Chongzheng Li

A brand purpose serves as a foundational framework that informs and directs the decision-making processes and operational methodologies within a business organization. It’s the reason shows why the brand exists and communicates with customers in an emotional level. The essence of a brand’s purpose must represent a genuine and intrinsic reflection of the values and priorities cherished by its intended consumer base. This purpose should unequivocally exhibit a sincere commitment to and verifiable evidence of contributing positively to societal welfare(DON’T PANIC,2022).

Brand philosophy is of paramount importance in the construction and perpetuation of a brand’s identity. It encompasses the core values, principles, and beliefs that define the essence of a brand, which in turn shapes consumer perception and decision-making. In a market saturated with homogeneous products and services, a brand’s philosophy can be the deciding factor for consumers who are increasingly aligning their purchasing choices with their personal values and beliefs(SILVA,2020). This philosophy acts as a guiding star for all brand actions and communications, ensuring consistency and coherence, which are critical for building a strong, recognizable brand over time. The integration of brand philosophy into marketing strategies is not merely about storytelling; it is about embodying the brand’s ethos in every facet of operation, thereby solidifying the brand’s position in the marketplace and in the minds of the consumers.

Brands communicate their purpose to Generation Z by fostering authentic connections, which involves transcending mere product promotion to embody values and practices that resonate with this demographic’s social and environmental sensibilities. Understanding that Gen Z seeks meaningful interaction, brands aim to create messaging that aligns with their aspirational ideals, focusing on inclusivity, diversity, and ethical stewardship. They leverage multimedia platforms to showcase real-world engagement in social causes, thus demonstrating a commitment to the societal and environmental concerns that Gen Z is passionate about. To effectively engage Gen Z, brands adopt a narrative that speaks with transparency and sincerity, often featuring real people instead of models and candid stories over scripted advertisements. This cohort values dialogue and brands that listen and respond to their voices, making social media an ideal two-way communication channel. Moreover, brands communicate their purpose by taking tangible actions that reflect their stated values, such as sustainable business practices and inclusive hiring policies, thereby cementing trust with Gen Z consumers who prefer to patronize businesses whose actions and ethics mirror their own(NICHOLE, no date).

Bibliography

Developer (2023) What is brand purpose? 5 great examples, Don’t Panic London. Available at: https://www.dontpaniclondon.com/what-is-brand-purpose/ (Accessed: 03 November 2023). 

Nichole, A. (2023) 5 ways to connect with gen Z in your brand messaging, Cordial. Available at: https://cordial.com/resources/how-to-connect-with-gen-z-in-brand-messaging/#:~:text=Beyond%20speaking%20of%2C%20showcasing%2C%20and,re%20welcome%20to%20be%20themselves. (Accessed: 03 November 2023). 

Silva, P. (2020) Why philosophy has much to do with brand-building (and what that looks like), Forbes. Available at: https://www.forbes.com/sites/piasilva/2020/11/19/why-philosophy-has-much-to-do-with-brand-building-and-what-that-looks-like/ (Accessed: 03 November 2023). 

Profit is the ultimate goal of any businesses. Profit determines how a business operates. Business owner can choose pocket the cash, distributes to shareholders or reinvest into the business. Including fashion business, the industry always create new stories in order to create more profit.

The size of the fashion industry being calculated appears to be 1.53 trillion US dollar in total. Market of Womenswear shows a significant amount of gap compared to menswear and children’s, approximately 163 billion dollars in revenue(SMITH,2023). Because of COVID-19, the industry was having a big impact but womenswear occupying an even larger market share as usual. In future projections, it is anticipated that the luxury segment will surpass other sectors within the industry. This is attributed to the propensity of affluent consumers to persist in their travel and expenditure habits, thereby offering them a degree of protection against the repercussions of hyperinflation(AMED,2023).

