Fashion Store in Armenia
Introduction
The fashion industry is rapidly gathering its economic success through its persistent dominance. Fashion is a thing that has remained to be a top priority for most individuals and particularly in the modern society. Everyone is highly familiar with fashion in terms of trends as well as the changing consumer’s tastes and preferences. Fashion to most is a sophisticated and a trendy strategy. However, it is good to note that the modern lifestyle is highly controlled by fashion that most individuals would note (Bierman, 2012). The fashion industry does not only impact clothing but also every aspect of individual’s daily living. The fashion industry is made up of four different aspects that contribute to its success which is design, manufacturing, retailing and advertisement. To the modern society and the media, environment fashion is everything. The industry has changed lately by becoming a primary necessity into the lives of individuals. Every individual deserves to be attractive, gain the sense of fabulous as well as fit into the society. This, therefore, increases the desires and willingness to purchase fashionable accessories, clothes, shoes as well as handbags.
Despite the fact that the fashion industry is rapidly establishing its effectiveness across the globe most of the developing countries have been left behind. The sense of fashion is slowly getting into the developing states given their social and economic status. However, most individuals hold the perception that business in the developing state may not prevail because the economic status is low. However, this is not true since the states hold high and untapped economic potential given the opportunity to develop (Bierman, 2012). This project will be focusing on Armenia since it one of the developing states. The fashion industry in Armenia is very young and there are many opportunities which offer support to the prosperity of a fashion store. The company targets the domestic market in Armenia since it is characterized by fewer entry barriers, less competition, and ease of quick progress and establishment.
The probability of succeeding in a fashion industry is higher as compared to failure that the right strategies are utilized. Today, the fashion industry is rapidly developing and this offers the actual and accurate opportunities of conducting business effectively. Armenia is characterized by a lack of fashion stores which has affected the ability of the state in fully embracing fashion changes. Ordinary consumers in Armenia are faced with the challenge of fashion accessibility which is caused mainly by the fact that fashion has not been adequately established. Technology has widely occurred and the advancement highly contributed to the advancement of businesses. With the creation of a fashion store in Armenia, the business will be able to provide fashion trending styles to the consumers via its website and Mobile application. The consumers can also visit the store to make purchases. Technological advancement is a strategy of embracing changes and ensuring that efficiency is achieved through the use of the acquired knowledge (Bandyopadhyay & Ramanathan, 2012).
Given the conservative nature of the market in Armenia, the business will begin by offering trendy options through creating awareness through the use of media. This is because the market is highly unexploited and the sense of fashion that is to be introduced has to be considered not to affect the perception of the consumers. Unlike the developed nations developing states are still connected to cultural beliefs and therefore consumer’s attitude is of great essence to consider. The business will utilize social sites in connecting to the consumers as well as advertising to increase the ability to create awareness faster. This will help in positioning the business at a greater advantage as compared to the few competitors. The business is new and therefore adequate research has to be conducted to establish what is required to progress in Armenia’s fashion market. Less competition does not imply that the marketing of the business does not necessitate effort since the consumers have less knowledge in regard to fashion in Armenia’s market (Bierman, 2012).
Since the fashion market in Armenia is not exploited, the economic gain from the business is anticipated to be high. The economic sector has completely transformed since the adoption of globalization. Diversity and innovativeness are, therefore, a necessity in the current economic world and in particular the fashion industry. Fashion retailing unlike other business offers an opportunity for growth since it welcomes consumers from different social status because retail shops offer products at different prices. The fashion industry contributes highly towards the economic development today. The industry is characterized by high growth while Armenia is left behind. Consumers are ready and willing to give any indicated fashion product amount so that they may look good. With the current trends, the business will be able to convince consumers in Armenia to gain the fashion dependence thus controlling their living. The retail shop will be established to satisfy the needs of all the consumers with varies of age and gender. Fashion is essential for both men and women and the fashion store will be offering products for both genders at affordable prices.
