This paper proposes a computation model of the quantity supplied to optimize inventory costs for the fast fashion. The model is based on a forecasting, a store and production capacity, an assortment planning and quick response model for fast fashion retailers, respectively. It is critical to develop a standardized business process and mathematical model to respond market trends and customer requirements in the fast fashion industry. Thus, we define a product supply model that consists of forecasting, assortment plan, store capacity plan based on the visual merchandising, and production capacity plan considering quick response of the fast fashion retailers. For the forecasting, the decomposition method and multiple regression model are applied. In order to optimize inventory costs. A heuristic algorithm for the quantity supplied is designed based on the assortment plan, store capacity plan and production capacity plan. It is shown that the heuristic algorithm produces a feasible solution which outperforms the average inventory cost of a global fast fashion company.
In academic and/or practitioner literature, the assortment planning for fashion sensitive products is rarely systematically studied, and organized in an objective format. The purpose of this study was to develop a suggested assortment planning model for women's clothing retail buyers by integrating a conceptual assortment planning model and a practical-use assortment planning model, which are also developed in this study. In developing the conceptual model, this research categorized and organized the pieces of assortment planning activities illustrated in available literature. In developing the practical-use model, ten women's dress buyers from department stores and specialty stores were interviewed. The contents of the interview dictation were classified and summarized by concepts and variables. The summary was validated by the interviewees and recontextualized for the practical-use model. Five experts compared the conceptual and practical-use models, adjusted the discrepancies, and integrated into the suggested model. In addition, a questionnaire asking review of all functional activities of the suggested model was sent to interviewees to ascertain its validity. As the result, assortment planning process was determined at abstract level as the following: (a) recognize problem, (b) search for information, (c) evaluate qualitative value of product, (d) evaluate quantitative value of product, (e) plan product selection, and (f) plan sales.
This paper suggests the product supply process model based on the store and production capacity, assortment planning and quick response for fast fashion retailers with BPMN. In the fast fashion industry, the standardized business process model is required to respond quickly market trends and customer requirements based on the quantitative and qualitative criteria. Thus we define the product supply processes which incorporate forecasting and assortment plan, cost and profitability of the production, store capacity based on the visual merchandising, and production capacity of the fast fashion retailers. Also we design the key performance indicators to evaluate the effectiveness of these product supply processes. The product supply process model for the fast fashion has great significance in embracing the fast fashion product development process because it presents the holistic view of the product supply process of the fast fashion and provides a performance evaluation mechanism. A case study shows that adopting the processes, a Korean fast fashion company achieves improvement in various performance indicators.
The purpose of this was to identify the shopping orientation and store selection criteria of credit card apparel shoppers. The subjects were credit card holding women who had experienced credit card apparel shopping at least one time during last 6 months. The results were as follows : 1. Women of 20's were segmented into multi-cards holding light users, multi-cards holding heavy users, and mono-card holding light users according their credit card numbers and the monthly credit card apparel expenditure. 2. The factors of apparel shopping orientation were pleasure, economy, brand loyalty. self-confidence. shopping plan, and fashion. And the factors of store selection criteria were additive service, store atmosphere, Product assortment, sales promotion. and product diversity. 3. Multi-card holding light users showed higher tendency in self-confidence and economy of shopping orientation, and considered additive service more. Multi-card holding heavy users showed higher tendency in pleasure. brand loyalty, self-confidence, shopping plan, and fashion of shopping orientation, and considered sales promotion and product diversity. Mono-card holding light users showed lower tendency in pleasure. brand loyalty, self-confidency, shopping plan, and fashion, and considered additive service, store atmosphere. product assortment, sales promotion, and product diversity less.
Overview of Research: Product availability is one of important competences of store to fulfill consumer needs. If stock-outs which means a product what consumer wants to buy is not available occurs, consumer will face decision-making uncertainty that leads to consumer's negative responses such as consumer dissatisfaction on store. Stockouts was much studied in the field of academia as well as practice in other countries. However, stock-outs has not been researched at all in Marketing and/or Distribution area in Korea. The main objectives of this study are to find out determinants of consumer responses such as Substitute, Delay, and Leave(SDL) when consumer encounters out-of-stock situation and then to examine the effects of these factors on consumer responses. Specifically, this study focuses on situational characteristics(e.g., purchase urgency and surprise), store characteristics (e.g., product assortment and store convenience), and consumer characteristics (e.g., brand loyalty and store loyalty). Then, this study empirically investigates relationships these factors with consumers behaviors such as product substitution, purchase delay, and store switching.
