Fashion industry management Essay Example | Topics and Well Written Essays - 2500 words

Fashion industry management - Essay Example According to the research findings it can therefore be comprehended that the fashion industry is fast moving and extremely trendy. Working in a fashion company requires one to keep up with fashion trends and to be open about adapting with fashion services and products. An advantage in working with a fashion company is that there is no need to get tied up with a single product for a long time because it is possible to change offerings on a frequent basis. Such circumstances create the necessity to remain open about new fashions and trends. It is beneficial to establish link with fashion professionals such as models, socialites, trend setters, stylists and designers. This helps a great deal in establishing good relations with manufacturers and distributors of fashion products, but the specific relationship depends upon the kind of business that is being considered. It is important for fashion companies to organize fashion shows to attract attention to the business, in addition to hirin g publicists and event planners to make the events successful. In view of the extensive competition in the fashion industry it is better to keep finding new ways to reduce costs. Pricing policy should be adopted whereby the consumer gets value for his money. In addition to complying with these processes, one must keep a close tab on the budget as provided for in the business plans. Fashion is a wide term that includes products or markets characteristically encompassing elements of style that tend to be short lived. Fashion markets mostly exhibit certain characteristics such as short life cycles, high volatility, low predictability and high impulsive purchases. Fashion products are typically transient because they are designed for capturing the mood of people during any given period. Therefore, the period in which a fashion product is sold will mostly be ephemeral; a few months or weeks. The demand for fashion products are seldom stable and are prone to be impacted by the vagaries of weather or the actions of sports personalities or pop stars. It is extremely difficult to forecast the demand of fashion products because of the given unpredictability. Most purchase decisions for fashion products are made on impulse at the points of sale because consumers are motivated to buy the product only after seeing what varieties and items are available. The fashion industry is also known as the Rag Trade because the involvement of designer clothes and high fashion creates difficult and competitive market conditions. The business environment is characterized with constant change as fashions and trends keep coming and going. The working of a fashion company can be bifurcated into four distinct sections; retailing, wholesaling, manufacturing and designing. But all these functions complement each other, which clearly reveal that the industry is more about information than just clothing and design. In this industry, people are required to make a place for themselves in a social environment and to associate with specific social groups. It is recognized that fashion products are a means of communication and make statements about the individual wearing them, in identifying him or her with a specific group. Changing fashions demonstrate the working of a dynamic system and such changes are irregular and vary with circumstances. There are times when people in the industry experience a literal chaos in terms of the mixture of fashions that may exist at one time and then suddenly a new emergent style replaces them, thus making it imperative for the fashion company to change its strategies and goals. Under these circumstances, I realized that it is better to ignore