Due to the lack of fashion retail shops in Armenia, fashion items are characterized by high prices which additional hinder the efficiency of the fashion market in the country. This presents the opportunity for the fashion business shop to establish itself easily by attracting a high number of consumers. This will be achieved through the offering, quality, trendy and affordable products. Consumers are highly willingly and ready to purchase quality as well as affordable products that do not affect their ability to perform their daily activities. Through offering affordable products the business will gain loyalty from the consumers by ensuring that their needs are satisfied. Satisfied consumers are a primary determinant of success and efficiency in the business can best be achieved through increased sales. The fashion industry offers a consistent economic opportunity since fashion keeps on changing meaning that the business is always in operation. The progress of the fashion industry in Armenia is mainly affected by accessibility and affordability. Since the capital for starting the business is high given the condition of the market, the business will mainly acquire its capital from the owner and some from a bank loan to sustain its first year’s operation.
The project is aimed at analyzing and evaluating Armenia’s fashion market in order to establish the feasibility of the fashion store in the state. In other words, the project will seek to establish the factors that hinder the ability of the fashion market to progress. This will illustrate in the current consumer's consumption trend and the rationales behind to ensure that the business is well established. The project will, therefore, be gathering respective information in regard to the current fashion market and its economic contribution. The market analysis will be utilized in setting and developing to business to enhance the general chances of success in general.
Literature Review
The fashion industry in the modern society has transformed and particularly in the recent twenty or so years after the expansion of business boundaries become formal. The transforming dynamics of the fashion industry since the particular time, which includes mass production fade, an increment in the fashion seasons numbers and structural and modified features in regard to supply have pressured retailers in gaining further interest in low cost products, diversity and flexibility in regard to quality, cost, delivery and services speed. Affordability, as well as quality, has been established to be the primary factors of high competitiveness particularly in the industry of fashion (Bierman, 2012). The fashion industry presents a demanding and a highly dynamic market thus necessitating the necessity for retailers to maintain consecutiveness with consumers as well as suppliers to enhance products consistency (Schulz, 2015). Today, the fashion market is characterized with high competitiveness which is influenced by marketing approaches and the ability to satisfy the needs of consumers without fail.
With the high rate of competitiveness in the fashion market today there is a growing necessity to keep refreshing the ranges of products which is the current strategies in which retailers utilizes in order to increase the seasons frequencies. This is a high suggestion of the low life series which increases sales thus generating higher profits generation (Carrigan, Moraes, & McEachern, 2013). In addition consumers in the fashion market prefers to purchase products from retailers because of the availability of varieties and immediate satisfaction with affordable prices. Fashion is described as the expression that is highly accepted by a certain group of individuals over a time period and this is featured by different marketing aspects like market demand volatility, unpredictability, shorter existence sequences and high purchase rate. In order for profitability to be fully achieved in the industry of fashion, fashion products retailers are required to adopt a market speed approach in ensuring that fashion is capitalized which does not exist in the competitor's products (Saetang, & Pathomsirikul, 2016). Based on the recent studies, it has been clarified that alertness and responsiveness via fast inclusion of customer’s predilections into the procedural designing in developing fashion products increase the ability to generate more profit for retail operators.
Fashion in the economic world as per today operates within a business surrounding that is highly competitive. The fashion retailers markets require speed in providing the trending fashion and establishing reliable sources to gain more benefits against the competitors. Fashion is the nature of being special and dynamic in enhancing the needs of consumers (Ross, & Grace, 2012). Fashion changes very quickly and everyone is in need of getting the unique fashion products to fit in well in the modern society. Investing in quality is essential in ensuring that consumers gain the will to buy the products. The fashion industry is amongst the most significant and innovative industries. The fashion industry has offered the economical idea in regard to enhancing production and ensuring that it is consistent with consumption (Cepolina, 2013).
