possibleproblems

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Herzing University *

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NU632

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Economics

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Feb 20, 2024

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docx

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Uploaded by JudgeWaterFalcon33

Possible problems Due to long turn around times on receiving merchandise from vendors out of the country, consumers may choose to switch to new fashion brands that they can achieve locally There is not enough research on what different brands a consumer may desire that can be achieved faster or. It is possible that consumers are choosing more of certain products over others There could be an increase in crime as a result of the workers who would lose their livelihood and decide to resort to criminal activity which further hurts the economy and result in increased taxes due to a possible need for law enforcement Possible solutions: The Businesses could invest in a third party agency to come in and research to find out which new fashion brands that majority of consumers were interested in and the company could potentially decrease spending on items and products that were not favorable and concentrate on purchasing items that are actually in demand. This investment would be costly up front but given the correct information this could potentially earn the Fashion Industry more revenue and decrease the waste being produced in the landfills. The businesses could offer incentives for faster turnaround times which would give employees more money in the long run. Businesses could opt to do more business with local suppliers even if the cost were more, because the merchandise would not take too long to come in. Although the business industry would spend more on the front end, the sales would potentially increase in a significant mannter. With this option, this would result in economic growth stimulating local economy Businesses could opt to run advertisements on social media where they can charge consumers a considerable amount to properly teach the consumer how to Recycle Clothes that they already own. This Solution could earn the Businesses millions if disseminated to the correct Audience Recommended Solution:

I recommend that a independent third party company be hired to come in and make an assessment of every area of the Fashion Industry. This would result in accurate data of subjects like, what fashions are trending, what are additional external companies that could possibly produce complete inventory in a much faster way. The third party agency could also seek for assistance in recouping loss funds from the Fashion Industry as well as creating ways that the Industry could request donations from external resources. I did not use opting to run the advertisement on social media about charging consumers to teach them how to recycle clothes that they currently own because of uncertainty that this plan would work. I did not choose the option to utilize local suppliers because I do not have the data to show how much that charge would be nor did I have the data to show what the turn around time would be in receiving merchandise from local suppliers which is risky. Expected Outcomes: I expect that the Independent Third Patty Agency would come in and assess and give a clear picture on where the Industry Is, What other resources are available, If there are other Suppliers that could turn merchandise around in a more timely manner and I expect to have answers on how consumers are utilizing what particular brands and products. I expect with this information the Industry and particular my company would then devise a plan that would change the trajectory and would increase supplies to consumer demands

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