Inquiry-Based Learning Report: Analyzing Banana Republic's Strategies

This report provides an in-depth analysis of Banana Republic, employing inquiry-based learning to evaluate its strategies within the context of the fast-fashion industry and evolving consumer behaviors. The report begins with an introduction to inquiry-based learning and its application to the chosen organization, Banana Republic, followed by an overview of the current industrial trends, including fast fashion, 'buy now, pay later' models, and the impact of online retail. The main body of the report includes a PESTLE analysis of Banana Republic, examining political, economic, social, technological, legal, and environmental factors influencing the company. The report also presents the results of a survey on pricing strategies, product placement, and customer motivation. Finally, the report concludes with recommendations for improving product placement, introducing fast-fashion products, and implementing attractive pricing techniques. The report aims to improve product placement, introduce fast fashion products, and 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.

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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Analysis-
PESTLE analysis of Banana Republic-
Political- Banana Republic tend to provide its organizational services in UK and due to which
political instabilities of UK also tend to make significant impact upon the organizational
working. This can be seen in the present time of COVID-19 in the government has to introduce
lock-down because of which organizational working was being affected. Also company is
making several efforts by which it can ensure that it is being able to extend its geographic reach
to increase customer base but has to improvise working according to international relationships.
Economical- Company has to ensure that it is able to establish pricing on its products such that it
is able to attract customer's to utilize organizational services and also at the same time provide
Banana Republic an high profit margin by which chances of goal achievement can be increased
(Jestratijevic, Rudd and Uanhoro, 2020). Different pricing strategies are being used by the
company to maintain efficient profit margin, due to changing inflation rate pricing has to be
changed.
Social- Banana Republic has to provide products in such a way that it is able to achieve high
organizational sales and because of which company tend to analyse the changing market
conditions and customer preferences by which high sales can be achieved due to this company
provide luxury products through which it manages to achieve high sales. Also has to implement
changes as per customer requirements by which it ensures that customer requirements are being
fulfilled and chances of brand switching is reduced.
Technological- It is important for organizations like Banana Republic that it is able to achieve
high work productivity and with that company also has to ensure that it is able to minimize the
expenditures for products development, due to this Banana Republic tend to use advanced
machinery for produce development by which it manages to achieve high work quality. Banana
Republic often implement innovative approaches by which work productivity is being increased.
Legal- Banana Republic tend to provide organizational provide in various geographic areas and
because of which company has to ensure that it is able to fulfil all the legal legislations by which
it can minimize the chances of facing penalties. In order to achieve this company develop its
organizational working strategy as per the legal laws and employee legislations. Company has to
ensures that its operations are being performed as per legal legislations, otherwise it has to pay
financial penalties.
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Environmental- Banana Republic has to ensure that it tend to develop organizational working
strategy in such a way that it is able to minimize the negative impact on the environment and
because of which company makes several efforts to minimize the carbon footprint impact by
which it develops a positive image in front of the customers (Zahari and Romli, 2019).
Theme1. According to you what will be the best pricing strategy for attracting and retaining
customers
what will be the best pricing strategy for
attracting and retaining customers
Outcomes
Penetration 12
Competitive 5
Premium 3
Interpretation:
From the above graph it had outcomes that out of 20 respondents from the families or
friends 12 respondents have strongly agreed with penetration as they think that the best pricing
strategies could keep more attractive and retaining more customer. 5 respondents are agreed with
competitive as they think that best strategies could only help for decreasing the competition in
market and could not much more satisfied by their pricing strategies. Out of 20, respondents only
3 are disagreed with premium as they are not satisfied with their best pricing strategies through
they are not more attractive and retaining with their products.
Theme2. How can customers can be motivated for buying new changed products
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How can customers can be motivated for
buying new changed products
Outcomes
Discounts on products 13
Social media awareness 5
Value added features 2
Interpretation:
From the above graph, it had been said that 13 respondents are satisfied with motivation
for buying new changed products. Out of 20 respondents, 13 are satisfied with customer that they
are motivated with buying new products and they think that customer are only motivated with
buying new products. 5 respondents are agreed with social media awareness through which they
think that customer are being more motivated with the social media pages and they are more
satisfied. 2 respondents think about the value added features that could keep them more
motivated in purchasing the new products and that could help them for satisfied.
Theme3. What will be the best product placement strategy that can grab attention of customers
The best product placement strategy that can Outcomes
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grab attention of customers
Advertising 10
Visual placement 6
Auditory placement 4
Interpretation:
From the above graph, it had been said that most of the respondents are satisfied by the
advertising. Out of 20 respondents, 10 are strongly agreed with the advertising on the best
products placement strategies that can easily grab more attention of customer. 6 respondents
think that visual placements plays important role in product placements and that could be more
easy for grabbing the attention of the customer. 4 respondents thinks about the auditory
placements that could be more easy for customer in paying their attention towards the products
placement and also motivated them for buying the products.
