Fordham -How effective decision-making is within the IT department - Analysis...
Fast Fashion Is A Collaborative Process
1. FAST FASHION IS A COLLABORATIVE PROCESS
USING SALES AND TREND ANALYSIS TO DRIVE THE
PRODUCTION PROCESS
2. Quick Response
Quick Response (Fast Fashion) is a
business strategy which addresses the
increase in consumer demand for new
apparel products by shortening the
product development cycle
Just In Time(JIT) is a business strategy to
reduce inventory costs by shipping goods
only when they are needed
Marketers used QR and JIT in order to
build competitive advantages
Research showed that USA soft goods
supply chain was losing $25 billion
annually
Markdowns on garments that did not
meet needs of market
Lost sales due to stock outs where
consumers couldn’t find the style,
size, and color
High inventory carrying costs
3. QR Strategy
Business strategy for domestic and
international textile, apparel, and retail
sectors to reduce inventories, shorten
cycle times, and respond rapidly to
changing consumer demands
Primary objective of QR is risk reduction
of markdowns and stock outs
Develop technologies in data processing,
communications, software, and
collaboration
5. Control
Effective control systems must
be in place
Merchandising calendars
Product data
management
Merchandise planning,
forecasting, and adoption
Product sourcing and
manufacturing
Inventory management
Point-of-sale information
systems
7. Collaboration
For QR, collaboration is a vital factor
Foundation of QR is partnerships with the links in
an integrated textile supply chain
8. Collaboration Process
Share information(pos, edi, and extranets)
Establish decision-making models
Requires trust and confidence in partnership
Chain is only as strong as weakest link
Establishing reliable, effective, responsive
partnerships throughout the entire supply chain
is cornerstone of successful QR initiatives
9. The Importance of the Supply Chain
The supply chain begins with the fiber which is
processed into yarn, then into fabric, and ends
with fabric finishing, including dyeing and
printing.
Retail Fiber
Textile
Apparel
10. The Timing of Innovation
The scheduling of textile
development is a critical
factor in the introduction of
fashion productions
The time involved depends
on the source of the fiber and
the production stages
between raw material and
final fabric.
11. Sources of Innovation in Textile Development
Designers choose fabrics very early in the product development process
because the attributes of fabrics are lined to the silhouette and mood of the
collection.
12. Fashion Development Is Unity
Fabric, color, trim, and silhouette trends exist in
harmony and should represent a strong cohesive brand
identity; this unity facilitates the fast fashion process.
13. Trend Identification, Analysis, and Synthesis
Abstracting is the process of forecasters’ shifting
through information and identifying the underlying
similarities(or differences) between design
collections.
These similarities(or differences) are expressed
through:
The totality of the look
The theme or mood
The proportions of the apparel pieces
The silhouette
Point of emphasis
The fit
A specific detail
Exaggeration in detail
A specific trim
Fabric finishing
A specific fabric
A color story
15. Trend Analysis and Synthesis
Analysis and synthesis are
the two faces of forecasting
Analysis = dissecting to
achieve a more complete
understanding
Synthesis = creative
reintegration of the parts
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16. Trend Analysis and Synthesis
In fashion forecasting this
means:
An accurate reading of the
trend in all its subtle
aspects
Matching the trend with the
consumer profiles most
likely to initially adopt it
Matching the trend with the
product category, price
point, and retail concept
most likely to complement it
17. Sales Forecasting
Forecasting is easy for products
with long lifetimes and steady
sales, such as appliances,
automobiles, and electronics.
The apparel business is much
more volatile, hence more likely
for errors to occur such as:
•Markdowns
•Stock-outs
18. Product Life Cycle
Stages of the product life cycle include:
Development Stage
Introduction Stage
Market Development Stage
Exploitation Stage
Maturity Stage
Saturation Stage
Decline Stage
19. Sales Forecasting Data
Sales forecasting requires access
to three kinds of information:
Internaldata on sales volume and
marketing actions
Information on future plans for
marketing and product distribution
External data relevant to their market
and information on general
economic, political, and cultural
conditions
20. Sales Forecasts
Projection of sales by category, style, color, and size
Based on historical data and statistical analysis
Most difficult planning and control tool for merchandiser to
successfully implement
Sales plan is the tool used to meet or exceed the sales
forecast
21. Factors Influencing a Sales Forecast
Factors that can influence a sales forecast
include:
Controllable Factors
Marketing Actions
Operating Practices
Uncontrollable Factors
Actionsof Competitors
Access to Channels of Distribution
Government Regulations
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