Management[ edit ] The primary objective of fast fashion is to quickly produce a product in a cost-efficient manner to respond to fast-changing consumer tastes in as near real time as possible. The fast fashion market utilizes this by uniting with foreign manufacturers to keep prices at a minimum. Quick response method[ edit ] Quick Response QR was developed to improve manufacturing processes in the textile industry with the aim of removing time from the production system. Apparel Manufacturing Association initiated the project in the early s to address a competitive threat to its own textile manufactures from imported textiles in low labour cost countries.
Originally, he had proposed five management functions; namely, planning, organizing, commanding, coordinating and controlling. Modern texts have reduced the functions from five to four. They include planning, organizing, leading, and controlling.
The four concepts of management, translated into functions lead to the creation of a cohesive organization. They can be seen here as a diagram. It is interesting to note that there is no hard and fast rule to be followed in the application of these functions, as management is a real-time decision-making system, any of these functions can be operational in conjunction with any other and also as independent entities themselves.
Planning Planning is the foundation pillar of management. It is the base upon which all other areas of management are built. Planning requires administration to assess where the company presently is and where it would be in the coming years. From there, an appropriate course of action is determined and implemented to attain the company's goals and objectives.
Planning is an unending course of action. There may be sudden strategies required to be implemented during a crisis.
There are external factors that constantly affect a company, both positively and negatively.
Depending on the conditions, a company may have to alter its course of action regarding certain goals. This kind of preparation or arrangement is known as strategic planning. In strategic planning, management analyzes internal and external factors that may affect the company, its objectives and goals.
One of the primary tools of strategic planning is the use of "SWOT Analysis", a technique that helps organizations find their strengths and weaknesses, identify areas of opportunity and take preventive measures against threats arising from both internal and external environmental factors.
The "SWOT matrix" can be understood by dividing it's cells according to what they represent for the organization. An organization can analyze its position in relation to its strengths and weaknessess by classifying them in the SWOT matrix.
Then the planning process can incorporate the results and solutions offered in its structure, along with the necessary strategy changes required.
How Does Planning Happen? Although in theory, planning may sound like a static one-off activity which is to be done in a particular manner and then left to fend for itself, it is a dynamic process which can be broken up into different parts for ease of understanding and also as a reference.
It progresses through stages of development and is ultimately, like most management principles, a looping function, without review and monitoring it will not be effective.
Setting Objective Goals Before the actual process of planning can begin, one must know what its purpose is, where is all this discussion and debate going to lead? Saying that we plan to achieve a certain figure of sales and make a certain amount of profit is nonsensical, when the means to achieve them have not been decided upon.
The best way is to state them in numbers, with clear language and a frame of reference which all employees can understand. An example is the effect of motivational programs on the efficiency of the employees.
Developing Planning Premises A premise is an assumption about something that has not yet come to pass.The concept of fast fashion is widely regarded as being a fairly new concept that originated from brands like Zara being able to sell trends at record speed for affordable prices, but "fast.
The concept of functions of management was put forth by Henri Fayol, a management theorist from France, influential in proposing many of the management concepts in use today. Originally, he had proposed five management functions; namely, planning, .
McDonaldization is a term developed by sociologist George Ritzer in his book The McDonaldization of Society (). For Ritzer McDonaldization becomes manifested when a society adopts the characteristics of a fast-food restaurant. McDonaldization is a reconceptualization of rationalization and scientific management.
Fast fashion has received little attention in academic research, and as a concept, it was felt there was widespread misunderstanding of the nature of fast fashion in relation to the supply chain .
Fast fashion is the concept where retailers adjust their business strategies to get the latest trends into the store in shortest possible way (Barnes & Lea- Greenwood, ). Despite successful application of the concept “fast fashion” in H;M and Top Shop, Ezra utilizes the “fast fashion” strategy in all aspects dominant, fast fashion in Ezra meaner, within only two weeks from concept to sales faster than any other company.