Strategic Analysis Of Fast Fashion Company: Zara - Essay Example

? Strategic analysis of fast fashion company: Zara BY YOU YOUR SCHOOL INFO HERE HERE Executive Summary Zara is able to successfully outperform competition in terms of sustaining a low cost product provider strategy founded on lean manufacturing philosophy and controlling waste in raw products and finished merchandise. Other competitive advantages include a strong, centralised business culture that is devoted to compliance, productivity and efficiency throughout the whole value chain in a business model that requires dependency between all different business units. Outside of the advantages, research has identified that Zara has weaknesses in areas of avoiding negative public relations, protecting the firm from economic conditions in the European Union, and responding to competent marketing strategies of main competitors (namely H&M) that is extremely proficient in using advertising and collaborations with famous personalities and designers to achieve a strong brand with the ability to take market share from Zara. Because of these weaknesses, it is recommended that Zara consider using the Euro as it trading currency instead of the American dollar, replicate the collaborative marketing strategies of H&M, launch a large-scale public relations campaign using expert assistance in this field to reduce risks of brand damage for unethical behaviour allegations, and make instant use of its current brand equity to improve profitability. Table of Contents Executive Summary 1.0 Introduction................................................................................................ 2.0 Strategic issues and competitive forces.................................................... 2.1 Porter’s Five Forces analysis.......................................................... 2.2 Economic considerations................................................................ 3.0 Internal strategic audit................................................................................ 4.0 Crises in public relations............................................................................. 5.0 Strategic recommendations for Zara........................................................... 5.1 Public relations strategy.................................................................... 5.2 Currency reconsideration.................................................................. 5.3 Design collaborations........................................................................ 5.4 Capitalising on brand equity.............................................................. 6.0 Conclusion................................................................................................... References 1.0 Introduction Zara is a leader in the fashion retailing industry, maintaining many business strategies that are difficult to imitate by the company’s main competitors, H&M, Benetton and Gap, Inc. Zara is able to operate using a low cost product provider strategy, as described by Michael Porter (1998), a strategy that allows a firm to provide customers with lower-priced merchandise by controlling costs across the entire value chain (Grant 2002). Zara accomplishes these cost advantages through its ability to operate under a lean manufacturing philosophy, an operational strategy that allows for reduction of waste in the production process and just-in-time procurement to avoid inventory holding costs as well as raw materials waste (Cua, McKone and Schroeder 2001). In the retail industry, this competency in cost controls give Zara a competitive advantage that is, in the current industry environment, invulnerable to competitive replication. Zara is also a leader in providing germane products to many profitable customer segments that have the ability to satisfy markets’ cultural, social and even psychological needs. This is because Zara sustains a design team that is constantly scrutinising the external market environment to determine which fashion products would be most valued and demanded based on known consumer characteristics. What further provides Zara with the ability to satisfy its target customers is the firm’s ability to ensure that new fashion designs move from the design process to final delivery for Zara sales outlets in just two weeks. This is something that is not achievable by its main competitors that often require many months simply to launch a singular fashion line. Zara preserves many of its competitive advantages in the retail industry, however there are some limitations that require Zara to examine how better to achieve competitive advantages over the long-term. This report examines the competitive environment, the internal competencies of Zara, its public relations image, and brand standing as compared to main competition in order to understand Zara’s advantages and also improve its current market position. 2.0 Strategic issues and competitive forces Of the most significant concern for Zara are the industry (external) forces that influence development of Zara’s business strategy in relation to marketing and operations. 