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Comparison Shopping & Country PESTS Infographic
HW#2 – Comparison Shopping & Country PESTS Infographic
As a product developer, there are 2 keys points to successful product lines – know your customer (target market) and know your competition. In developing your design concept for your course project, you have already identified in HW#1 who your target customer should be. Next you need to research your competition. Not only can you better understand their product quality and price point (Part I) to make sure that your product is competitive but you can also learn about their sourcing strategy (you’ll cover this in Part II).
PART 1 – COMPARISON SHOPPING – 40 pts.
In order to complete this portion of the assignment, you will access online a mid-tier or better/contemporary retail site/store that carries national brands (wholesale brands) and find 5 similar garments that reflect your 2 style modification ideas submitted for HW#1. Macys.com & other mid-tier specialty stores are good places to find comparison garments. Do not look for comparisons at direst to retail sites like Zara, Target.com, the Gap.com, HM.com, etc. Make sure you select national brand merchandise brands when making your garment selections. Many department stores have their own private label products and they are usually value-priced for the customer and these garments would not be good comparison choices.
When researching your comparison garments, the fabric and silhouette should match as closely as possible to your two garment silhouettes developed for HW#1.
For example, if your item is a cotton twill long sleeve jacket, you must find 5 garments and preferably 5 different brands that are cotton twill (or a similar fabric) long sleeve jackets.
Based on the target retail price you indicated in HW#1, please find garments that are within a 20% +/- price range as these would be strong comparisons. A $100 at retail for your garment, try to find garments that are $80-$120.
Using the HW#2 Comparison Shopping template, you will create a WIP chart with the following information:
Worksheet1 : The inspiration image
Worksheet 2: The approved modification sketch
Style number or SKU number as listed online
List a detailed description including style details, trims, seam finishes
List fabric type & fiber content
List country of origin – a few retailers are being more transparent about where they are producing their garments on their websites but most retailers just state “Imported” unless the garment is made in the USA. However, there is a way to find out where your brand might have produced their garment through Panjiva which is a FIDM library online resource. A demonstration link is attached below.
List care instructions – make sure to include drying instructions too – if it is not listed online, state what you think would be a reasonable care for the garment.
List original retail price (not sale price or promotional price). All garments should be within a 20% +/- range
Estimated wholesale price – please multiply the retail price by .475 to get this amount. This would provide a 52.5% m.u. for the retailer.
Estimated total cost – this is how much it would cost the manufacturer to produce the garment including all fabric, trim, labor, etc. Multiply the estimated wholesale price by .40. This would give the manufacturer a 60% m.u.