CONCLUSION/ RECOMMENDATION
From the above it had been recommended that fashion industry have change their policies
and procedures for competitive market. Through which they can easily make their more
advantage in market and that seems to be more easier for them for making their development.
Buy now pay later help more customer through which they can help their people for solving their
issues and that might be seems more easier for them. Through having thei8r more customer that
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could make their more growth in market as well make their more market position (Chen and
et.al.,2019). While by using this model many of the organization can easily get their customer
and make the proper use of technology which must be required for them in developing their
strategies. I9mpact of online retailing that have been affected more in the lifestyles of customer
while using this online business they have taking care of their customer in recent time. While due
to having Covid-19 many of the people gets effected, from this point of view many of business
have started their online business through which they can easily satisfied their customer and
while by suing this they can also have more customer. For example, Amazon also have their
developed strategies through which they can have their more customer as they offer more
discount and loyal cards customer. For those who buy their online products and basically who
make the terms and condition to be complete more and more. Zara, Primark and H&M in short
time they have developed them with many policies through they have make their more growth
and while by doing this they have their more customer. As they have their online business for
which they need to make their proper use of strategies and skilled employee from which they can
more better organization structure (Souiden, Ladhari and Chiadmi, 2019). Clear pay or Laybuy
make the proper use of pay later models through which they have their work proper and they also
have huge amount of profits from which they can also have their more customer range as across
the world wide. While by doing they can also have their more growth in business. In having their
high range of products that could also make them well-developed and their product can also
make their customer more satisfied through they can easily gain customer trust and try to make
their some new products. That might be also used for making their planned strategies to be
developed. In recent time online retailers have their more impact through they can have their
high range of customer and while by using online retailing business that also seems to be more
easy for other business and through they can make growth in organization. Most of the people
are being so effected by the online retailing as by seating at home and they can have more
benefits rather than going to stores.
Many of organization make their discount on online through which having their business
online they can have their huge customer along with they can easily have more growth rather
then taking any more strategies in their business and through they can have their developed. For
this they are required to have their more skilled and well-developed employee who have
knowledge about the online software from which they can easily take their advantage and
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satisfied their customer (Fjeldstad and Snow, 2018). Fast fashion can easily adopted by customer
while by also taking this advantage in business that could might be more easier for them and
making their more customer that could be also important for them in developing their growth.
Online payments also seems to be more important for business and every business have online
pay mode through that could be more easier for them to make the proper communicate with
many people.
The company faced the problems while by having the short time products for their
customer and also make sure about the various kinds of the product from which they can easily
buy their products. Hence, for this the company make their product as seasonal through which
they can make sure about the various customer who can buy their products.
REFERENCES
Books and Journals
Baek, E. and Oh, G.E.G., 2020. Diverse values of fashion rental service and contamination
concern of consumers.Journal of business research. 123. pp.165-175.
Chen, C. and et.al., 2019. Impact of supply chain information sharing on performance of fashion
enterprises. Journal of Enterprise Information Management.
Fjeldstad, Ø.D. and Snow, C.C., 2018. Business models and organization design. Long Range
Planning. 51(1). pp.32-39.
Jestratijevic, I., Rudd, N.A. and Uanhoro, J., 2020. Transparency of sustainability disclosures
among luxury and mass-market fashion brands. Journal of Global Fashion
Marketing. 11(2). pp.99-116.
Sheth, J., 2020. The future of retailing: When the artificial becomes real.
Souiden, N., Ladhari, R. and Chiadmi, N.E., 2019. New trends in retailing and services.
Varley, R. and et.al, 2018. Fashion management: A strategic approach. Macmillan International
Higher Education.
Zahari, A.R. and Romli, F.I., 2019. Analysis of suborbital flight operation using
PESTLE. Journal of Atmospheric and Solar-Terrestrial Physics. 192. p.104901.
Online
Banana republic, Banana republic, 2021 [Online]. Available through:
<https://www.bananarepublic.eu/banana-republic/women/featured-shops/new-in/?
mlink=hp_spotlight_newin_bg&lang=en_GB>
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APPENDICES
1. According to you what will be the best pricing strategy for attracting and retaining customers?
Premium
Competitive
Penetration
2. How can customers can be motivated for buying new changed products?
Discounts on products
Social media awareness
Value added features
3. What will be the best product placement strategy that can grab attention of customers?
Visual placement
Auditory placement
Advertising
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