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FASHION DESIGN & TECHNOLOGY - CITS

Resource market definition formally refers to a market that furnishes companies, firms, and organizations with the
factors of production in exchange for monetary benefits. Resource markets are those which provide businesses
with the resources they need to provide the goods or services they offer.
Types of market resources
There are several types of resources that are included in resource markets. They include land, labor,
entrepreneurship, capital, and natural resources.
Market promotion
Promotional marketing refers to the process of sharing knowledge about a brand, product, or service through
multiple marketing channels to increase brand awareness. Promotional marketing is one of the 4Ps of marketing,
also called the marketing mix, which includes product, price, place, and promotion. (Fig 2)

Fig 2

There are seven promotional categories, namely direct marketing, sales promotion, digital marketing, personal
selling, general advertising, public relations, and sponsorship. Promotional marketing can be incredibly beneficial
for long-term business success marketing promotion.
Importance of marketing promotion
Promotion plays a crucial role in marketing management by creating awareness, generating interest, and
influencing consumer behavior. It helps businesses achieve their objectives by attracting customers and building
a strong brand.
Branding
Branding is about making consumers feel good about supporting a company and establishing an emotional
connection. Those that brand effectively create a lasting impression that helps grow advocacy and loyalty among
customers for the long term.
Importance of Branding
It gives your organization an identity, encourages consumers to buy from you, supports your marketing and
advertising, and brings your employees pride. People recognize a company by its brand name, logo, slogan as
well as colors. Examples - Apple, Coca Cola etc.
Four steps of Branding
Step 1 – Understand your company.
Step 2 – Learn your audience.
Step 3 – Select your brand message and positioning.
Step 4 – Track brand growth.
Pricing
Pricing can be defined as the value customers pay to benefit from receiving and using a good or service. Price is,
therefore, the element of the marketing mix that leads to revenues, unlike the other elements which incur costs.
Pricing is a process of fixing the value that a manufacturer will receive in the exchange of services and goods.
Types of pricing
The pricing method is divided into two parts

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CITS : Apparel - Fashion Design & Technology -Lesson 33