marketing assignment
Table of Contents
Introduction………….................................................................................................Page 3
Company Background…………………………………………………………….....Page 3
PESTLE Analysis……………………………………………………………………Page 3 – 5
SWOT Analysis……………………………………………………………………...Page 5 – 6
Segmentation Strategy……………………………………………………………….Page 6 – 7
Positioning Strategy………………………………………………………………….Page 7
Short Term Recommendations……………………………………………………….Page 7 - 8
Long Term Recommendations……………………………………………………….Page 8
Conclusion………………………………………………………………………....…Page 8
Reference List………………………………………………………………...………Page 9
Introduction
The fashion industry in Singapore has since seen its growth in recent years with major big Europe and U.S brands entering the market such as H&M, Karen Miller and Abercrombie & Fitch. With the influx of foreigners and tourists in recent years, there is more demand in international brands of apparels. Forever21 being one of the pioneer brands to have started its business in Singapore since 2004 has to continue to stay competitive. This report will identify Forever21’s position in the industry and recommendations for the brand to stay competitive.
Company Background
Forever21 is a large American chain of fashion apparels. It was founded by Korean immigrant; Don Chang and it remains as a family business till date. The company has had rocketed growth since its establishment. It has expanded into Singapore since 2004. The brand currently has a 3 level retail space at Somerset 313, 1 store in ION and another at Vivocity.
PESTLE Analysis
Factor
Impact of factor
Potential opportunity or threat
Political
- Trade agreements between U.S and Singapore
- Government regulations on levies on foreign labor
Mild threat
Economical
- Slowing economy
- Inflation
- Very competitive market
Moderate threat
Social
- Child labor issues
- Worker’s rights
Moderate threat
Technological
- Online shopping platform
- Social media influence
Introduction………….................................................................................................Page 3
Company Background…………………………………………………………….....Page 3
PESTLE Analysis……………………………………………………………………Page 3 – 5
SWOT Analysis……………………………………………………………………...Page 5 – 6
Segmentation Strategy……………………………………………………………….Page 6 – 7
Positioning Strategy………………………………………………………………….Page 7
Short Term Recommendations……………………………………………………….Page 7 - 8
Long Term Recommendations……………………………………………………….Page 8
Conclusion………………………………………………………………………....…Page 8
Reference List………………………………………………………………...………Page 9
Introduction
The fashion industry in Singapore has since seen its growth in recent years with major big Europe and U.S brands entering the market such as H&M, Karen Miller and Abercrombie & Fitch. With the influx of foreigners and tourists in recent years, there is more demand in international brands of apparels. Forever21 being one of the pioneer brands to have started its business in Singapore since 2004 has to continue to stay competitive. This report will identify Forever21’s position in the industry and recommendations for the brand to stay competitive.
Company Background
Forever21 is a large American chain of fashion apparels. It was founded by Korean immigrant; Don Chang and it remains as a family business till date. The company has had rocketed growth since its establishment. It has expanded into Singapore since 2004. The brand currently has a 3 level retail space at Somerset 313, 1 store in ION and another at Vivocity.
PESTLE Analysis
Factor
Impact of factor
Potential opportunity or threat
Political
- Trade agreements between U.S and Singapore
- Government regulations on levies on foreign labor
Mild threat
Economical
- Slowing economy
- Inflation
- Very competitive market
Moderate threat
Social
- Child labor issues
- Worker’s rights
Moderate threat
Technological
- Online shopping platform
- Social media influence