Yinan Wang

In essence, the purpose of a business goes beyond simply making a profit, it encompasses the broader reason for the company’s existence and its impact on various stakeholders. The foundation of enterprise purpose is brand philosophy. It consists of mission, vision, and value proposition. A vision statement answers what a brand aims to achieve; A mission statement answers how a brand plan to achieve this vision; A value proposition should clearly explain how a product fills a need, communicate the specifics of its added benefit, and state the reason why it’s better than similar products on the market. (Twin, 2023) Also, the enterprise purpose can shape a company’s brand identity and reputation. Brands with a strong sense of purpose often resonate more with consumers. For example, the mission of Starbucks is :“With every cup, with every conversation, with every community – we nurture the limitless possibilities of human connection.” Starbucks’ perspective on this new mission is: connection is a fundamental human need. Study after study indicates high rates of loneliness as a public health concern, and there’s a desperate need for togetherness. Now, human connection is expressly part of the company’s mission.( Peiper,2023)

A well-defined brand philosophy serves as a guide for decision-making and long-term strategic planning. It sets the direction for the brand’s growth and development. Meanwhile, it helps define the brand’s unique identity and differentiates it from competitors in the market. A clear and compelling mission, vision, and value proposition give the brand a distinct personality. It provides a foundation for marketing and communication efforts. The mission, vision, and value proposition can be used as powerful messaging tools to convey the brand’s essence to the target audience. When customers resonate with a brand’s mission and values, they are more likely to become loyal supporters. In conclusion, a brand’s philosophy serves as the foundation upon which the entire brand is built. It informs the brand’s actions, resonates with customers, and contributes to its long-term success in the marketplace.

Gen Z are highly active on social media and digital platforms. Platforms like TikTok and instagram are popular among Gen Z. Therefore, Brands can leverage these channels to share their purpose through engaging content, storytelling, and visual elements. Not only that, collaborating with influencers, or social causes that resonate with Gen Z’s values can also resonate with Gen Z to convey brand purpose. Gen Z appreciates brands that align with their values and take meaningful actions to create a better world. In consequence，brands can embrace sustainability as a purpose.  In summary, effectively communicating a brand’s purpose to Gen Z requires a genuine commitment to social and environmental values, transparency, engagement on digital platforms, and a willingness to involve Gen Z in meaningful ways.

Bibliography

24, H.P.• A. (no date) A new mission for Starbucks, Starbucks Stories. Available at: https://stories.starbucks.com/stories/2023/a-new-mission-for-starbucks/ (Accessed: 29 October 2023). 

3 things brands need to know about marketing to gen Z (2023) Mintel. Available at: https://www.mintel.com/consumer-market-news/three-things-brands-need-to-know-about-marketing-to-gen-z-consumers/ (Accessed: 29 October 2023). 

Busick, M. (2023) What are the most visited social media platforms among gen Z?, Comscore, Inc. Available at: https://www.comscore.com/Insights/Blog/What-are-the-most-visited-social-media-platforms-among-Gen-Z (Accessed: 29 October 2023). 

Fromm, J. (2019) Gen-z and the three elements of Purpose Brands, Forbes. Available at: https://www.forbes.com/sites/jefffromm/2019/07/26/gen-z-and-the-three-elements-of-purpose-brands/ (Accessed: 29 October 2023). 

Rieches, R. (no date) Brand vision statement and brand mission statement, BrandingBusiness. Available at: https://www.brandingbusiness.com/insights/what-comes-first-vision-or-mission/ (Accessed: 29 October 2023). 

Twin, A. (2023) Value proposition: How to write it with examples, Investopedia. Available at: https://www.investopedia.com/terms/v/valueproposition.asp (Accessed: 29 October 2023). 

Where brands are reaching gen Z (2021) Harvard Business Review. Available at: https://hbr.org/2021/03/where-brands-are-reaching-gen-z (Accessed: 29 October 2023).

The profit pillar is grounded on effectively utilizing the company’s resources and using them to improve the financial performance and make profits, for the maximize profits. The fashion industry provides a large number of employment opportunities and generates a lot of economic mobility.

According to a report by Statista, globally, the revenue of the apparel market reached a value of 1.53 trillion U.S. dollars in 2022, in the UK was estimated to be just under 58.5 billion British pounds. As demonstrated by Fashion United, the industry has a labor force of 3,384.1 million.   Its value is equivalent to 3 trillion dollars.   That means, it corresponds to 2% of the world’s Gross Domestic Product (GDP). The Ellen MacArthur Foundation states that globally, the clothing industry employs more than 300 million people along the value chain, which can be understood to also include people that work in design, distribution and retail divisions of the fashion industry.

