Reflective Performance Report: Balancing Quality, Efficiency, and Ethical Sourcing in Fast Fashion

Module code:	BMA4000-20
Module title:	The Business Environment
Assignment:	A2: Individual Reflective Performance Report (Based on Business Case Study given on Moodle)
Word count:	1500 (+/- 10%)
Contribution to module mark:	40% of overall grade

Assessment type:	Individual Reflective Performance Report
Weight:	40%

Submission deadline:

7thOctober 2024 at 23:59

Student Name:

Student ID:

Executive Summary

The aim of the company is to produce affordable, stylish clothing along with grappling with the environmental and social challenges associated with the industry of fast fashion. During discussions in class, we focused on the ethical implications in terms of fast fashion and several topics were explored including practices of labour, consumer behaviour along with impact on the environment. A sense of responsibility was also felt by me for addressing the environmental and social issues which are associated with fast fashion. The group discussions were aligned closely with the working theory of Tuckman and Jensen. It was a complex task to balance quality, efficiency and ethical sourcing.

Introduction

The following reflective performance report will be implementing the Gibbs Reflective cycle (Adeani et al., 2020). Different steps of this model will be discussed in detail. Moreover, reflective and analytical skills of writing will be used for writing the reflective report on how the problems were solved in the case study for the business.

1. Description

The scenario of a manufacturing company of fast-fashion clothing was presented in the case study which has been operating in a market which is highly competitive. Moreover, the nature of the case study is descriptive. Aim of the company is to produce affordable, stylish clothing along with grappling with the environmental and social challenges associated with the industry of fast fashion. The position of the company in the market was explored in the case along with strategies of competitors along with opportunities and risks, which arise from the growth of the industry.

A case study was situated in the industry of fast fashion and is characterised by cycles of rapid production along with low prices and focusing on designs and are trendy. Important players in the overall industry include H&M and Zara. During discussions in class, we focused on the ethical implications in terms of fast fashion and several topics were explored including practices of labour, consumer behaviour along with impact on the environment. Strategies were also discussed by us for maintaining profitability and mitigating the challenges. A framework was also provided by Tuckman and Jensen's theory of group working which provided the framework to understand group discussion dynamics which include stages of norming, storing, performing and forming.

2. Feelings

It was though proving and enlightening to work on the case study. I always had the interest in fast fashion due to its accessibility and affordability. I also was engaged to have been delved deeper into the challenges of the industry and a greater appreciation was developed for the complexities, and these have been narrated to be involved in terms of sustainable fashion. Greater appreciation was also allocated to have been developed by me for the complexity involved in terms of sustainable fashion. Moreover, the tension between the demands of customers has been engaged for affordable and trendy clothing was highlighted in the case along with the requirement for practices which are environmentally responsible and ethical. A sense of responsibility and was allocated to have been felt by me for addressing the environmental and social issues which are associated with fast fashion. A compelling challenge was stated to have been presented in the case study for the development of innovative solutions, which can be balancing sustainability and profitability. I was also allocated to be equipped with some knowledge of the business and the need of expanding my sustainability knowledge and the ethical sourcing was recognised by me.

3. Evaluation

The positive aspects included an enhanced understanding of the industry of fast fashion, the development of skills of critical thinking along with the strengthened collaboration of the group. Valuable insights were provided by the case study into the market of fast fashion which includes consumer trends, competitive pressures along with challenges of the industry. Analysis of the overall case also required to consideration of different perspectives along with an evaluation of the trade-offs between sustainability and profitability (Henao and Sarache, 2022). Moreover, working in groups resulted in different points of view along with evaluation of the case. The group discussions were aligned with Tuckman and Jansen theory of group working, as there was a progression through the stages of norming, strong, forming and performing.

However, the negative aspects include limited scope for analysis in dept for initiatives of specific sustainability along with difficulty to balance sustainability and profitability. The group discussions were aligned closely with the working theory of Tuckman and Jansen. A group was formed initially where the expectations and rules were established. The stage of storming included some conflicts and disagreements as the different perspectives were navigated. However, through compromise and open communication, effective collaboration could be established. Stage of performing helped us in working together in a cohesive manner along with analysis of the case and development of recommendations. The other theory which can be implemented is Belbins Team Roles. Eight team roles were identified that individuals can be adopting in groups typically and each has their own distinct weakness and strengths. An understanding of these roles helped my team in understanding our weaknesses and strengths which led to collaboration in an effective manner.

