Globalization And Fashion Merchandising - Assignment Example

Globalization And Fashion Merchandising Globalization and Fashion Globalization is among the core objectives of most s and corporations since it has the vast market and other multiple advantages such as increased job opportunities (Morris 1). All the same, globalization began in the 16th and 17th Century when the western economy made links with other countries inform of the slave trade, imports, exports among others. This made significant advancements in the 20th Century with developments and novelties in form of technology and media. Today, most business fields interact on a global platform creating a new perception of everything including culture and the economy on an international level. Currently, fashion globalization is among the most fast growing aspects of the economy especially because most people around the globe have a growing concern on what they should wear, when and where. Typically, this prompts fashion managers and merchandising corporation to be alert and effectual in making sure all the trends are accessible for consumers around the world (Adam 25). This augmented growth of the fashion world has increased popularity for designers especially to the youth who influence trends in a great way. However, globalization of fashion differs depending on the economic statures of states because in some western countries it is all about fashion gurus and large companies accessing the right retailers as intermediaries between them and the consumers. Globalization is easy for some parts and very hectic for others, simply because of the gaps in the different economies, levels of technology and other factors such as state regulations. All the same, Globalization in fashion is an aspect that most states advocate for as a catalyst for their economy especially because the media has made everything easier. Every section of the media has information on fashion from music videos to the internet; in fact, most of them apply as marketing strategies and source of knowledge on fashion trends and the international market, at large. Strengths Globalization has made it easier for everyone in the fashion business especially in terms of accessing material and other necessities that were initially hard to find. For instance, textile producers import products at fair prices because it is a market with augmented attention from different dominant states on a global scale (Durland 15). Moreover, apparel firms have branches in multiple countries creating job opportunities and getting readily available labor at reasonable payments; obviously, with such connections and relationships, transnational companies continue to develop at an impressive pace. Retailers also benefit for globalization in unimaginable ways; for instance, they initially visited foreign countries in search of materials giving them knowledge on fashion to a point that they are able to predict trends. In leading states, most retailers multitask and have private labels that give them an economic advantage on local and international levels. Decisively, consumers are an important part of globalization since they are the foundation of the links created under fashion, just like any other business. Due to the high demand for fashion products, the notion that global brands should interact with luxury brands has become extinct (Shunray 1). Typically, all brands can interact with any corporation as long as the contractual agreement is valid. However, this is now possible because almost all consumers around the globe have similar needs especially with technology making interactions among them easier. Moreover, consumers identify a product that is good for a short period, which increases the imports and exports all over the world. Generally, credit cards, online shopping, and worldwide delivery systems make globalization easier; they eliminate most of the geographical limitations for consumers. Weaknesses As much as most states and corporations want to excel on the global platform, it is not easy or possible for some. Dominant states such as the United Kingdom, United States, China, and Japan have more power and control of the global economy leaving the second world and developing countries in a rocky place (Howard 105). The two types of states have different perceptions of globalization since they are at dissimilar levels and have varying opportunities on the international economy. For instance, research shows that most fashion organizations in developing that attempt to enter the global market face consequences such as bankruptcy or increased competition that pushes them to the bottom. Most globally established brands aim at expanding in many parts of the globe as possible and most attention is usually in Asia because it has countries with fast developing countries. In fashion, this has made even transnational and locally established corporations to target these markets places but the disadvantage is that succeeding is out of the question, especially for global retailers. Cross-cultural consumption does not go well for fashion merchandisers because it requires far-reaching, detailed knowledge and surveillance (Adam 37). Typically, in order to succeed in globalization, a retailer must have sufficient information on consumption arrays for significant areas and economies that dominate on an international scale. Due to the augmented growth of the fashion, this is hard especially for retailers that deal with multiple products; keeping track of the patterns is complex, which increases the chances of failure. Generally, fashion globalization has varying weakness depending on the location and the local economy hence it is significant that a retailer establishes all possible faults on a regional and global level before deciding to enter the international market. Additional challenges in fashion globalization revolve around the accessibility of stocks, price, competition, brand image and areas of marketing. Opportunities Globalization facilitates interactions between countries and people from diverse backgrounds hence culture and modernity create open markets for fashion retailers. The market is readily available for any fashion designer, retailer or entrepreneur interested in exploring sales and purchases of products on the global level (Howard 102). Typically, fashion globalization has exposed investors to a less complicated field that promotes free trade to anyone willing; actually, the only thing more significant above anything else is first gathering necessary knowledge on fashion, which applies for the best results. The most common approach for fashion globalization as implemented by leading corporations is forming collaborations with excellent designers; naturally, this works out great because the fashion market is consumer-driven. Designers that operate on a global level can easily access the international market and they are the best opportunity for fashion corporations. Retailers mostly advertise their products on almost every form of media and with recent advancements; the social media has become popular everywhere around the globe (Morris 1). This creates more opportunities for retailers that want to operate on the global level; they can use the same to reach people outside the local boundaries, especially for trends. Fashion globalization requires retailers and interested corporations to adapt to different cultures; some of them can apply in the local economy, not just as trends but also as a way of improving corporate efficiency. Threats Globalization of fashion has led to the popular fast fashion movement where popular designers fabricate disposable products such as dresses. At first, this was a trend, especially for celebrities and other famous people around the globe, in fact, they were worn only one (Chau 1). However, it has gotten out of hand, because some of the products sold under this impression are of poor quality and the manufacturers make them poorly. Essentially, this is a threat to retailers because they must be alert on the products they acquire from suppliers; typically, single wearing products are also mostly copies of first class designs. Relatively, imitation of goods is also a threat because of the increased corporations that make counterfeit products under the name of global brands. Definitely, products under brand names such as Louis Vuitton attract many customers, especially when they are selling at low prices. Decisively, quality is not an aspect for most people in developing countries, which motivates imitators but exposes global retailers to unfair and fierce competition. Conclusion Determinedly, the development of fashion globalization influences most states and it is in the ranks of labor globalization with the only difference being the rate of evolution. Moreover, the idea of operating on a global scale creates more connections even for people outside the fashion business. Typically, the fashion globalization has its strengths, weaknesses, opportunities and threats, and the success of state or corporation on the international market depends on significant factors with knowledge being the chief. Resolutely, a significant number of people criticize fashion globalization depending on their experience but there is no doubt that the global fashion market has a lot of potential in growth and development. Works Cited Adam, Patrick. Zara Strategic Management- Globalization: Faculty of Economics, University of Indonesia 15.1, (2013): 20-62. Chau, Lisa. The Wasteful Culture of Fast Fashion: US News and World Report, 2012, Web, 28 January 2015 Durland, Taylor. How the International Fashion Market is Evolving - Globalization and Rapid New Market Growth: Journal for Global Business and Community 4.1, (2009): 1-26 Howard, Sarpong. Globalization of the Fashion Industry: Journal of Science and Technology 31.3 (2011): 97-106. Morris, Mike. Globalization, the Changed Global Dynamics of Clothing and Textile Value Chains: United Nations Industrial Development Organization, 2008, Web, 28 January 2015 Shunraj, Timmer. Globalization and its Impact on the Fashion Industry: Prezi, 2013, web, 28 January 2015, Read More