Fashion industry includes different sectors. From textile production to the retailing of products. Marketing appears to be the key sector of maximizing profits. Effective fashion marketing is predicated on a comprehensive comprehension of consumer requisites, predilections, and aspirations, ensuring alignment between product offerings and consumer demand. To inform designers and manufacturers about the specific nature and volume of products to be developed, marketers employ mechanisms such as sales trajectory analysis, scrutiny of media exposure, focus group discussions, and other methodologies geared towards discerning consumer inclinations(KIRON,2022)

There are few elements that a brand needs to consider in order to remain competitive in uncertain economic times. During the economic downturn of 2008-2009, a study of 700 enterprises revealed that 17% either faced bankruptcy, transitioned to private ownership, or underwent acquisition. Approximately 80% of these companies did not achieve a complete recovery until three years post-recession. Remarkably, 9% of the firms flourished during this period(GULATI,2010). One way to get better should be “Propose incentives to extant clientele as a token of appreciation for their allegiance and/or their endorsement of your enterprise to peers. In economically challenging times, a significant proportion of consumers exhibit heightened price sensitivity, seeking avenues for financial savings. Thus, it becomes imperative to provide them with a compelling rationale for preferring your offerings over those of competitors. A strategic approach to achieve this is by prioritizing and valuing your established customer base”(Graver,2022). 

Creative directors harmonize creativity and commerce by conceptualizing innovative ideas while ensuring market feasibility. They integrate artistic vision with commercial objectives, optimizing brand resonance and maximizing financial returns.

Bibliography

AMED, I. (2022) The state of fashion 2023: Holding onto growth as global clouds gather, McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion (Accessed: 23 October 2023). 

Graver, K. (2022) 8 tips to help manage a business in Uncertain Economic Times, Business Plan Writers & Startup Consultants. Available at: https://startgrowimprove.com/manage-a-business/#:~:text=Offer%20your%20existing%20customers%20incentives,and%20services%20over%20the%20competition. (Accessed: 23 October 2023). 

Gulati , R., Nohria, N. and Wohlgezogen, F. (2014) Roaring out of recession, Harvard Business Review. Available at: https://hbr.org/2010/03/roaring-out-of-recession (Accessed: 23 October 2023). 

Kiron, M.I. and Mazharul Islam KironFounder & Editor of Textile Learner. He is a Textile Consultant (2023) Key sectors of Fashion Industry, Textile Learner. Available at: https://textilelearner.net/key-sectors-of-fashion-industry/ (Accessed: 23 October 2023). 

Smith, P. (no date) Topic: Apparel market worldwide, Statista. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview (Accessed: 23 October 2023). 

They are now the second youngest group in the world. In the present era, Gen Z has become a pivotal cohort driving the advancement of the fashion industry. They are characterized by their creativity and critical thinking, enabling them to form unique judgments about various matters. Born in an age of rapid internet development, they are also referred to as “digital natives“ (2023,MCKINSEY). Gen Zers are known for working, shopping, dating, and making friends online. As consumers,  individual rom Generation Z exhibit consumer behaviors that are largely shaped by their pragmatic perspective on financial matters and educational pursuits. Principal determinants of their consumption patterns include a pronounced inclination towards technological advancements, a deep-rooted commitment to societal issues, and a marked sense of individualism (2023,BEWICKE). Gen zers exhibit distinct consumption patterns, largely influenced by their pragmatic perspective on financial matters and educational pursuits. Notably, their proclivity for technological advancements, commitment to societal issues, and pronounced individualism are pivotal in shaping their consumer behaviors. In contrast to earlier generations, Gen zers does not prioritize cost as the primary decision-making factor. For a product or brand to resonate with this demographic, it must present a harmonious blend of value, superior quality, and ethical integrity.

Individuals from Generation Z exhibit distinct consumer behaviors, largely influenced by their pragmatic perspectives on financial and educational matters. Additionally, their profound relationship with technology, commitment to societal causes, and marked individualism play significant roles. Each generational cohort forges an identity distinct from its predecessors. Notably, Generation Z stands out as the inaugural generation of genuine digital natives. Their formative experiences are intertwined with digital phenomena, such as online gaming and trending internet content. It is probable that during their educational years, they relied on digital devices like personal computers or tablets for note-taking(2023,GOMEZ). 

In 2023, Twitch has emerged as a predominant brand favored by Generation Z. Originally launched in 2005, Twitch was conceived as a real-time broadcasting platform where individuals could showcase their daily activities. While the platform has diversified its content categories, video gaming remains its central focus. Boasting over 240 million active users monthly, Twitch commands an impressive 73% of the live streaming market share. Notably, internal data from Twitch reveals that a significant 55% of its audience comprises members of Generation Z. Further, there is a discernible positive sentiment within the Twitch community towards channel monetization and advertisement displays, presenting a lucrative avenue for potential advertisers(2023,KHALID).

Bibliography

What is gen Z? (2023) McKinsey & Company. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z# (Accessed: 15 October 2023). 