2.1 Porter’s Five Forces analysis Porter (1985) describes his Five Forces Model, a framework of pure competition that recognises the externalised risks that influence rates of economic returns that can be achieved by a business that are explained by the industry structure in which the organisation operates. Of these five forces, which include threats of substitutes, buyer and supplier power, intensity of competitive rivalry and threat of new entrants, there are two extensive forces that are directly influential for Zara’s business development and profitability. The most critical force impacting Zara is the level of competitive rivalry that is occurring between competition, especially H&M, a retail company that has very competent knowledge of their most profitable customer segments in order to utilise marketing strategies in an effort to improve their market share in the retail industry. The strength of H&M’s brand identity is of significant concern for Zara. H&M has attempted to reposition the business in order to gain market interest by consumers that are drawn to Hollywood reference groups. H&M invested significant financial capital into a design collaboration with social activist and clothing designer Stella McCartney, the daughter of Beatles singer Paul McCartney, in order to link H&M with McCartney’s strong brand appeal (Alacra 2010). Media coverage and advertising referred to McCartney’s new fashion launch as “Stellamania” which brought substantial market interest on the day of the launch. The havoc and chaos generated through this intensive promotional effort led to hordes of consumers lining up outside of H&M, with reports of consumers actually tearing clothing off of display mannequins in order to procure McCartney’s fashion merchandise (Turner 2005). One customer in the New York flagship store on Fifth Avenue was even reported shouting “back off my dress, bitch!” which was heavily promoted in major U.S. and European news magazines (Turner 2005; Weinstein 2005). H&M utilised this intensive public relations opportunity to further advance similar marketing opportunities to make the H&M name stand out among competitive retailers for its subjective ability to spark consumer fanaticism, giving multiple market segments the impression of unparalleled quality for the H&M brand. The successful collaboration with Stella McCartney paved the way for more recent collaborations with David Beckham, Gianni Versace and the American singer Beyonce Knowles who will be launching a trendy swimsuit line in the summer of 2013 (Savage 2013; Wilson 2013; H&M 2011). This is of vital concern in terms of the intensity of competitive rivalry, as the utilisation of famous individuals as endorsers or collaborators is well-supported by literature that indicates the presence of celebrity reference figures improve brand recall, increases customer segments’ perceptions of retailer credibility and trustworthiness, and improves sales revenues (Jain 2011; Solomon 2002; Till and Busler 1998). H&M is becoming increasingly skilful in utilising public relations, advertising and creating social buzz supported by a variety of powerful celebrity collaborations that are appropriate for the business’ most profitable target segments. Efficiency and competency in marketing by major competition represent substantial risks to sustaining market share for Zara. The ability of competitors to establish a brand identity that gives the impression of superior quality and excitement leads to the second external market force affecting Zara: buyer power in the market. Buyer power is high in a market when consumers are price-sensitive and when they are highly-educated about the products available by the sellers (Porter 1985). Zara operates in an industry where pricing is a substantial factor that will drive purchase intention for its consumer target segments and where recurring promotion and media coverage provides ample knowledge of new fashion products and sales strategies, as well as designs, for major competitors in low-cost, trend-focused fashion merchandising. When buyer power is high, there are very low costs for switching to rival company brands which can force price reductions in the market in order to gain their consumption revenues (Johnson and Scholes 2002). Consequently, Zara maintains risks that high buyer power can force competitive prices on fashion products even lower, making them aligned with Zara’s low cost model in order to seize market share from the company. 2.2 Economic considerations In reference to the PEST framework, the only legitimate concern for Zara is the economic environment. Zara operates stores and logistics/manufacturing centres in regions with ample political stability, an environment supportive of new integrated technologies that enhance business operations and strategy implementation, and where fashion products are properly aligned with social and cultural needs of consumers. Zara caters largely to price-sensitive markets which are drawn to Zara’s products for their alignment between modern fashion design as highly competitive pricing structures. Price-sensitive consumers are influential in the lean manufacturing and procurement strategies at Zara in order to provide customers with products aligned with their financial resources. However, the European economy continues to slide deeper into recession as many countries in the European Union continue to create austerity packages and lower national interest rates in an effort to avoid deepening macro-economic problems (Elliott and Stewart 2012). The UK Retail Prices Index (RPI) indicates a steady increase in national inflation rates of 3.3 percent two months straight (BBC News 2013). This is common in many Eurozone members. When inflation rates continue to rise, it reduces consumer disposable incomes that are applied to fashion purchases and other consumer goods. Zara must be concerned with its most profitable market, Europe, as price-sensitive buyers impacted by inflationary rates throughout the EU has large-scale implications for sustaining revenue growth. 