Social ecology can be understood by considering the troubles emanating from social struggles. Social ecology covers the ethnic, cultural, economic, as well as gender aspects of human beings. How human beings treat each other is important in helping one understand how to address environmental emergencies. The market structure today is such that there is cut-throat competition, so it is challenging to survive in the current market trend, which is personal and very individualistic in its mode of operation. Challenges in the environment are associated with the increase in population as well as technological advancement. The human species tend to ignore the main causes of challenges in the environment, which include the quest for profits through business, growth of industries plus the interests of the corporate (Bookchin, 1993).We will write a custom Australian Retailing Market Trend specifically for you
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External marketing environment
It is impossible for any business to be run in space. It is imperative for it to have the capacity to cope well with whatever is going on outside the business. These factors are known as the external factors and they impact greatly on whatever is going on internally in terms of a business goal to achieve its objectives by employing various strategies. The major factor affecting business is the level of competition which refers to how extensive the competition is between companies producing the same product (Cannon, 1986). Other external factors include social factors such as the beliefs and attitudes consumers have towards consuming a certain product. Legal issues are also another factor influencing consumer consumption. In this case, the law could give guidelines guiding a certain business operation and thus affect business operation. The economy of a country may affect business due to provisions like government spending, taxation, general demand, interests rates, exchange rates as well as European and global economic factors. Political aspects of a country may also influence a business marketing environment. Politically a change in government procedure could influence business for example introduction of subsidies in the housing industries in a particular sector might be advantageous for local bricks works (Cannon, 1986). Technologically the speed at which changes in the production process occur, as well as the innovation could influence a business. In terms of ethics, there are right and wrong things to do in business for example it is morally wrong to trade with a country that has poor records on human rights.
Implication of the external marketing environment to Australian fashion retailing stage
The external factors contribute greatly in providing an environment in where the retail sector will operate in. This external factors are to a large extent out of the retailers, industries as well as consumer products management. They must therefore consider the effect of these external forces on their businesses as well as think of the ways in which they can manage the changes brought about by the effects of this external forces. The resulting effects of the external forces will be change in the prospect of the value chain. The particular areas to be affected include the flow of information, the consumption behaviours of customers as well as the flow of the product. In this case their is a likelihood of a rise in customers who are well informed in that they have a lot of information about a given product where they can tell the varying strengths of the the shoping experience, where a consumer would request for a highly personalised product. Their has also been a change from products to services as well as solutions and commodisation of value.
Shifts occuring in the current retailing environments in Australia
In order to create a mark in Australia, retailers have embarked on making shopping an exciting as well as an enticing experience for Australians (Inside retailing online, 2010). Recently retailers in Australia have adopted the latest marketing trends as well as innovations from around hte world. Currently retailers all over the world have found new ways of attracting their custoers by incorporating digital technology. Most companies in Australia concur that the emerging styles in the retail sector are modifying the conduct of customers.(Inside retailing online, 2010).
Presently majority of the customers are wary of the product they purchase and they do not want to purchase a product whose quality does not match with the price. Most of the retailers now want to ensure that their customers are satisfied with the quality of the product they buy. They have aslo embarked on a mission to produce produts matching with the consumers specifications. Colours like green have become fashionable such that it most clients are using it widely by substituting it for black. The popularisation of this colour has been made possible by brands like Etnies and L’Oreal which adopted green as their transaction plan to help reduce their carbon footprint as well as cut dispaly production plus set up costs. Huge efforts have been made by companies to ensure that they recycle material to minimise wastage and thus enhancing their productivity levels at low cost leading to better services to their customers at a reduced cost as less costs are incurred. Current technology has been utilised to advertise products for some of the companies and thus giving them an edge over other companies. This information coul be updated and altered to ensemble the market as well as the timing (Inside Retailing online, 2010). The advantage of in store theatre is that it creates eye- catching displays which tempt the shopper into buying the displayed product.
Australians should focus on formulating solutions that takes care of the consumers interests before embarking on the current innovations in the market. Currently the global tendency presents ideas on how the brands and retailers in Australia will help business grow and prosper in a retail environment that is highly competitive(Inside retailing online, 2010). Australian retailers therofore have an opportunity to retain their customers by being more creatibve in their marketing skills. Use of modern technology keeps the customers interested about the product being advertised and thus they yearn to use the product due to the enticing form of advertising incoorporated while advertising a product (Inside Retailing online, 2010).
Impact of technology on product lead times
Lead time refers to the time a customer makes a bid to buy a certain product as well as the time the final product will be delivered. Different products have different lead times could be months, weeks, months or a longer time. This depends on various factors including duration of creating the product as well as the time it takes to deliver the finished product. Other factors that could affect lead time include the holidays as well as the seaons a certain product is in demand. Technology could have a great impact on a products lead time. It is noteworthy that due to improved technology it is much easier and faster to manufacture a certain product.Get your
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Through advances in technology their is free flow of information which is unregulated and this can lead to crime cause d by hackers as well as computer geniuses who may use the information they get to their advantage. In this case a rival company may use hackers to get informationabout their rival companies products (Taking your Business Higher, 2010). They may then counterfeit their products and thus a company may lose out in the lead time if the said company chooses to produce the same products and sell them at the expense of the original producer of the said goods.
