Technology – Online Business Setup – VPN Strategy In 2021
The business world thrives upon a lot of factors for building a name in the market as well as for garnering a major share of the market. Every organization is working to ensure that they increase their overall sales and hence their share of the market as well. The sales and success of a business not only requires the business to create relationships with new customers but to retain their existing customers as well.
Global Clothing Industry Business Details
The clothing and garments industry is one of the oldest and largest global industries and one of the most important in the Islamic Republic of Pakistan as well. In fact, as per Gereffi (2002), the clothing industry was one of the ‘starter’ industries, which eventually lead to export-oriented industrialization in the world. Most individuals tend to consider clothing and fashion as the same, whereas, fashion can be defined in several contexts and can have several different interpretations (Barnard, 2002). Fashion can consist of long term as well as short term trends and may be influenced by economic, social and even political transitions in a region, thus leading to the creation of new trends and products (Arnold R., (2009).
If we compare between the launching seasonal trends, which they did by predicting the wants and the needs of the consumers. However, the method has become outdated and fashion brands have to keep up with the constantly diversifying demands of the current populace by producing the goods with the best quality as well as lowering their prices. Nevertheless, price and demand are not the only factors that come into play when we analyze the clothing and fashion industry on a whole.
According to Webster (1994) in the fiercely competitive world of today, an organization’s or brands largest asset is its customer. The extent to which a customer is satisfied directly affects the profitability of the brand as well. Bolton and Drew, (1991). The demand of consumers and customers varies by region and other demographics, but it cannot be ignored that the higher the number of satisfied customers, the better the Return-on-Investment (ROI) and the market share of the brand.
Retaining existing customers and creating relationships with new customers calls for different types of marketing strategies ranging from advertising and branding and so much more. However, in order to build the successful marketing strategy that earns the ROI and required market share, brands need to implement and execute the correct type of marketing strategies. As far as the marketing aspect of clothing brands is concerned, no clothing brand can sustain if they do not implement the accurate strategies and build upon variables such as Brand Loyalty, Customer Behavior, Customer Satisfaction and Brand Awareness. Each of these variables in turn employs a pivotal role in determining the success of an organization and whether or not the organization will successfully become a top-tier brand.
As per renowned research Patti Williams, the behavior of a consumer can be explained by the external events and numerous other activities that they perform. The behavior of a consumer takes into consideration the actions, feelings and thoughts of the consumer as well (Williams, 2014). Other than that, Darren Dahl also defines humans as rational with the ability to make decisions with a complete consciousness. He also states that humans can make decisions based on the satisfaction they derive even while consuming the most minute of the exertion. (Dahl, 2013)
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The study has successfully shed light on the impact of consumer behavior on brand loyalty, which thereby determines how well the clothing brands can manage to remain successful in the market. By collecting quantitative data through questionnaire surveys, it is now evident that brand loyalty plays an integral role in determining the consumer behavior. Along with brand loyalty, brand awareness also serves as a determining factor when it comes to making a purchase decision.
Consumers are much more likely to stay loyal to a brand after becoming aware of it, thereby highlighting the importance of brand awareness. Consequently, consumers will exhibit brand loyalty and continue to purchase from the same brand under most circumstances, in spite of having other choices beside them.