Fashion is a depiction of economic, social, cultural as well as political transformations in the current society. Fashion is basically the expression of modernity which depicts preferences in regard to different periods. The fashion industry unlike what most individuals think is focused on gaining loyalty and increasing consumption rather than focusing on profitability. Profitability is a benefit of the good performance of the industry in the market today (Cepolina, 2013). Today, the activity of defining fashion is a complex and challenging task. Fashion trend to be concise, are a basic reflection in the context of economic and societal transformations. Fashion is a significant aspect of both arts as well as the economy. In order to gain a better understanding of why some goods performs better in certain markets as compared to others can best be understood through a market analysis. This, therefore, implies that not all fashion products will perform well in all market. Every market has its own influences that must be considered. In that, some state’s cultural, economic, political or social aspects might be hindering the ability of the business. This helps in the identification of undesirable and favorable factors as well as their general impact on the business (Ozuem, Patel, Howell, & Lancaster, 2017). The fashion industry is highly unpredictable and therefore it requires high knowledge extent in ensuring that efficiency is achieved. Operating in the fashion industry requires the implementation of effective marketing approaches as consumers should be highly informed of the rising trends.
The fashion industry holds the highest degree in increasing sales throughout all the annual seasons. Fashion is basically the expression of consumer’s emotions and therefore supports the theory of greater sales of products being economically beneficial (Cepolina, 2013). Fashion retailers have the ability to control consumption by ensuring that they supply the products that the consumers need in a particular period. The supply, demand, and consumption of fashion products are always high as fashion trends vary from time to another. Despite the fact that fashion is not a constant thing the ability of a fashion business to grow is supported by trends as well as fashion changes. This implies that individuals are required to make a constant purchase of fresh products in order to maintain their appeals. The constant transformations of fashion in the capitalistic modern society necessitates the use of an effective marketing approach in gaining awareness in regard to trends and ensure that the human preferences are satisfied (Oeppen, & Jamal, 2014).
The fashion industry is rapidly establishing its progress and presence globally. However, most of the developing and underdeveloped nations are still facing the issue of fashion products and trends inadequacy because the market has not been exploited adequately (CHRÉTIEN-ICHIKAWA, 2015). In addition, the state is characterized with fewer fashion shops which make it difficult for consumers to access products and trends when needed. With the few shops, this implies that fashion products are offered at high prices which lower the consumption rate. With the existing competition, retailers are offering fashion products at decreased prices based on the flexibility of the market (Melchior, 2012). This is helping in ensuring that the sales rate remains high-profit margins.
The fashion industry is not mainly targeted at a certain group since fashion is certainly a thing for every individual. As the customers market is segmented on the basis of consumption sequences, constant and fast fashion changes is speedily gaining its significance to the consumers. Trends, as well as fashion-related data, are moving fast around the world and this leads to the capability of consumers having options to shop and choose from (Mooi, & Sarstedt, 2012). This, therefore, implies that the rate of products purchases is also increased. Transformations in lifestyle which are occurring due to social cultural aspects and the uniqueness necessity are pressuring the fashion retailers to constantly update their products in dealing with the increasing competition. The consistent and varying consumer’s demands have highly affected the forecasting since more quantities are required within a short period (Lueg, Pedersen, & Clemmensen, 2015).
Industry Size and Growth Rate
The fashion industry is currently providing more jobs than most industries that are doing well currently. The fashion industry is highly contributing towards the economic growth as per today (De Beukelaer, 2014). For Armenia, t is characterized by a high inflation rate of about 5.8 and a gross profit domestically at 3.5 percent. Armenia is located at a historical, cultural as well as the religious intersection amid Asia and Europe. The state is a low-medium income state. However, its social-economic situation is on the rise since it is slowly achieving stability. The fashion development rate and size in the state are very low as the market remains highly unexploited thus making the growth rate of the fashion industry to be slower. The international fashion market value is predicted to be over $3billion thus accounting for a 2% of the entire global GDP.