3.0 Internal strategic audit The most substantial competitive strength of Zara is the company’s internal culture, one that is dedicated to sustaining cohesive team functioning and also focused on efficiency and productivity operationally. Zara has been described as an “all or nothing” culture, in which conformity to established organisational policies and regulations are necessary for all supporting employees along the value chain (Capell 2008). Zara must maintain both a centralised value chain and internal culture in order to achieve employee obedience to the lean philosophy driving cost reductions in areas of the value chain such as procurement, operations and logistics. However, these primary and support activities along the value chain are not isolated from service or marketing and sales, requiring the executives of the business to maintain control at the top of the business hierarchy (a centralised business) in order to ensure that consistency and compliance are assured in terms of dependent systems and internal business processes. The team philosophy at Zara is indicated in the case study, especially surrounding the role of designers in facilitating rapid turnaround of product to guarantee delivery within two weeks into Zara sales facilities. Design teams are influential on procurement and sales along the value chain, as well as service. Why service? Store managers order product twice monthly based on historical sales volumes which are then assessed by design teams and further prioritised using support technologies that provide metrics and statistics about which ordering stores should receive priority delivery (Palladino 2010). This is based on sales success of previous fashions in other stores and whether any merchandise was unable to move off the sales racks. Therefore, the decision-making authority of the design teams and supporting logistics managers impact service delivery in certain markets. As illustrated, the team-focused philosophy of culture, as well as the competencies in centralised business processes, contributes to an effective series of value chain functions to achieve the competitive exclusivity in guaranteeing a two week delivery timeline that competitive rivals are unable to achieve. From a financial perspective, the capital management competency of executives (in terms of policy and procedure development) is superior to other competitors in this industry. Inditex, the parent company of Zara, reports that the business is highly shielded from both credit risk and fluctuations in varying exchange rates related to foreign currencies that are associated with accounts receivable (Inditex 2011). Nearly all receivables contracts with customers are accepted only in cash disbursements or through credit card payments (Inditex 2011). Other retail companies utilize the collections framework of net 30,60,90 which provides risk of potential default that impacts asset accumulation over the long-term. By establishing collections systems that provide for rapid cash or credit payments, Inditex is able to ensure the business maintains predictable cash flows. Having tangible cash assets increases the credit worthiness of Inditex which translates into better expansion and business improvement opportunities for Zara that is directly attributed to executive-level aptitude in setting business relationships that minimise cash flow risks and improve credit standing. Competency in executive governance at the business not only protects the credit standing of Zara, but ensures that the business does not have to absorb the risks of opportunity costs. In micro-economic theory, opportunity costs are when the business must make a final choice between several strategic alternatives when inadequate resources are available to pursue all opportunities. The opportunity cost represents the potential benefits that could have been achieved if the business had selected an alternative option instead of the strategy implemented (Lindauer 2012). For instance, if Zara wanted to establish a new distribution centre in France whilst also considering a new manufacturing facility in Italy, the business will incur an opportunity cost by selecting only one opportunity based on limited resource availability. By establishing a cash and credit card receivables methodology (again not common in retail models), Zara is better equipped to explore both opportunities not only due to having available cash resources, but also because of competency of executive leadership to shield the business from risks to credit worthiness. Furthermore, the internal managerial competencies at Zara give the business even more competitive advantage due to the method by which managers lead the organisation and support subordinates. There is evidence in the case study that Zara utilises transactional leadership, as design teams are rewarded with bonuses for individual performance and innovation development. Transactional leadership is a recurring exchange that occurs between managers and employees under the philosophy of contingent reward, which is identifying specific tasks and objectives expected to be achieved and then rewarding when specific targets have been accomplished (Khan, Ramzan, Ahmed and Nawaz 2011). The benefits of transactional leadership philosophy are two-fold: it is known to increase psychological motivation to achieve performance results and conditions the employee to continue modelling these rewarded performance-based behaviours into the future in an effort to be further rewarded for achievement and efficiency. Respected models of motivation indicate that establishment of belonging leads to self-esteem (Bass 2008), which then contributes to the self-esteem development of employees. Competency at Zara in understanding the psychological dynamics of reward strategy development contributes to a more cohesive and