The Business Environment

The Business Environment

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Introduction

This reflective report analyses a case of a private limited fast fashion firm, whereby Gibb’s reflective model has been adopted to analyse the performance and its strategies. The case analysis covers the business environment exploring such factors as; Company overview and profiling, competitors and customer profile, marketing strategies and tactics, and social and environmental considerations. It adapts to the fact that the company is a private limited company based on the operational consequences. Through the evaluation of these areas, the report intends to discuss the cases and possibilities of the company in terms of operational strengths, weaknesses, opportunities, and threats as well as ideas about future challenges with the best business approaches and sustainability.

Reflective Performance Report

In this reflective performance report, I will use Gibb’s model of reflection and apply it to a case based on fast fashion. Gibb’s model in this case comprises six stages, which include Description, Feelings, Evaluation, Analysis, Conclusion and Action Plan, these will be used in my reflection on my learning and performance while doing this assessment (Adeani, Febriani and Syafryadin, 2020).

Description

The case of the fast fashion environment, social, and economic analysis is designed to evaluate the impact of fast fashion brands. This report will also look at how these brands work and their strategies to attain sustainability. I selected this case because fast fashion is very recent and considering it enables one to find out measures that can be taken to encourage good consumer practices and corporate governance. I proposed to use Gibb’s reflection model to evaluate my learning process critically and include other frameworks like Porter’s Five Forces and Triple Bottom Line (Gerard and Bruijl, 2019).

The report entails a critical evaluation of a fast fashion firm with specific emphasis on the operation of the firm and the problems that are experienced in the sector. The company is two years old and the purpose of the report is to critically assess areas of operation such as the level of competition, customer characteristics and effects of operating as a private limited company. Further, the report should also touch on its approach to handling social and environmental impacts associated with fast fashion as well as the approach to its promotion and marketing. For this reason, employing Gibb’s reflection model is crucial to facilitate a structured reflection on such issues.

As for the research strategy that I will be employing in my preparation of the submission, I will first engage in an analysis of the fast fashion industry with particular emphasis on trends that are existing, competitor strategies and customer behaviours. One of the activities that I will undertake is in a bid to relate to the company’s internal and external environment. Furthermore, I will discuss the biophysical, social and environmental effects of fast fashion using articles and case studies. I will also use marketing theories to design promotional tools as well as to identify which channel would be ideal for the company’s clientele. Last but not least, I will incorporate the process of reflective thinking throughout the report and use Gibb’s model to self-reflect on the strategies adopted, the lesson learnt and the opportunities to apply the learning in the next challenge.

Feelings

About this particular topic, before commencing this report, my thinking was that tackling the fast fashion case would be pretty simple based merely on the evidence of social costs generated by this sector. At some point, I had expected most programs to contain solutions that would enhance the aspect of sustainability practices. Concerning the reflective report, I was quite nervous when it came to writing down my ideas and opinions since I had never really written reflectively before implementing Gibb’s reflection model made me a bit unsure (Brooks, 2019).

Evaluation

On my part, I understood the process of research as being more tasking than I had previously thought. This is because fast fashion linked to the global supply chain drew a very blunt picture in terms of labour rights, environmental degradation and even profitability that was hard to come up with simplistic solutions. One of the most useful discussions and approaches was the ones in seminars since people with different backgrounds presented various visions on these problems. As a result of writing this report, I was able to reflect upon and understand how my assumptions changed through practice research and discussions.

When assessing the reflective report that I have developed, I think I have improved my writing skills. In my view, the structure that the application of Gibb’s model offers to a discussion helped me to sort the information in the best way. The seminar also helped in analysing the fast fashion case study by conducting a discussion and critique.

Analysis

In this case study and the reflection report, I have undertaken a far better understanding of the fast fashion industry regarding the operations, the effects on the environment, and competitive forces in the market). I have learnt how fast fashion industries manage to work in short production cycles and how they can meet customer demands while developing sustainable business models. I have also learned processes of strategic business decision-making, especially in managing ethical and environmental risks that are critical for strategic business success.

I have gained much confidence in the area of conducting SWOT analysis and utilising the different marketing concepts like the 4 P’s (Product, Price, Place, Promotion). In my case, it was important to establish the details of such a company’s strengths, weaknesses and opportunities in the market, as well as threats from outside. I also became more self-assured in the use of reflective tools including Gibb’s reflection model, through which I was able to objectively analyse my learning process and progress.