Industry Structure
The fashion industry has been impacted drastically by technological advancement. However, the necessity of sourcing materials, establishing products manufacturers that suit the budget of consumers maintains the industry’s structure thus sustaining decreasing retailing prices. The fashion business is a large industry (Lion, Macchion, Danese, & Vinelli, 2016). The rapid growth of the fashion is a result of the growing period's changes which is accompanied by continuously changing fashion necessities. The fashion structure ranges from the provision of raw materials, manufacturing, distribution as well as retailing. Retailing stands to be the most effective aspect because it is objected at enhancing better relations amid the consumers and the products. Merchandiser’s role is unique and strong since there are wider products ranges. Distribution is mainly accomplished through the general process of products supply by brokers. Manufacturing relies on the information that they receive from the market in producing products that are needed in the market (Armstrong, Connell, Lang, Ruppert-Stroescu, & LeHew, 2016)
Detailed Business Idea
Establishing a fashion store in Armenia would increase the availability and accessibility of fashion products to the consumers. The business is mainly targeting women as well as men as the primary consumers since the market is in high need of products supply. There is a high potential for growing the state’s market given that there are fewer competitors and more consumers who are willing and ready to buy the fashion goods (De Souza Libânio, & Gonçalves Amaral, 2017). Since the social economic state of the nation is growly slowly the business will be objected a delivering high quality and affordable services and goods. The fashion industry in Armenia is not established and this provides an opportunity for the business to exploit the market. The fashion industry is highly characterized by success and given the market condition, the business will prosper. The country’s economic market is characterized by less slow growth and this is because its potential remains untouched.
The fashion industry is rapidly developing given the nature of globalization (Ho, Zheng, Yildiz, & Talluri, 2015). However, the domestic market of the fashion market is essential as it demands the supply of fashion products, efficiency is primarily characterized by high demand, high supply, and high sales will be the case in the market. The fashion store is a starting retail business that will be offering fashion clothes, shoes, and related accessories to both men as well as women at affordable prices. The store will be located in Yerevan the capital center to increase accessibility of and speed in delivery. The retail industry of fashion goods seems to be highly focused on the youths. However, the store will be offering products that are based on the preferences of consumers.
Market Gap
Fashion products are not highly accessible to the common individuals because of the high prices. In addition, there is the scarcity of fashion stores in the nation which makes the availability of fashion produce to be very low. Armenia provides a suitable environment for the exploitation of fashionable and trending products based on its cultural, modern and religious setting. This offers a good economic surrounding of conducting business that is characterized by less political or economic hindrances. However, the supply of fashion products in the state is very minimal. Fashion is essential in bringing out individuals expression (Hailin, Joyce, & Jun 2016). However, this is not the case in Armenia since the fashion sense has long been left by that of other states. In addition, more stores seem to be offering women’s fashion products only because they are associated with higher sales. However, the need to offer men’s products is ignored. This makes the market to be incomplete as fashion is not only for a single gender. There is, therefore, a need to offer high trend and unique products for both men and women and especially the young persons. In that, it will help in closing the existing gap in the state’s fashion market.
Marketing Mix Analysis
The marketing mix of the fashion store in Armenia will be handling the primary strategies and approaches that the corporation will be utilizing in gaining and maintaining a leading status.
Products
The corporation will aim at gaining competitiveness in clothes, shoes, and accessories that are highly styled for both men and women. The component of the company’s marketing mix will be a direct reflection of its products that it will be offering to consumers. Shoes and clothes are highly fashionable and popular amongst all genders (Ho, Zheng, Yildiz, & Talluri, 2015). The products will only be available under quality brands
Place
The company will be selling its clothes and shoes products via a wider range of outlets which will be online supply and retail shops. Retail shops are highly effective in increasing sales since the physical location offers more confidence to the consumers (Hailin, Joyce, & Jun, 2016). On the other hand, online stores will offer to convince, speed and loyalty through easy access to goods.