The fashion industry encompasses the design, manufacturing, distribution, marketing, retailing, advertising, and promotion of all types of apparel. (Steele el al.,2023) According to Forbes, on top of the biggest apparel companies rank is Louis Vuitton Moët Hennessy (LVMH), which includes enormous luxury brands such as Louis Vuitton, Christian Dior and Givenchy.  Size of the global apparel market in 2022 is 1.53tr USD.  In 2023, the global Footwear market is predicted to witness a revenue of US$398.40bn while the Accessories market amounts to US$551.10bn. (statistic, 2023)

On the authority of Mckinsey, in 2023, the global fashion industry will need to weather inflation while finding opportunities in shifting consumer patterns, channel and digital marketing strategies, and manufacturing approaches. （Mckinsey，2022）The lipstick effect describes the observation that consumers will still tend to buy small luxury items even during an economic downturn. Cash-strapped consumers want to treat themselves to something that lets them forget their financial problems.（Hayes，2021）In times of economic uncertainty, consumers tend to buy cheaper goods. Therefore, when the economic situation is not particularly good, brands can launch some products that are widely popular and relatively cheap. For example, luxury goods can introduce their cosmetics. Meanwhile, brands need to build strong customer relationships. In order to protect the existing client base, it is essential to provide exceptional customer service.  Regular communication to understand their needs and concerns, coupled with efforts to make them feel appreciated, can foster customer loyalty.  Even if some clients need to discontinue the service due to their own financial constraints, a strong relationship can ensure their return when circumstances improve.

Creative directors play a significant role in shaping a fashion brand’s products and image to align with consumer preferences. Whether it is creativity or commerce, the final choice rests with the customer. To cater to consumer preferences, creative directors need to first do market research and consumer Research, lock in target groups and markets, invest in market research to gain insights into consumer preferences. For example，creative directors can incorporate sustainable and ethical practices into their creative process. Trend analysis is also important. Staying attuned to fashion trends and consumer behavior is crucial. Meanwhile, some consumers prefer personalized or customizable products. Brands can offer options for customization, such as monogramming or color choices, to cater to these preferences. Furthermore,  creative directors can also interact with consumers on social media to better catch consumer demands by consumer comments and attitudes to change sales strategies. 

Bibliography

Apparel market trends analysis, growth, analysis, share, forecast to 2032 (no date) The Business Research Company. Available at: https://www.thebusinessresearchcompany.com/report/apparel-global-market-report (Accessed: 22 October 2023).

Clausen, E. (2020) Council post: Marketing rules to follow during Uncertain Economic Times, Forbes. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/?sh=79e0228b4a36 (Accessed: 22 October 2023).

Fashion industry(2023) Encyclopedia Britannica. Available at: https://www.britannica.com/art/fashion-industry (Accessed: 22 October 2023).

Fashion industry statistics: The 4th biggest sector is more than clothing (2022) Fashinnovation. Available at: https://fashinnovation.nyc/fashion-industry-statistics/ (Accessed: 22 October 2023).

Global Fashion Industry Statistics (no date) FashionUnited. Available at: https://fashionunited.com/global-fashion-industry-statistics (Accessed: 22 October 2023).

Hayes, A. (no date) Lipstick effect: Definition, theory, value as economic indicator, Investopedia. Available at: https://www.investopedia.com/terms/l/lipstick-effect.asp (Accessed: 22 October 2023).

Muaz (2023) An overview of the importance of the fashion industry in today’s world, blazon. Available at: https://blazon.revstance.com/an-overview-of-the-importance-of-the-fashion-industry-in-todays-world/ (Accessed: 22 October 2023).

Serr, J. (2023) The Sewing Room Fashion Sewing and sustainability blog – pillars of sustainable fashion, The Sewing Room. Available at: https://www.thesewingroomalameda.com/fashion-studies-blog/2022/7/15/pillars-of-sustainable-fashion (Accessed: 22 October 2023).

The state of fashion 2023: Holding onto growth as global clouds gather(2022) McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion (Accessed: 22 October 2023).

Surviving the storm: What strategies can a company use in an economic downturn? (2023) Indinero. Available at: https://www.indinero.com/blog/what-strategies-can-a-company-use-in-an-economic-downturn/ (Accessed: 22 October 2023).

