SWOT Analysis Strengths The internal assessment of an organization begins by identifying the company’s strengths. A company has a competitive advantage over rivals when it is able to implement value-creating strategies using its own resources, capabilities, and core competencies. Ralph Lauren has successfully aligned their core competencies in order to meet demands from their customers and maintain a sustainable competitive advantage over competitors. Distinct Image and High Brand Recognition: Ralph Lauren is one of the most recognized brands in the world due to its premium product lines. With such recognition, Ralph Lauren has been able to expand its product offerings from not only men and women’s apparel, but also into jewelry, fragrances, and home furnishings.
Therefore, companies employ various strategies to advertise and sell their products or services. Companies try to promote and sell their products to customers that they have identified in a target market. They implement marketing strategies to help accomplish the goal of profitable sales. Hence, marketing strategies are vital to the success of the company and the marketing strategy that a successful company employs will seek to overcome shortcomings and increase the company’s revenue. Lane Bryant is one such retail store that has developed marketing strategies that has made them one the most profitable retail stores for women who are larger in size.
They want to be a best fashion shop in the world, and for this they need to be come with new ideas. * Meeting customer needs – Primark sells all products that customer wants in fashionable and they sells all age people cloths. * Identifying new needs - Primark also bring new ideas on sales and their offers in cloths. Also they are just focusing on customer and not just brand Strength – being popular and most people like to buy from there and its cheep, also selling good quality products. Qualitative and high fashion items for a low price.
UMUC Haircuts will seek to differentiate itself from its competition by introducing a new business model that revolves around attracting young, affluent customers. We will provide exceptional customer service, invest heavily in customer satisfaction to enhance the client experience, keep the Salon upbeat, spotlessly clean and well maintained, and enhance it by adding in up to date and efficient services. Porter’s Five Forces Analysis Buyer Power: Buyer power is high because customers have many different hair products and a new salon to choose from and typically choose a salon based on individualized needs. Customers can have a positive impact on the business. Attracting and retaining them will be the most important part of the new business strategy.
‘Fast-fashion’ can be defined as a quick response to up-to-date luxury fashion trends in an affordable price, which meets the deeply held desires for young customers (Joy et.al, 2012). The store expansion has continued at several places, such as Denmark, the United States, Great Britain, also in several European Countries like Spain, Germany (Barman and Petersson, 2002). In order to sustain the growth rate of H&M, the CEO, in 2011, invested more stores and opened another 218 stores on the Champs-Élysées in Paris to strengthen their brand and ensure the future expansion. Following that, in the next few years, another 230 stores were established, involving 35 in China (Regnér and Yildiz, 2014). H&M has become the global leader in the ‘fast-fashion’ section, owing to its’ distinctive business approach which enhance the competitiveness.
Positioning is extremely important for a retail firm, because of course a retail store cannot be everything, and firms that were previously positioned to target this generation were now left wondering what to do next. Market share was also getting more competitive with pressures for lower pricing, fast-fashion, and ethical behavior. Le Chateau was faced with the problem of positioning itself in the post-boomer market to achieve market share and profitability goals as it had done for the past 50 years. Target Market and it’s Evolution Le Chateau initially focused on marketing its apparel to fashion leaders. London’s Carnaby Street was a new fashion wave described as modern in the 1960’s.
Segmenting the market can also help with meeting customer needs better, retaining customers as well as identifying growth opportunities. Research conducted suggests that men’s skincare is the fasted growing category within the beauty industry worldwide and the men’s skincare market has grown 18% since 2006 and will expand by another 23% by 2015. Spa Finder trends(2013) In addition to this, Marketing week(2013) states male consumers account for 25% of Kiehls sales, with continuous growth of 34% year on year. For these reasons in order to gain understanding of the UK male market in relation to skin care, a segmentation table has been created which illustrates a breakdown of the target market in regards to profile, trends and behaviour. ( Appendix 1) The market segmentation table
Product benefits are affordable price and high quality and high-value product also increase in self-confidence. Lastly good quality product at low price is their uniqueness. 2. How would you draft a formal, written positioning statement for Mary Kay using information detailed in question 1? I focused about affordable, high quality, beauty and grooming product for men and women.
The second reason profitability improved is the public is in favor of how the company is open on all aspects when it comes to employment. c. The third reason profitability improved is reimbursing employees for mileage. d. The fourth reason profitability improved is allowing employees to telecommute. e. The fifth reason profitability improved is because Xerox is always pushing the boundaries when it comes to hiring women and minorities. f. The sixth reason profitability improved is because the company has developed different strategies that influence diversity in order to increase their business advantage.
Farnsworth Re-engineering In order to understand this recommendation we need to address two important decision criteria: a) Market potential; b) Profitability and Working Capital assessment. a) Market Potential Farnsworth incredible growth since 20071 onwards, has been primarily through decorative laminates and Mr. Thursday continues to believe this should be the company’s expansion route. This belief lies in two basic assumptions: i) Our current growing decorative participation in Farnsworth sales is a reliable prediction of the decorative market trend altogether; and ii) There is still a big white space in decorative laminates, specifically through furniture manufacturers, and we will be able to capture this share of industry. Even though our current growth trend is through decorative plastic laminates, it is unfair to correlate this to a similar