Opportunities in the international textile and apparel marketplace for niche markets

Abstract

With the present transient status of many countries’ economies, the international textile industry faces considerable challenges. There are many uncertainties surrounding the global textile market, exacerbated by the foreboding that in 2005, quotas will be eliminated, resulting in “free” trade flows. There is no doubt that manufacturers who have created niche markets will be better positioned to compete in the global marketplace and achieve higher margins for products while yielding greater profitability. This paper is an introduction of a larger study that will examine how niche market definitions are being recast, owing to changing global patterns. This paper addresses what role niche markets will play in 2005. Specific objectives are: to give a broad overview of various trade theories, including classical, neo‐classical, post‐neo‐classical, and modern, in order to determine what, theoretically, the future holds for the US textile and apparel industry. Specifically, focus will be given to the issue of specialization as a result of trade; to explain how the specialization advocated by trade economists relates to niche markets in the US textile and apparel industry; to illustrate how traditional marketing methods differ from niche marketing; and to examine what role niche markets will play in the US textile and apparel industry in 2005. The results of this research study will aid in the formulation of a business strategy that can by utilized to capitalize on niche markets and will provide a research framework for global textile researchers.