Chapter 6

Trickle Up and Trickle Down

 

The trickle down effects all relies on the hierarchy of the fashion industry. The haute couture designers are the one who sets the trend that is shown on the catwalk, It then tickles down to highstreet shops that would sell similar style, silhouettes and colour palette with a lesser price tag. The trickle up effect are fashion that are innovated from the the streets. This has been adapted usually by lower income groups that becomes popular, For example, back in the 1950's the tennagers were inspired by the teddy boys look which was never seen before on catwalks. However, the style of the teddy boys was very popular.

Chapter 5

Marketing Mix 

What is a Marketing Mix

Businesses use Marketing mix to highlight the considered points when designing a product and marketing the brand. To have a successful product, there are 10 points to acknowledge such as the quality?, purpose? and safety. All these points are very important as they all represent the product however a product would not be successful without a main target market/audience. In my opinion this is a crucial step as without a target audience, a brand identity would not be establish. Finding a type of customer that fits the criteria- such as customer's wants, needs and how much disposable income can they spend on a product. 

Pricing strategy has 2 approach called skimming and penetration. Price skimming focuses more on maximizing profits by charging the consumers a higher price, the effect of this, is that the product can be priced higher to see if it sales but it doesn't, the company can always lower the price to fit the consumer's need. Penetration pricing strategy, when a company launches a low priced product with a goal of securing market share. Companies uses the technique take a penny off, so the consumer thinks its cheaper than it actually is. An example of this, is a price of a  bag cost £50 not alot of people buy it but if the was shown as £49.99, consumers think they are spending less than £50. The psychology of this is making consumers believe the product is cheap, this is a subtle way to boost sales up.

Business uses the push and pull technique when it comes to promoting a product. The push strategy involves taking the product directly to the customer to encourage them to be aware of your brand before purchasing. The pull strategy is motivating customers to come and seek your brand. Some pull tactics can include word of mouth, sales promotions and discount and mass media production. 

A product/brand could never be successful if the geographic location is not in the right place for it chosen target market as the sales would be significantly affected. For example, if the target audience is for customers that shops in high end designer brands , the shop would not be located in a mass product clothing shops such as primark.

The 4P's has shown me that a product and brand cannot be successful without these main points. It has also widen my eye as the marketing industry is more complex and I realised without the 4P's the company would not thrive for success.
Here is a quick video explaining more about the 4P's