Order now, industry essay. First-world countries consumeristic habits ultimately have lasting and negative impacts on the third world countries that are left paying the true cost for our overconsumption. You have the power to make a change. Learn More. Essay Topics. The rest of the clothes are often shipped to other industry essay such as Haiti.
Environmental Analysis
The retail industry deals with merchandizing of products and services. This involves the purchase of goods in bulk then reselling them in smaller proportion to consumers. Some companies in the retail industry produce their own branded products and services to gain competitive advantage over other companies in the industry. The ability to produce branded goods and products in the retail industry is industry essay critical success factor industry essay most companies sell homogeneous products, industry essay. Consumers value convenience and instead of buying separate appliances for preserving food, an ice maker and water dispenser, one product that serves all these functions would industry essay convenience to consumers.
A company can offer homogeneous products and services or use a differentiation strategy, which offers unique products with additional features. The degree of differentiation refers to the ingenuity in making a product or service. In the retail industry, differentiated products and services give company a competitive edge over competitors. To attain and maintain market leadership, industry essay, an organization should regularly reinvent products and services to match dynamic consumer needs. The retail industry carries homogeneous products with very few companies offering consumers branded differentiated products. The retail industry is one industry essay the oldest trades known to man. According to Wrice, the retail industry began with barter trade in the ancient world 2.
The industry has evolved over time from small kiosks and fragmented supplies to huge self-service hypermarkets that allow consumers the convenience of obtaining whatever they want under one roof and shopping at the comfort of industry essay neighborhoods. Advancement of technology has played a key role in transformation of the retail industry. E-commerce allows organizations to have virtual stores and consumers can shop from the comfort of their homes. The cost structure analysis establishes the correlation between cost and volume. Cost structure also aids in the calculation of breakeven point when determining industry essay profitability of a product. Manufacturing methods can be either capital or labor intensive. Labor-intensive projects have industry essay variable costs while capital-intensive projects have high fixed costs.
Depending on the available resources or methods required for manufacturing the product and affinity towards technology, the management may industry essay a capital structure with high variable cost or fixed cost. The retail industry has balanced cost structure that requires both fixed costs and variable costs. In the wake of the advanced technology, companies have virtual stores, which target consumers who do their shopping online. It is fundamental to undertake environmental analysis of an industry before undertaking industry essay capital-intensive venture, industry essay. Environmental analysis helps a potential investor to understand the dynamics of the macro and micro dynamics of the industry. The demographics industry essay which products are likely to be on demand in the market.
Demographics of the industry essay industry are made of vast diversity of ethnic backgrounds; for instance, the number of baby bloomers and the graying age group has been on the rise over time, industry essay, something that underscores the need to have environmental analysis for industry essay retail industry to thrive. A refrigerator is a necessity in any homestead because it helps preserve food. A refrigerator with additional features such as water and ice dispenser increases offers consumers value for their money in terms of cost and space. The graying community and baby bloomers buy food products in bulk to avoid making many trips to the store hence the need to have a fridge. In addition, the working population also requires the convenience of a refrigerator because people mainly shop over the weekends, industry essay.
As aforementioned, the retail industry has transformed radically due to the advancement in technology. Companies in the retail industry have adopted virtual stores enabling them to engage industry essay international businesses. E-commerce has changed the relationship between organization and consumers. To remain competitive, industry essay, organizations in the retail industry must understand the dynamics brought about by new technology. The political-legal environment regards the rules and regulations governing an industry. Therefore, it is imperative for organizations to understand the political-legal environment of an industry before engaging in industry essay venture, industry essay.
Before manufacturing of the fridge with water and ice dispenser, the patents and trademarks, idea investigation is pertinent to avoid any legal suits, which could jeopardize the manufacturing process. Analysis of the economic dynamics will help an organization to establish which strategies it should adopt to give consumers the incentive to purchase their products and services. Strategic positioning of the refrigerator using product differentiation and penetration pricing will help in launching it into the market industry essay. The nature of the retail industry allows consumer to switch from one retail store to the next without incurring any cost. For retail stores to gain market leadership, they have to offer consumers with value and fair prices.
Supplier bargaining power increases when there is a limited number of suppliers carrying a scarce commodity in an industry, industry essay. Lack of consumer loyalty in the industry makes the retail industry essay attractive to potential investors, industry essay. The retail industry offers consumer products purchased from manufacturers hence it is quite difficult to differentiate the product and this scenario decreases customer loyalty and in turn increases threat of new entrants. To mitigate the threat of new entrants, retail stores have adopted low-pricing strategies and offer outstanding customer service to create customer loyalty. The retail industry faces a formidable threat for some of its product lines from substitutes available to consumers.
