Marketing has evolved through a change in production and consumption due to the advent of new technology (Ranchhod, 2004). The development of technology has also driven the globalisation of communication. During this period, consumers are facing a variety of choices (Jackson and Shaw, 2009). Thus, companies need to actively embrace these changing factors to grow their business and succeed in the marketplace.
The marketplace has been dynamic and competition between companies in the same industry has been increasingly intense (Ranchhod, 2004). Having dynamic capabilities contributes to a company’s “long-term survival or competitive advantage” (Johnson et al., 2008: 84). This is especially essential …show more content…
Society has been constantly evolving in priorities and preferences; consequently, consumer behavior may also be different due to the changing of lifestyle and trend. In order to better understand the current consumer behavior, the changes should be tracked by markers (Solomon and Rabolt, 2004). The technology has provided a more complex and efficient lifestyle for consumers, which may result the product of Fast fashion.
Being famous for its lean inventory and fast-fashion strategy, the Spain Company Inditex has become very efficient and quick to react to consumer trends (Apparel, Textiles & Fashions Industry Market Research). In contrast, being old-fashioned yet expansive, Aquascutum reveals no competence with fast fashion brands, not mentioned its main innovative and up-market competitor- Burberry (Benjamin, 2012).
Moreover, having a rich history of more than 160 years may be strength but it can also become an weakness if the company does not continuing on investing and communicating its heritage to