analysing product gaps in retail apparel sector
TRANSCRIPT
Gap Analysis definition.
• A gap analysis is a method of assessing the differences in between expected and actual.
• "Gap" analysis involves analyzing current market offering to assess the extent to which they meet customer demands.
Product
• A good, object created as a result of a process and serves a need or satisfies a want.
• Our Product is Apparel
Factors influencing product
• Product characteristics
• Visual merchandise
• Logistics
• Marketing
Product life cycle at a retail store
• Procurement
• Logistics/warehouse
• Visual merchandising
• Marketing
• Sales
• Depreciation of stock
• Mark downs
• Disposal and Out bound logistics
Understanding Product
Product characteristics
• Sizes
• Fit
• Trends
• Designs
• Colours
Mind map
logistics
• Inventory control
• In transit
• Outbound
• Depreciation if stocks
Visual Merchandising
• Colour Blocking
• Product Detailing
• Show window
• planogram
• Trends
Research to find out Trends
Live project to understand
• Trends
• Marketing efforts
• Competitive analysis
• Catchment area analysis
Possible Gaps
• Availability of required brands.
• Availability of Stock
• Availability of appropriate patterns and styles.
• Availability of right sizes
• Quality of product.
• Perceived value of product.
• Availability of fresh fashion
Questionnaire
Analysing gaps
• Only 18% believed they come to central for fresh fashion. ( GAP )
• Only 10% believed central extremely often have what they wanted. ( GAP)
• Only 6% people think the prices at central are extremely Fair ( Possibility of GAP ) ( Improving Service standards )
Challenges faced
• The bottom level staff could not implement the policies and strategies made as they did not understand its importance.
Conclusion
• Fashion changes are very fast , it should be updated on regular basis.
• By improving service standards they can increase the perceived value of product.
• Training to front level staff and upgradation sessions to mid level staff are suggested.