4. Analysis

When I worked on the case study, it was a challenge for me to make strategic decisions for business in the areas of operations and marketing. The industry of fast fashion is very competitive and requires innovative strategies of marketing for differentiating the customers along with attracting customers. It is a challenge to determine the balance between differentiation of the product and cost-effectiveness (Neumann et al., 2022). Moreover, the other challenge was assessing the competitive landscape along with identification of the potential opportunities. Management of aspects of an operation for the production of fast fashion like processes of manufacturing, sourcing materials along with management of inventory is important to maintain profitability. It was a complex task to balance quality, efficiency and ethical sourcing. It would have been helpful to apply Mintzberg's theory of forming a strategy. This could have been helpful to understand how decisions of operations can be influencing the overall strategy of the business.

The successful decisions included customer segmentation along with ethical sourcing. I understood the importance of practices of ethical sourcing in the industry of fast fashion and advocated for the company for prioritising suppliers with environmental standards and fair labour. The decision is aligned with the growing demand of customers for ethical and sustainable products (Kuokkanen and Sun, 2020). Segmentation of the target market based on demographics was also proposed by me along with purchasing behaviour and lifestyle. It will be enabling the company in tailoring the efforts of marketing and offerings of the product to specific segments of the market and increase loyalty and customer satisfaction.

However, the unsuccessful decisions included the strategy of pricing along with risk management. The strategy of low-cost pricing was suggested by me initially for competing with other brands of fast fashion. This approach could however compromise the brand image and profitability of the brand. A pricing strategy along with a more nuanced product quality and value perception and could be effective. The potential risks associated with eh rapid growth of the company were not assessed fully along with reliance on production at low costs. The development of the comprehensive plan of risk management can be helping to mitigate challenges which are unforeseen along with protecting the sustainability in the long term for the company. Development of quantitative skills including data interpretation and financial analysis will be helping me in making decisions which are more informed based on insights driven by data (Sarker, 2021).

5. Conclusion

For enhancing my skills and perform better, several skills are required to be developed by me. It includes quantitative analysis and strategic thinking. The other skills include collaboration and communication along with ethical decision-making. The ability of analysing the complex situations in business should be strengthened by me along with identification of the key drivers along with the development of effective strategies. It includes applications not frameworks like SWOT analysis. Moreover, effective collaboration and communication are important to present ideas and work in groups, my focus should be on improving the skills in listening, the ability of building consensus and active participation. It will also be helping me in improving performance in terms of case students along with preparing me for challenges in real-world business.

6. Action Plan

Step 1: Conducting thorough analysis internally

The weaknesses, strengths, threats and opportunities of the company will be assessed for identification of the improvement areas along with strategic advantage. Value chain of the company will be examined for identifying activities, which can used for differentiation, reduction of costs and increase in value of customers.

Step 2: Reassessing the strategy of marketing

The target segmentation of the market will be refined based on the updated psychographic, behavioural and demographic data.

Step 3: Enhancing the efficiency of operations

Principles of lean manufacturing can be implemented for eliminating waste, reducing costs and improving efficiency (Kumar et al., 2021).

Step 4: Strengthening management of finance

A thorough cost-benefit analysis will be conducted for the major initiatives and investments for ensuring they are aligning with the financial goals of the company.

Step 5: A culture of innovation will be fostered.

A workplace culture will be creating which encourages experimentation, creativity along with continuous learning.

Conclusion

An understanding of the ethical principles and application to the decisions of business in the modern day is important. Hence, a strong ethical compass should be developed by me along with considering environmental and social implications of the choices. Thus, by developing of these skills, I can be becoming an effective strategic thinker, team player and problem solver.

References

Reflective Report

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.

Henao, R. and Sarache, W.(2022) ‘Sustainable performance in manufacturing operations: the cumulative approach vs. trade-offs approach’. International Journal of Production Economics, 244, p.108385.

Kumar, N., Hasan, S.S., Srivastava, K., Akhtar, R., Yadav, R.K. and Choubey, V.K.(2022) ‘Lean manufacturing techniques and its implementation: A review.’ Materials Today: Proceedings, 64, pp.1188-1192.

Kuokkanen, H. and Sun, W.(2020) ‘Companies, meet ethical consumers: Strategic CSR management to impact consumer choice. ‘Journal of Business Ethics, 166(2), pp.403-423.

Neumann, P.J., Garrison, L.P. and Willke, R.J.(2022)’The history and future of the “ISPOR value flower”: addressing limitations of conventional cost-effectiveness analysis. ‘Value in Health, 25(4), pp.558-565.

Sarker, I.H.(2021) ‘Data science and analytics: an overview from data-driven smart computing, decision-making and applications perspective’. SN Computer Science, 2(5), p.377.