The models and methods that helped me include Gibb’s reflection model for auto-evaluation, Porter’s Five Forces to assess forces of competition, and the TBL model for analysing social, environmental, and financial repercussions. Regression of the outcome variable occurred due to improvement in these frameworks that made me notice declines and modify approaches for better future gains. Each model has also been depicted to enable easy comprehension of them.

Conclusion

In brief, before I analysed the fast fashion case, I had expected that the case would simply need solutions written on sustainability. My research and seminar experience though showed me that such problems are never simple and require many approaches. I also incorporated the strategic business decision-making processes such as the CSR and TBL in analysing the case study and writing the reflective report. It was beneficial towards the development of my confidence in research, analysis and reflective writing; I gained insight into the fast fashion industry.

This reflective report has helped me examine critically the fast fashion company using strategic approaches to business decision-making. I believed at first that fast fashion works mainly by delivering speed and low prices and does not adequately consider its social and ecological effects. In the process of diving deeper, I found that the sustainability concern is becoming ever more essential for companies, especially as consumer awareness of ethical issues grows.

During this case study, I have integrated multiple strategic models, which include SWOT analysis, Porter’s Five Forces, and the Triple Bottom Line (TBL) technique. These frameworks helped me to review the company’s strengths and weaknesses, the external competition faced, and the way ethics affect business sustainability. The strategic decision-making framework enabled me to recognize how the organization can find an equilibrium between economic efficiency and its environmental and social responsibilities.

My ability to analyse grew significantly because of reflective observation and my experiences in seminars. In our discussions in class, I developed an understanding of how competition from Zara and H&M is dealing with sustainability, which guided my perspective on future challenges for the company. To examine my reasoning, highlight omissions, and change my tactical approaches, I applied Gibb’s reflection model.

Using these models and techniques has given me a richer understanding of the formation of business decisions, especially in fields where the expectations of consumers are evolving towards greater ethical standards. By using these tools for business analysis, I have become more confident, which will be beneficial in my future projects.

To get even better results, I should increase my awareness of international laws concerning labour practices and environmental standards to keep the company ahead of compliance problems. In addition, ongoing learning concerning new sustainability innovations would improve decision-making, helping the company stay competitive and socially responsible within the rapid fashion industry.

Action Plan

In the future, the changes I will make include early stages of problem-solving, for instance, refining analysis questions and reviewing different perspectives. To enhance my capacity to advance towards similar problems, I will try to progress specific competencies, for example, critical thinking and methodological studies across different specialisations.

These include spending more time on reflection and asking for my peers as well as the instructor’s feedback regarding my performance. I plan to enhance my knowledge about sustainability concepts, for instance, the circular economy by engaging in further readings and analysing case studies. This will help me be better prepared for future challenges that I can face with higher self-esteem and better strategy.

SMART Goal Feature	Details
Specific	Focus on integrating sustainable practices in the supply chain by using eco-friendly materials and improving labour conditions.
Measurable	Aim to reduce carbon emissions by 20% within 12 months and increase sustainable material use by 30%.
Achievable	Partner with certified suppliers and invest in technologies for cleaner production methods.
Relevant	Align sustainability goals with consumer demand for eco-conscious fashion and company values.
Time-bound	Achieve these goals within the next fiscal year.

Figure 1: Gibb's Reflective Cycle

(Source: https://blogs.glowscotland.org.uk)

References

Adeani, I.S., Febriani, R.B. and Syafryadin, S., (2020). Using GIBBS’reflective cycle in making reflections of literary analysis. Indonesian EFL Journal, 6(2), pp.139-148.

Benzaghta, M.A., Elwalda, A., Mousa, M.M., Erkan, I. and Rahman, M., (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), pp.54-72.

Brooks, A., (2019). Clothing poverty: The hidden world of fast fashion and second-hand clothes. Bloomsbury Publishing.

Gerard, H. and Bruijl, T., (2019). The relevance of Porter's five forces in today's innovative and changing business environment. SSRN.

Niinimäki, K., Peters, G., Dahlbo, H., Perry, P., Rissanen, T. and Gwilt, A., (2020). The environmental price of fast fashion. Nature Reviews Earth & Environment, 1(4), pp.189-200.

Zhang, B., Zhang, Y. and Zhou, P., (2021). Consumer attitude towards sustainability of fast fashion products in the UK. Sustainability, 13(4), p.1-6.

Appendix The case study questions

Conduct a SWOT analysis.

SWOT analysis serves to evaluate the organisation’s key characteristics and its environment with its benefits and threats (Benzaghta et al, 2021). For this fast fashion company:

Strengths:

Some of the possible competitive advantages of the company are the capability of offering fashionable and inexpensive clothes and doing it rather fast. The business model of fast fashion is based upon obtaining a high turnover of products, especially in response to emerging fashion which is important for the company’s market position.