Global fast fashion brands have been popular and most of them have entered the Korean market. With their success, Korean apparel companies launched domestic fast fashion brands; however, recently they have become fiercely competitive, and consumers are demanding better design and quality and cheaper prices than before. The purpose of this study is to explore consumer purchasing behavior of the global as well as domestic fast fashion brands sold in Korea and to suggest marketing strategies for the brands sold in Korea. The study includes interviewing 61 Korean consumers to ask about their purchasing behavior and experiences. This study found four themes from these in-depth interviews: 1) demand of product glocalization which considers both globalization and localization for better style, quality, and assortment plan, 2) satisfaction with the reasonable price range of fast fashion brands but dissatisfaction with price discrimination among countries, 3) importance of easy, comfortable, and convenient accessibility to fast fashion brands, and 4) preference for good brand reputation related to corporate social responsibility(CSR) and nationality. From these four themes, this study developed the four elements of the marketing mix: product, price, accessibility, and reputation to adapt to a new marketing environment that emphasizes the development of information technology, consumer-centric marketing, and corporate ethics. The findings of this research could contribute useful information to both global and domestic fashion companies as well as consumers.
Purpose: The high-end and variety of recently released items are driving the growth of the distribution industry, which is the purpose of private brand (PB) products. Because PB shortens the distribution process and lowers marketing expenses, such as those associated with various commercials, more people will buy PB while paying lower retail prices. The goal of this study is to make the case that PB can be positioned successfully by determining the influence and direction of each individual constituent concept on how product and store attributes (perceived price, image of retail store) affect the perceived value of PB and the legitimacy of retailers. Research design, data and methodology: The gathered data were examined using PLS-SEM using Smart PLS 3.0 in order to analyze the research model of this study. Internal consistency was verified to demonstrate the measurement model's dependability, and extensive validity analysis, discriminant validity, and analysis were performed to verify the validity. Conclusion: This researcher attempted to gather diverse understandings and viewpoints on PB trends in addition to understanding the existing state of PB products. It is meant to be a unique and successful plan in the PB Brands' marketing strategy. By understanding the brand's value proposition aspects, it is hoped to determine how PB influences brand attitudes based on the findings of this study.
The purpose of this study is to identify the conflict between residents and governments in partnership arising from the designation of National Important Agricultural Heritage for Damyang Samdari village and to suggest directions for improvement. To this end, residents of Samdari Village in Damyang, designated as an important national agricultural heritage, were interviewed. Interviews were analyzed through grounded theory, categorized into open coding, axial coding, and selective coding, and a paradigm model was constructed. Through this, the central phenomena of resident participation patterns currently appearing in the village were identified, and causal, contextual, and intervening conditions were analyzed. Causal conditions were analyzed as one-sided administrative treatment, assortment matching project, one-time plan, excessive dependence of residents and economic damages of residents at the beginning of the designation of national important agricultural heritage. As a result, conflict between residents and local governments occurred as a central phenomenon, and contextual conditions such as decline in the competitive of bamboo resources and frequent change in managers were also affecting the central phenomenon. As intervening conditions to alleviate the central phenomenon, there are local government's purchase of bamboo fields and fragmentary business effects. The action taken by the residents and officials in response to a fixed conflict is called an action-interaction strategy. Residents refused to change and settled in reality, and local governments avoided conflict. From the beginning of the designation to the present, the villagers gradually lost interest in the National Important Agricultural Heritage due to problems and conflicts that occurred in the process of forming a partnership in the National Important Agricultural Heritage project. Based on the analyzed model, a plan to build the partnership standards on Damyang bamboo field to secure the sustainability of the field and increase the practicality of resident participation, that is partnership, was suggested.
The purpose of the study was to investigate the level of latest fashion adoption of men's wear manufacturers and differences in the level of fashion adoption according to characteristics of brands and merchandise. Thus, this study was to be an exploratory study to examine the trends in fashion adoption of men's wear manufacturers. The questionnaire consisted of questions on 7 elements of fashion adoption and characteristics of men's wear manufacturers and their merchandise. The subjects were to evaluate their level of fashion adoption and rated on 5 point Likert-type scales of 7 elements. For the survey, the subjects were 100 employees (62 merchandisers, and 24 designers, etc.) who are employed by men’s wear manufacturers which have national brands, designer brands, license brands, import brands or private brands. The SAS PC+ package was used to calculate factor analysis, mean, t-test, ANOVA, Duncan's test, and Tukey's test. The results from the study were as follows: 1) The elements of fashion adoption of men's wear manufacturers were divided into 4 factors (clolr/fabric, silhouette/fashion image, detail/item coordination, accessories) which explained 83.61% of the whole of factors. 2) The highest score of mean of fashion adoption factors was fabric/color, but the lowest was accessory factor. 3) There were significant positive correlations between fashion adoption factors except between fabric/color and accessories. 4) There were significant differences in the level of fashion adoption according to types of brands and ages of target consumers. 5) There were significant differences in the level of fashion adoption according to the categories of apparel (suits vs. casual clothing) and types of suits and casual wear.
