Zara clothing company - Essay Example

Zara clothing company Table of Contents Table of Contents Executive Summary 3 The study establishes the business projects and successes of the Zara clothing company based in Spain, which currently owns over 6,000 stores in over 80 countries globally and fashion trend of over 12,000 items annually. The report establishes the macro and micro elements of evaluating progress in Zara and the appropriate steps to measure and ascertain the future outcomes. Zara remains the most competitive fast fashion company globally, the latest profit forecasts amounting to $3billion dollars as Burberry following suit at a total of $2.5billion. Further, the study reveals on the sole managerial and production strategies liable to the company’s current position in the fashion industry. The company’s competitive and innovative strategies denote the key to success despite the challenges that the company meets from close competitors, for example, H&M, Burberry, and Armani. 3 Introduction 3 Competitive forces and strategic issues shaping the Zara industry 4 Analysis of the external environment 4 Political factor approach 4 Economic analysis 4 Socio-cultural analysis 5 Technological analysis 5 Microenvironment analysis in relations to Porter’s model 6 Competitive rivalry 6 Threat of substitution 6 Supplier power 7 Buyer power 7 New market entrants 8 Internal strategic audit issues facing the Zara fashions company 8 Strategic audit on the Financial and production resources 8 Audit on the company’s value chain linkages 9 A systematic evaluation of decision-making at Zara Clothing Company 10 Audit of the company’s strategic leadership and enhanced competence 11 Evaluating power and politics in Zara 12 Organisational ethics theory in PR crisis in Zara 13 Corporate social responsibility 13 Stakeholders’ applications and reputation 14 Management concepts 14 Strategic analysis 15 Business level strategy 15 Corporate strategy 16 Recommendations on future evaluation strategies for Zara Clothing Company 17 Data assistant gadgets 17 Efficient communication channel 17 Conclusions 18 Executive Summary The study establishes the business projects and successes of the Zara clothing company based in Spain, which currently owns over 6,000 stores in over 80 countries globally and fashion trend of over 12,000 items annually. The report establishes the macro and micro elements of evaluating progress in Zara and the appropriate steps to measure and ascertain the future outcomes. Zara remains the most competitive fast fashion company globally, the latest profit forecasts amounting to $3billion dollars as Burberry following suit at a total of $2.5billion. Further, the study reveals on the sole managerial and production strategies liable to the company’s current position in the fashion industry. The company’s competitive and innovative strategies denote the key to success despite the challenges that the company meets from close competitors, for example, H&M, Burberry, and Armani. The recommendations serve as strategic approaches that are viable to recuperate the company’s dwindling strategies in the internal and external environments. The report stipulates the adaptive characteristics that seem appropriate in resolving Zara’s challenges in order to achieve goals and objectives, and curb the craving threat of competitors and other market variables. The conclusions reveal the process upon which Zara amassed strategies and dominated a competitive edge. Further, an evaluation of the tactics reveals a number of prevailing loopholes in the product mix that may affect the company’s long-range plans and objectives. Introduction The Spanish fashion company Founded in the year 1975 remains to be the most competitive fashion company in production of affordable clothing for the female and male youthful genders. The founder, Amancio Ortega established the company with the intentions of diversifying investments throughout the Spanish nation, to ensure an effective to the youthful clients (Temporal, 2011, p.56). Simultaneously, the company’s management established appropriate production and delivery programs, which entailed all considerable values to conjure consumer loyalty. All the programs implicated to successes and Zara’s growth in the last decade registered skyrocketing performances as customers perceive purchasing clothes at the company’s more than 6,000 outlets, a priority (Mangan, Lalwani, & Butcher, 2008, p.21). The following research study aims to establish the company’s strategic approaches to global environmental factors, the internal and external factors of production, the expected future performances, and the probable strategies to achieve the desired competitive strategies. Competitive forces and strategic issues shaping the Zara industry Analysis of the external environment Political factor approach The global political platform remains a complicated issue as different nations stipulate different embargoes to curb foreign investments and to promote local firms. The fact that Zara Company competes in its global market share indicates on the precise research and strategic approaches to penetrate through these constraints. With the understanding that the company owned over 6,000 branches globally by the end of 2012, and sort to establish an extra 440 by the end of 2013, provokes a reputation to perceiving the market approaches initiated by Zara to acquire the long-term objectives, market stability, target profits, and desired market share (Werther, & Chandler, 2011, p.53). Economic analysis The current financial report on Zara’s business proceedings establishes an increment in profit margins by 22% with an overwhelming sum of $3billion ahead of their similar competitors, for example, Armani, H&M, the Burberry brand, and the High Street. The