The Five P’s for Self-Evaluation in Apparel Industry

apparelsPRICE: Are you charging what you need to be charging? Do you have an opportunity to increase your prices without jeopardizing sales or market share? Do you have any choice in the matter? Based on what we know from the field, are your prices out of line and in need of rethink­ing?

PRODUCT: Are you selling the market what it wants to buy? Are you ahead of your customers’ needs or behind them? Is the quality of your work where it needs to be or should it be upgraded vis-a-vis the competition? Does your quality command attention and respect? And earn you re-orders?

POSITION: How is your company perceived by your customers? What do prospects and other not-yet-customers think about you? Do you live up to what you say about yourself and your service in your advertising? Have you been correct about where you’ve focused your marketing efforts? Are you getting your message out effectively, relative to what your strategy is?

clothing-apparelPROFITABILITY: Well, uhhh. are you making any money? Are you making what you should? What does your profit-and-loss statement tell you about what you should be doing to gain efficiencies that’ll lower your expense ratios, or where appropriate, spending more to achieve them? Is your sales volume sufficient for realizing your financial goals?

POTENTIAL: To what degree are you maximizing your efforts, relative to your resources? Are you really performing qualitatively and quantitatively on the level you’re capable of? Do you have ample room to grow? Lots of room? What do you have to do to be all that you can be?