B. Customer values, market values, stakeholder/ investor values C. Freedom of the press, the rule of law and levels of bureaucracy and corruption D. Cultural aspects, health consciousness, population growth rate, age distribution V. Let's Explore / Let's Create Instruction: Read and analyze the selection. Conduct the analysis based on the following instructions. Write it in a short bond paper and send it via Gmail. Bench Takes on the Challenges of the Clothing Industry Bench is recognized as one of the leading local clothing companies in the Philippines. The Bench brand has distinguished itself because of its versatile product line, its diverse chain of stores and franchises, and its strong marketing campaign. Initially established as a boutique that offered men's T-shirts and jeans, Bench has branched off and diversified its product line to include a variety of men's and women's clothing apparel, intimate wear, footwear, fragrance, and cosmetics. It has also established other brands and franchises, which include popular foreign brands such as Celio, Charles & Keith, and Aldo, as well as local brands such as Human and Kashieca. At present, there are hundreds of Bench outlets, franchises, and retailers that give the company a wide and enduring presence in the market. Additionally, Bench has gained renown for its advertisement campaigns. The company is known to tap the best talents and most recognizable celebrities to be its endorsers and image models. It has also employed a variety of effective media campaigns on television, print media, and billboards. Bench advertisements and billboards are among the most recognizable ad campaign in the industry. Notwithstanding its stature as an industry leader in the clothing business, Bench and other local clothing companies continue to face various challenges. One of these challenges is the cost of production and operations. Frequent changes in the prices of raw materials result in increased production costs. Clothing companies can decide to pass on the cost to their consumers, but that would increase their products' prices. Top clothing brands such as Bench have decided to absorb the cost of production to maintain competitive prices in the market. Another challenge is the high cost of renting commercial space in malls. Many mall operators require tenants to give an advance payment equivalent to several months of rent, apart from the expenses for renovating and improving the space. Finally, the high cost of labor is also a challenge to clothing companies, particularly for Bench, which uses local manufacturers and suppliers for the majority of its products. Another challenge to clothing companies and retailers is the often-changing consumption patterns of buyers. Changes in preferences among consumers often follow a pattern. For instance, during the holiday season, sales of clothing and apparel are expected to increase. However, consumers nowadays tend to be more price-conscious and opt for less expensive items. This is also evident in the behavior of consumers during mall sales. People take advantage of the lower prices, and mall is often crowded with buyers during sale seasons. Ordinarily, these increase the number of sold items for clothing companies. However, this does not necessarily mean an increase in profit. The products on sale are off "season" items and those left unsold from previous stocks that have to be sold to avoid losses for the company. The entry of foreign clothing brands in the Philippines is a major challenge that has affected local clothing companies' sales. Clothing stores such as Forever21 from the US, Uniqlo of Japan, a Swedish brand of H&M have entered the Philippine market. Bench has maintained a steady footing in sales despite the entry of these foreign brands and even steadily increases its sales. The influx of foreign clothing brands into the Philippines has motivated Bench to take the opportunity and establish its brand internationally. At present, Bench has made significant strides in establishing itself as a global brand. Bench stores have opened in the Middle East, the United States, Canada, Singapore, and China. Overseas Filipinos form a large portion of Bench's international clientele. However, the company plans to cater to a more international audience. A big limitation of the expansion of Bench and other clothing brands is that foreign clothing companies are often heavily supported by their respective governments. Incentives and subsidies enable foreign companies to make cheaper products due to decreased manufacturing costs. In the Philippines, there is little support for clothing manufacturers and retailers. Another challenge for Bench is to come up with local clothing lines that will capture foreign markets' interest. Since Bench primarily caters to a clientele in a tropical country, it has limited options with regard to clothing for colder seasons such as winter and fall. Sources: John One. "The tangled state of the Philippine garments Industry " SGUAC, " October 2012: "Bench 25 years. 20 brands and courting The Philippine Star, 22 July 2012 A. Conduct a SWOT analysis of Bench using the table below. Fill in the table with the appropriate information. STRENGTHS WEAKNESSES OPPORTUNITIES THREATS 1. Which of the company's strengths can be used to take advantage of the identified opportunities? 2. How can the strengths be used to minimize the threats that were identified? How can the identified opportunities be used to address the company's weaknesses? How can the weakness be minimized to avoid the impending threats identified? 10You will be graded according to the rubric given below: Criteria Level of Performance Score SWOT Analysis contains four of more points for each quadrant, An explanation is provided for each Excellent 20 point SWOT Analysis contains less than 4 points for each quadrant. An explanation may or may not be Good 16 provided for each point. SWOT Analysis contains less than 4 points for each segment. Few or no explanation is provided for Fair 12 each point B. Perform a PEST analysis of the company. List all the different factors mentioned in the selection in the table below, then briefly explain its impact on the company. POLITICAL ECONOMIC Impact: Impact SOCIAL TECHNOLOGICAL Impact: Impact: You will be graded according to the rubric given below: Level of Performance Score PEST Analysis contains all the different factors mentioned in the selection. And briefly explain its Excellent 20 impact on the company for each quadrant, PEST Analysis contains some of the different factors mentioned in the selection. And briefly Good 10 explain its impact on the company for each quadrant. PEST Analysis contains some of the different factors mentioned in the selection but no Fair 12 explanation of its impact on the company for each quadrant. 11