- Published: September 18, 2022
- Updated: September 18, 2022
- University / College: Georgia State University
- Language: English
- Downloads: 9
Critically analyzing the factors surrounding the accessory industry, I would buy into the industry due to the advantages accrued compared to other industries. The main reasons as to why I would indulge in the industry lie in the simplicity and market advantages. At some extreme levels, I would also opt not to indulge in the accessories industry. Some of the main factors which might discourage me from joining the industries are also covered.
The main factors that might influence me to join the accessories industry is the simplicity joining and running a business in the industry. The process of joining the industry usually is less complex compared to other industries. A good example is the shoe industry. In the process of selling cheap accessories (most of the accessories are cheap in cost), one can easily expand in the business. This usually results in increased market share thus the gross profit low.
The market of accessories is also wide. This is mainly because many people require the accessories thus there exist a ready market. This makes the accessories business much productive and economical to run and maintain. Though the market does not offer a large profit margin as it is the case in clothing industry, the minimal profit gained and the large volumes of dale made makes the final aggregate profit of dealing in accessories much better than the clothing industry.
On the negative side of the idea, the probability of expansion is much low. This is due to some factors that make the accessories industry remain small and bound. The amount necessary for expansion is also much beyond the capacity of the accessories industry itself thus it is difficult to expand.
In conclusion, dealing in accessories is much better than in businesses dealing with other types of types of products mainly because of market outreach, market share and the general demand of the accessories. In my opinion, I would prefer to deal in accessories since the obstacles facing the accessories market are minimal and negligible. Thus I support the idea that future fashion will be taken by the accessories.
