To survive in an apparel market, company needs to adapt
itself quickly and efficiently to a change in trends and consumer tastes. Since
there is a strong link between spending and emotion, company needs to
understand the emotional reasons that affect buying behavior.
Company needs to be
creative, stylish, up-to-date to compete in fashion industry.
It is also
necessary to determine size of the budget. Clearly define expenses is important
to see a realistic financial position of the company. Knowing Expenses allow
business to create an accurate budget, rather than guessing and overspending
each month. If company in fashion industry has quite low budget comparing to
others, it is necessary to do production process overseas, or change the fabric
and other stuffs to the cheaper one.
Offering additional
services should be considered to remain competitive in fashion industry. The
additional services such as personal stylish, customized product or packaging
can attract new customer and increase level of customer royalty.
Media and social network also play a
significant role in Fashion industry. An influence of magazines, newspapers,
television, and fashion website is result in a change in consumer tastes. Using
social media, brands can capture larger audiences, building customer loyalty and
connect with their target market more easily and effectively.
Source: http://www.valueline.com/Stocks/Industries/Industry_Analysis__Apparel.aspx
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