Marketing Strategies of Far East Knitting & Dyeing Limited Prepared

Abstract

The garment business is by far the largest employer in the country, generating $5 billion annually and accounting for over 66% of all employment, on average. One of the most notable social and economic advances in modern Bangladesh is unquestionably the overall impact of the ready-made clothes exports. The growth of the garment export industry has had profound effects on Bangladesh's population and economy, with between one and ten million professionals employed in semi-skilled and talented vocations producing apparel for trades. There are around 4,500 factories in Bangladesh that produce garments, and up to 10 million jobs could be directly or indirectly affected by this industry. About 80% of workers in the garments industry are women. More than any other sector, the ready-made clothing industry has the ability to contribute to the reduction of poverty. It has been discovered that Bangladesh's propensity for low labor costs is the primary factor contributing to the shift in the country's apparel manufacturing industry. The remuneration structure in the apparel industry around the world can be used to explain why this exchange occurred, according to Bangladesh Garment Sector and Global Chain. In the United States, the total hourly work price (wages plus incidental benefits, US$) is 10.12, however in Bangladesh it is only 0.30. This distinction increased global apparel exports from $3 billion in 1965, with developing nations contributing just 14% of the total, to $119 billion in 1991, with developing nations providing 59% of the total. The number of workers in Bangladesh's fast fashion apparel industry was 582,000 in 1991 and increased to 1,404,000 in 1998. However, the number of clothing industry professionals in the USA decreased from 1,106.0 thousand in 1991 to 765.8 thousand in 1998. The enormous success of ready-made clothes exports from Bangladesh over the past 20 years has exceeded even the most optimistic expectations. Far East Knitting & Dyeing Industries Ltd. (FEKDIL) prides itself as a leader and trend setter when it comes to fulfilling social responsibility towards its workers and the community as a whole. Over the years the company has developed a comprehensive and structured CSR policy.