SOCI 1010 Midterm: Midterm review.docx

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Our government plays an important role in the economy. Often regulation of import/export quotas, tariffs on specific industries can be raised or lowered in the name of protectionism. In recent years the quotas of importing clothes from other countries has been changed by the government. Clothing/fashion organizations need to be sensitive to this matter for it may change the way the organization will have to do business. This may mean an increase in importing clothes to reduce costs and maximize profits. Technological: you can produce clothing cheaper and cut down the cost of your products, which may increase profit for the company. This can also be done by outsourcing the manufacturing of clothing to other countries, like tommy hilfiger does. Competitive: which can affect the amount of profit that is generated and the amount of customer enter your business.

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