As the market research findings arrive, designers quickly in... ... middle of paper ... ...Zara has become the forefront of fast fashion and have become a fast fashion follower over the years. The approach of conducting mass communication in terms of market research has made Zara the most productive fast fashion retailer. They implement their design strategy in a different way to competitors. Their design stage is split into three product areas: women’s, men’s and children’s garments and designers and market specialists and buyers are co-located to try out prototype designs. (Slack, Chambers, Johnston, 2010) This allows customer reactions to new designs to be incorporated making Zara a successful fast fashion retailer.
Cultural understanding is virtuously essential for an organization expecting to be effective in operating in a host country and even their own nation. Research indicates that Zara has done their homework in this area. However, in order to keep ahead of the competition marketing strategies need to be constantly rationalized. Guaranteeing that fast fashion is truly fast According to Cateora, Gilly, and Graham (2013), “international marketing is the performance of business activities designed to plan, price, promote, and direct flow of the companies goods and services to consumers of users in more than one nation for profit” (p. 10). Equally, Borden’s marketing mix became popular after he published his article, The Concept of the Marketing Mix or as described the four P’s which are product, price, place, and promotion (“The Marketing Mix,” n.d.).
Furthermore, there... ... middle of paper ... ...ame period of 2012. (Inditex, 2012) The solid growth from Zara shows that Zara is successful in building its own brand identity. The high degree of recognition of Zara makes people choose Zara instead of other brand. One of customers who are interviewed said: “Zara is the name naturally came into my mind when I want to go shopping. It just came.” To sum up, window display is a significant way to promote the brand image and seasonal products in the highly-competitive fashion industry.
H&M’s non- hierarchical management style philosophy practiced is another chain value that is competitively advantageous as employees take initiatives at all levels leading to fast decisions and quick reactions essential to fast fashion business. Centralisation of procurement, logistics, Designing and pattern making staff is important for quick reactions to changing trends known to occur in the fashion
Fast Fashion may be the most significant disruptive in the retail industry today. Troublesome novelties, or product or services, that alter an prevailing market by presenting minimalism, suitability, convenience and affordability, have the most positive influence on a company. Because fashion is ever changing and technology is always evolving the amount of production time it takes for something to be manufactured
Nordstrom’s current business working strategy is successful but I believe there are a few ideal solutions that the organization could apply to further enhance the organization. Due to the aggressive characteristics of the fashion retail store market, it is crucial that Nordstrom preserves an aggressive advantage providing the highest level of customer support as possible. I intend to summarize three ideal solutions to Nordstrom’s present business strategy. . 1) Expand Nordstrom Rack Stores at a much faster speed than Nordstrom Full Line Stores 2) Implement a more competitive international development plan.
The fast fashion industry is also largely characterized by high impulse buying where customers buy certain products not because they need it, but simply because they can or because they want to keep up with the latest trends. In order to maintain high profits in the industry, it is important that retailers adopt the ‘speed to the market’
Business Intelligence is essential given the exponentially increasing amount of data that sources like social media marketing are beginning to create. A solution such as SAP Lumira not only reduces the time spent creating meaningful reports out of consumer and company data, but also allows managers to make informed decisions based on market trends. In regards to costs, the initial investment is substantial, but the benefits outweigh these costs. Based on its features and quick return on investment, SAP Lumira is the best choice of business intelligence software for our company. It is recommended that a committee be established to analyze the implementation of SAP Lumira at Bealls.
These goals helped to formulate a unique value proposition: to combine moderate prices with the ability to offer new clothing styles faster than its competitors. These three goals helped to shape Zara’s current business model. Zara’s Business Model Zara’s business model can be broken down into three basic components: concept, capabilities, and value drivers. Zara’s fundamental concept is to maintain design, production, and distribution processes that will enable Zara to respond quickly to shifts in consumer demands. José María Castellano, CEO of Inditex stated that "the fashion world is in constant flux and is driven not by supply but by customer demand.
Its ambitious international expansion plan, along with its many opening shops in the domestic market, has boosted the company to a high economic growth. In the Spanish fashion industry, opening new markets is definitely the main strength, which has taken the lead in other sectors of our economy by introducing their brands and products in international markets. (ICEX, 2012) (Appendix 2) 2. MARKET SCREENING AND SELECTION The market screening is an important decision, which should be evaluated carefully as it is based on the failure or success of the company in the foreign countries. It purposes is to allow the retailers to identify the best locations in a large geography to establish their business.