analysing product gaps in retail apparel sector

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.