New Product Forecasting with Structured Analogy Method in the Fashion Industry : Case Studies with the Fashion Footwear Products

Abstract: Fashion and the contemporary environment as a whole, is a complex environment that requires retailers and wholesalers to adapt to the changes that constantly occurring. This adaptation is in a bid to ensure that more profits than loses are realized by the company. For this reason, companies have to use various methods to determine the best ways to improve their products. Companies resolve to introduction of new product to the market but the acceptance of new products to the fashion industry is not an assured factor but rather a gamble. This is mainly because of the industry’s characteristics. The main aim of this thesis is to analyze the methods that may be used to improve the accuracy of new products. The fashion industry has characteristics that may be considered as challenges because for instance, when a product is launched, one has to determine whether it is by a reputable designer or whether it is a trend, and with the fashion industry, trends are mainly turned into such by celebrities who introduce a certain design to the world for adoption. These challenges or characteristics are carefully analyzed and examined with the necessity of the introduction of new products analyzed. Data collection, being the main backbone of this thesis and multiple-case study method, is used to answer the research question as “How can structured analogy method be used to improve the forecast accuracy for the footwear products in the fashion industry “.Samples for case study have been chosen from footwear category. Structured analogy method is used to determine the accuracy of the information gathered from literature review.