Product Development Essay
Ready made garments industry never records loss in spite of the fact that there are many international brands in suiting and shirtings viz., Peter England, Van Heusen and such as these ready made shirts even though are priced high, consumers look no further for purchase for that is the quality of these brands. World market for ready made garments is ever increasing and with this strong fact, new product development in the area of ready made garment sector viz., Mad T-shirts, sweat shirts, casual wear can be very well launched considering the market research, consumer mindset and competitors pricing strategy. Firstly the target market whether focusing young boys/girls, children or office goers or elders.
In case the target market is wide pricing should be reasonably proportionate, with the fact that launching should not scare the consumers with high prices as the sales may not be on the high range. In order to first increase the sales, price should be affordable for middle-class, upper-middle-class and even lower-middle class consumers. Marketing plan should be initially offering a free article viz., buy one get one free, buy three shirts with a discount or a free detergent sachet for wash, such as these would interest the consumer as ready made garments save lot of time for consumer that is lost in visiting tailor for getting the clothes stitched.
Further ready made garments are very comfortable for consumers especially for those who travel, busy working people and for those who regularly work on shifts in industrial areas. Consumer market for T-shirts is extensive all over the world and it is a huge business that is ever green all through the year. New patterns, designs, color combinations are wide welcome by consumers all over the world irrespective of culture, traditions and life styles.
In these globalised times, corporate sector is promoting T-shirts for its employees as a code of dress in order to maintain uniformity among employees. T-shirts would carry the logo and name of employee. Other companies issue T-shirts as corporate gifts to employees. Innovative ideas such as the above are useful for garment making companies. An approximate price for a T-shirt could be $3-$5 in the initial stage at the time of launching into the market keeping the prices of competitors in view and other market conditions.
Promotion of sale could be either through direct sale to wholesale and retail sale or through shopping malls. Appointment of marketing executives to visit corporate companies as a promotion sale would also yield good results for the company. However, one good business concept about the quality of T-shirt is the most important fact that company has to keep in view in order to keep the reputation of the company.
Tommy Hilfiger, Crocodile, Puma, Nike, Reebok, Lacoste, Wrangler, are some of the branded T-shirt making companies which have earned reputation for its extreme good quality which is liked by consumers all over the world. No brand is a big brand until it reaches to a stage of international brand which is why new product development has to be extremely professional and planned.
New product development plan has to be implemented step-by-step with perfect working and with accurate measure of SWOT analysis. A clear forecast of unforeseen hurdles in new launch of T-shirts has to be worked out prior to its launch which would help in prevention of risks in business. Ready made garment sector is a profit oriented business with a huge potential for growth in business with fashion designing and textile designing with CAD and with well developed computer software especially designing ready made garments.
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 19 February 2017
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