Company XYZ is a fashion apparel brand that retails clothes for women and kids. Their main product line is loungewear. Their sales have increased by 5% in the last five months in light of the recent pandemic. Seeing this growth, the company is now looking to possible expansion avenues in addition to their current business model, which is restricted to online B2C sales. State and explain one possible expansion avenue along with the factors you think the company should take into consideration while taking such a decision. You may analyse this statement both quantitatively and qualitatively, further mention any kind of metrics you think are essential to gauge the company’s performance in order to make the right decision.
Answers
Answer:
Fashion marketing is the process of managing the flow of merchandise from the initial selection of designs to be produced to the presentation of products to retail customers, with the goal of maximizing a company’s sales and profitability. Successful fashion marketing depends on understanding consumer desire and responding with appropriate products. Marketers use sales tracking data, attention to media coverage, focus groups, and other means of ascertaining consumer preferences to provide feedback to designers and manufacturers about the type and quantity of goods to be produced. Marketers are thus responsible for identifying and defining a fashion producer’s target customers and for responding to the preferences of those customers.
Explanation:
Once the clothes have been designed and manufactured, they need to be sold. But how are clothes to get from the manufacturer to the customer? The business of buying clothes from manufacturers and selling them to customers is known as retail. Retailers make initial purchases for resale three to six months before the customer is able to buy the clothes in-store.