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The textile industry describes all of the businesses that participate in the production, distributions, selling, and marketing of fibers and fabrics. This includes sheep farmers who are responsible for producing wool, manufacturers who create products out of fabrics, and retailers who sell these products. Professionals who practice textile industry analysis may record and analyze data related to levels of fabric production, as well as trends in the market. Some basic functions of textile industry analysis may include market research, tracking technological developments, and creating industry outlooks.
Market research is performed by analysts who wish determine demand. In other words, a market researcher might distribute surveys to members of various demographics in order to find what kinds of products and prices clients desire or need. This information can then be used by businesses to plan for pricing, rates of production, and inventory.
These factors can also be determined by behaviors of competitor businesses. For example, if one manufacturer of textiles finds that a competitor is selling similar products at a similar price, a manufacturer might drop prices to attract more customers. Industry analysis can often include monitoring of the competition.
The tracking of technological advancement is an important aspect of textile industry analysis. As in many industries, technological developments can change the ways in the companies of the textile industry operate. New tools and machines can increase efficiency of manufacturers and help companies to keep up with modern demands.
When a specialist in textile industry analysis creates an outlook, he or she is speculating as to how certain aspects of the industry might perform in the future. An outlook can be determined by analyzing the behaviors of consumers and investors. It may also require analysts to look at textile industry history to see how businesses performed in the past when similar economic indicators were in place.
Textile industry analysis professionals often consult relevant organizations that are developing business plans. Factors such as when to purchase shares, which kinds of textile products to produce, and numbers that should be kept in inventory can all be determined by information concluded from industry analysis. Some businesses might keep analysts as part of their staff, while others might hire consultants for certain projects.
Analysis of the textile industry may also occur in an academic setting. Economists often study various markets and industries in order to get a read on how global or domestic economies might perform. These analysts often publish studies in journals and magazines, the information from which may be used by professionals in the industry who specialize in consulting textile businesses.