The company’s team, customers, product, competition, timing, and financial aspects form its market dynamics. Political, economic, social, and technological factors are responsible for influencing market dynamics. The fashion industry has to undergo too many challenges compared to other consumer-facing industries while entering new markets, thus calling for focusing more on ideation, co-creation, and strategic contingency approach.
Highlights:
- The new market entry decisions are incredibly significant for the brands’ establishment, maintenance, growth, and profitability. The entry time is a key factor; thus, the circumstances, methods, and entry timing plans must be thoroughly examined in advance.
- Digitization, sustainability, athleisure, co-creation, strategic contingency approach, and ideation influence the market dynamics in the fashion industry.
When we talk about market dynamics, it is about creating an impact on the consumers’ production, pricing, selling, and consumption patterns. A sustainable material mix, a closed-loop fashion system, and the promotion of better employee remuneration help bring dynamism to the fashion industry. The brand owner, employee, consumer, and other social groups, such as the customer brand communities, those experts or agencies who are a part of the brand owner’s network, and the industry itself, must engage and communicate in collaborative ways in order to co-create the luxury brand experience (Tynan et al., 2010). Non-competitive but complementary luxury brand networks play a significant role in co-creating value.
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