Purpose
The Purpose pillar is also one of the four pillars of fashion business school. The purpose behind each business model could potentially drive the success of, or the failure of a business. All businesses and organisations should be transparent with their consumers, which means that brands should be honest with their customers. The goal of increased transparency could allow brands to ensure sustainability, as an increasing number of people are recognising the harm that the fashion industry can do, thus understanding that there should be a collective effort to reduce the issues surrounding global warming.
There may be purpose-driven business leaders who seek to maximise customer satisfaction rather than profit. A good leader would do more than lead their company to a profitable quarter, by emphasising the business’ values, morals and purpose (Herrington, 2021).
Prioritising the purpose of a business may result in heightened economic opportunities for everyone. By means of this, society would benefit from decreased exploitation from profit-driven companies, thereby enhancing societal wellbeing.
Brand philosophy refers to the set of values, code of ethics and principles of a given company. It can assist in distinguishing between the companies in the same marketplace, enabling the company following ethical principles to be at the top of the market, the premium position (Bhasin, 2019). Brand philosophy is very important as the ideologies may be introduced in future generations. Therefore, a company with a positive and ethical vision for the future is likely to flourish.
For example, ASOS’ 2030 strategy involves refreshing their commitment to their earlier strategy, Fashion with Integrity. This strategy was launched over a decade ago and has helped ASOS have a drive to be a responsible company that delivers positive benefits for people, whilst minimising its impact on the planet (ASOS, 2022). It has been said that ASOS will be striving towards their 2030 goals under the two pillars, planet and people. This conveys that their brand philosophy is to prioritise the wellbeing of our planet and our people.
Brands can no longer ignore Gen-Z and the impact that Gen-Z may have on the forthcoming future. The use of social media has been of wide use even before the outbreak of COVID-19 as it was a source of connecting with people in micro-communities and private messaging. Thereafter, a way in which brands can communicate their purpose to Gen-Z is through social media which could then be shared around the internet by those who support the brand’s mission and values. This enables the brand’s purpose and its importance to be relayed onto consumers much rapidly.
REFERENCES
ASOS, 2022 Fashion with Integrity Progress Update
Bhasin, H. 2019. What is Brand Philosophy? Importance of having a Brand Philosophy [online]
https://www.marketing91.com/brand-philosophy/
Herrington, E. 2021. What is Purpose-driven leadership? [online]
https://sidecarglobal.com/organizational-culture/what-is-purpose-driven-leadership/