Inquiry Based Learning in Fashion Industry

Inquiry based learning

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Background-.................................................................................................................................1
Analysis-......................................................................................................................................3
CONCLUSION/ RECOMMENDATION.......................................................................................6
REFERENCES................................................................................................................................8
APPENDICES.................................................................................................................................8

INTRODUCTION
Inquiry based learning is an active form of learning in which a series of questions are being
asked on several bases like particular scenarios, through which information on an particular topic
can be achieved. Banana republic is the chosen organization for the evaluation in this report, the
company tend to provide fashioned products to the customers (Banana Republic, 2021).
Evaluation on the current industrial tends is being analysed in the report, with that evaluation on
the primary and research method is also being analysed in the report. Also, identification and
implementation of appropriate recommendation is also being provided within the report.
MAIN BODY
Background-
In the present time when the market competition has increased drastically because of
which organizations also have to implement several creative ways by which it can ensure that it
is able to achieve an efficient competitive edge. Following the current market trends of the retail
industry.
Fast fashion- Due to increasing busy lifestyle customers are changing the ways of buying the
products and because of which customers are showing high interest in utilizing the fast fashion
products. Thus Banana Republic has to ensure that it is able to attract wide range of customers
towards the organization and because of which company has to make improvisations in its
working strategy (Varley, R. and et.al, 2018). This has to be done in such a way that company is
able to attract new and trendy crowds by which it can achieve increment in organizational sales
through which it can achieve an efficient competitive edge. This is effective but Banana
Republic also tend to analyse the fact that fast fashion products are mostly used but are short
time products because of which product life-cycle is small than compared to the traditional
products which Banana Republic often provide to its customers.
Buy now and pay later model- This is a one of the most effective pricing strategy which
organizations often use to attract a wide range of customers towards itself by which
organizational sales can be increased (Baek and Oh, 2020). This happens because customers are
having an ability to buy products at high pricing and then make payment after a scheduled time
span. This is an effective way which can be used by Banana Republic but on the other hand the
major disadvantage which is associated with the buy now and pay later model is that company
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has to wait a long period for achieving the return for their investments. Due to this it makes a
direct impact upon the organization's economic growth.
Impact of online retail-
Customers are showing high interest level in utilizing the technological advancements
and also due to the increasing busy lifestyle customers are changing the ways of buying products.
Due to which organizations like Banana Republic also have to increase their level of engagement
in providing organizational products to the customers through the means of digital platform by
which it trends to ensure that it is able to achieve high sales (Sheth, 2020). Due to this Banana
Republic has to make several improvisations in its working through which it tends to ensure that
it is able to reach to a wider section of the customer base and because of which company has to
integrate different level of technological advancement in its working by which it can ensure that
it is able to achieve an efficient competitive edge.
Aim- The aim is to improve the product placement of the Banana Republic and introduce fast
fashion products in the organizational working. Also, to implement creative attractive pricing
techniques like Buy now and pay later by which customers can be motivated to develop their
direct contact with the organization.
Objective-
1. To introduce new products by implementing changes in the product placement by Banana
Republic.
2. To develop different pricing strategy, so that customers can be attracted towards the
organization.
3. To develop organizational strategy to increase customer base by using the online retail
methods.
4. To analyse the improvisations which the company achieved through the above strategy.
Research questions-
1. What is the significance of improvising the product placement of Banana Republic?
2. Why creativity pricing strategy has to be integrated by the company?
3. What are the changes which Banana Republic can achieve by implementing the
organizational changes?
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