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Fashion Pricing

Fashion Pricing. BY VANESSA LAWRENCE and KATHY TRUONG SUMAYYAH ANSARI. High Demand in Fast Fashion. keep up with trends with low prices leads to outsourcing consumerism. High Demand in Fast Fashion. quality vs. quantity sweatshops outsourcing overseas.

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Fashion Pricing

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  1. Fashion Pricing • BY VANESSA LAWRENCE and • KATHY TRUONG • SUMAYYAH ANSARI

  2. High Demand in Fast Fashion • keep up with trends with low prices • leads to outsourcing • consumerism

  3. High Demand in Fast Fashion • quality vs. quantity • sweatshops • outsourcing overseas

  4. Outsourcing, Globalization, Offshoring • -trade deficit • -lessen domestic manufacture and trade • -rise in unemployment rate • -“Made in America”

  5. Mindful Shopping • Fewer, Better Pieces • Invest in quality • shopping with a conscious • brands promoting their ethical manufacturing and process • quality over quantity

  6. A Closer Look at Target: The Data Breach that occurred during the Holiday Season • Data breach that affected 70 million of Target’s customers • Happened Nov. 27-Dec. 15 • Known as the 2nd Largest breach among U.S. retailers • Hacker’s obtained data from debit and credit cards • Received users name, debit or credit card number, expiration date and CVV

  7. Ways that Target is trying to mend the situation • Conducting a thorough investigation through a third party forensics team • Offering Free Credit Monitoring and Identity Theft Protection • Includes: daily credit monitoring, identity theft insurance, free credit report, and personal assistance • Customers will have zero liability from any fraudulent charges made during the security breach

  8. Target’s Fourth Quarter Sales • Declined from 2% to 6% by the end of the quarter • Closing 8 different locations in May due to sales • West Dundee, Ill. • Las Vegas • North Las Vegas • Duluth, Ga. • Memphis, Tenn. • Orange Park, Fl. • Middleton, Ohio • Trotwood, Ohio

  9. Target’s Future Plans • Investing $5 Million in a Cyber Security Coalition • Will inform customers of cyber security and phishing scams • Continue to do a tremendous amount of work in the community

  10. Target’s Philanthropy • Corporate Responsibility is committed to: • Education • The Environment • Health and Well-Being • Team Members • Responsible Sourcing • Safety and Preparedness • Volunteerism

  11. My Position • Target deserves a second chance • Have issued statements and given plenty of resources • Created a response and resources page on their website • Includes: answers to questions about the breach and credit monitoring, personal message from the CEO, and access to all official documentation regarding the breach • $5 million investment in Cyber Security Coalition • Continues to give back to the community through their programs and donations

  12. Cons of Fast Fashion • Consumers are wanting more fast fashion for cheaper prices i.e. Target • Fast fashion doesn’t last long • Even though fast fashion is cheap, these cheap purchases tend to add up • Should buy more expensive items because they last longer and will save you money in the long run

  13. Outsourcing Analysis 13

  14. Why Outsourcing? 14 • Fast Fashion • Profit Margins • Globalization

  15. A fashion for fast fashion 15

  16. Factoring in fast fashion 16 • cost • trend • availability

  17. The Ever Loved Profit Margins 17 • Outsourcing is ‘cost effective’ • A Bangladeshi factory worker —> $38/month • Consequences of missing deadline

  18. Let’s Go Global 18 • Interaction with global clients • Potential international customers • Information sharing • Farming communities get to industrialize

  19. The Bad and the Ugly 19 • On April 24th, 2013 a factory in Bangladesh collapsed killing 1,129 and injuring more than 2,500 people.

  20. Humanitarian Appeal 20 • Responsibility • Ethics • Lasting international relations

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