Promotion
The business will be depending on effective marketing approaches in growing and sustaining a strong reputation. This will be accomplished through the following: advertisement, public relation, sales promotions, direct sales and personal selling (Guercini, & Runfola, 2012). These approaches are the most effective in increasing brands awareness and developing greater relations with consumers. Direct marketing will involve the use of persuasions and in the occasion, the corporation will give discounts and different offers to increase sales. The advertisement is highly known for its ability to reach more persons within the shortest period (Gustafsson, Jääskeläinen, Maula, & Uotila, 2016). In addition, the strategy is highly convincing and persuasive and this ensures that there is an effective flow of understanding amid the business and the consumers. Promotion mainly deals with the approaches that are being utilized by the business in ensuring that there is constant communication with the consumers (Hailin, Joyce, & Jun, 2016). The responsiveness of consumers is, therefore, the primary aspect that is utilized in measuring the efficiency of the strategy.
Pricing
The corporation will be utilizing a value-based approach in enhancing profit as well as sales. The corporation will be accounting for the perception of consumers in regard to certain products to determine its prices. The strategy will help in ensuring that sales remain constant (Granger, 2012). This strategy will definitely be lower than what is being offered currently in the market and it feels to be fairer to the consumers since their satisfaction is equaled with the pricing. Pricing is a major determinate of sales since in Armenia the low consumption of fashion product is influenced by high prices (Goedhuys, Janz, & Mohnen, 2014). Pricing will, therefore, help in creating a better image for the corporation which is highly necessary for increasing sales and building a name for the corporation.
Target Market
The fashion store will be a retail store whose target’s consumers will be both men and women of between 4 and 45 years. The target group was selected since it is characterized by higher buying and demand for fashion rate. Having a younger generation as the target consumer is effective as it ensures that high sales and increased profit margins are enhanced. The young consumers have the tendency of changing their clothes and shoes more often which is controlled by fashion. This will, therefore, work in maintaining the sales consistency thus increasing the profit margin and building a better name for the corporation. In addition, since the corporation will position itself with the use of differentiation, online sales as well as marketing this is the best target market. In that, the target market is more involved in the use of social sites which may increase awareness and boost sales.
Competitor’s Analysis
There are no primary competitors that offer unique and classic women and men’s fashion products in Yerevan. Most of the competitors in the city, however, offer women clothing. The competitors are Stradivarius, Nana, Promod Real Store, Mango, Karen and Milen and Colombian fashion. The shops only offer women fashion and their pricing strategy is market-based which means that it is particularly higher that what the business is targeting to offer in challenging competition. The competitors fail to offer fashionable products since they are mainly based on offering women’s clothes and the products cycle is not short. This, therefore, places the fashion store at an advantage because it aims at offering products that are highly moving to reduce the sales cycle.
Positioning
Positioning deals with how a single store competes with another. The position of the store will begin by defining the targeted consumers through establishing needs and uniqueness. The corporation will position itself through the use of differentiation by ensuring that it offers special products for both genders at affordable prices. In addition, positioning will also be achieved through branding and the use of social sites to connect and market products. Differentiating is the best position strategy despite the fact that it can easily be copied by the competitors (Girneata, & Dobrin, 2015). Differentiation will additionally be accomplished through the segmentation of the market in terms of preferences and taste of the consumers. The corporation will differentiate its products through offering low prices, branded as well as customized goods. This will help in making the corporation to increased levels. Offering quality and affordable prices will be effective in attracting more consumers as their needs will be satisfied immediately (Evangelista, Lucchese, & Meliciani, 2015). The use of social media is objected at reaching a wider market within the nation through offering online sales where deliveries will be made nationwide at decreased prices.