The people pillar consists of the first five SDGs, focusing on ending poverty and hunger, promoting good health and wellbeing, as well as quality education and gender equality. In fashion, customers are the most important interpersonal component. Because customers have the right to choose whether to purchase or not. Meanwhile, Consumers can influence business practices and ethics. If consumers value sustainability, for instance,  businesses may adopt eco-friendly practices to align with consumer preferences.

Generation Z comprises people born between 1996 and 2010. With the penetration of technology, Gen Z are surrounded by social media.TikTok currently rules trends, feelings, and culture for Gen Zers. According to Morning Consult’s survey, YouTube is the most-used platform for Gen Z — with 88% spending their time on the app: Coming in at the number two spot is Instagram at 76% — hinting that the platform isn’t “over.” And TikTok (68%) and Snapchat (67%) aren’t too far behind either.(Roberts, 2023) According to Forbes, one in three Gen Z feel as if they’re addicted to fast fashion. Social media perpetuates the circulation of trends — and subsequently, fast fashion brands — and encourages buyers to prioritize cheapness and convenience over quality.（Scoville, 2023）Gen Z’s attitude towards fashion is about following the trend, but also showing individualism, to set apart from others. Market Research Society of India pointed out Gen Z are high on individualism, with a stronger sense of personal expression. For shopping habbits, Gen Z consumers are more likely to enjoy online shopping because they find it relaxing, and they also value the price and convenience benefits of online shopping.

To attract Gen Z, brands start to Collaborate with Gen z celebrities to resonate with consumers. MiuMiu is popular among Gen Z these years, this is inseparable from the brand marketing. MiuMiu put Jang Won Young as brand ambassador. Jang Won Young was born in 2004. She is a member of the Korean girl group ive. She has nearly 10 million followers on Instagram. Jang Won Young was officially announced as Miu Miu’s brand ambassador as the Harper’s Bazaar Korea December 2021 issue, and she was the cover girl. As an ambassador, Jang Won Young never fails to impress at the brand’s various events. Her high popularity in Gen Z has also brought a lot of brand effect to MiuMiu, making the products more popular. Gen Z are willing to chase after their idols.

Selkie is a brand dedicated to the development of size Inclusivity.  It was launched in 2018 by Wildfox co-founder Kimberley Gordon. The brand’s mission statement emphasizes that the brand was created with the main goal of size and cultural inclusivity, reflected in their advertising and products.  Selkie’s size range is from XXS to 5X.  They also have a goal of sustainability, producing only small quantities of each of their items. (Jayanthi, 2021) Selkie places a strong emphasis on cultural diversity in its core team, which includes individuals from diverse backgrounds.  Selkie’s core company is a small team consisting of a diverse group of women, and continues to seek new cultural perspectives from its employees and dedicated fan base.

Brand service and Public relation are the key people skills to make the brand be successful. Providing exceptional customer service and responsiveness to customer inquiries and feedback is essential for building brand loyalty, which helps business retain customers. PR is the person who links brands to communicate with consumers,，PR maintains corporate relationships, and media relations.PR helps brands to build a solid reputation, and give a company the ability to overcome almost any obstacle it may face.

Bibliography:

Bewicke, H. (2023) Gen Z consumer behavior: What you need to know, Gen Z Consumer Behavior: What You Need to Know | Talon.One. Available at: https://www.talon.one/blog/gen-z-consumer-behavior-what-you-need-to-know#:~:text=to%20Gen%20Xers.-,Gen (Accessed: 14 October 2023). 

Borrelli, S.S. (2023) Miu Miu’s very good year, Financial Times. Available at: https://www.ft.com/content/f98bf365-2e4c-448b-85bf-7f2a8164ae7f (Accessed: 14 October 2023). 

Herrity, J. (2021). 8 Reasons Why Customer Service is Important. Indeed Career Guide. Available at: https://www.indeed.com/career-advice/career-development/why-is-customer-service-important.(Accessed: 14 October 2023). 

Jang Wonyoung (no date) Kpop Wiki. Available at: https://kpop.fandom.com/wiki/Jang_Wonyoung (Accessed: 14 October 2023). 

Jayanthi, R. (2021) Five trendy and inclusive fashion brands to support in 2021, CLOTHES & WATER. Available at: https://www.clothesandwater.com/style/five-trendy-and-inclusive-fashion-brands-to-support-in-2021 (Accessed: 14 October 2023). 

