The creative economy

Originators; people who produce "one-offs" 

Galleries, Museums, Cultural experience, auction houses

Experience creators; intellectually stimulates you

Theatre, Concert/Opera (music), Gallery, Festivals, Online videos "Youtube", Shopping (4D experience)

Content producers; business model around it - more money/revenue & exposure

Film, Fashion, Writing, Music, Games

Innovation and growth; based on creativity, talent, individuality, ideas and innovation

• £71.4 billion to UK economy
• £26 bn fashion related
• £8m per hr
• Growing at rate of 15.6% since 08
• 5.66% of those employed in UK (1.6m jobs)
• Creative industries employment increaded by 8.6% between 2012 & 2012, compared to 0.7% for all UK Economy
• Exports by Creative Industries was £15.5 billion in 2011, 8% f total UK service exports

Fashion statistics

•  Output increase, technological changes - huge demand in software/technology 
•  £26 bn up from £21 bn in 09
•  UK fashion industry supports 797,00 jobs 
•  Decrease of 2.3% from 2009
•  Employee’s wage income is estimated to have risen over $46 bn
•  An increase of 23% since 2009 – no paid internships increased

Little and Large

•   84% of creative businesses have less than 10 people
•   2% more than 100 people
•   60% of design businesses less than 5 people 

Self-employment

•   More than half of film, TV, radio and creative, arts               and entertainment services and industries are s/e
•   Compares to 14% s/e across economy
•   48% portfolio working
•   23% self employed/freelance
•   18% running own business
•   44% want to have own business

We are the traders, communicators and distributors. We can build or destroy a business.

Rave Plus

Ravensbourne Plus is a co-curricular industry led programme that runs alongside each of their undergraduate and postgraduate courses at Ravensbourne to fully prepare students to work within industry. 

It offers sector specific lectures, short courses, events designed to ensure each learner at Ravensbourne integrates, learns and connects with industry.

From this, Rave plus offers Rave Lectures, Rave Lates and Rave shorts.

Rave Lectures

This features sector specific lectures to be industry ready, industry projects, workshops and short courses, business mentoring and career advice.

Rave Lates

These are a series of evening events featuring key, influential industry lead speakers. It covers topics from all course areas, giving an opportunity to network with industry partners.

Rave Shorts

Divided into 3 areas: Technical skills, Business skills and Personal development.

Held Monday, Tuesday and Thursday evenings.

Technical skills: Master classes and tutorials in Photoshop, Maya, AutoCAD, and Illustrator. Advice on screenwriting, pattern-making and more. 

Business skills: Advice on working as a freelancer, making sure taxman gets his due, navigating hidden job market and setting up in the creative industry.

Personsal dev: Skills that can make a difference, from public speaking to successful networking, gaining confidence and different outlooks on the creative world.

Fashion Clustering

From walking around Central London on street just off Oxford Circus, I got an understanding of the visual presence on the high street and individual brands, developing and conception of market level clustering.

Luxury brands; Donna Karan, Vivienne Westwood, Mochino, Belstaff and the iconic SKETCH, the old fashion house of Dior which is now converted into a artistic restaurant are situated on Conduit street. Japanese designers, Miyake and Yamamoto, are also on this street. 

The experience from walking around Louis Vuitton was judgemental and elite. I felt as if the sales assistance courtesy was forced and not genuine, because I did not fit the correct audience. Although it was noticeable and recognisable that the interior design was Louis Vuitton, I did not feel as if I was in a jewellery box in which it was well-known for. However, the store was very grand, suited to the gold contrast.

Compared to my experience in Louis Vuitton, in Belstaff the music was relaxing and felt encouraging to shop and look around. The best experience I had was walking around Fendi. The sales associate gave us a guide of the whole store, explaining each collection and material right down to the price range and animal of the fur. She also explained the different sections in detail, with the history of the brand.

Further down is New Bond st. and Old Bond st. displaying haute couture and luxury brands; Dior, Chanel, Louis Vuitton, Hérmes, Stella McCartney and more, plus the diffusion brand, Miu Miu. 

Following on from Bond st. we moved towards Saville Row, the home of tailoring, famous throughout the world for its craftsmanship and skill. Each tailored garment is made to the finest quality and perfect fit, to which fashion designers come to seek technical knowledge and skill. shops located on this street are Henry Poole (the oldest tailor on the row), Norton and Sons, Kilgour, Richard James, and Lavin Boutique.

