MMP_4_MAO Management and Organisations Assignment Sample
Introduction
FashionCo actual retail stores could be found all over the world, and all commercial operations were conducted through these locations. As indicated in the activities outlined in the following sections of this document, the corporation’s current organisational structure is based on the activities that are carried out on a day-to-day basis by the various departments.
Command and control leadership styles are prevalent in today’s organisations, making it challenging to attain maximum efficiency through teamwork, both within the executive board and across the entire organisation. Over the last few years, COVID-19 has grown rapidly throughout the world, posing a severe threat to the pharmaceutical industry’s operations (Bondarouk,2020).http://MMP_4_MAO Management and Organisations Assignment Sample
OUTLINE THE KEY DEVELOPMENTS AFFECTING THIS INDUSTRY.
Following a series of lockdowns around the United Kingdom, according to reports from the BBC, thirty businesses were forced to close their doors. To avoid being trapped at their desks for a second straight day as a result of the lockout, employees, managers, and executives were required to use laptop computers that were connected to the internet while at their places of employment.
Following the publication of these concerns, a number of staff have resigned from their positions. In order to appropriately address the pandemic situation that has developed, a review of the corporation’s business plan, organisational structure, and operating practises, among other things, will be necessary. It will be necessary to make changes.
According to the organization’s estimates, expanding the organization’s operational markets and enhancing its adaptability will be required in order to ensure its long-term survival and sustainability.
There are a multitude of strategies for a firm to grow sales generated by physical sites, in addition to expanding operations into internet markets and increasing operations within the European Union. Among other things, it has chosen to expand its operating footprint in Asian markets in order to supplement sales generated by physical stores in those nations (Macchion,2020).http://MMP_4_MAO Management and Organisations Assignment Sample
Fashion firms have been compelled to totally restructure their business models in recent years as a result of considerable changes in the competitive environment in which they operate, as well as significant changes in the lifestyles of ultimate consumers.
A direct consequence of this was that fashion corporations were obliged to fundamentally rethink their business models. The fashion industry is comprised of corporations. It will also contain an in-depth examination of the most major events that are reshaping this industry, in addition to elements that contribute to long-term competitiveness, such as environmental sustainability and a focus on the so-called circular economy.
It appears that young people are growing increasingly worried about these issues, which bodes well for their future purchasing decisions, according to the poll results (Aldovino,2021).http://MMP_4_MAO Management and Organisations Assignment Sample
PESTEL FACTOR
Among other things, the decision to conduct this research was made to gain a better understanding of how sustainability and the circular economy are impacting the attitudes of younger customers toward fashion, as well as a better understanding of how the fashion industry is responding to these issues.
Researchers employed an anonymous questionnaire developed in collaboration with Insubria University in order to map out future fashion trends and analyse the impact of sustainability on both the demand and supply sides of the fashion industry as a result of the study’s findings. A thorough presentation and discussion of the outcomes of the survey is provided throughout this publication.
Several sources of information were gathered in order to carry out this inquiry, including an anonymous questionnaire, the results of which are presented in this paper. All participants completed an anonymous survey, which was developed in collaboration with Insubria University and sent in real time via the internet to all participants.
According to the findings of this survey, students’ impressions of current fashion trends are summarised, with a particular emphasis on sustainability issues and the application of circular economy concepts in the fashion industry, among other things. The conclusions of this study have repercussions for both teachers and students, and they are discussed in detail below (Makhashen2020).http://MMP_4_MAO Management and Organisations Assignment Sample
The results of the survey were analysed in both qualitative and quantitative methods, with a particular emphasis on members of Generation Z, in order to identify discrepancies in attitudes toward sustainable fashion and the circular economy in the apparel industry, according to the findings of this study.
Taken in light of the findings from a female point of view, they were consistent with the theoretical framework and confirmed that current sustainability concerns in the fashion industry are driving demand among Generation Z purchasers. It was the first time it had ever been discovered prior to this point in history.
