Question
1. Traditional perspectives adopted in the retail marketing literature have argued that retailers should adopt a discernible pricing strategy within the market (Wood & Teller,
1. Traditional perspectives adopted in the retail marketing literature have argued that retailers should adopt a discernible pricing strategy within the market (Wood & Teller, 2021). Consequently, it was revealed in the presentation that such a strategy contributes to profit maximization. In correlation to the topic, what are the factors that the firms within the fast fashion industry need to consider when arriving at a substantial pricing decision? 2. Previously published articles revealed that the market behavior of the firms within the industry is changing drastically. According to Olivia Norris, the global market is increasingly demanding that fashion retailers develop new collections and ranges, and produce and distribute products faster (Norris, 2022). How can this affect their profit maximization? 3. Overproduction is one of the biggest challenges in the fashion industry which resulted in the loss of millions of products and billions of dollars in unsold inventory. Luxury brands destroy overproduced clothes to prevent other markets from selling it at discounted rates and ruin their brand image (Tidswell, 2022). How can technology reduce the production of goods to avoid overproduction? 4. Quality management and capacity are factors that affect cost reduction. Similarly, if productive work proper is prominent in the workplace, competitiveness and efficiency in the production process are intensified (Maletic et al., 2012). If Shein should enhance their product quality yet maintain cheap costs, what concrete management system should be implemented to continue maximizing its profit?
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