Case Study

Napoleao, C.(2020) Expand Your Business with Instagram. Golden Wings Group LLC.

Pedroni, M.(2023) ‘Two decades of fashion blogging and influencing: A critical overview’. Fashion Theory, 27(2), pp.237-268.

Sarwar, H., Ishaq, M.I., Amin, A. and Ahmed, R.(2020) ‘Ethical leadership, work engagement, employees’ well-being, and performance: a cross-cultural comparison.’ Journal of Sustainable Tourism, 28(12), pp.2008-2026

Tuten, T.L.(2023) Social media marketing. Sage Publications Limited.

Appendix

Case Study

SWOT analysis

Strengths

• The first strength is the rapid turnover of products. Moreover, the company can be quickly adapting to the trends of the market and the demands of the consumer and new styles can be frequently offered.

• The next strength is economies of scale. There has been a growing presence in the UK and the company is able to negotiate better deals with the suppliers for manufacturing and materials which can lead to savings in cost.

• Strong platforms online will help in reaching a wider base of customers, especially in the tech-savvy market of the UK.

Weakness

• Criticism is often faced by fast fashion for their impact on the environment and practises of labour. Hence, it will be a challenge but important for sustainability in the long term.

• Quality can be compromised by rapid production which can lead to dissatisfaction of customers.

• There is reliance on the trends, which have been constantly changing. It can be making it difficult for maintaining profitability and constant sales.

Opportunities

• The business can explore to different regions in the UK or globally which can increase revenue and customer base.

• Practises of sustainability can be adopted which will help in attracting consumers who are environmentally conscious and differentiating the overall brand.

Threats

• The economic downturns can be a threat along with the changing preferences of customers. Economic recessions can be reducing the spending of customers, which can affect the overall sales.

• Shifts in preferences and consumer tastes can be rendering the outdated products.

Identify who your nearest competitors are

The nearest competitors for the business will be ASOS, H&M and Zara. There are also fast fashion brands in the UK including Boohoo, New Look and Topshop.

Find out who your current customers are

• Age: 17-40

• Location: The urban areas like Glasgow, Manchester, London

• Gender: Primarily females

• Occupation: Young professionals, students and individuals in the creative fields

• Income: Moderate to high

• Hobbies: Social media, Fashion, Music

Mention 2 ways your company plans to promote itself to customers

The first way the company is planning to promote itself to the competitors includes partnerships and influencer marketing. Partnerships can be done with popular influences of fashion and bloggers, which will help in exposing the overall brand to a wider audience (Pedroni, 2023). The younger demographics will be particularly targeted. Sponsored content will be creature which will feature influencers who will wear the clothing. It will help in generating buzz along with building trust among customers. Collaboration will be done with the influencers for creating a new collection which will appeal to the followers. It will help in creating the sense of excitement and exclusivity.

The next step, which will be implemented for promoting the company, is campaigns on social media. Images of high quality will be posted regularly with the videos and images, which display fashion tips and products. Customers will be encouraged for sharing their photos and specific hashtags will be used. It will help in generating free advertising and fostering the sense of community (Napoleao, 2020). Giveaways and contests will run for rewarding the loyal customers along with attracting new customers. It will help in increasing awareness of the brand along with driving traffic to the website.

Which marketing/advertising streams does your company plan to use

The initial advertising and marketing streams the company will be planning to use can be social media and online platforms (Tuten, 2023) Different platforms of social media will include Facebook, Instagram, Pinterest and Facebook. Other streams will include platforms of e-commerce which will consist of platforms of marketplace and own websites which will help in providing complete control over the business. It will also help in building the identity of the brand.

The reasons for choosing these platforms include target audience, visual appeal, and measurable results along with engagement. Fast fashion is reliant heavily on the visuals. Platforms of social media are critical to display the products and create content which is visually appealing. Platforms of social media will also help in direct customer interaction through messages, comments and live streams. It will help to foster a sense of loyalty and community.

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

The social issues can be handled through employee welfare, engagement of the community along with ethical sourcing (Sarwar et al., 2020). It will be ensured that all the products and materials are ethical sources along with avoiding child labour and fair labour practises. Environmental issues will be tackled through reduction of waste, reduction of carbon footprint along with materials which are sustainable. Sustainable materials like recycled polyester, organic cotton and alternatives which are eco-friendly will be used when possible.

Finally explain how being a private limited company (Ltd.) affects the companies’ day-to-day operations

The impacts on financial reporting include limited disclosure to the public, auditing and internal reporting. Impact on compliance includes reduced burden of regulations and compliance with company laws. In terms of raising capital, impacts include private placements and limited offerings to the public.