 Norton & Sons

      Henry Poole

All these haute couture and luxury brands are located in the same area and clustered together as each brand has a similar market, targeting those who earn a high income with expensive and top quality taste within this niche market. For example, Chanel would not be placed next to an economy brand, such as Primark, due to the different target market and the overall brand image itself. Chanel is in a much higher market level to Primark, thereby it would affect the perception of the brand as well as its reputation. 

The Flat Age Society

THE FLAT AGE SOCIETY

What?

Age isn't just a number, its a flat. Forget all the stereotypes about people over 60. Flat-Agers of the future aren’t defined by their age, they’re moved by their interests, passions and ambitions, just like everyone else.

Who?

Cultural icons such as, David Bowie 67, Anna Wintour 64 and Mick Jagger 70. 

Although they are famous individuals, how we think of these people as they move into their 60s and beyond helps us to show just how much our conception of age has changed.

Nowadays people are eating much healthier, exercising and retiring much later or even, not at all. They are determined to maintain their "immortal" bodies with advanced beauty and exercise to flaunt their style as Flat Age Fashionistas and indulge in Flat Age Drinks. 

The 60+ are starting successful businesses, and moving in on vital tech as Flat Agers are the most rapid adopters of social media networks in the United States, with usage rising to 43% of over-65s in 2013 as well as design for life to create a connected, instinctive lifestyle.

& Other Stories with 65 year old model, Ingmari Lamy

Start Something New - IKEA advert focuses on the active lifestyle of the Flat Age

Convergence Economy

THE CONVERGENCE ECONOMY

What?

When brands blur their lines between different lifestyle industries, forms of art and entertainment. It is the brand behaviour as oppose to the brand itself, whereby the brand is becoming more playful and not traditional with less constrictions.

Who?

The convergence economy targets as many consumers as possible by creating a diverse market. Stores are responding by specialising, not only in specific kinds of merchandise, but in all aspects of certain niche lifestyles.

Where?

Stores such as: 

• Topshop Oxford St. with hair dressing, coffee shops etc
• Marks & Spencers
• Dover Street Market already home to many eclectic brands and spaces all under one roof, recently invited the Institute of Contemporary Arts to integrate imagery from its archives into the store’s merchandising on all six floors
• H&M introduces a DJ and live music in stores as industries are running together to create a better shopping experience

When?

In 2007, the average US consumer would visit 5 stores on their shopping trip, compared to 3 nowadays – it correlates with internet shopping. 

Why?

High street is slowly dying; people want to stay at home and shop online as technology expands. With convergence economy, customers are encouraged to visit stores to have a variety of different experiences within that store, such as, getting their hair and nails done.

Other example: brands are finding new and innovative ways to blend the senses in the Convergence Economy. THe following video is created by Schwartz, The Sound of Taste, a cinematic exploration of the visual palette of spices, to promote its Flavour Shots.

Touch Points

A touchpoint is any way you experience a brand. So, this includes:

• Buying/selling channels
• Distribution - stock, where to do exclusives etc. 
• Service
• Transactions
• Classic advertising (above the line)
• Product placement (below the line)
• Advertorials
• Viral adverts
• Social networking e.g. "Art of the Trench" by Burberry
• Sales staff
• Point of sale

The ultimate goal is to have each touch point reinforce and fulfil your marketplace promise.

Brand Identity

A brand is an identity or personality of a product and/or service; it can be personified usually as the name, slogan, logo, or colour combination. For example, Chanel logo is in black therefore that colour is known as sophisticated for a younger audience, whereas gold represents luxury, targeting a classic older generation. Brand identity is overall how the owner wants the brand to be understood - their message.

The brand name is a trademark, therefore it cannot be used by anyone else, with its own unique selling point creating a products "personality". A brand is nothing without its audience and their response. Large companies/organisations use panels of audience members to give their response to products, concepts or advertising. 

Brand image is the psychological aspect whereby people can experience an emotional change, such as, feelings, thoughts/images, beliefs and attitudes. It exists in the minds of people made up of information and expectation of the brand.

Brand management is creating a brand and maintaining its position within the market and target audience. With this, ad agencies create the idea that product/brand is more than the actual cost of a product and its selling point. From this you get brand recognition e.g. the font of Dior.