According to the conclusions of the experts, environmental responsibility is becoming increasingly important in the fashion industry, particularly in light of the growing demand from Millennials and Generation Z shoppers (Aldovino,2020).http://MMP_4_MAO Management and Organisations Assignment Sample
A descriptive analysis of the circular economy must be carried out as part of this approach in order to assess how important different components of the economy are to all respondents, which is critical for the success of the strategy (Lin,2018).http://MMP_4_MAO Management and Organisations Assignment Sample
ADVISE THE ORGANISATION ON A TYPE OF STRUCTURE AND CULTURE THAT IT MIGHT ADOPT TO FACILITATE COLLABORATION AND TEAMWORK.
Amid a flurry of medical advances and other developments, the fashion business today has an unprecedented opportunity to appeal to both young and old people at the same time, something that has previously been difficult to execute successfully. Operations and marketing strategies must be tailored to fit the needs of both older and younger customers if the company is to be successful in attracting both groups of customers (Fung,2020). http://MMP_4_MAO Management and Organisations Assignment Sample
The market has historically witnessed big swings and volatility, as well as a substantial degree of fluctuation, as evidenced by historical data. Because of geopolitical and economic volatility, which has been a factor in the region since the global financial crisis of 2008, this has occurred.
Organization for Economic Co-operation and Development (OECD), the World Bank, the International Monetary Fund (IMF), and other international financial institutions forecast that global economic growth will slow in 2019. (Image courtesy of the World Bank) (OECD) (Mukendi,2020).http://MMP_4_MAO Management and Organisations Assignment Sample
Following projections, it is expected that emerging markets and established economies would continue to develop at a far slower rate this year than they did last year. Most adversely affected by this tendency have been those in Europe, the Middle East, South, Central, and North America, as well as people in the United States of America, who have suffered the most as a result of this development.
In response to growing economic and political uncertainty, customers’ willingness to spend money on fashion-related things and services has decreased. As predicted by various estimates, the desire for customised and personalised fashion at reduced rates is expected to grow in the following years.
In recent years, there has been an unprecedented number of horrific episodes that have added to the public’s pain as a result of the political instability that has prevailed. It is possible to have a substantial impact on businesses and the communities in which they operate as a result of a range of factors, including terrorist attacks, natural disasters, new diseases, and other variables (Nayak,2021).http://MMP_4_MAO Management and Organisations Assignment Sample
Considering the fact that the economy is continuing to digitalize at an ever-increasing rate [3,4], this has been a significant development in recent years. There has been a considerable shift in the competitive environment over the past several years, with one of the most notable developments emerging from greater digitalization of the sector [3,4].
I At the same time that the fashion business continues to grow, there is a growing tide of interest in and involvement in digital technology and its applications. Approaches to marketing based on digital technology and virtual reality platforms are being rapidly adopted by a wide range of firms, including those in the fashion sector.
In recent years, the expansion of e-commerce, which allows businesses to communicate with customers through virtual reality technology, has resulted in the establishment of an enormous number of new businesses. According to McKinsey & Company, a management consulting firm, internet sales as a percentage of total sales will expand significantly over the next several years.
It is anticipated that fashion luxury, which is likely to account for around 13 percent of the global fashion market by 2020, would grow considerably in the coming years as a result of this trend. According to industry estimates, fashion luxury is expected to account for approximately 13 percent of the global fashion economy by 2020.
However, rather than expanding through regional channels and retail network development, as previously mentioned[5, 6], the fashion industry is putting more focus on strengthening ties with existing customers through marketing and digital promotion (Matusitz,2018). http://MMP_4_MAO Management and Organisations Assignment Sample
The fashion industry’s most senior executives have concluded that digitization of the value chain, along with investments in information and communications technology (ICT), will open the door to a plethora of new and exciting prospects in the near future (Rafi-Ul-Shan,2021).http://MMP_4_MAO Management and Organisations Assignment Sample
ADVISE ON A TYPE OF LEADERSHIP STYLE EXECUTIVES AND MANAGERS CAN ADOPT TO SUPPORT THE PROPOSED STRUCTURE AND CULTURE.
