Fashion Forecasting - 3980 Words

â€Å"Fashion used to come from one source at a time, be it the street, the runways or the entertainment business. The interesting thing about today is that influences come from high and low-everything from couture to Target.† –Michael Kors Content: What is Fashion forecasting? Elements of Fashion Forecasting The Direction of Fashion Change The drivers of fashion change The Fashion Forecasting Process Forecasting fashion in the Indian scenario Fashion Forecasting Period Importance of Fashion Forecasting Role of Merchandiser in Fashion Forecasting How fashion forecasting is relevant in a new sample making? What is Fashion forecasting? Fashion forecasting is the prediction of mood, behavior and buying habits of the†¦show more content†¦Fashion insiders also have another mental map - the map of seasons and shows. When consumers shop for winter coats or summer swimsuits, fashion insiders are seasons ahead in their thinking. Forecasters use these mental maps to organize their observations of directional information. Since innovations rarely apply to the entire marketplace, information must be tagged for the appropriate price point, category and classification. In this way, forecasters turn random bits of data into useful information for decision support, points and style directions. The drivers of fashion change Social and cultural changes are major determinants of emerging fashions. However, they are themselves affected by the other drivers of change that include globalization of world markets and accessibility of more sophisticated communications technologies. The latter has provided people with faster and wider access to more ideas and influences from other cultures and societies, driving demand for wider choice in fashion products. The Fashion Forecasting Process Trend forecasting businesses French companies based in Paris have traditionally dominated fashion forecasting. Although a number of larger ones are still based in Paris, many with satellite offices around the world, a number of new niche forecasters have emerged offering their own specialties of product and services. Some better-known trend forecasters include: SachaPacha, Peclers Trend Union, LineShow MoreRelatedScope of Fashion Forecasting1058 Words   |  5 PagesScope of fashion forecasting â€Å"Forecasting provides a way for executives to expand their thinking about changes, through anticipating the future, and projecting the likely outcomes.† (Lavenback and Cleary 1981) Long term forecasting (over 2 years ahead) is used by executives for planning purposes. It is also used for marketing managers to position products in the marketplace in relationship to competition. (http://www.fibre2fashion.com/industry-article/free-fashion-industry-article/fashion-forecasting/fashion-forecasting5Read MoreEssay Miss Selfridge Fashion Forecasting Report2890 Words   |  12 PagesAssignment 2 The Summery of the Group Work A fashion forecasting report was conducted for Miss Selfridge Company to enable the development of new fashion ideas that would appeal to its customers. After getting familiar with the classic Miss Selfridge style and its history the research process had begun. One of the most useful resources for ideas were the Fashion weeks, showing collections of famous and up and coming designers in New York, London, Paris and Milan. The most coveted pieces, cutsRead MoreMercury Athletic Footwear Case Study Essay780 Words   |  4 PagesMercury Athletic Footwear Case Study John Liedtke head of Active Gear, Inc. (AGI) is contemplating whether to invest in Mercury Athletic a subsidiary of West Coast Fashions (WCF). 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This method does not take into account past behaviors, derives their conclusion from the general data collected during the interview processRead MoreEssay on Ford Supply Chain612 Words   |  3 Pagesvelocity facilitates Dell PCs with newly innovated technologies to get to market much sooner than competitors. A major benefit Dell gain from virtual integration is the ability to forecast demand. Dell’s direct relationship with customers is key to forecasting. These advantages are crucial to the success of auto business. †¦. 3) What challenges does Ford face that are not also faced by Dell? How should Ford deal with these challenges? As the nature of auto industry, Ford had some historical legaciesRead MoreL.L. Bean, Inc. Case Study Report1016 Words   |  5 PagesChristmas. Additionally there are various specialty catalogs: Spring Weekend, Summer Camp, Fly Fishing, etc as well as a smaller prospect version. 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We would like to suggest to him the followingRead MoreLeitax Case Essay1662 Words   |  7 Pagescenters, better market research and more accurate financial forecasting. The ‘Redesign Project was created to fix some of these problems. How did the concept of demand forecasting change in response to these new supply chain challenges opportunities? Discuss and analyze the increasing criticality of the supply chain forecast to the enterprises whole financial strategy. Define the core interests/incentives of key actors in the forecasting process and identify the most pressing alignment needs/prioritiesRead MoreForecasting Best Practices2075 Words   |  9 PagesForecasting Best Practices Effective demand planning and sales forecasting across the supply chain can bring a host of benefits. Specifically, it can help improve labor productivity, reduce head count, cut inventories, and speed up production flows, and increase revenues and profits. -Edward J. Marien To find the best practices for forecasting, our team researched many cases of forecasting success, and found five companies with a common theme. Rayovac, the Coca-Cola Bottling CompanyRead MoreSix Rules for Effective Forecasting2789 Words   |  12 PagesSIX RULES FOR EFFECTIVE FORECASTING by: Paul Saffo 1. Which is more appropriate to use â€Å"accurate forecasting† or â€Å"effective forecasting†? Why? The aim of forecasting is not to predict the future but to tell you what you need to know to take meaningful action in the present so it is more appropriate to use effective forecasting since the primary goal of forecasting is to identify the full range of possibilities, not a limited set of illusory certainties. Accurate prediction is possible only