Gap's success in generating twice as much income compared to other fashion industries can be attributed to their ability to meet the needs of an indecisive society. Their emphasis on fashion, style, and trends, along with their innovative approach to personalized wardrobes, has resonated with consumers. However, a crucial aspect that they overlooked was the significance of time-series forecasting in business. This oversight made it challenging for them to adapt to environmental changes and societal influences. Thankfully, they were able to overcome this obstacle by leveraging branching outlets to expand their production and offer a diverse range of products. As a result, Gap has not only benefited from positive societal impact but also maintained its position as a leader in the fashion industry (Williamson et al., 2003).
As a result of an overconfident attitude towards their employees and grandeur, the company failed to acknowledge that public preferences would e
...ventually shift due to industrialization and globalization. Consequently, their popularity declined.
The fashion industry is currently facing various external changes that can be categorized into five threatening forces: (1) the entry of new competitors into the market, (2) intense competition among existing players, (3) potential substitution options, (4) buyer influence, and (5) supplier power. These forces ultimately determine the success or failure of a product.
In business, it is crucial to satisfy customers as they represent the primary target audience.
The process of selling is not solely about informing consumers about product availability. It also requires understanding consumer preferences, including factors like good quality, affordability, durability, and staying up-to-date with current trends (Easey, 2001). In the business world, meeting consumer needs involves critical analysis and logical thinking to overcome challenges. Surveys
and observations play a crucial role in adapting to evolving consumer preferences. Various communication methods such as media, advertising, campaigns are instrumental in effectively comprehending consumer desires (Williamson et al.).
Media has a significant influence on society, shaping trends and perceptions of what is popular or outdated.
Options for Growth and Strategic Alliances
To counter the threats in the marketing industry, it is necessary to neutralize them with opportunities. When Gap experienced a sudden downfall after 30 years of success, they embarked on a defensive strategy focused on addressing the threat. Unfortunately, this approach led to rough defenses that did not consider the potential for betrayal from lower-level employees. Additionally, branching out and forming alliances with other firms tarnished the company's credibility.
By venturing into new markets with new products and services, companies can expand their scope and production. However, this requires further market research to develop appropriate managerial and marketing strategies for the immediate period. Additionally, increasing the scale of production may necessitate allocating a portion of income towards technological advancements in order to double the level of generation (Williamson et al., 2003). Another effective approach is securing better prices through bulk purchasing, which can help companies balance their profits on a larger scale.
In conclusion, Gap can achieve a breakthrough in enhancing consumer satisfaction and organizational benefit by accelerating research and development and imposing costs and other resources. The initiation of globalization has prompted businesses to learn smart tricks to reach their goals, rather than conforming to tradition.
References:
- About Gap Inc. San Francisco, Gap Incorporated. EASEY, M. (2001)
- Fashion Marketing, Malden USA, Blackwell Publishers. WILLIAMSON, D., COOKE, P., JENKINS, W. & MORETON, K.M. (2003)
- Strategic Management and Business Analysis,
New York, Butterworth-Heinemann.
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