The view of brand on time plus it’s impact on consumers
Time is a key influence in consumer trends. This emanates from changing forces in consumers demographics. Any change in time is likely to be accompanied by significant changes in the markets economic, social and political landscapes that goes along way in affecting how consumers interact with brands. The success of a brand is fundamentally entwined to its ability to measure the retail markets environment and respond in a manner that benefits its customers, which has the consequence of increasing customer’s attachment to a brand. A brand communicates not only the product but also the company’s promise to consumers (Miller & Muir, 2004). This implies that there is an element of time in every brand since companies must promise to remain committed to their customers at all times. Some of the ways through which the textile brands in Australia view changing times include;
Following trends in social media to assess the tastes and preferences of customers at the time; in today’s markets, it is not enough to know where to find customers but it is crucial to trace and follow what they say concerning crucial issues regarding the lifestyles, consumption habits as well as what they perceive to be the best options at the current moment. With the rising power and accessibility of social media, brands can utilize these platforms to measure what their consumers say about them. An example would be to utilize social media in carrying out consumer surveys. By placing simple questions in pages such as face book and twitter, a brand can gauge pertinent concerns and areas that need to be addressed. The strength of social media lies in its platform of allowing interactions in real time, implying that the brands can collect vital information in real time and therefore respond as appropriate. This would achieve sustained improvement and avoidance of production of products that do not rhyme with the market.
Brands also view times through evaluation of prevailing economic conditions. A good example is the 2008-2009 financial economic crisis that affected major consumer markets in the developed countries. Economic conditions influence consumers spending power. This implies that when economies are strong and buoyant, brands are likely to make more sales and can hit high niche markets since buyers are able to buy. By assessing economic times, brands would be able to predict adaptation strategies that can be used to fit every market time with a corresponding market product that can be sold with ease at the time. This strategy has been applied widely in diverse industries such as the automobile companies which target production of luxury vehicles at varying times in the year.
To consumers, brands adaptability and proper interpretation of times have a number of influences. First, brands that adapt their products to match social-economic situations of consumers are likely to develop more customer loyalty as customers feel catered for at all times by the brands. On the contrary, brands that proceed with production of similar products priced equally at all times are likely to suffer periodic disruptions in their consumer’s interest since consumers spending vary with changing times. By changing times to suit consumer needs, brands are likely to attract sustained interest since as Woods (1998) asserts, consumers are likely to develop long term relationships with providers who demonstrate concern of their current needs.
Strategies by new- comers in the fashion industry
Currentlyt he value chain in the market seems to change due to the union between the shifts in the external as well as the industrial drift. In order for new fashion entrants to succeed in the market they have to employ various tactics in order for them to grow as well as perfom well (Global Commerce Initiative, 2006).
The steps that they take to make this a reality include: engaging the customers in conversation in this case they will create a good rapport with the consumers by helping them make wise decisions about the product that best suits their needs. This will also ensure that they are aware of the upcoming fashions as well as the occassions for applying this fashion. Secondly they also share knowledge of their standards at no cost. This information is shared between trading partners, to ensure free flow of information and thus leading to a good relationship which will ensure that the customers are well served. As a result this forms a foundation of resolution to the supply chain where a consumers demand is catered for through the collaboration of retailers with the consumers.We will write a custom
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New entrants in the fashion industries also make an improvement by creating a strong bond with their customers so that they can cater for their needs by customising fashion according to a customers specification. A nice flow of communication between the retailers, customers as well as the suppliers will ensure that a consumers needs are taken care off as the retailer listens to the customers needs who in turn ask for the right supplies from the consumers Global Commerce Initiative, 2006). The production of the needed supplies from the manufacturesr will ensure that the suppliers do not produce goods that are not required in the market. New entrants in the markets have found a good channel for them to distribute their products, planned their distribution plus they have found better ways to transport products to the consumers.
Another approach used by the new entranmts in the fashion industry is ensurin sustainability aimed at achieving a high quality of life for everybody. In this case new comers in the fashion industries have adopted a strategy to ensure development in the social and economic spheres. The strategies beoing adopted by the new comersin the fashion industries are aimed at creating a sustainble production as well as consumption. The new entrants in fashion are also determined to preserve the environment by using environment friendly materials so that they do not cause any arm to the environment as they caer for their customers needs. Lastly the new entrants in the fashion industry have resorted to sharing information about their venture to other stakeholders where they become aware of the emerging changes in culture as well as behaviour so that htey can adapt to the said changes (Global Commerce Initiative, 2006).
The social ecology involves issues like the economic, cultural, political aspects of human beings. In the business the environment is such tha their is cut- throat competition. In this case retail shops have to take a big step in order for them to stay in the business more so the the fashion business in Australia. Due to the challeges that the fashion industry in Australia faces, it has adopted creative ways for it to remain in business as well as compete even globally.
Bookchin, M. 1993. What is Social Ecology?
Cannon, T.1986. Basic Marketing, Principles and Practice. 2nd Ed. New York: Rinehart and Winston.
Global Commerce Initiative. 2001. Future Value Chain. Capgemini:Intel.
Inside retailing online. 2010. Retail Marketing to excite shoppers. Web.Not sure if you can write
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Miller, J., and Muir, D. 2004. The Business of Brands. West Sussex: John Wiley & Sons.
Taking you Business Higher. 2010. The Social Impact of Technology. Web.
Woods, J. 1998. Best Practices in Customer’s Service. New York: AMA Publications.