toward a certain outcome. These systems can electroni-
cally locate, gather, process, and use pertinent information. Computers can
show exactly what is shipped, received, selling well, or returned. Computer
tracking of customer buying patterns and product preferences can help with
market research and product development. Automation of business functions
increases the effi and effectiveness of a company’s operations through ficiency
increasing productivity, reducing staff, accurately planning and timing stock,
and increasing sales.
Technology that gives accurate, fast information helps companies make
smart decisions. Data storage and retrieval can happen very quickly and
as often as necessary. Technology is one of the prime elements that sepa-
rates industry winners from losers. Companies that use the data wisely can
S. Castelli/Shutterstock.com
Figure 5.5 Textiles and fi nished products can be devel-
oped specifi cally to satisfy the identifi ed needs of markets.