Methodology
Research Method and Design
This section of the study was particularly handling the investigation part of the research. This involved the analysis of the previously generated information in regard to the fashion market status in Armenia and the feasibility of establishing a fashion retail business in the country. The research utilized random sampling approach incorporation with exploratory research design. The research method was seeking to establish the relationship between the social economies aspects with the progress of the fashion business. Exploratory research was selected in order to offer an exploration to the research queries thus offering grounds for more research. The research design was preferred for the study because it is associated with high compliance and elasticity to changes (Vogt, Gardner, & Haeffele, 2012). In addition, the design is effective in saving resources and time. Based on the distant of the state’s case study the researcher had no capability to access the location due to financial and time limitations. The design, therefore, assisted in the identification of the appropriate studies to utilize early enough. Moreover, the design is effective in establishing basic work and creation of hypotheses to be utilized in further research (Benjamin & Kit Fai, 2014).
Information was identified through search engines where studies were the articles that possessed the needed primary words were randomly selected to increase efficiency and accuracy. This approach is significant as it enhances reliability as well as accuracy in the collected data. Primary data was gathered through an exclusion of data that had been obtained through the use of qualitative and qualitative research which involves the use of questionnaires, observation, survey and interviews. The methodology and design were deselected to ensure that maximum data is acquired to support the analysis and evaluation procedure of the research (Vogt, Gardner, & Haeffele, 2012). The design is associated with the capability of generating adequate information since it is descriptive in nature. This was achieved through the utilization of both secondary and primary sources.
Feasibility
The existing fashion stores in Armenia provide fashion products based on preferences only. However, uniqueness and increased retailing knowledge is something that lacks in the market. The corporation’s plan is to merge knowledge based as well as exceptional consumer services with trendy and quality products. This will, therefore, result in the provision of desirable shopping experience to all the consumers (Setiowati, Hartoyo, Daryanto, & Arifin, 2015). The mission of the fashion store is to provide both men and women with an increased selection range of flattering and trendy products. The primary objective is to ensure that the corporation is established as the leader of the domestic fashion market that is characterized by trendy products. This will, in turn, create an image for the corporation that will be identical with the revolution of the fashion (Skov, 2012). The business can be able to set a fresh strategy in the market via the use of the differentiated strategies.
The corporation has outsourced its inventory provision from several wholesale providers. This includes the manufacturers of garments, clothes and shoe wholesalers and different online fashion developers. Since the internet has highly stabilized in the living and retailing world in the Armenia’s society, the fashion shop will be utilizing an online website and a mobile application that is fully feasible. The corporation intends to design the modest prices in order to create a better future with high profits in the future. The capability of purchasing goods online will be influenced by the showcasing of the corporation’s services and goods. Differentiation is something that is missing in the fashion market in Armenia. Therefore, additional to price, brand and marketing differentiation the fashion store will customize its services. As the business develops, fashion advice and tips will be offered to the consumers, fashion articles and interviews analysis to the internet users. This will eventually lead to the establishment of an online fashion community where both female and male consumers can interact, network and engage in fashion trends discussions. This will ensure that the objective of ensuring that the consumers are the primary priority of the business is achieved (Torres, & Gardetti, 2013).
Effective marketing is an essential aspect of efficiency since marketing is the primary determinant of development. The fashion store recognizes the essence of effective and appropriate marketing. The corporation, therefore, anticipates that its approach will gather consumers to the store in a consistent manner. The public relation approach will be accomplished with the use of a cost-effective strategy through developing a marketing plan. Through the use of logos and mottos in our customized products, the idea will create a trendy revolution in the fashion industry domestically. The young generation is primary and is particularly the best and therefore, their needs should be recognized and addressed immediately as they are the primary drivers of the economy (Vezzetti, Alemanni, & Macheda, 2015).
