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Factors Effecting The Fashion Industry | Case Study

   

Added on  2020-01-07

11 Pages2765 Words245 Views
Marketing

Table of ContentsINTRODUCTION ..........................................................................................................................1Factors impact on Fashion Industry.................................................................................................1Analyses of Fashion Industry...........................................................................................................3Evaluation in India...........................................................................................................................4Market Entry Strategies ..................................................................................................................6Element of Marketing Mix...............................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................8

INTRODUCTION Michael kor's (MK) is the American fashion designer for men and women on a large scale wherethis industry hired the activities of marketing. MK industry design all types of fashion productswhere they control all the stages of value chain. Value chain is the set of activities where thecompany use marketing, distributing and sales servicing. This industry has adopted themarketing function so they can do expansion in the international market. In this case study weanalyses the the factors which effecting on the fashion industry, analyse the value chain andstudy about the marketing mix and evaluate the potential market and market strategy(Armstrongand et.al., 2012).1.Factors impact on Fashion IndustryMK fashion industry has an international market value but this industry has effect withthe forces of the micro and macro environment. But the main five micro forces which effect thefashion business which are :- 1.bargaining power of the suppliers – suppliers power is low in the MK industry, where theability power is increase the cost of the product. Suppliers can take the small part in thefashion industry where the input price is low as compared to the output of the industry sot makes gap in global development.2.Bargaining power of the customer - when the buyers pay to the product the ability powergoes down. Buyers push the price down so buy the products in the fashion industry. Andcustomer do large amount bargaining directly an indirectly (De Vries, Gensler andLeeflang, 2012).3.Competition in the same objectives – same types of competition also effects the venture.Fashion is the interesting things where most of the people come into the fashion andexecute the competition in the market (Hair and et.al., 2012). In fashion market,innovation in the most important thing, many retailers and whole sellers are having samekind of products in the market. If the company having good brand and name the it stablein the market.4.New entries – if new entrants is coming with some unique ideas and use the clever wayof media to advertise its products then it might effect the industries. MK fashion industry1

is are like on the position of high in the international market and some other comes withnew innovation, its not effect the so much but later onwards it will effect.5.Substitution - company get in threat of substituting the products, it is the action ofreplacing some product, so it will not impact so much (Terpstra, Foley and Sarathy,2012).Macro environment factors effect the MK fashion industry are-1.Political- political issue of the company effect in buying the product.2.Economic- economic environment also impact to buy the products, economic makedifficult for decision.3.Social- the trend of socio-culture effects the fashion market, social effects the lifestyle ofthe people like in the culture, wealth, family, fashion industries have to aware of thesechanges in the environment.4.Technological- this factors always influenced the fashion industry, change intechnologies it make apparel products are produced and delivered to the customer.5.Environmental- change in natural environment, taste also effect.6.Demographic- different demographic like age, lifestyle, cultural, education level etc. areeffect the fashion industries (Hulfactor 2006).2

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