Analysis of Tourism and Fashion Retailing; A Sri Lankan Perspective

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Information about Analysis of Tourism and Fashion Retailing; A Sri Lankan Perspective
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Published on March 4, 2014

Author: TIIKMConferences

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PowerPoint Presentation: Hosted by: Conference partners: Analysis of Tourism and Fashion Retailing; A Sri Lankan Perspective Ranaweera H.R.A.T & Halwatura R.U PowerPoint Presentation: Analysis of Tourism and Fashion Retailing; A Sri Lankan Perspective Ranaweera H.R.A.T & Halwatura R.U PowerPoint Presentation:  Content Background Research Objective and Methodology Results and Discussion Conclusion and Recommendation PowerPoint Presentation: Sri Lankan Fashion Retail Industry Novel and Emerging Sector with lot of growth potentials It was almost non-existent about three years ago while Retailers are earning over US $10 million annually. Have the potential to reach up to US$500 million in coming years. Fashion retail industry today is at a forefront of success due to the positive macro environment changes such as post -war economic developments, growing middle class, changing consumer demands mainly due to the western cultural influences, improvement of infrastructural facilities and technological advancements. PowerPoint Presentation: Sri Lankan Tourism Industry Sri Lanka today is one of the fastest growing tourism destination in the world. Peace dawn in 2009 has brought enormous benefits for tourism industry. In 2o12 Sri Lanka exceeded one million tourist arrivals for the first time - 500% increase of tourism foreign exchange earnings. Sri Lanka is capable of attracting 2.5 million tourists by 2016. Tourism and Shopping: Tourism and Shopping Tourism is one of the worlds’ largest industries and shopping is reported to be the most preferred activity for tourists (Kinley et al., 2002). Many studies have shown that tourists spend about 1/3 of their total tourism expenditure on shopping. Typically tourists do not go shopping with an exact list; rather shopping becomes a by-product of their travel experience. Tourist base their purchasing decisions on variety of factors such as high quality, well designed products and easy to carry . The exclusive design features of the product enhance the tourism experience by giving a special memory about their journey. Tourism and Shopping…cont: Tourism and Shopping…cont Retail is one of the prime areas that Sri Lanka should concern when looking towards to being Asia’s next tourism success. Asian countries like Thailand, Singapore, Hong Kong, India and Indonesia are promoting themselves as tourist destinations as well as shopping paradise. Even though Sri Lankan is promoting itself as an ideal tourism destination, in here Sri Lanka as a shopping hub is merely mentioned. PowerPoint Presentation: Research Objective To evaluate how far Sri Lankan fashion retailers have penetrated tourist market opportunities for their business growth. PowerPoint Presentation: 2.Research Methodology Quantitative Method Marketing Survey. Sampling Judgment sample of the non probability sampling criteria. PowerPoint Presentation: Results and Discussion Industry Maturity Majority of the retailers have been in the industry for 0-10 years and only 5% claimed as been in the business for more than 50 years. PowerPoint Presentation: Number of Employees 30% consists of employees over 1000 which means majority(70% )of the firms have employees Up to 1000. PowerPoint Presentation: Number of Retail Outlets Large number of retailers (52%) only have 1-10 retail outlets. In essence these research data embodies that SLF retail sector is still a novel sector Which domain by immature retailers. PowerPoint Presentation: Retail Location 52% of retailers have based their distribution activities in Western Province. PowerPoint Presentation: Choice of Distributions Improve choice of distribution and offer more choices to enhance tourist shopping satisfaction. PowerPoint Presentation: Product Attributes Retailers focus on color as well as fit and size are lacking. Material and Construction too are not significant but higher than color and fit. Also retailers has a less consideration on care labeling. PowerPoint Presentation: Branding Branding needs to be improved because branded retail stores can target tourist consumer more effectively, generate a competitive advantage and create a marketable brand image. PowerPoint Presentation: Pricing Knowledge on setting up a strong pricing strategy is lacking. How you price your product is one of the