It was established that most stores utilize more resources in marketing thus lowering their profit margins. The objective of the fashion store is to maintain low marketing cost through partnering with the established organizations in the state. The partnership is aimed at creating more publicity within the given demography. The marketing efforts of the stores will be maintained locally while attempting to establish a large presence in the community. Branding and building a name for the fashion stores is an additional issue that provides higher opportunities to the business. Most of the fashion stores are not well established because of low branding efforts. An advertising campaign would work best in the type of market but it is associated with a high cost. The market offers the perfect opportunities for the best opportunities in the application of the best sales strategy. The market is characterized by less competition which means that the feasibility of persuading consumers is very high. Sales will be created through the use of effective marketing strategies. Armenia offers a great and a large market for fashion products despite the low exploitation. The market also has lowly priced marketing strategies and thus the business is ready to take the advantage in gathering maximum benefits. The consumers in the target market are less informed about fashion which is both external and internal trends.
Since Armenia is a culturally and religiously attached state most of the business operates six or five days every week. However, for quick establishment into the fresh market, the fashion store will be operating in all the seven days of each week for eight hours. In this, the retail store is anticipated to create a more improved establishment in the market. Employees will be hired on a part-time basis to offer direct services to consumers as the co-owners of the business will be working full time. Products will be outsourced locally and internationally since the market in the country is not well established and therefore, it does not have much to offer. High management of stock and tracking of inventory is an additional aspect that results in the fall of business and the fashion store will consider proper management.
The fashion industry can be regarded as a physical business due to the continuously changing trends and the consistent demand from the consumers. The previous decades have been ruled by high shopping centers, while currently the retail stores are rapidly rising with the aim of leading and bring transformation (Ho, Zheng, Yildiz, & Talluri, 2015). Consumers are now searching for wider range, affordable and consumer-friendly shopping occurrence. This is particularly for the young persons who are highly involved in fashion. In the real sense, Armenia is characterized by a high number of persons between the ages of 10 to 45. This, therefore, implies that the target market is likely to remain to be the highest in terms of consumption as compared to any other. The change of consumption is not expected to be observed for the following twenty of more years. Even at the particular period, the demand for fashionable products will still remain high since fashion is a consistent thing. The fashion market in Armenia has been left by the trendy movement since it is still very young. In order for the business to grow there is not much that is required in the Armenia since the development of the business is influenced by the social and the economic state in the state.
Armenia holds a healthy and a lowly competitive fashion retail market. The primary shopping center is the capital city of the state which makes it hard for those that are located in far distances to access products. The population of the city is, however, higher as compared to that of other states with a higher number of women as compared to men. Most individuals in the state are medium income generators and the average population is middle-aged. However, the social and economic world of the country is healthy which makes it efficient for businesses to progress. The country may serve best an economic hub through investments since the population highly supports economic progress.
Primary and Secondary Market Research
Primary and secondary fashion market research was conducted through gathering information from reviewed journals, books as well as articles to increase the credibility of the study. The sources were established through the procedure of data analysis where relevant sources were identified through the search using primary words. The resources were selected on the basis of documentation, accuracy, complexity, completeness as well as reliability. From this research it was established that the fashion industry is highly feasible in open market and especially those that are characterized by a higher consumer segmentation. Developing nations provides better grounds of establishing a fashion business since they are characterized with low market entry barriers and less competition. In addition since the markets are usually not established it is easy to persuade the consumers to buy goods. However, what make the goods purchasable in the market are accessibility, availability, uniqueness as well as affordability. Most of the consumers are willing to change their fashion products more often if the goods are easily accessible and with favorable prices. The fashion industry is highly elastic which means that it requires high commitment to consumers preferences tastes as well as differentiation.
Resource Evaluation
The utilized resources for the project were peer reviewed articles, books as well as journals which were conducted on the view of the fashion industry’s feasibility. The publications that were selected were from five years old and below to ensure that accuracy and reliability were maintained. In addition, the information was more relevant in answering the study questions for the research since based on the age. The sources were selected based on their ability to answer the study’s objectives and well as proper documentation which implies that the sources were reliable.
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