theme 3.1

• Corporate objectives are targets set for the entire business to help achieve the long-term vision or aim of the company
• Objectives are the targets that help a business reach its long-term aim, such as becoming the biggest in the industry or having the most market share
• Strategies are medium to long-term plans that help reach objectives, while tactics are the day-to-day actions that form part of the strategy
• Market penetration strategy involves actions with an existing product to existing customers to further develop market share
• Product development strategy involves bringing out a new product or upgrading an existing product for the same set of customers
• Market development strategy involves taking an existing product and selling it to new people or new markets
• Diversification strategy involves introducing something completely new - a new product for a new market
• Ansoff's theory emphasizes that as a business moves further away from what it already knows, the risk increases, with diversification being the riskiest strategy
• Product development is the third most risky strategy, with examples like Apple releasing a new iPhone being less risky due to confidence in success
• Market penetration is the least risky strategy as it involves existing products and markets
• Porter's generic strategies focus on mass and niche markets, with differentiation and low-cost approaches
• SWOT analysis stands for strengths, weaknesses, opportunities, and threats, with strengths and weaknesses being internal factors and opportunities and threats being external
• PESTLE analysis covers political, economic, social, technological, legal, and environmental factors that can impact a business
• Porter's Five Forces model analyzes rivalry among competitors, threat of new entrants, threat of substitutes, bargaining power of suppliers, and bargaining power of buyers
• For many people, the environmental credentials of clothes are fast becoming as important as their style and price
• The UN's Food and Agriculture Organization (FAO) is promoting the increasing production of fish leather as a means to boost the incomes of fishing communities around the world
• Fast fashion is a major contributor to greenhouse gases, water and air pollution, creating problematic levels of waste
• Rhi and Tegan source items from their own wardrobes and friends to keep it all within the same circle
• Rhi Thomas and Tegan Turnbull run a company, Hire the Attire, which hires out clothes in south Wales
• Moray Luke believes fish skin handbags are a great conversation-starter to think about traceability
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• Rhi and Tegan try to use friends' clothes and timeless pieces for their clothes hire firm
• Fish leather is a more environmentally-friendly alternative to most cow leather due to its durability, tanning process, and use of waste material
• There is a huge pressure on young people to look good and to not have a photo in the same thing more than once
• If Rhi and Tegan buy items for the business, they go for timeless, versatile garments
• Fish leather currently accounts for less than 1% of total global leather sales
• It's OK to be wearing something more than once and making sure it's versatile and you can accessorise and make it look different every time
• Moray Luke: '"We say, from by-product to heirloom. If it wasn't for me it would end up in a bin, although it's sometimes used in vitamins."'
• Fashion is the third-largest manufacturing industry in the world and, by some calculations, it produces up to 10% of the world's emissions
• Social media and wider environmental awareness have led more people to consider where their clothes come from
• A polyester shirt has double the carbon footprint compared to one made from cotton
• Fashion accounts for 20% of global wastewater
• Fashion contributes up to 10% of global carbon emissions
• Megan Rusbridge, 23, of Cardiff, is making an effort to cut down the environmental impact of her wardrobe by buying second-hand items, more expensive, hard-wearing clothes, and garments made from biodegradable materials like cotton
• Fashion uses more energy than aviation and shipping combined
• Megan Rusbridge: '"Influencers can promote over-consumption and fast fashion. Information is out there if people want to consume in a more ethical way."'
• About 70 million barrels of oil a year are used to make polyester fibres
• Polyester takes hundreds of years to decompose
• Megan Rusbridge: '"It's a case of less is more. We don't need loads and loads of clothes. We need good-quality clothes that are going to last over time and, if we do decide to dispose of them, they can either be recycled or are biodegradable."'
• Various sources: '"I think it's just pushing it out there that it's OK to be wearing something more than once and making sure it's versatile and you can accessorise and make it look different every time."'