Navigating the New Normal: Understanding the business models, marketing mix, and innovative strategies of small fashion-related retail champions
Date
2022-12
Authors
Spurgeon, Erica Evrope
Major Professor
Advisor
Niehm, Linda S
Fiore, Ann Marie
Hurst, Jessica
Laczniak, Russell N
Tsai, Ken
Committee Member
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Abstract
This study investigated the characteristics, business model innovation, and marketing mix strategies of fashion-related small retail businesses (SRB) that emerged as champions, or exemplar small businesses, post-COVID-19. An exploratory qualitative research design was implemented for the study. Small retail champions were identified through a nomination process and snowball sampling, and data were collected through semi-structured individual in-depth interviews. Twelve fashion-related SRB owner champions were interviewed. The study revealed that small fashion-related retail champions exemplify characteristics and behaviors, which include self-motivation, independent leadership, risk-taking, creativity, and competitiveness. It was also found that the champions engaged in some form of business model transformation to successfully navigate COVID-19 restrictions. The findings also illustrate how small fashion-related retail champions understand and use business model dimensions identified in the marketing literature. These dimensions include value creation (i.e., new capabilities, new technology, new procedures, new partnerships); value proposition (i.e., new offerings, new markets, new channels, new customer relationships); and value capture (i.e., new revenue models, new cost structures). This research adds to the limited literature on small retail firms’ business models, innovation behaviors, and strategic marketing practices. The findings also revealed that the newest 4Ps marketing mix framework (purpose, positioning, partnerships, personalization) was applicable for fashion-related SRB champions. The study provides a conceptual marketing mix framework for fashion-related SRBs adapted from current literature. It contributes strategies in each marketing mix element that fashion-related SRBs may consider implementing in the new retail environment (e.g., being present on social media, evaluating business channels, using small or local influencers, and providing exquisite customer service, just to name a few). The proposed framework aids in building fashion-related SRB theoretical implications and illuminates differences in marketing mix development for small businesses compared to larger firms. The results contribute to marketing mix knowledge relevant to fashion-related SRB researchers and practitioners. The framework provides a starting point for understanding fashion-related SRB marketing mix practices and the applicability of the newest 4Ps from a fashion-related SRB perspective. This study adds to the limited literature on retail champions and the innovative business behaviors of fashion-related SRBs. It also contributes to understanding fashion-related SRB strategy modifications under conditions of market change and disruption, such as COVID-19. The results provide researchers, educators, business advisors, and practitioners with insight into how fashion-related SRBs innovate their business models and marketing mix strategies to gain a sustained competitive advantage and improve profitability and performance. The study also provides practical competitive information and implications for small fashion-related retailers and business consultants who assist them.
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dissertation