purpose

Purpose is the last of four pillar fashion schools. Purpose plays a vital role in the fashion industry. Fashion companies will set up a periodic purpose for themselves so that enterprises can finally reach a big purple. David said (2014, p.15) purposeful brands will do better and matter more. He mentioned that purpose is the result of passion and love and the final purpose is achieved through time, ideas, brand, people and you.

David claims (2014) purpose is a powerful thing, it can provide you with powerful power. The goal of “it tells your story, it builds your teams and defines your culture.” helps a brand build its own team culture. Usually, a brand’s Mission is larger than its Vision, and Mission has a broader and long-term significance. Tesla’s vision is “To create the most competing car company of the 21st century by driving the world’s transition to electric vehicles.” And Mission is “To accelerate the world’s transition to sustainable energy” (LinkedIn. com, 2022) Grill suggestions (2022) Tesla’s vision mentioned that the world has entered an era of giving priority to renewable energy. For Tesla, the focus is to let consumers recognize that electric energy provides power for cars. The mission shows more futuristic business mode changes. Tesla’s mission sets out the agenda for how it is going to achieve the vision This shows how important mission and vision are to an enterprise. They include short-term development goals and long-term goals of the enterprise. The value proposition specifies what makes the company’s products or services attractive, why customers choose them, and how the value of products or services can be distinguished from other products of similar brands (corporatefinanceinstitute.com, 2022) Pereira states (2022) Tesla’s value proposition includes a green solution that adds high performance, design, functionality, efficiency, long-range, flexible, and low-cost (or free) recharging. What Tesla’s value proposition wants to present to consumers is a more environmentally friendly, convenient, efficient and inexpensive lifestyle.

The emergence of sharing economy is due to the new economic model (rentle. io, 2021). Lovick states (2020), which is a point-to-point process and can be anything to provide convenient, simple and more affordable goods and services for the economic system of sharing assets and services between private individuals. Sharing economy is a kind of exchange, in which both parties benefit from each other.

To get closer contact between the brand and Gen-Z, fashion brand needs to know what Gen-Z wants. For Gen-Z, consumption means obtaining products and services, not necessarily occupying (‘True Gen ‘: Generation Z and its implications for companies, p.7) Fashion business improves brand services, and developing the secondary market is a concern for brands because Gen-Z prefers to sell or exchange products again after experiencing the products.

Reference

Francis, T. and Hoefel, F. (2022) ‘true gen’: Generation Z and its implications for companies, McKinsey & Company. McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies (Accessed: October 30, 2022).

Gill, R. (2022) Vision and mission statements, are they still relevant in 2022?, LinkedIn. Available at: https://www.linkedin.com/pulse/vision-mission-statements-still-relevant-2022-russell-gill?trk=articles_directory (Accessed: October 30, 2022).

Hieatt, D. (2018) Do purpose: Why brands with a purpose do better and matter more. San Francisco: Chronicle Books.

L., E(2022) What is the Sharing Economy & How it’s affecting traditional business models, The platform to sell and rent anything, anywhere. Sustainable business blog. Available at: https://www.rentle.io/blog/sustainable-business/what-is-the-sharing-economy?hs_amp=true&utm_medium=cpc&utm_source=google&utm_network=x&utm_term=&utm_mtype=&utm_campaign=18223238561&utm_adgroup=&utm_extension=&utm_ad=&utm_ad_position=&gclid=Cj0KCQjwwfiaBhC7ARIsAGvcPe5e3AGwX2a1FhQfwZKDaBDlbe4HTXITNuFs1xsV6RRMnHqWrmwctX4aApUmEALw_wcB (Accessed: October 30, 2022).

Lovick, S. (2022) What is the sharing economy?, BusinessBecause. BusinessBecause. Available at: https://www.businessbecause.com/news/insights/6736/what-is-the-sharing-economy (Accessed: October 30, 2022).

Value proposition (2022) Corporate Finance Institute. Available at: https://corporatefinanceinstitute.com/resources/knowledge/strategy/value-proposition/ (Accessed: October 30, 2022).