productive organisational culture that is results-oriented and efficiency-oriented in order to ensure that all activities along the inter-dependent value chain seek and exploit productivity as a common cultural goal. This team-focused and cohesive culture within a highly centralised organisation is not common, therefore giving Zara a very notable competitive advantage in terms of human capital and managerial expertise. Because all areas of the value chain contribute to Zara’s success in achieving performance associated with guaranteeing a two week lead time from design to delivery of finished product, Zara’s internal cultural dynamics are vital to total business productivity along the value chain. Managerial understanding of how to blend compliance-centric, centralised business structure with some dimensions of humanistic leadership of subordinate employees is unique in the business world; as a business is usually concerned with statistical results and performance or the emotional well-being of employees. Zara has an exceptionally well-balanced executive team that understands how to effectively manage a strict, yet team-focused and people-centred philosophy of management that is unequalled in retail businesses today. 4.0 Crises in public relations Inditex was recently charged on over 50 counts of involvement in buttressing development and sustainment of sweatshop working environments with a variety of international suppliers. A Zara-contracted manufacturing agency in Sao Paulo, Brazil was raided by the Brazilian government in 2011 in which it was discovered that 15 different illegally-hired employees were being forced to work in shocking and woeful labour environments, required to work up to 18 hours per day (Burgen and Phillips 2011). An advocacy organisation for ensuring the well-being of workers in the garment industry, the Clean Clothes Campaign in Amsterdam, further added more negative publicity for Zara indicating that it should be Zara’s responsibility to be cognizant of who is manufacturing their fashion products, implicating violations directly against Zara’s own corporate code of conduct (Burgen and Phillips). To add even more damage to this Brazilian situation, a representative for Zara called this alleged sweatshop an “unauthorised” supplier, simply asking the outsourced business to bring their working environment up to an acceptable code/standard (Fenner 2011). Zara did not make any effort to intervene on behalf of these contracted employees and also did not terminate its supply relationships despite the allegations and ongoing negative publicity in the case. At the same time, yet another case of Zara’s involvement in unethical business activities gave the business further negative publicity. A supplying factory in Argentina was also operating in sweatshop conditions with employees being forced to remain in the factory for over 13 hours daily and not able to leave the facility without gaining permission (Newsitali 2013). Workers not only consisted of illegally-hired employees, but also children that were actually living inside the sweatshop where they were forced to work long hours and in dreadful environmental conditions. Zara has denied, however, all allegations that the business was aware of the sweatshop environment suggesting that Zara would conduct further independent investigations into the matter. This matters significantly to Zara. Lee (2004) indicates that when a company attempts to underestimate or otherwise under-value the seriousness of a public relations event and not accept responsibility for the situation, the public will develop harmful impressions of the brand. Whether Zara was fully-aware of these situations or legitimately unaware of the dynamics of the outsourced supplier environment, Zara did not make any public effort to rectify the situation or offer society an apology that their business model had been potentially supportive of these deplorable work conditions and exploited labourers. For some consumer segments, this lack of accountability, whether legitimised or not, could have done brand damage that is irreparable. In addition, many in society carry the deontological view of ethics, which states that the primary duty of an individual or corporation is to ensure adherence to a code of ethical behaviour that ensures doing no harm to others (Mack 1998). Under deontological ethical frameworks carried by many in global society, failure to abide to these fundamental duties (such as improving the quality of life of members in society) are a violation of ethical codes of conduct. When consumers who share this view believe that Zara has actively sacrificed their duty in favour of gaining profit growth, it can significantly reduce intention to make further purchases of this brand’s products. This has implications for the brand equity sustained by Zara, as when deontological consumers segments perceive that the business cannot be trusted to behave in a manner that is socially and morally acceptable, the business may have trouble diversifying the company into new business opportunities or expanding on its fashion-related product lines. 5.0 Strategic recommendations for Zara After a complete and comprehensive analysis of Zara’s competitive environment, its internal business structure and concerns about public relations, a chain of recommendations can be devised to ensure sustainability of the business brand. 