Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

Study on Precision Marketing Strategy of Foreign Trade Corporation

Authors
Kunyang Li1, , Jiahan Meng2, , Yuxiang Wang3, , Guanyi Xu4, *,
1Lebow College of Business, Drexel University, Philadelphia, United States of America
2College of Arts and Sciences, Indiana University Bloomington, Bloomington, United States of America
3Qingdao, Shandong No. Sixty-eight Middle School, Qingdao, China
4Faculty of Business, University of New Brunswick, Saint John, Canada

These authors contributed equally.

*Corresponding author. Email: gxu@unb.ca
Corresponding Author
Guanyi Xu
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211209.331How to use a DOI?
Keywords
Foreign trade corporation; garment industry; precision marketing; customization; the gross amount
Abstract

China’s garment enterprises have continued to grow in the past fifteen years and contributed significantly to the economy. However, with the development of the garment industry, many problems appeared. First, although the minimum wage has increased in recent years, it is more difficult for garment corporations to recruit new employees. Moreover, it costs more to deliver products from China to Europe than from Africa to Europe. Africa has become more competitive than China because of low labour costs and shipping costs. The problems that the garment industry faces and the solutions to these problems will be discussed in this paper. We used the literature research method, case study and comparative analysis method to research and analyse in this paper. This paper takes a typical foreign trade garment corporation as an example to analyse the current situation of China’s garment industry. To find out the key influencers of the gross amount, a multiple regression model is employed. Generally, quantity is the key influencer of the gross amount in the past five years. Delivery time affects the gross amount in the year 2019. The variety of fabrics and suppliers are diminishing as time goes by. More and more young people are reluctant to work in the factory. A great number of garment suppliers closed because they could not bear the higher and higher costs. Many existed Chinese suppliers are struggling in the garment industry. Meanwhile, many garment suppliers in Africa have become more competitive in labour and freight costs and haulage time. In the discussion part, we put forward three strategies - precise customization, break up the whole into parts & hire temporary workers, and modern logistics concept & reasonable transportation choice. This paper aims to analyse the dilemma that the garment industry in China is in. More importantly, explore the gateway for the struggling foreign trade companies.

Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
978-94-6239-483-4
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.331How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Kunyang Li
AU  - Jiahan Meng
AU  - Yuxiang Wang
AU  - Guanyi Xu
PY  - 2021
DA  - 2021/12/15
TI  - Study on Precision Marketing Strategy of Foreign Trade Corporation
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 2026
EP  - 2032
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.331
DO  - 10.2991/assehr.k.211209.331
ID  - Li2021
ER  -