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Marketing Strategies in Fashion Industry
Čmielová, Zuzana ; Král, Petr (advisor) ; Richter, Stanislav (referee)
The goal of this thesis is to define the fashion industry and identify the key developments that the segment has undertaken over the last two to three decades including the drivers behind these changes. Specifically, the thesis will provide insights into the financial indicators of the industry and review some of the most recent trends such as globalisation of supply chains and internationalisation of fashion retailers. The second section of the theoretical part will try to identify what are the characteristics of fast fashion customers and what influences motivate their shopping behaviour. Specifically, some of the academic concepts will be examined and put into the context of fast fashion -- these include fashion involvement and fashion consciousness, the influence of opinion leadership and the trend of social shopping. The latest part of the theoretical section will examine the contemporary marketing strategies in the fast fashion segment some of which has been spread over the whole fashion market. Amongst the most vital ones is the change in supply chain management strategies, the shortening of the fashion life cycle and its impact on the frequency of stock replenishment. In addition, the theoretical part will examine the rising power of the internet, its effect on online shopping and the overall transformation of media towards digital communication with the growing influence of fashion bloggers. The goal of the practical part of the thesis is to conduct extensive analysis of the fashion strategies of the two selected fast fashion retailers -- Zara and H&M. These were chosen on the basis of their global success and outstanding financial performance even in the period of economic downturn which makes their strategies unique and worth analysing. Each brand has a distinct approach to its marketing strategy and in many of the elements they are fundamentally different, yet both approaches has enabled the brands to achieve international success and build highly profitable businesses. To review the complexity of different aspects of their strategies, the 7p's framework will be used.
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