Bewicke, H. (no date) 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# (Accessed: 15 October 2023). 

Gomez, R. (2023) How to make sure you’re marketing to gen Z the right way, Sprout Social. Available at: https://sproutsocial.com/insights/marketing-to-gen-z/ (Accessed: 15 October 2023). 

Khalid, S. (no date) Gen Z’s 25 favorite brands in 2023, Yahoo! Finance. Available at: https://finance.yahoo.com/news/gen-z-25-favorite-brands-092948829.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHf7g7OrCknZ4PHkWCvWUsNp2jXBvXb4Ntqeoj8wTzmLpUtG0_jaHuNb6e1mAcB6m2AEhDCtBFc6_8CsVKIcEqjO1NkXyCiFbW19kJFICy6VkVk8q8ZIy4_Q2NZ_ZvaP5xvtGwRjvhillTuCvomc-Tc5LGB15zkvfDcD7p1jxxmv (Accessed: 16 October 2023). 

Nowadays, environmental degradation and social inequities have already become critical global challenges. Concept of sustainability has gain immense attention in countries.(STEPHEN, no date) Many brands have already taken environmental actions, but there are still numerous other factors that can cause significant impact. For instance, excessive emissions during the production process and improper waste disposal methods. Which usually comes from fast fashion brands.

A circular economy involves marketplaces that encourage the reuse of products rather than their scrapping and subsequent resource extraction.(UNCTAD,2015) Human beings are currently consuming resources at a rate equivalent to 1.75 times the planet’s natural capacity annually. Every year, GNF conducts a calculation to determine the date on which the global population would surpass the Earth’s resource limits if consumption patterns mirrored those of a particular country.(GNF,2023) Circular conomy focuses on extending product lifetimes, recycling, reusing, and redesigning to keep materials and products in circulation. In essence, the circular economy offers a more sustainable, environmentally friendly, and economically sound approach to production and consumption.

In its most encompassing definition, sustainability denotes the capacity to uphold or sustain a process indefinitely. Within the realms of business and policymaking, sustainability aims to thwart the exhaustion of natural or tangible assets, ensuring their continued availability in the foreseeable future.(MOLLENKAMP,2023)Sustainability has consistently been a sensitive and frequently used term within the fashion industry. Numerous brands, such as Patagonia and Levi’s, have made significant efforts in this realm. They employ recyclable or biodegradable materials to produce distinct products representative of their brand, enhancing the sustainability of these items in contemporary times. However, there are still many fast fashion brands today with a limited emphasis on environmental consciousness. The adoption of sustainable materials can influence sales and pricing, which is why certain practices in China and some Southeast Asian countries persist in utilizing non-environmentally friendly garment production method. 

Goal 9( industry, innovation, and infrastructure) which means Building Resilient Infrastructure, Promoting Inclusive and Sustainable Industrialization, and Fostering Innovation. Efficient, sustainable, and resilient infrastructure is crucial for transporting goods, reducing costs, and ensuring timely delivery for online shopping. The fashion industry, particularly fast fashion. The future of fashion lies in innovation. This could be in the form of sustainable materials (like bio-fabricated leather or textiles made from recycled plastics), new production methods that reduce waste, or technologies that increase supply chain transparency. 

Bibliography

(No date) What are the three pillars of sustainability? | positive planet. Available at: https://positiveplanet.uk/three-pillars-of-sustainability/ (Accessed: 07 October 2023). 

The hidden value in your waste (no date) Nokia. Available at: https://www.nokia.com/thought-leadership/articles/hidden-value-in-your-waste/?did=D00000006821&gad=1&gclid=CjwKCAjwg4SpBhAKEiwAdyLwvBzcsD1xZMWMlEmFaYa6DF7Fd24_fTqv-VpyNe0bsTlFcsV1MpHd0xoC2LQQAvD_BwE (Accessed: 08 October 2023). 

Mollenkamp, D.T. (no date) What is sustainability? how sustainabilities work, benefits, and example, Investopedia. Available at: https://www.investopedia.com/terms/s/sustainability.asp#:~:text=In%20the%20broadest%20sense%2C%20sustainability,available%20for%20the%20long%20term (Accessed: 08 October 2023). 

Circular economy (no date) UNCTAD. Available at: https://unctad.org/topic/trade-and-environment/circular-economy#:~:text=A%20circular%20economy%20entails%20markets,economy%20or%20used%20more%20efficiently. (Accessed: 08 October 2023).