Research report on Australian Fashion Brands
Executive Summary
After the international financial downturn, the apparel and fashion industry has been confronting a number of critical challenges and issues. for the aim to remain competent and profitable in an industry of intense international competition and augmenting operational and material costs, decreasing production time has now become a prospect of competitive edge. The fashion industry of Australia is currently facing few the repercussions of the same global corporate scenario. The increasing significance customers put on quality and price of fashion goods, increasing manufacturing or operational costs, and increasing globalization challenges are some of the most important issues faced by Australian retailers. Quick developing industry of fashion brands is demanding fast paced action in order to cope up with the challenges. This research project has been created to learn and analyze the findings of research study conducted to acquire understanding regarding various aspects that might help Australian retails to survive and compete amidst international retailers. Therefore, the research has been conducted to obtain maximum learning and information regarding the current status of the industry as well as to interpret future prospects that might present for the local fashion brands of Australia. The aim of this research project is to explore an issue related to the survival of Australian fashion brand and how it can progress within an intensive competition faced by several big international fashion giants. In order to receive the goal of the paper, the research paper has utilized primary and secondary sources of data. Furthermore, this study has formed few critical objectives of exploring significant factors related with the present situation of Australian fashion brands or retailers and how they can survive and stay competitive to gain their business objectives and profitability.
Introduction
4.1 Research Aim
This research project aims to explore a research issue: How does an Australian fashion brand survive and thrive amidst an influx of major international retailers, using primary and secondary sources of data. This research paper has been completed with an objective of exploring critical factors related with the current situation of Australian Fashion Brands and how they can survive and stay competitive among several global brands.
4.2 Objectives
This research project has the following objectives:
- To evaluate impacts of globalization and outsourcing on Australian retailers
- To understand the long term competitive scenario for Australian retailers
- To explore evolving production management and sourcing options
4.3 Rationale of the Study
The blend of rising pressure from customers and augmenting supply costs in Australia has caused an alarming situation for fashion brands. Suppliers and retailers of all sizes, confronted with less productive manufacturing alternatives and threat of reputational damage. As the future paradigm of sustainable business conduct is observed, trading with ethical norms will no longer work as a business Unique Selling Point (USP), and this is the point where brand development offers an important role in sustaining consumer loyalty. Today’s fashion industry, having worth of almost trillion dollars, can be related as a microcosm for every business enterprise. However they all have a mutual concern that they need to create profit for growth and survival amidst strong global competition.
4.4 Stakeholders of the Study
Creating a competitive business is strategically crucial development that can assist the fashion brands in achieving their sustainable competitive edge. This study is deliberated to provide analysis of the research data and findings to the Australian Fashion designers who are struggling to survive in a highly competitive market with international retailers. A concise analysis of the interview session as well as empirical evaluations in seminars has provided in-depth information to the stakeholders.
5. Research Methodology
This chapter explains the methodology used to acquire the research study’s objectives and aims as mentioned in Introduction part. The research aim is to evaluate the factors which can enable Australian fashion brand to survive and sustain amidst international retailers. In order to carry on with this topic, the research is conducted through qualitative analysis, beginning from a wider perspective of the Australian fashion industry and its current situation. Important to the research are the observations extracted from the academic sources and industry overviews through a global perspective. This section starts with the discussion of research methodology and the logic behind the selected methodological approach, prior to explaining the data collection mediums and process of analysis.
5.1 Research Methods
5.1.1 Qualitative Research Method
Hennink and Hutter (2010) discuss that business study or research method is a process to gather and evaluate information. There are several methods to search for data and collect information for a research. Two fundamental methods are the qualitative and quantitative methods of data collection. The qualitative approach towards research emphasizes more on theoretical explanations instead of figures in the collection and evaluation of data. In this research a deductive approach has been utilized which refers that theoretical underpinnings is leading the research analysis. Qualitative researches have an interpretative methodology, the focus is on the individuals and it deliberates to understand and explain how it forms its reality. Qualitative researches mostly receive much criticism regarding its research method which is highly subjective and complex to replicate if required. It has issues with generalization and lacks clarity.
However, the qualitative approach has been selected to conduct this research in order to understand the various factors and perceptions to explore ways for the survival of Australian fashion brand in a global competition. The research tries to find basic aspects for an efficient competitive strategy and as a qualitative research is formed to explore casual links this method will offer a wider viewpoint. The research objective is more appropriate for a qualitative research method for the aim to attain in-depth insight regarding the Australian retailers and several elements pertaining to their success that will impact and create the strategy. It is convenient to obtain comprehensive reactions in personal interviews and to inquire follow up queries if required.
Secondary sources and literature articles
A secondary source is data that is accessible on a specific point, however not majorly gathered for that research. It engages gathering information that someone else gathered in the past. These sources are any sort of information that is present in printed form as well as in several other media forms. It entails anything from annual reports, books, websites and news on the World Wide Web. For this research, an interview with the owner of GBO Group has been conducted which offered a closer look at the industry situation. In addition, I have also attended two seminars to gain better insight on the topic which has also been evaluated in this research.
5.2 Data Collection
Among the most common qualitative research procedures include the detailed interview sessions, observations and focus groups (Hennink and Hutter, 2010). The detailed interview with Waseem Malik, owner of the GBO Group has been selected since there were few particular queries for which australian fashion websites managers’ responses were required. Focus group method was not practical since it was not easy to collect all the managers in a single space for a discussion. Observations at the latest market trends and industry highlights have also been used. Interpretations and answers regarding the competitive strategy and the prospect of the industry were analyzed. The interview offered an opportunity to inquire follow-up queries. It also offered the way to observe any facial signs and body language. Moreover, a survey would not be able to offer the opportunity to analyze in detail and the managers may rebuff the idea of taking part into a survey. The research project is based largely on the secondary sources for the aim to collect information that does not come up in interviews. Parts of books and journal articles were assessed to create theoretical structure. It has been crucial to identify who made the document and what were its aims. A methodology known as grounded theory had been used for evaluating the qualitative information that referred that there was a direct link between information gathering, evaluation and the theoretical explanations was the outcome of the investigation (McNeill, 2006). All the outcomes cannot be applicable or indiscriminate for all other fashion brands; however the majority of them can be intriguing for others working in the fashion industry.
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