PRODUCT LIFESTYLE LECTURE NOTES

Product lifestyle

The fashion cycle 

FashIntroductionion cycle: The ongoing introduction, rise, peak, decline, and obsolescence in popularity of specific style or shapes.

All styles that come into fashion rotate through the cycle.

Stage 1:

• New colours styles textures and fabrics are introduces
• New style may be accepted by a small number of people called fashion leaders 
• Promotional activities include fashion shows and advertising in fashion magazines 
• Fashions are produced in small quantities at high prices 
• Retail buyers purchase limited numbers to see if the style will be accepted 

Stage 2: Growth (rise)

• Consumer interests grows snd fashion becomes more readily accepted by consumers 
• Mass production brings down the price of the fashion resulting in more sales
• Styles are manufactured in less expensive materials and in lower quality construction than the original style 
• Promotional efforts are increased in high fashion magazine to heighten consumer awareness
• Retail buyers order items in larger quantities 

Stage 3: Maturity (peak)

• The style is in the height of popularity.
• The fashion is demanded by almost everyone because it is now within the price range of most consumers an is mass produced in many variation 
• each retailer tries to persuade customers that its version of the style is the best

Stage 4: Decline

• The market is saturated and popularity decreases 
• The fashion is overused and becomes dull and boring 
• Popularity decreases so retailers mark down their prices 
• Promotions centre around major clearance or closeout sales of the fashion. 

Stage 5: Obsolescence (rejection of a style) 

• Style is rejected, is undesirable at any price, is no longer worn and no longer produced.
• Ends as an accepted fashion.

Extension strategy

Can be defined as a medium to long term plan for lengthening a products life cycle. Usually implemented in the maturity or early decline stages of a style.

Extension strategies:

• Redesigning the product
• Adding an extra feature
• Changing the packaging and advertising to appeal to a new market segment 
• Providing a unique selling point