The threat of substitutes is low in the retail industry because the cost of obtaining alternative products is relatively high. A substitute for the fridge with a dispenser is coolers used to preserve foods and drinks. The fridge offers more space for storing food and has additional features, which will appeal to consumers. According to Hutchison, Macy, industry essay, and Industry essay, to industry essay the strengths of competitors, it is critical to analyze the strengths and weaknesses of major players in the industry New entrants can use the weaknesses of a competitor as opportunities to gain market share in the industry. Major companies in the retail industry include Target and Wal-Mart. Convenient location, good customer care, industry essay supplier integration are critical success factors in the retail industry.
Although major competitors industry essay Walmart sell homogeneous products and services, they gain competitive through the ability to maintain low cost thus offering consumers the lowest prices in the industry. New entrants into the retail industry can use product differentiation, industry essay, intensive promotional campaigns, and pricing strategies to gain market share. Competition in the retail industry is high and might be challenging for a new entrant; however, strategic positioning will help to gain a significant market share.
Low pricing strategy and product differentiation will help in market penetrating for the fridge with a water and ice dispenser. In addition, intensive promotion strategies will help create awareness industry essay the same. The new refrigerators distribution channels should be exclusive virtual stores to reduce administrative costs thus offering consumers low prices and industry essay. Before embarking on manufacturing of the fridge with a water and ice dispenser, developing a financial plan will be helpful in evaluating the projected expenses and profitability. Cost analysis helps to evaluate whether it is worthwhile to undertake a business venture or not.
The activity-based method is most appropriate when apportioning the manufacturing overheads. Market analysis should help establish potential demand, which is essential in estimating profitability levels. To achieve profitability, the total cost of manufacturing a unit of a product should be below the break-even point. If the venture is profitable, the manufacturing of the fridge should commence immediately after market testing, industry essay. Retail industry has undergone major transformations over the last few decades, industry essay. The transformations are attributable to changing dynamic consumer needs and advancement in technology.
Industry essay environmental and competitive dynamics of an industry help to identify appropriate strategic choices for new entrants. A financial plan helps to give the projected expenses and profitability of a product to determine whether it is worthwhile to undertake the project. Hutchison, Thomas, Macy, Army, and Allen, Paul. Record label marketing. USA: Focal Press, Porter, Industry essay. The Five Competitive Forces That Shape Strategy, Harvard Business Review Viscusi, Kip. Wrice, Mark. First Steps in a Retail Career. Australia: Macmillan Publishers, industry essay. Need a custom Essay sample written from scratch by professional specifically for you? certified writers online. Industry and Competitive Analysis. We use cookies to give you the best experience possible.
If you continue, industry essay, we will assume that you agree to our Cookies Policy. Table of Contents, industry essay. Industry Analysis Environmental Analysis Competitive Analysis Projected expenses and profitability Conclusion Works Cited. Learn More. We will write a custom Essay on Industry and Competitive Analysis specifically for you! Not sure if you can write a paper on Industry and Competitive Analysis by yourself? This essay on Industry and Competitive Analysis was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. Removal Request. If you are the copyright industry essay of this paper and no longer wish to have your work published on IvyPanda.
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The ability to produce branded goods and products in the retail industry is a critical success factor because most companies sell homogeneous products. Consumers value convenience and instead of buying separate appliances for preserving food, an ice maker and water dispenser, one product that serves all these functions would offer convenience to consumers. A company can offer homogeneous products and services or use a differentiation strategy, which offers unique products with additional features. The degree of differentiation refers to the ingenuity in making a product or service. In the retail industry, differentiated products and services give company a competitive edge over competitors.
To attain and maintain market leadership, an organization should regularly reinvent products and services to match dynamic consumer needs. The retail industry carries homogeneous products with very few companies offering consumers branded differentiated products. The retail industry is one of the oldest trades known to man. According to Wrice, the retail industry began with barter trade in the ancient world 2. The industry has evolved over time from small kiosks and fragmented supplies to huge self-service hypermarkets that allow consumers the convenience of obtaining whatever they want under one roof and shopping at the comfort of their neighborhoods. Advancement of technology has played a key role in transformation of the retail industry.
E-commerce allows organizations to have virtual stores and consumers can shop from the comfort of their homes. The cost structure analysis establishes the correlation between cost and volume. Cost structure also aids in the calculation of breakeven point when determining projected profitability of a product. Manufacturing methods can be either capital or labor intensive. Labor-intensive projects have high variable costs while capital-intensive projects have high fixed costs. Depending on the available resources or methods required for manufacturing the product and affinity towards technology, the management may choose a capital structure with high variable cost or fixed cost. The retail industry has balanced cost structure that requires both fixed costs and variable costs.
In the wake of the advanced technology, companies have virtual stores, which target consumers who do their shopping online. It is fundamental to undertake environmental analysis of an industry before undertaking any capital-intensive venture. Environmental analysis helps a potential investor to understand the dynamics of the macro and micro dynamics of the industry. The demographics establish which products are likely to be on demand in the market. Demographics of the retail industry are made of vast diversity of ethnic backgrounds; for instance, the number of baby bloomers and the graying age group has been on the rise over time, something that underscores the need to have environmental analysis for the retail industry to thrive.
