Barrett, The Honors College Thesis/Creative Project Collection
Barrett, The Honors College at Arizona State University proudly showcases the work of undergraduate honors students by sharing this collection exclusively with the ASU community.
Barrett accepts high performing, academically engaged undergraduate students and works with them in collaboration with all of the other academic units at Arizona State University. All Barrett students complete a thesis or creative project which is an opportunity to explore an intellectual interest and produce an original piece of scholarly research. The thesis or creative project is supervised and defended in front of a faculty committee. Students are able to engage with professors who are nationally recognized in their fields and committed to working with honors students. Completing a Barrett thesis or creative project is an opportunity for undergraduate honors students to contribute to the ASU academic community in a meaningful way.
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Description
In looking at the world of fashion, it is hard to miss the many rental platforms that have become staples in the industry. While the business model makes sense for many consumers, it also feeds on many consumer trends and developing ideals. The driving purpose of this thesis is to better understand the success of rental platforms, to see what components of the industry are most important to the success of a rental company, and ultimately determine if rental will have a future in the next generation of fashion. The following research explores the fashion industry, rental’s place in that industry, and whether this new business model is here for the long haul. This research will prove vital in understanding the success of this new industry and the most important components that make up a successful rental business. Through this research it was found that the pillars of marketing, especially a deep understanding of consumers, and supply chain, have proven to be the most interesting aspects of the rental industry’s success. Specifically, the components of inventory management, transparency, consumer research, and pricing were found to be the most vital to any rental platform’s success.
ContributorsGeorge, Jessica Marie (Author) / Ostrom, Amy (Thesis director) / Davila, Eddie (Committee member) / Dean, W.P. Carey School of Business (Contributor) / Department of Supply Chain Management (Contributor) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2020-12
Description
The goal of this research study is to examine the nature and effects of social media marketing and the role it has played towards driving Gen Z into the luxury fashion industry. In addition, qualitative exploration focused on uncovering the reason behind why this market chooses to purchase luxury products and investigated the relationship between social media influencers, luxury brands, and their consumers.
Through 12 qualitative research interviews, five key insights were suggested from the results of the study: people buy luxury to fit in or stand out in social groups, social media marketing portrays a false reality, social media has contributed to the rise of Gen Z consumers in luxury fashion, social media has normalized owning luxury products, and social media has caused lowered self esteem and social pressure amongst Gen Z. These insights can be explained through a triangular framework, making up a marketing ecosystem involving the brand, the social media influencer, and the consumer. These three roles work together to buy and sell goods from one another. If one of the players fails to do their role, the relationships fall apart.
Given phones and apps are highly personal items often only used by one individual, understanding and comparing the ads and images one user is exposed to versus another can be very tricky. Recently, the Federal Trade Commission has increased regulations over native advertisements when viewers became unable to decipher ad from reality. Gen Z’s may inadvertently compare themselves to influencers, ultimately causing lowered self esteem when they cannot possess or achieve the lifestyle of these individuals. These insights are important to help understand how to negate the negative effects of social media marketing and propel companies to be more transparent in their marketing initiatives to reduce social pressure and poor mental health amongst Gen Z. Luxury brands could utilize more explicit differentiators on paid advertisements compared to editorial material to make audiences more knowledgeable of the type of content they are viewing. In addition, society should change the way people perceive online content and have more open discussions surrounding the ethics of native advertising and decipection social media posts may cause. The way young users interact and process social media posts is very complex. Investigating this topic is important to prevent the possible underlying repercussions of social media and help marketers best cater toward this market in an open, ethical fashion.
This study concludes with managerial applications and directions for further research. Businesses should prepare to face increasing guidelines regarding native advertising. These guidelines may include requirements to have explicit markings on branded content and binding contracts with social media influencers. To work around these restrictions, the future of luxury fashion indicates that direct to consumer strategies are on the rise. Video livestream retail and social commerce are already taking the Chinese market by storm and it's only a matter of time before American brands will be forced to adapt to keep up with changing trends in the marketplace. DTC brands benefit from having a direct channel to the consumer without interpretation or the need for intermediaries. Given this research primarily focuses on the links between the brand to influencer and influencer to consumer, future exploration could focus on the channel between the brand and consumer through direct selling. Going forward, brands may prefer to interact with their customers directly, without the use of an influencer, to help establish a close relationship with their audience through a seamless customer journey.
ContributorsElton, Eila (Author) / Ostrom, Amy (Thesis director) / Gray, Nancy (Committee member) / Bush, Leslie (Committee member) / Barrett, The Honors College (Contributor) / Department of Marketing (Contributor) / The Design School (Contributor)
Created2022-05