Brand strategy is a long-term plan for the development of a successful brand in order to achieve specific goals. It affects all aspects of the company connecting to consumer needs, emotions and competition. Who is your core market? What are you known for? What is it that your selling? Some brands have unrelated markets as brand stretching, such as, the Armani hotel.

Fashion Market Segments

What is market segmentation?

Market segmentation is the process of dividing consumers into different categories based on distinguishing characteristics. The impetus behind market segmentation is that it helps retailers identify customers who are most likely to buy their products. 

Top: Haute Couture

Haute Couture is at the top of the segment with the price of garments and products entering at £16,000 a piece.

Couture high class was founded during the 19th Century opening workshops in Paris. Haute Couture can only require the french ministry thereby only classified at Couture if the brand originates from Paris, releasing only two collections per year in January and July.

Charles-Frederick Worth was a fashion designer whose works were produced in Paris and is considered the Father of Haute Couture. Worth's designs are notable for his use of lavish fabrics and trimmings, his incorporation of elements of historic dress, and his attention to fit. While the designer still created one-of-a-kind pieces for his most important clients, he is especially known for preparing a variety of designs that were shown on live models at the House of Worth.

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Luxury Fashion:

What is luxury?

-      The high-quality and creative ready-to-wear is identified as a luxury symbol. It is from a business and brand placement point of view, addressed to a high consumer range

-      Luxury is research, the chance to experience something new; to find new and not predictable, or, already seen solutions

-     Experimentations are luxury

Luxury products are priced just high enough to feel part of the "elite market" entering at varied level prices, yet just priced below Haute Couture fashion. Luxury has only been around since 19th century, thereby recent to the fashion market. The luxury market is run by 3 main groups: LUMH, Kering and Richemont. The target audience is aimed at those who earn a high income, the majority earning over £100,000+ per year, of ages 35-54. 

Bridge Brands:

Bridge brands challenge high-end luxury with products that are more available with regards to price and have an appeal to the new millennial market. It is the "bridge" between expensive and moderate prices within retail, positioning itself below luxury but above high street. The entry prices for Bridge brands are more reasonable, entering the market at £50+, targeting middle-class consumers, mostly ages 30+ who have a sophisticated taste in fashion earning a disposable income.

Brand Diffusion:

Brand diffusion is a range of relatively inexpensive ready-to-wear garments produced for the mass market by a fashion designer. The prices are controlled by a professional body by which the fashion house decides the price they want to retail their lines at, and mimic similar diffusion lines. The products are usually priced 30% less than their catwalk lines, entering the market at £40 - £400. 

For example: Chloe jumper would cost £1015, compared to Chloe by Chloe at £255

Prada Trench coat: £1100, compared to Miu Miu: £750

Brand diffusion is bulk produced as the brand sells more variety than the original luxury brand, with more clothes, accessories, fragrances and shoe lines available. However, the original brand would not sell this as it devalues the rest of the brand.

With this, as high-end brands want to entice a new market, the diffusion lines enable them to gain a younger audience who, in future, could afford the higher end. Overall, by having a secondary line means more money and more press.

"Ultimately, they are businessmen, not artists".

High Street:

The age of the high street is a defining factor as most of these shops were popular in youth. Although this market is dying, most of the current customer are moving towards fast-fashion. The entry prices are influenced by the consumers life-style and financial situation, targeting those mostly age 45+ with a basic, simple style. The type of fashion for high-street is cheaper than designer clothing but of a higher quality than high-street, for example, Debenhams "J for Jasper Conran". Although it is not massively on trend, every collection contains a cat-walk element to it. Thereby with this, the entry price for a garment is roughly £10 for a basic white t-shirt.  

With increasing numbers of online transactions, retailers with a strong web offering need only 70 high street stores to create a national presence in the market, compared to 250 shops in mid 2000s. 

Economy:

Economy fashion is fast-fashion and is placed at the bottom of the hierarchy, within mass production. It is targeted for those who want on-trend garments at affordable prices, whereby consumers get value for money, mostly according to aesthetics. The point of economy clothing is for everyone, however different stores have a different target market. With this, the entry prices on average is £10 for jeens, or Topshop: £6 or "2 for £10" for basic tees. The collections for economy fashion is available within 2 weeks, creating up to 10,000 style per year. Example of economic conglomerates are Inditex, H&M AB and Arcadia. 

"All economical fashion is fast fashion BUT not all fast fashion is economical".