The core objective of this research article is to investigate different challenges and opportunities in management as well as start-ups of small businesses in India. The prudence behind this research is to examine various problems in front of the small businesses and to offer vital support and cooperation to overcome those with the support of concerned institutions through consultancy and training programs. The researchers have an intention to make available the research results to the governmental agencies, concerned small business institutions and also to the educational institutions which are continually design plans, programs, policies and strategies to upgrade the managerial and technical dexterities of the small business Indian operators. After thorough revision of relevant literature on small businesses and its management, the researchers used a well structured questionnaire and in-depth personal interviews with 586small business operators selected from manufacturing, trading (retailing and wholesaling), finance, servicing/repair businesses which are located in the coastal districts of Andhra Pradesh in India. The researchers have used convenience sampling and collected data was analyzed with the support of Microsoft Excel and frequency distribution. Noticeably, majority of the small businessmen in India are facing myriad number of challenges both in management and at the time of establishment of their business operations. In particular, 72.47 percent of small businesses operators' have substantiated their strong opinion towards the challenges they are facing particularly finance, marketing and other problems while managing their businesses. The researchers also attempted to get the opinions on problems of the various categories of small businesses while starting their operations. A staggering 68percent of respondents identified the problems related to preparation of business plan, location selection, marketing and other problems like lack of proper credit facilities, skilled manpower, and other infra related problems while setting up of their businesses. On an average, 64.62 and 63.51 percent of small businesses are facing various kinds of problems both at the time of day-to-day management as well as start-up of their businesses respectively. The present research confined with the opinions of only four categories of small business operators particularly from the manufacturing, finance, trading (retailing and wholesaling), and servicing/repair which are continuing their business operations from the nine coastal districts of Andhra Pradesh in India. The present study emphatically provides concrete information required to the business community for identifying an assortment of challenges faced by different small business operators in managing and at the time of their inception. This research paper is first of its kind from this part of the world by offering extensive and credible information required for prospective entrepreneurs in facing the dynamic challenges in managing their business. Furthermore, this research presents invaluable inputs to the stakeholders like all types of governments, policy makers, practitioners, researchers, and educators' about the various impediments faced by the small business community in India.
shows the research model of this study. To accomplish above-mentioned research objectives, the following ten hypotheses were proposed and verified : is the estimation results of l\1NL model, and
shows the marginal effects for each determinant to consumer's responses(SDL). Significant statistical results were as follows. Purchase urgency, purchase quantities, pre-purchase plan, product assortment, store price image, brand loyalty, and store loyalty were turned out to be significant determinants to influence consumer alternative behaviors in case of out-of-stock situation. Specifically, first, product substitution behavior was triggered by purchase urgency, surprise, purchase quantities, pre-purchase plan, product assortment, store price image, brand loyalty, and store loyalty. Second, purchase delay behavior was led by purchase urgency, purchase quantities, and brand loyalty. Third, store switching behavior was influenced by purchase urgency, purchase quantities, pre-purchase plan, product assortment, store price image, brand loyalty, and store loyalty. Finally, when out-of-stock situation occurs, store convenience and salesperson service did not have significant effects on consumer alternative responses.
New Marketing Strategies for Fast Fashion Brands in South Korea: An Exploration of Consumer's Purchasing Experiences
A Study on the Factors Affecting Perceived Value of PB, Retailer Credibility and PB Purchase Intention
A Study on the Partnership Conflict of Damyang Samdari Village Using the Grounded Theory - For Damyang Samdari Village, No.4 National Important Agriculture Heritage -
(근거이론을 활용한 담양 삼다리마을 지역주민의 파트너십 갈등 연구 - 국가중요농업유산 제 4호, 담양 대나무밭을 중심으로 -)
A Study on the Latest Fashion Adoption of Men's Wear Manufacturers in Their Merchandise Assortment Plan
(남성복(男性服) 브랜드의 상품기획시(商品企劃時) 최신유행(最新流行) 반영(反映)에 관(關)한 연구(硏究))
Challenges and Opportunities of Small Business Management and Start-Ups in India
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