A growing number of fashion companies are investing in cutting-edge technologies, which is becoming increasingly vital given how quickly fashion trends change. As a result of technological breakthroughs in manufacturing processes, businesses who have adopted these innovations have seen their product life cycles shorten, their labour costs decrease, and their total profit margins increase.
As a result of these technical developments, productivity has increased. These advancements make it possible to create products closer to home (for example, through the digitalization of stocks) and to boost the overall sustainability of a technology (for example, through the digitalization of stocks).
On the basis of projected growth rates and current trends in the fashion industry and other manufacturing-based sectors (particularly in emerging markets, where the fashion industry’s workforce is concentrated), the International Labor Organization (ILO) predicts that automation and advanced technologies will displace half of all salaried workers (particularly in emerging markets, where the fashion industry’s workforce is concentrated) within a few decades (ILO).
Productivity can only be raised in a company through a mix of employee empowerment, rapid development sprints, and the ability to respond to customers as quickly as feasible [11, 12]. According to research, organisations with higher levels of agility beat their more traditional counterparts in terms of financial success as well as operational efficiency, as well as in terms of innovation.
The ability of an organisation to adjust quickly and effectively to changes in the marketplace is crucial to its ability to remain competitive. This will only be achievable with the establishment of flexible supply chains and delivery systems, which will be difficult to do otherwise. Currently, it looks that there is no end in sight to the interruptions and instability that continue unabated for the time being, at least in the short term.
The findings of the poll suggest that successful fashion companies place a high emphasis on adapting their operations in order to better satisfy the needs of their customers when confronted with an unpredictable competitive landscape. Businesses must stay up with technological advancements while also keeping an eye out for upcoming trends and establishing plans to capitalise on them as they emerge in order to be successful in the long run.
When it comes to competing in today’s increasingly complicated marketplaces and customer behaviour, having a “agile” organisational structure in place is crucial. It is necessary for a successful organisation to make swift decisions at all levels of the organisation in order to maintain its competitive advantage.
As a result of the intensely competitive climate in which it competes, the fashion industry is consolidating its operations. The number of mergers and acquisitions transactions, as well as the number of strategic partnership agreements, in the fashion sector has increased in recent years, both of which are indicators of a growing trend.
As a result of the establishment of major conglomerates and the rise to prominence of notable fashion industry brands, fashion industry companies may feel more secure and less apprehensive as a result of the difficulties confronting the global marketplace.
Due to the growing interest among the younger generation in issues such as sustainability and circular economy, the findings of this poll lead to a conclusion that these elements are becoming a critical strategic element of critical importance and a source of long-term competitive advantage for the fashion industry.
Increasingly, fashion companies are incorporating social responsibility into their total value proposition in response to increased customer awareness of environmental and social concerns, according to the Council of Fashion Designers of America.
After decades of stagnation, sustainable development is poised to become a major source of innovation in the coming decades as a result of the rapidly changing competitive environment in which enterprises are now operating as a result of globalisation.
According to a number of experts, the fashion industry is currently through a phase of consolidation…. Fashion companies, the authors of this study assert, must realign their strategic approaches in order to translate social responsibility and sustainability into a competitive advantage that helps both individual businesses and the industry as a whole, in accordance with their results.
However significant these transformations are, the importance of this industry as a source of intriguing research prospects in areas such as strategic behaviour analysis and new business model design has not lessened. It has already been accomplished to make the first, if embryonic, new contribution to management studies by researching a topic that has received little attention in the literature in the past, and it is hoped that this study will achieve the same outcome.
When interpreting the findings of this research, it is important to remember that there are some limitations to the study that must be considered. Using digital technologies extensively throughout the research process was the first and most visible of these downsides, and it was also the most noticeable of the initial and most noticeable limitations.
According to the study’s findings, a significant proportion of the older population declined to participate because they were put off by the prospect of taking part in a standardised online survey, which was prepared by the research team.
The large majority of responses to the survey questions came from students and young people, despite the fact that they are among the most educated members of the age categories polled.
Their influence is due to their being among the most impressionable age groups in society, which is why they are targeted. The fact that we were forced to focus a large portion of our inquiry on Generation Z as a result of the imbalance in the sample may have had an impact on the conclusions we reached.