Weaknesses:

However, there are weaknesses that the company has to deal with. Fast fashion has come under major criticism regarding its effects on the environment, especially because much water, chemicals and energy are utilised during production. Other risks are related to labour practices in the formation of ‘fast fashion’, such as low wages for employees and dangerous working conditions, which negatively impact the company’s image.

Opportunities:

Chances are numerous such as an increase in fashion consumer groups of the current populations of younger people, ‘millennials’ and ‘Generation Z,’ who keep changing their fashion trends more frequently than anyone else. One should also mention that the option of adding environmental efforts, for example, recycling initiatives or adopting more environmentally friendly materials that people who are socially responsible may be interested in also has growth opportunities; the company also has opportunities to expand to other geographic markets as well as online markets.

Threats:

The major risk factors include; The enhanced awareness of the public and the regulatory authorities on environmental and social factors. Thus, if the issue of sustainability has become one of the concerns for consumers, businesses may lose market share as a result. Besides, increasing competitive pressure such as H&M or Zara, who are already adapting to these problems, could be an issue.

Identify what nearest competitors are, within the fast-fashion marketplace

The industry at large is fast fashion and it is a competitive one with several well-settled key players at a global level (Niinimäki et al, 2020). The closest competitors for the company include:

• Zara Group Limited: This company is famous for its short production time and offering many fashionable clothes.

• H&M Hennes & Mauritz Limited: Currently H&M stands as a giant in the industry and has already initiated efforts towards common concerns like sustainability thus making H&M an important competitor.

• Cotton On Clothing Pty Ltd Group: Fast fashion retailer that has grown internationally and sells, casual clothes that are up-to-date with current styles yet cheap.

All these firms are in the same industry selling cheap, fashionable clothing, and with much emphasis on the TAT.

Current customers are researching different aspects of the fast fashion market.

Demographics:

Fast fashion targets customers between 16 and 35 years of age These customers have been described as younger customers. These are people who are usually students or young people who are just joining the workforce and therefore have moderate levels of disposable income. Age group both males and females buy fast fashion products however females are significantly higher than males (Zhang, Zhang, and Zhou, 2021).

Psychographics:

Fast fashion customers are trend-orientated; they are concerned with the style and appearance of products. They are usually too occupied by their daily schedules and thus believe in the fashionable comfort that fast fashion affords them. Some are socially conscious but still, put into consideration factors such as political leadership to minimise costs at the expense of being environmentally friendly.

Mention 2 ways of company plans to promote itself to customers.

Promotion is one of the key elements of the company’s strategy. Two key promotional methods include:

• Collaborations with influencers: The company is, therefore, able to cover a larger market through associated influencers since many millennials and Gen Z follow fashion trends on social media accounts.

• Sustainability initiatives: Especially when it comes to fast fashion, launching a campaign that emphasises the availability of recycling programs or the usage of environmentally friendly materials would not only appeal to conscious buyers but also reduce people’s complaints about the negative effects of fast fashion production.

Which marketing/advertising streams does the company plan to use?

The company opted to specifically target Instagram, TikTok and Pinterest as social media platforms. These platforms are the best suited for young audiences and those who are always keen on the latest trends. Instagram and TikTok are suitable for advertising fashion items because the product can be promoted through photographs and small videos lasting no longer than a few seconds while Pinterest is perfect for inspiring consumers through fashion ideas and trends the company will also incorporate web advertising such as Google AdWords and Facebook advertising to increase clients’ awareness, narrowed down to given audiences.

How does the company plan to tackle its social and environmental issues?

This gives the company reasons to balance social needs as well as environmental concerns so that it can continue competing effectively with societal responsibility, this company’s outlook is to raise living standards by offering certified wages as well as correct working conditions for the factory production line. Ethical suppliers will be sought and all possible cooperation with them will be on top of the list. For the environment, the specific aim is to bring down the company’s carbon footprint through the adoption of environmentally friendly fabrics such as organic cotton and recycled fabric.

Finally, explain how being a private limited company (Ltd.) affects the companies’

Being a private limited company (Ltd.), the business has the advantage of limited liability whereby the owners and shareholders are liable to the company’s debts only to the amount of capital they injected into the company. It also assists in the preparation of finances, as the investors are compelled by the limited risk that they are exposed to. However, this was not all good news because being a Ltd also comes with limitations such as higher financial reporting and compliance responsibilities which entail filing annual accounts and tax returns.