Brand Management For Fashion Industry

Brand Management For Fashion Industry Introduction Though brand management is not limited to the apparels and accessories it is very evident that fashion industry has given the word a turnaround over the years. From brand fanaticism to Brand loyalty Fashion Brands have the tendency to create a strong Brand identity amongst the minds of the consumers. Many of their brand management strategies have been successful. The global fashion industry is a giant in terms of the impact it has on economy, trade and commerce of many countries, the reach and importance of its products and the strength of its employment. Over the century, growth of the industry has been astonishing in terms of technology and revenue. The innovations had been rapid and growth exponential. Though origin of branding dates back to historical times, fashion industry is one of the industries which capitalized the most of a Brand’s strength. Fashion industry has a strong affinity to brand management, and most successful brand strategies like retailers Zara, Mark & Spencer and Luxury designer brands like Louis Vuitton, Armani, Dior and YSL. The Brand strategy of most fashion brands revolve around the concept of differentiation of products, target customer group and building brand-consumer relationship from which is derived a Brand Personality and Identity of each brand. This identity carves a niche for the brand in the market. But there arise a few questions about this glamorous industries’ brand management strategy. Does a successful brand management strategy mean ethical Brand strategy? Does having a good turnover a year make a brand strategy successful? Can Ethics be inculcated in a brand strategy in an effective way? In the recent years a new concern has developed for the industries worldwide, the Ethics of business. The London fashion week, 2008 states that the fashion Industry has been caught on the issue of ethical and environmental clothing. Though researches have been made widely on Ethics and Business in most of t he fields and industries very few initiatives had been made for the same in terms of brand management ethics and in particular context of Fashion and Apparel Industry. This Proposal aims in studying this less frequented topic of research yet growing concern of ethical consumerism in fashion industry, the requirements and processes involved for a brand to identify itself as a Holistic and authentic ethical brand. Scope of the Study Research Objectives, Questions and Hypotheses Research Objectives To study the brand management strategy of successful and powerful brands To understand the importance of Ethics as a critical factor for any brand strategy To analyze the effects of integrating ethics into the brand strategy and the implications of the relationship Research Questions What is a Brand strategy management? What are the successful brand strategies? What is business ethics? What is the need of Ethical Brand strategy? What are the implications of integrating ethical business and b rand strategic management? Research Hypotheses Hypotheses 1 Strategic management is significant for a successful Brand Hypotheses 2 Business ethics has become an essential factor for competitive advantage of a brand Hypotheses 3 The relationship between brand management and business ethics can form an authentic ethical brand