Fashion Business: Steps to Success Many People Research Paper

Pages: 4 (1370 words)  ·  Bibliography Sources: ≈ 9  ·  File: .docx  ·  Topic: Business

Fashion Business: Steps to Success

Many people have dreamed of starting their own successful fashion line, but only a handful have actually achieved that dream. Fashion may be "fun" as Elaine Stone says, but the "fame" and "fortune" parts are much harder to come by. This is because fashion is an extremely competitive industry. It is also a very close-knit industry (no pun intended), making it hard to "nearly-impossible" for outsiders to break into the circle. Those who succeed in the world of fashion are those who understand that it is a business, not just a creative outlet. Just like any other product development strategy, designing and distributing a fashion line requires a step-by-step process. According to Elaine Stone, there are six stages to developing a fashion line: 1. Planning a line 2. Creating the design concept; 3. Developing designs; 4. Planning production; 5. Production; 6. Distributing the line (165). In this paper, I will be discussing these steps in detail for the purpose of creating a better understanding of how the industry works. I will also discuss outsourcing and identify three examples of wholesale manufacturers who sell exclusively to designers and manufacturers. Finally, I will summarize my findings and draw conclusions from them.

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Research Paper on Fashion Business: Steps to Success Many People Assignment

Planning the production of a fashion line begins with an idea. The idea has to be something unique and special; something that people have not seen a thousand times before. Once the idea is formulated, it has to be transferred from your mind to something concrete that can be produced and sold. This involves not only the technical processes and the purchase of materials, but it also involves developing a solid vision about what you want your product to be, how you want it to be distributed and marketed, and what will help you succeed in these endeavors. Timing is, of course, always a major factor in launching a new product line. For example, going into production of a high end fashion line for the "everyday woman" during the middle of an economic recession is probably not a wise idea. Planning efforts also have to keep up with the latest trends. For example, designing a line of silk purple clothing just a year or two after such a trend has died, will likely result in disaster. It is also important to be able to accurately forecast what the future trends will be and how likely that your product will sell well. According to Slywotskcy, Morrison and Andelman, there are a number of ways to forecast the demand for a new product that are different from those used to estimate the demand for an existing product. These methods include:

projecting the demand for a new product based on its relationship to an existing old product analyzing the demand for the new product as a substitute for an existing product or service projecting the rate of growth and the level of demand for the new product on the basis of patterns of growth of established products estimating the demand from samples of projected purchases selling the product initially by internet, mail order or through chain stores to estimate demand surveying dealers as a surrogate for a survey of consumers' reaction (118-119).

The product launch will also require strategies to influence demand through marketing, advertising and promotion. However before that step comes into play, the goods have to be produced. Some people choose to outsource the production of their line.

Outsourcing

'Outsourcing' and 'offshoring' have been increasingly used by U.S. multinational firms to maintain cost and quality competitiveness. This has obviously had a dynamic impact on domestic employment as well as local and multinational economic strategies. However these terms are not as interchangeable as they often seem to be. According to Brown and Seigel "Outsourcing is the movement of work that was formerly conducted in-house by employees paid directly by a company to a different company. The different company can be located inside or outside of the United States. The work can occur at a different geographic location or remain onsite" (4). Offshoring on the other hand, as is explained by… [END OF PREVIEW] . . . READ MORE

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