Factors Driving Industry Change And Impact Reports Examples
Type of paper: Report
Topic: Industry, Apparel, Success, Business, Market, Technology, Quality, Development
There are a number of factors that drive change in the apparel industry, and their impact can either be positive or negative. One of the factors driving change is the changing consumer preference. Designs and quality keeping changing on various occasions and such as affected the traditional fashion calendar. Producers and manufacturers have the responsibility of meeting the needs and expectation of the customers who are more conscious of quality and the market prices (Athukorala & Ekanayake 2). The apparel industry can suffer the consequences of failing to respond to market needs effectively remaining irrelevant in the market.
An intermediary changing the requirements is a factor for change. For instance, Sri Lanka has always directed their products direct to the retailers. However, there is always a danger of retailers changing their specifications and products. In some instances, large stocks are disallowed by retailers effectively jeopardizing business operations. The manufacturer’s face the challenge of meeting the specifications of the consumers in so far as price and time and quality are concerned (Athukorala & Ekanayake 3). Such tendencies negatively affect the industry as it can lead to the high cost of production. The changing nature of technology and competition has far reaching implications for the well-being of the industry.
The emergence of new technologies has become critical to the extent that without the appropriate innovative techniques quality and efficiency is compromised. The essence of technology is to ensure that there are more defined means ways through which operations are carried out. Competition in the industry has fundamentally taken a new dimension with a number of companies opting for locations where cost can be cut (Athukorala & Ekanayake 4). Essentially there is increased mobility in the industry with a specific focus on low wages and investment incentives from governments.
Industrial Key success factors
The success of an organization or firms is directly dependent on the extent to which it can respond to the external and internal issues. An organization has to adapt to the constraints and opportunities existent in the industry as a measure of ensuring success. The apparel industry is one of the biggest in the globe yet its main concerns are manufacturing and distribution to the target market. Apparel industry is labor intensive to the extent that it accommodates informal and formal skills as a measure of meeting production objectives. The global apparel industry is characterized by intense competition, and a company has an obligation of coming up with strategies that are capable of ensuring success (Fonseka & Dilini 5).
Branding of products is one of the key factors that ensure success. Case in point is that an organization in the apparel industry should focus on production of quality materials destined for the market. Branded products in the apparel industry have higher chances of ensuring increased supply and sales. Increased supply of products has a direct correlation to profitability essentially ensuring success. Labor is one of the most important components in so far as achieving the predetermined objectives is concerned. Success can be achieved in the apparel industry by employing a versatile human resource. The employees employed in the apparel industry should be skilled and knowledgeable. As one of the oldest industries on the globe, it is crucial to consider the success of individual workers. Case in point is the point is that employees who are experienced have the ability to deliver on the specific tasks effectively ensuring success.
The success of the apparel industry is pegged on better environments for doing business. Sri Lanka has had the apparel industry blossom due to the stability of the economy and a non-political interference in the industry. The modern dispensation is characterized by technological innovations. The apparel technology has remained relevant in the market due to adaptation of technological innovations. Technology is essential to the success of the apparel industry because it ensures quality and efficiency in production. The role of the government in the apparel industry cannot be overemphasized (Fonseka & Dilini 7). The government has a responsibility of creating a better environment for doing business by establishing the necessary infrastructure critical for success in the apparel industry. Electricity, water, transport, and communication are critical to the success of the industry.
The government plays an important role in ensuring the success of the apparel industry buys dealing with the infrastructural issues as appropriate. Success in the apparel industry cannot be achieved without a mission and vision. From the inception, Sri Lanka apparel industry set a target that had to be achieved as a measure of profitability and productivity. The target set by the apparel industry acted as the main vision and such an objective as propelled the company to achieve its goals as outlined in the vision (Fonseka & Dilini 12). Industrial key success factors in the apparel industry are varied and diverse with multi-dimensional perspectives. It is important to consider and re-evaluate success factors occasionally to determine areas that require adjustments. For instance, there is a need to improve the management skills as a consequence of ensuring effective organization strategies. Additionally, it is incumbent upon apparel industries to strategically other development partners as a means of increasing their leverage in the market.
Athukorala, Prema-chandra & Ekanayake, Raveen. Reposition in the Global Apparel value Chain in the Post _MFA Era: Strategic Issues and Evidence from Sri Lanka. Working Papers in Trade and Development. 2014.
Fonseka A T & Dilini, Fonseka. “Garment Industry of Sri Lanka Challenges and Responses”. Sri Lanka Journal of Measurement. Vol 3, No. 3 & 4, 1998.