To differentiate and improve performance

  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