Best Practices of Clothing Businesses in Talavera, Nueva Ecija, A Foundation for Strategic Business Advancement

Abstract

This study primarily aimed to determine the best practices of clothing businesses to use it as a foundation of strategic business advancements. Moreover, the frequency with which the business's best practices are tracked, which best practices are the most targeted of the apparel firms to be retained, and how does best practices can be used as strategic business advancement. The respondents of the study is the owners of clothing businesses in Talavera, Nueva Ecija. Data were collected and analyzed using a quantitative approach and utilizing a descriptive research design. Unveiling best practices of clothing businesses as a foundation for strategic business advancement through statistical analysis: frequency and percentage, and weighted means analyzing the data in terms of identifying the most to the least important performance indicators of the businesses among all of the variables. Based on the survey conducted on clothing businesses in Talavera, Nueva Ecija, several best practices emerge across different areas of business operations. These practices are categorized into three main sections, section one being the Business Profile and Legal Requirements, followed by the tracking of indicators in terms of Product, Place, Promotion, and Price, and Key Performance Indicators (KPIs) covering finance, marketing, production, technical, and distribution aspects. The research study delved into identifying the core best practices of clothing businesses, serving as a strategic guide for their advancement. Through meticulous analysis, several key findings emerged. Firstly, prioritizing product factors, such as maintaining optimal stock levels and maximizing customer satisfaction, was deemed essential for driving sales and fostering loyalty. Additionally, selecting the right store location was crucial for visibility and accessibility, directly impacting footfall and sales. Vigilance towards competitors and demographic shifts was highlighted as essential for maintaining relevance. Understanding the relationship between marketing spend and customer acquisition proved pivotal for optimizing budgets and achieving a higher ROI. Strategic analysis of profit margins across clothing items emerged as crucial for maximizing profitability and revenue. Creating a positive customer experience, investing in employee training, and implementing effective inventory management practices were also identified as critical success factors. In essence, these findings underscored the holistic approach needed for sustainable growth in the clothing business, emphasizing the importance of product management, marketing strategies, customer experience, and operational efficiency.