key success factors because to ensure consumer’s purchase your product, the price must be accurate, consistent and competitive (Forsyth and Dwyer, 2009). PowerPoint Presentation: Business Capacity Retailers have a less amount of capacity in terms of marketing. PowerPoint Presentation: Promotional Methods Retailers agreeability on using different promotional activities too it low. Promotion is an essential marketing mix as it informs the customer about the product, encourage and stimulate them to purchase. PowerPoint Presentation: Conclusion and Recommendation Retailer’s focus on product attributes in terms of color, size and fit are lacking. Generally local retailers have a less consideration on care labeling. Retailers aren't keen on branding. Retailers aren’t keen on setting up a smart pricing strategy. Retailers offer limited choice of distribution. Weak marketing and promotional approaches. PowerPoint Presentation: References Alegre,J.,and Cladera,M .(2010),Tourist characteristics that influence shopping participation and expenditures. International Journal of Culture, Tourism and Hospitality Research, 6(3), 223-237. Aslam,M,M . (2006),Are you selling the right color, a cross-cultural review of colors as a marketing cue. Journal of Marketing Communication , 12 (15) , 30. Chen,M and Lai,G ,(2009),Distribution systems, loyalty and performances. International journal of retail and distribution management , 38 (2), 698-718. Cole,G.A.,and Kelly,P . (2011), Management theory and practice ,(7 th ) London. Daily mirror, (2013), Sri Lanka tourism need to look beyond 2016 [online] Available from < http://www.dailymirror.lk/business/features/36318-sri-lanka-tourism-now-needs-to-look-beyond-2016-.html > [Accessed 2 November]. Dias,S .(2011), Sri Lankan designers eye US$500 mln fashion business [online] Available from < http://www.sundaytimes.lk/111218/BusinessTimes/bt11.html >[Accessed 12 December). Eccles,G .(1995),Marketing, sustainable development and international tourism, International Journal of Contemporary Hospitality Management, 7 (7), 20-26. Fernando,P.,and Jayawardena,C .(2013), Focusing on realistic tourism targets for post-war Sri Lanka. Worldwide Hospitality and Tourism Themes , 5 (5). Forsyth ,P and Dwyer,L ,(2009), Tourism price competitiveness, The Travel and Tourism Competitiveness Report, world economic forum. Global retailer’s index2013 [online] Available from< http://www.atkearney.com/consumer-products-retail/global-retail-development-index/full-report/-/asset_publisher/oPFrGkbIkz0Q/content/2013-global-retail-development-index/10192 > [Accessed 15 December 2013]. Gupta,D ., and Gangadhar,B.R .(2004), A statistical model for developing body size charts for garments, International Journal of Clothing Science and Technology , 16 (5), 458-469. PowerPoint Presentation: References 12. Heung.V., and Cheng,E.(2000),Assessing Tourists’ Satisfaction with Shopping in the Hong Kong Special Administrative Region of China, Journal of Travel Research , 38 (4), 396-404. 13. Kearney,A.T.(2013), Global retails: Cautiously aggressive or aggressively cautious? [online]A vailable from < http://www.atkearney.com/consumer-products-retail/global-retail-development-index/full-report/-/asset_publisher/oPFrGkbIkz0Q/content/2013-global-retail-development-index/10192>[Assessed 28 November 2012]. 14. Kinley,T.,Kim,Y.,and Forney,J.C.(2002),Tourist-destination shopping center: An importance-performance analysis of attributes, Journal of Shopping Center Research, 9 (1) , 51-72. 15. Kinley,T(2009), Fit and shopping preferences by clothing benefits sought, Journal of Fashion Marketing and Management, 14 ( 3), 397-411. 16. LeHew,M.L.A and Wesley,S.C.(2006),Tourist shoppers’ satisfaction with regional shopping mall experiences. International journal of culture, tourism and hospitality , 1 (1) , 82-96. 17. Liyanage,U., and Jayawardana,C.(2013), Towards a positioning strategy for tourism in post-war Sri Lanka. Worldwide Hospitality and Tourism Themes , 5 (5) , 477-485. 18. Lokuhetty,A.,Jayawardana,C.,and Mudadeniya,D.(2013), Developing a shared vision for tourism in post-war Srilanka. Worldwide Hospitality and Tourism Themes , 5 (5) , 486-494. 19. Ponser,H,(2011), Marketing Fashion . London: Laurence King publishing. 20. Singh,S,(2006),Impact of color on marketing, Management Decisions , 44 ( 6), 783-789. 21. SLTDA, (2010), Tourism development strategy 2011-2016, Colombo. 22. Sri Lanka GDP Annual Growth Rate (2013) [online] Available from < http://www.tradingeconomics.com/sri-lanka/gdp-growth-annual > [Accessed 13Sep 2013]. PowerPoint Presentation: Thank You

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