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Question:

Discuss about the Strategy for the Fashion Business.
 
 

Answer:

A strategy for the fashion business may take a form of putting into use a single means of promotion. For any fashion retail business to succeed, it has to follow some strategies.

Designing and development are one of the strategies that entail collecting the different designs, making of patterns, developing the samples and researching the fabrics.  (Oeppen & Jamal, 2014).

Production and supply chain. This is a strategy that enables the fashion designers to look for supply chains so as to distribute their products. It includes sourcing for fabric and materials, production, supply and logistics and then chain delivery.

Marketing and communication entails developing the brand, organizing fashion shows, and presentations and using the social media to market the products.

Sales and distribution are the last strategy which involves both the wholesalers and retailers. The wholesalers carry out multi-brand stores and online stores while retailers take care of the online stores and trunk shows.

Factors

To start a fashion business, several factors must be considered. First is the amount of capital which is required to open the business. There should be enough capital which will enable a sufficient business. Commitment is another factor which means that the person starting the business should be more commitment because fashion business requires a 24-hour commitment. Fashion business takes a lot of time to build, so one should give up especially when there are some downturns. One should think of themselves being the CEOs of the business after what they will be able to organize themselves well.

Fundamentals

Fundamentals of fashion include; the history of fashion, surveying the current designers and introduction to careers based on clothing and fashion design (Dillon, 2011). Bring something unique to the market so as to attract more customers. Always don’t rely on yourself but find a business partner or advisor because fashion business is all about advice. Use a network of contacts to reach more customers. Lastly manage the cash well and in the right way to avoid future scandals.

Principles

There are different principles behind the movement and change of fashion. Consumers determine which style is more attractive and which is not. Designers do not create their designs, but they are influenced by choice of the customers.  The Price of the product does not mean that the design is the present fashion because the new products may sometimes be sold at fair prices when identified as the best fashion. The different methods used by retailers to promote their products may not change the fashion interests of the customers. This is because they cannot make customers to buy what they don’t want. Every fashion ends in excess because people get used to it and start looking for new fashion (Turker & Altuntas, 2014).

The relationship between primary and secondary market is that, in the primary, investors buy directly from the issuing company while in secondary, they trade securities among themselves. Major market raises long-term funds by issuing securities while secondary market provides a ready market for existing long-term securities. The auxiliary market is one which provides services like access, dining, health, housing, retail, and transport.

 

References

Oeppen, J., & Jamal, A. (2014). Collaborating for success: managerial perspectives on co-branding strategies in the fashion industry. Journal of Marketing Management, 30(9-10), 925-948.

Dillon, S. (2011). The fundamentals of fashion management. A&C Black.

https://www.youtube.com/watch?v=U8p7Gll0HNE

Turker, D., & Altuntas, C. (2014). Sustainable supply chain management in the fast fashion industry: An analysis of corporate reports. European Management Journal, 32(5), 837-   849.

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