Environmental Analysis Report Social Analysis

Question: Write about theEnvironmental Analysis Reportfor Social Analysis. Answer: Introduction The present report is based on a Singaporean fashion company named Charles and Keith which deals with the marketing of shoes, bags, belts, leather totes, hobo slings, sunglasses, jewellery and other fashion trending items. It has been recognised as one of the prominent fashion lifestyle retail brand having a strong influence on international countries, including market of US and EU (Loo, 2016). The brand has opened more than 500 stores in Europe, Middle East and Asia Pacific, and that opening a newer venture in Taiwan market will be a familiar brand for consumers as well as it recognition in market will be helpful for marketing purpose. Identify Key Social Factors that are Likely to Impact the Successful Launch of the Product. Marketing procedures are effective to attract customers: The company launches new arrivals of all its products on weekly basis and that it uses magazines, online adverting tool, and media tool for outreaching their product to consumer (Khan, et al. 2014). It provides exclusive fashionable products for every occasion which includes casual to formal and classy to edgy. Hence, it will be effective to attract young population of Taiwan that comprises of 42% of young adults and will be easier target to attract for fashion (Loo, 2016). Customers having buying power: Taiwan is known to be Asias capital for venture investment for any product. Taiwan invests approximately $20 billion annually into new ventures. The regional and global role of the venture capital community of Taiwan is immense as it invests funds from China, US, Japan, and Singapore. This level of annual financial firepower makes it on top of list with Japan and US. However, the economy of Taiwan is known to be the 5th largest in Asia, which is very profitable for the brand to market (Loo, 2016). After 1950s, with rising education level and more equitable incomes of Taiwanese, there is a considerable rise in their purchasing power, which is eventually a benefit for successful launching of the brand. Involvement of company in CSR: Apart from dealing about the latest fashion trends, the company also plays a significant role towards corporate social responsibility by contributing in various ways in the operating community. Being a social responsible company, it advocates for three basic principles viz., environmental initiatives, humanitarian causes and human excellence, which will be accepted positively by the Taiwan population. Since 2010, the brand has introduced the use of certified paper based on Forest Stewardship Council (FSC) for reduction of carbon footprint, thus the company is likely to receive a positive marketing response from Taiwan (Khan, et al. 2014). Targeting women segment as effective customers: Charles and Keith primarily target on women customer, who have gained more agency and individuality over the past few years. However, with the improvement in their income form, they have embrace new form of consumption values (Wu, et al. 2015). Taiwanese women believe that consumption of fashion products reflect their self-individuality and social identity. They are willing to spend most of their salary to purchase designer label products. Miscellaneous factors: Before launching the brand in Taiwan, the company has to take into account the affecting social factors like lifestyles, social class, buying habit, sex distribution, education level, average disposable income and the attitude towards the imported product and service (Chen, et al. 2014). These factors are in favour for developing a suitable venture for fashion based company in Taiwan. References: Chen, Chun-Liang, Rungtai Lin, Shi Chen, and An-Feng Zhang. "Exploring a SEE-based service innovation for the fast fashion apparel industry-a case study of the fashion institute of Taipei in Taiwan."Int. J. Inf. Technol. Bus. Manag30, no. 1 (2014): 1-14. Khan, Nasreen, Syed Hamed Razavi Rahmani, Hong Yong Hoe, and Tan Booi Chen. "Causal relationships among dimensions of consumer-based brand equity and purchase intention: Fashion industry."International Journal of Business and Management10, no. 1 (2014): 172. Wu, Meng-Shan Sharon, Isabella Chaney, Cheng-Hao Steve Chen, Bang Nguyen, and T. C. Melewar. "Luxury fashion brands: factors influencing young female consumers luxury fashion purchasing in Taiwan."Qualitative Market Research: An International Journal18, no. 3 (2015): 298-319. Loo, Poh Theng, and Rosanna Leung. "A service failure framework of hotels in Taiwan: Adaptation of 7Ps marketing mix elements."Journal of Vacation Marketing(2016): 1356766716682555.