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A threat exists when a product’s demand is affected by the price change of a substitute product. When the demand for a product declines due to either lower prices of better performing substitute product, low brand loyalty, new current trends or low switching cost. There is a high threat of substitutes in the knitwear industry such as sweater, cardigan and cashmere or other dressing and the fashion trend change in every season, people wants to buy the fashionable clothing and make the elastic of the knitwear is very high.
2.3 Bargaining Power of Buyers: A ratio of suppliers to buyers in the market is the foremost factor affects the buyer’s power...
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