It is an industry worth multibillion dollars that has witnessed significant consumer preference changes. It works within the fashion sector, and its focus is on providing customers with high-quality jackets made of wool from Icelandic sheep. Liber Textile Group is the company’s brand name. Its main goal is supply unique fashions to customers that are in line with the evolving needs of today. Iceland was selected to grow because it is in the Arctic’s north. Iceland is known for its extremely cold climate and wealthy people. These chilly regions are a prime market for lofty and soft Icelandic sheepskins. The North Atlantic Ocean is home to Iceland, which has a severe climate. Iceland’s capital, Reykjavik was founded in the 10th Century. A very homogeneous ethno group makes up the nation, with 93% being Icelandic, and only 3% being Polish (Minegaite, et al. 2018). A significant number of people do not live in this country, making it more dependent upon immigrants for additional work. Around 15% of total population are immigrants.
Cultural analysis
The Lutheran State Church is home to nearly two thirds of Iceland’s population, which indicates the religious faith of most Icelanders. Numerous Icelanders believe in supernatural beings. Many traditional rituals and events, including the sea festival allow people to reconnect with loved ones or ancestors that have died. These events may allow the company to promote its products. Sift and Warm coats will offer the necessary comfort to participate in cultural or religious festivals and ceremonies.
Geographic studies
The strategic location of Iceland to European nations allows for international coordination in commercial matters. It’s close to many European countries, including Norway, Germany, Norway and Greenland. Due to the large water bodies that connect them worldwide, water and air transportation may be used by the corporation for its supply chain management activities. Iceland ranks among the top technologically advanced countries worldwide, thanks to its substantial investment in power and telecom technology. Johnson (2021) says that the ratio of smartphone to human is 1.1, which indicates that the majority of people have access to the latest technology. 98% of people have internet access, including social media platforms and mobile devices. Iceland’s small population makes it easy to grow the country. This area is protected from both local and international threats thanks to strong NATO forces and stable democratic governments.
Market target
This demographic study analyzes the target market according to age, gender and population size. The firm’s value-based pricing will allow it to target wealthy Icelandic citizens who will be able to purchase elegant, soft and warm jackets made from wool from Icelandic sheep. The company will be able to appeal to all age groups, including children and adolescents.
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