Jeunesse, M.L. (2022) This tiktok-famous dress is making fashion more inclusive, Teen Vogue. Available at: https://www.teenvogue.com/story/selkie-tiktok-famous-puff-dress-inclusive-fashion (Accessed: 14 October 2023). 

Moran, G. (2022) Gen Z and millennials 2022, Drapers. Available at: http://www.drapersonline.com/guides/gen-z-and-millennials-2022 (Accessed: 14 October 2023). 

People pillar (no date) THE GLOBAL SDG SYNTHESIS COALITION. Available at: https://www.sdgsynthesiscoalition.org/pillar/people-pillar (Accessed: 14 October 2023). 

Roberts, J. (2023) Gen Z’s social media usage in 2023: Later, Later Social Media Marketing. Available at: https://later.com/blog/gen-z-social-media-usage/ (Accessed: 14 October 2023). 

Scoville, K. (2023). Scrolling through trends: Does Gen Z really care about sustainability? The NewsHouse. Available at: https://www.thenewshouse.com/life-and-style/fashion/does-gen-z-really-care-about-sustainability/(Accessed: 14 October 2023). 

What is gen Z? (2023) McKinsey & Company. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z (Accessed: 14 October 2023). What is public relations and why is PR important?: 5WPR (2023) Public Relations Blog | 5W PR Agency | PR Firm. Available at: https://www.5wpr.com/new/what-is-public-relations-and-why-is-it-important/ (Accessed: 14 October 2023).

The interdependent relationship between humans and the planet underscores the need for responsible stewardship of our environment and its resources to ensure a sustainable future for both.The Planet Pillar is focused on five SDGs which is SDG 6: Clean water and sanitation; SDG 12: Responsible consumption and production; SDG 13 : Climate action; SDG 14: Life below water; and SDG 15: Life on land. The fashion industry is one of the most resource-intensive industries in the world.  It consumes vast amounts of water, energy, and raw materials, contributing to environmental degradation.  Protecting the environment is essential to reduce these negative impacts.Therefore, the fashion industry needs to step on first, aiming to lead more industries to pay attention to the goal of sustainable development.

Recycling and reuse are the key words in a circular economy, which aims to minimize waste and make the most of resources，to keep products, materials, and resources in use for as long as possible, extracting the maximum value from them before recovering and regenerating products and materials at the end of their service life. They are refurbished or remanufactured to extend their life. This reduces the need for new resources.   By keeping products and materials in circulation, a circular economy reduces environmental impacts, lower greenhouse gas emissions, and promote economic resilience.

Sustainability in relation to fashion refers to minimizes negative impacts on the environment, society, and the economy.  It encompasses a range of strategies and principles aimed at reducing the fashion industry’s environmental footprint and improving its social and ethical practices.Sustainability targets are now driving big businesses.  The well-known British brand Burberry has also set an example in sustainable development, with the goal of reducing emissions by 46% by 2030 and becoming net zero by 2040. (Moran, G,2022)

Digital clothing have gradually emerged in recent years. This technology reduced material consumption, wasting, carbon footprint, also makes a big role in sustainable fashion experimentation: Digital fashion allows designers to experiment with new styles, materials, and concepts without the need to create physical prototypes or garments.  This eliminates the need for resource-intensive processes and encourages innovation and sustainable design practices.  In addition，Shanghai Fashion Week 2022 was hosted digitally as the lockdown was hitting China. This could be a trend in fashion industry.

Bibliography

Burberry (2021) Burberry to be Climate Positive by 2040. Available at: https://www.burberryplc.com/news/sustainability/2021/burberry-to-be-climate-positive-by-2040 (Accessed: 08 October 2023).

Dressember (2021) Recognizing women workers in the garment industry, Dressember. Available at: https://www.dressember.org/blog/womenworkers (Accessed: 08 October 2023).

Durocher, Y. (2022) Council post: The Sustainable Side Of Digital Fashion. Available at: https://www.forbes.com/sites/forbesagencycouncil/2022/09/09/the-sustainable-side-of-digital-fashion/?sh=69db0d2b6002 (Accessed: 08 October 2023).

Moran, G. (2022) Collaborating for Change: Sustainability Report 2022. Available at: https://www.drapersonline.com/guides/collaborating-for-change-sustainability-report-2022 (Accessed: 07 October 2023).

Semic, S. (2019) What is digital clothing? and will we all be dressing virtually … – elle, ELLE. Available at: https://www.elle.com/uk/fashion/a28166986/digital-fashion-dressing-virtually/ (Accessed: 08 October 2023).