ADVISE THE ORGANISATION ON THE BENEFITS OF A POSITIVE PSYCHOLOGICAL CONTRACT
As mentioned in Section 2 of this report, the full breadth of this inquiry was significantly restricted due to a significant restriction on the amount (percentage of the sample) that could be used for H3 analysis.
According to every source, Generation Z is a group of people who, when compared to the rest of the sample, exhibit statistically significant discrepancies in terms of numbers when it comes to educational attainment when compared to the rest of the sample (Generation X).
We can only determine that there was a time in history when the universe had a numerosity greater than 120 by applying the central limit theorem. It takes into consideration the fact that the data in this scenario is widely spread.
Because the results of the test appear to be exceedingly consistent, we are tempted to assume that they are conclusive. They can also be characterised as decisive, in our opinion, because their findings appear to be very comparable across the board, which lends weight to our conclusion.
Conclusion
Investigators should engage people from various walks of life in their investigations if they want to acquire a more comprehensive grasp of this subject. Researchers should include people from various walks of life in their researches, rather than limiting their attention to social media and the internet.
In light of the samples obtained from various countries, it is possible to draw certain parallels between the fashion sector and the concepts of circular economy.
Certain comparisons between samples obtained from various nations are also possible. The findings will be particularly noteworthy if the groups under investigation are representative of the populations in their respective countries, which is likely to be the case.
References
Aldovino, E. and Wang, Y., 2021, October. Applying Decision Tree in Fast Fashion Process. In International Workshop of Advanced Manufacturing and Automation (pp. 653-660). Springer, Singapore.
Bondarouk, T., Ruël, H. and Roeleveld, B., 2019. Exploring electronic HRM: Management fashion or fad. Wilkinson, A./Bacon, N./Snell, S./Lepak, D.(Hg.): The Sage handbook of Human Resource Management, 2, pp.271-290.
Bondarouk, T., Ruël, H. and Roeleveld, B., 2019. Exploring electronic HRM: Management fashion or fad. Wilkinson, A./Bacon, N./Snell, S./Lepak, D.(Hg.): The Sage handbook of Human Resource Management, 2, pp.271-290.
Fung, Y.N., Choi, T.M. and Liu, R., 2020. Sustainable planning strategies in supply chain systems: Proposal and applications with a real case study in fashion. Production Planning & Control, 31(11-12), pp.883-902.
Lin, S., 2018. The structural characteristics of innovation ecosystem: a fashion case. European Journal of Innovation Management.
Macchion, L., Da Giau, A., Caniato, F., Caridi, M., Danese, P., Rinaldi, R. and Vinelli, A., 2018. Strategic approaches to sustainability in fashion supply chain management. Production Planning & Control, 29(1), pp.9-28.
Makhashen, Y.B., Rafi-ul-Shan, P.M., Bashiri, M., Hasan, R., Amar, H. and Khan, M.N., 2020. Exploring the role of ambidexterity and coopetition in designing resilient fashion supply chains: a multi-evidence-based approach. Journal of Enterprise Information Management.
Matusitz, J., 2018. Brand management in terrorism: the case of Hezbollah. Journal of Policing, Intelligence and Counter Terrorism, 13(1), pp.1-16.
Mukendi, A., Davies, I., Glozer, S. and McDonagh, P., 2020. Sustainable fashion: current and future research directions. European Journal of Marketing.
Nayak, R., Houshyar, S., Patnaik, A., Nguyen, L.T., Shanks, R.A., Padhye, R. and Fegusson, M., 2020. Sustainable reuse of fashion waste as flame-retardant mattress filing with ecofriendly chemicals. Journal of Cleaner Production, 251, p.119620.
Rafi-Ul-Shan, P.M., Grant, D.B., Perry, P. and Ahmed, S., 2018. Relationship between sustainability and risk management in fashion supply chains: A systematic literature review. International Journal of Retail & Distribution Management.
Sandvik, I.M. and Stubbs, W., 2019. Circular fashion supply chain through textile-to-textile recycling. Journal of Fashion Marketing and Management: An International Journal.
