The diffusion of global brands across all fashion verticals has transformed our outlook towards the quality of apparel that we like to invest in. Fast fashion international brands are focusing on making trends and runway fashion available to the mass audience at accessible prices. This has also made a huge impact in the Sri Lankan fashion industry since it is important to keep up with the global trends in this highly competitive market.
However, more niche brands are coming up with high-quality products keeping their price point in mind with the idea of introducing and maintaining international standard quality and styles.
Affordable Luxury, Value for Money:
Fashion trades are now no more looking for highly expensive products to stand out, they are rather a price and “re-use” conscious to ensure they get maximum bank for their buck.
Most customers prefer versatile pieces which last long and can be paired in multiple ways.
A worldwide change in gender perception puts more and more expectations on women; hence inter alia the role of women in business undergoes continuous progress. It is currently a popular issue touched on by society and aims to change the perspective of professionally successful women. This topic is extremely interesting considering the fact that more and more women have been promoted to executive roles in the business sector.
The status of women, especially in European countries, in the United States, and in some countries in Asia has improved considerably in the last 50 years. Women nowadays possess unlimited access to education and training that continuously develops, providing many women with the necessary qualifications to aspire to jobs in senior management. No longer are women associated with low expectations and qualifications, in terms of both education and the workforce positions.
There is no doubt that significant progress has been achieved in strengthening gender equality in the labor market over recent decades. Women have been moving steadily into occupations, professions and managerial jobs previously reserved only for men.
What is more, women now seek and obtain the highest leadership roles in education, government and business.
Women’s advancement in management career is influenced by personality factors and, organizational factors. These are also various societal and institutional factors that contribute to encourage employees to hire women instead of men. It is important to keep in mind that there are important institutional differences between countries, notably regarding their educational and academic systems.
DBA, M.Sc., MBA, BBA, CIW Certified Data Analyst
Associate Professor of Business, Business and Economics Department, Wells College, Aurora, New York, USA.
The core of marketing is to find opportunities and challenges to meet them with the right solution in satisfying the expectations of stakeholders.
Efficient marketers use concepts and tools to handle said opportunities and challenges. A decade or so, few marketers would have imagined that online advertising would pose such a serious threat to conventional advertising while some assume marketing investments to be held to the same standards of financial accountability as investments in more tangible aspects of the firm, like operations.
Only a few visionary organizations prepared themselves to exploit the availability of data and information that often overwhelm today’s marketing decision makers. In today’s marketing context, marketing decision makers are demanded to use data-driven (analytics) marketing decisions, going beyond the conceptual contents that have been honed by experience.
This needs more systematic analyses and processes. Hence, today, marketing decision making resembles design engineering: putting together concepts, data, analyses, and simulations to learn about the market place and design effective marketing plans. One of the famous schools of thought is to view traditional marketing as an art while others regard it as a science. However, modern marketing can be introduced as engineering, as it combines both arts and science to make marketing decisions.
Marketers today are bombarded with a plethora of all types of content, user and socially generated data, and expert opinions, and they can combine and process that information in new ways to enhance decision making. Hence, basing decisions on such information has become a minimum requirement to be a successful player in their industries. The most important factor when doing business is to be prompt in providing solutions to consumers. In managing a profitable business model, business leaders will have to thrive hard to meet the said expectations of consumers. The above task needs a lot of consideration given to the type of data, sources of data, storing, processing, and types of business decisions to make. As such, designing of an “effective and sustainable data warehouse” is of paramount importance of business leaders. Hence, this is where the big data comes to play with an emphasis on the three Vs; Variety, Velocity, and Variability.
With the growth of organizations facing well-informed customers who seek greater value, organizations must scrutinize the productivity of all their management processes. Therefore, re-engineering marketing functions, processes, and activities in line with the digital age is paramount for organizational survival. Despite the challenges marketing managers face today, such as reduced cost to improve productivity, mass marketing gave way to micromarketing, fine-tuning to meet individual customer needs in their respective market segments, global competition, and demand to use lean management techniques. Marketing managers have access to hardware (computers, hand-held devices, and mobile phones), software, and data and must use these tools to find and deliver value to micro markets through fragmented media and channels. As a result of these trends, marketers need much more than just concepts to exploit their available resources; they must move from conceptual marketing to Marketing Engineering.
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