5.1 Public relations strategy Because Zara has been the target of very recent negative attacks for its ethical stance, it is recommended that the business consider hiring a public relations expert to assist in repairing the business brand and undoing damage caused by perceptions of unethical behaviour. Zara should consult with reputational practitioners that specialise in providing tools and methodologies available to bring Zara back into the forefront of corporate social responsibility for many consumer segments. Zara can replicate the activities of Johnson & Johnson, a major producer of health medications, which launched a massive PR campaign in order to repair the damage that had been caused due to allegations of its profitable product, Tylenol, for causing irreparable health damage to consumers (Chartier and Leray 2007). This campaign not only included the use of public relations firms, but also providing open houses that allowed press to view the manufacturing activities of the business and report on their findings. This activity brought Tylenol back into the consumer consciousness as a viable product that was being produced by an ethical company that placed public safety over profits. If Zara conducts a similar PR campaign, it will reinforce corporate accountability and likely repair any damage done to the brand. 5.2 Currency reconsideration Many of Zara’s main international exchanges occur in the U.S. dollar, which is relatively stable in terms of value against global currencies. However, in recent years, the Euro has climbed significantly higher than the U.S. dollar. Currently, the exchange difference is €1.306 to $1.00. In 2008, the Euro was valued at €1.59 compared to one U.S. dollar. There was no research-supported confirmation that Zara is effectively hedged against massive currency fluctuations and has selected most of its trading in U.S. dollars rather than the higher-valued Euro currency. Since it was identified in Section 2.2 of this report that many austerity packages and increasing inflation in many European countries continue to erode disposable income availability of consumers, Zara would benefit from, at least, short-term trading using the Euro as the accepted currency for payment from a variety of Zara’s business customers. This would ensure a higher cash flow in the event that consumer habits begin eroding revenue growth due to economic conditions. It would more effectively protect the firm in the event that country-level economic conditions where Zara operates continues to degrade. 5.3 Design collaborations The proficiency of advertising and public relations strategies of H&M pose very substantial risks for sustaining long-term market share. Zara should duplicate the strategies adopted by H&M in facilitating new design collaborations with important and well-known designers in order to build the same type of excitement about Zara’s products as those found within the H&M marketing model. Zara is missing out on opportunities to gain further brand strengthening by not identifying key players in design or celebrity that could contribute much to gaining consumer interest. Even though Zara is adept in creating relevant fashion products, using the powerful brand reputation of respected designers and popular personalities could greatly enhance interest in selecting Zara over competition. It was established that H&M was able to sell out its designer-collaborated fashion designs immediately upon launch by using a blend of public relations, advertising, online buzz, and media coverage of these design partnerships. If Zara were to collaborate similarly, they could temporarily produce larger batch runs of products that are designed and branded with a famous celebrity or fashion designer, it would provide more available clothing for instant profitability that would improve both cash flow and the brand positioning of the business. Research did not illustrate that Zara is currently seeking out these endorsements or design collaborations, instead relying on their internal design team (who have no brand identity) to create all fashion products for international consumer segments. If Zara were more proactive in identifying pertinent opportunities for expand into combined branding efforts (a co-branding strategy), it is likely that Zara would be able to attract instant market attention from both existing customers and those markets that are attracted to famous personalities. 5.4 Capitalising on brand equity Zara has a very dedicated and loyal following by many consumers that value the fashion-forward elements of new design offerings as well as the pricing structure that guides sales strategy. Zara should exploit this current equity by diversifying the business into new business units that are attached to the Zara brand. There is no guarantee that the company will be able to sustain the current brand value that it maintains, as globalisation impacts internationally are making it easier for companies to begin emulating business strategies, both in areas of supply networking and in logistics strategies. Zara could create a variety of new merchandise to supplement fashion sales, including (but not limited to) drinking mugs, personal care products, grooming technologies, or other vanity-inspired products all linked with the Zara brand. It would illustrate a flexible company and would be considered viable products by consumer segments that are already loyal to the Zara brand personality. This strategy would give Zara not only higher revenues, but it would give the business experience in operating multiple business units that could be translated into future gains should the business consider operating a completely disparate company, providing the business with human capital advantages in management strategy and knowledge management. 6.0 Conclusion Zara is highly competent related to internal organisational and governance competencies. 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