In this session, we learnt about fashion forecasting and analyzing a brand through the marketing mix strategy.
Fashion forecasting involves predicting possible future trends through creating a mood board consisting of a specific colour palette, relevant images etc. Using the website – WGSN, I selected one of the popular hashtags and practised compiling a mood board, it was interesting as I was able to experiment with Pantone and other websites for pictures.
We also conducted lots of research that allowed us to adopt the role of a buyer or product developer and considered the factors that will communicate certain fashion trends. Additionally, we learned about the Market Structure that sections the products individually, making it easier to organise and analyse.
The marketing mix is used to describe the various elements that form the product strategy: product, price, promotion and place. This is important to the business as it helps to understand and identify what the product and service can offer to your customers and helps to plan successfully, which lowers the risk of any potential failure to the business.
Through this session, I received a much more in-depth look into the fashion industry and the relevant analysing tools. I was able to identify a list of sources and use it to gain aspirational inspiration. As well as applying the research and knowledge I’ve learnt into the brands that I’ve selected which I would like to work with.