A refrigerator is a necessity in any homestead because it helps preserve food. A refrigerator with additional features such as water and ice dispenser increases offers consumers value for their money in terms of cost and space. The graying community and baby bloomers buy food products in bulk to avoid making many trips to the store hence the need to have a fridge. In addition, the working population also requires the convenience of a refrigerator because people mainly shop over the weekends. As aforementioned, the retail industry has transformed radically due to the advancement in technology. Companies in the retail industry have adopted virtual stores enabling them to engage in international businesses. E-commerce has changed the relationship between organization and consumers.
To remain competitive, organizations in the retail industry must understand the dynamics brought about by new technology. The political-legal environment regards the rules and regulations governing an industry. Therefore, it is imperative for organizations to understand the political-legal environment of an industry before engaging in any venture. Before manufacturing of the fridge with water and ice dispenser, the patents and trademarks, idea investigation is pertinent to avoid any legal suits, which could jeopardize the manufacturing process. In one study done on young consumers in Hong Kong and Canada it was found that although these young people are often environmentally conscious, they do not associate sustainability with fashion Annamma, What other options do consumers have?
Luxury brands are a viable option because they often focus on the quality and craftsmanship of the product. However, many people are unable to afford this alternative. Another alternative is ethical fashion. The biggest draw back with ethical fashion is style, usually offering many basic T-shirts and jeans and not much else. To get consumers to buy ethically you must appeal to their desires. Another method is guilt politics which forces consumers to be viewed as responsible in their fashion purchases by their peers and society as a whole Beard, While having this information about fast fashion is vital, it is worth nothing if we do not do something to change it.
So what can we do? The easiest thing we can do is to buy less. When we do buy things we need to be smarter shoppers and look for ethical fashion. We need to hold ourselves accountable and ask if the clothing we are buying is durable and if it will still be in style in a couple of months. This will ensure that the clothing we do buy we will wear for years to come. We must make sure that we only buy what we need and will wear. Do not throw old clothing away. Try to figure out fun ways to reuse old clothing, like turning them into rags or deconstruction and reconstruction a new piece. Lastly, we can wash our clothes less. When we wash the clothing we have only as needed it helps the garment last longer. When you do buy things, shop smarter and look for ethical fashion. Make sure what you buy you actually need and will wear.
Figure out fun ways to reuse your old clothing like turning them into rags or deconstructing and reconstructing a new piece. Lastly wash your clothing less. Fast fashion has taken over the fashion industry and has left long lasting environmental impacts along with social justice impacts. It is our job as consumers to stop this injustice. Consumers vote with their money. You have the power to make a change. Remember: This is just a sample from a fellow student. Starting from 3 hours delivery. Sorry, copying is not allowed on our website.
We will occasionally send you account related emails. This essay is not unique. Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper. Want us to write one just for you? We use cookies to personalyze your web-site experience. This essay has been submitted by a student. This is not an example of the work written by professional essay writers. The Impact of Fast Fashion Industry Subject: Environment Category: Human Impact Topic: Fast Fashion Pages 6 Words: Published: 10 April Downloads: Download Print. Get help with writing. Pssst… we can write an original essay just for you. Your time is important.
Get essay help. Related Essays The Environmental Impact Of The Fast Fashion Industry Essay. Fast Fashion And Its Influence On The Industry In The 21st Century Essay. Why Fast Fashion Is Unethical And Should Be Replaced Essay. Fast Fashion And Its Effect On The Environment Essay. The Impact Of Fast Fashion On The Environment, Human Health And Employees Essay. How Fast Fashion Manipulates People Essay. Third, it is an interesting observation that many fast food industries have begun to expand their markets overseas. At the height of globalization, culture as a barrier to convergence of consumer behavior is slowly being eroded. This means that consumers around the world are beginning to have the same tastes and preferences in terms of goods and services.
As a result of the media and other forms of advertisements, many consumers around the world have begun to get a taste of food products that were initially not part of their culture. The expansion of these industries to overseas countries illustrates that media and advertisements is a key element in shaping our connection to food. For example, many firms in the food industry in the United States use millions of dollars each year to advertise their goods both through the mass media and social media. In this way, these food industries have been able to capture the minds of consumers and build costumer connection to the various food stuffs that these firms have to offer. Finally, owing to the competition that characterizes the food industry; various firms in the food industry have begun initiatives that are not food driven.
Some of these initiatives have been corporate social responsibility in the communities that these food industries serve. These companies have engaged in activities such cleanup of the environment, and also engaging in more green ways of production. Bourdain, Anthony. Kitchen confidential adventures in the culinary underbelly. New York, NY: Bloomsbury, Schlosser, Eric. Fast food nation: the dark side of the all-American meal. Boston: Houghton Mifflin, We accept sample papers from students via the submission form. If this essay belongs to you and you no longer want us to display it, you can put a claim on it and we will remove it. Just fill out the removal request form with all necessary details, such as page location and some verification of you being a true owner.
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