company further anticipates that the purchase decision model is convergent in the global market, and consumers show similar tastes and preferences hence Zara reaches the needs with similar value prepositions. For example, research depicts that the fashion company sold a uniform kacki skirt in the European, American, and the Asian markets effectively as derived from the reflective demand (Korn, 2013, p.3). Socio-cultural analysis As companies seek to secure a lead and market share assimilation, Zara devices and improves on its strategies to tame loyalty from the global clients, through production of the most appropriate designs to cater for the emerging fashion needs in the market (Simchi, 2010, p.21). The company faces strict business embargoes in entering new global markets, and further establishes of challenging political systems, cooperated with socio-cultural practices to curb progression entirely (Bbc Business, 2013, p.4). Mainly, fashion preferences among the young population are on a continuous convergence holding to the diversity in the relay of information. Therefore, the clients are continually growing a culture of common needs and preferences at a global platform. Technological analysis Zara denotes significance in the global market as salient to acquisition of the set profits and the desired market share. The company ensures the use of information technology in running its projects and relaying information within the organisation, the organisation with the clientele community, and the organisation to the corporate groups. Because of the continuous rate of growth, Inditex, the parent company to Zara, relates on the salient role improving on communication to ensure that value delivery at the long run and at a competitive and profitable pace. The company predicted that establishing a modernized and a communicative strategy would serve to steer the operations to an inclined level. Therefore, the company established the use of disk operating systems (DOS) would halt progress as relay of information was relatively slow despite the continuous growth in the market share. Inditex resolved to establishing the point of sale (POS) terminals to relay information throughout the sales units and to the main offices. The approach continually enhanced performances ahead of the competitors as the communication approach relayed information from the consumer point of purchase to indicate the preferences in trends at the ultramodern factory (Krafft, & Mantrala, 2010, p.22). Microenvironment analysis in relations to Porter’s model Competitive rivalry Since the fashion industry is as competitive as other industries, Zara’s management approaches competition with appropriate strategies (Berger, 2006, p.5). The multinational company strategises and ensures that its produce match the prevailing needs in accordance to the global wave in the fashion wear market. Mainly, the company surveys on the dynamics in purchase models and distinguishes the various components that form the global market (Sharma, 2009, p.48). Zara Company competes with various cloth manufacturers, for example, H&M, a Swedish company, but remains the most competitive following the implemented strategies which form a platform to achieving the set long-term objectives and competence (Yip, 2003, p.42). Threat of substitution Mainly, Zara stands out and outweighs competition with the strategic pricing on its products to ensure a lead against the sprouting trendy designers and other fashioners (Bbc Business, 2013, p.3). Arguably, the discussion on the aggressive strategies of the company in implementing performance upon all its business units implies to the strategic approaches in shelving competition and achieving the set goals and plans. The company owned over 6,000 branches globally, and an annual new product development trend of over 12,000 different designs. The attributes draw and enhance loyalty thus; new brands remain unknown because of the prevailing rate of ignorance. Supplier power The company accrues a competitive advantage as it informs clients through online communication models, whereby the management advertises and amasses customer reviews of new fashions prior to release in the market. The company further perfects the production process of the standardized products by ensuring effective distribution throughout the company’s outlets worldwide. Since 2010, the company resolved to outsource 60% of its products through multinational suppliers. The approach ensures efficiency in production as the company’s plants work on enhancing the availed resources. This variable waves off the availability of close substitutes in the markets as delivery and sale of the trend offers is strict to the exclusive company outlets globally. Statistics depict that Zara is capable of delivering a trend to the 6,000 outlets in the global market within the first week of launch, and the aspect of competitive advantage takes bid (Korn, 2013, p.4). Buyer power The company designs programs that seek to satisfy the clientele needs to desired point, which will ensure the company achieves its set plans profitably. The company communicates effectively to the consumers, which implies that the consumers remain aware of the company programs to enhance value delivery. Therefore, the aspect of information delivery to the consumer implies on a competitive advantage as consumers tend to purchase products that are available as long as there are no close substitutes (Manlow, 2007, p.14). The company establishes a similar price throughout the global markets thus enhancing loyalty, and response, which also serves to wave off the aggressive competitors. The company ensures that products suit the consumer needs vis-a-vis the sole plans to enhance profits. Zara ensures relevance is held upon its brands by ensuring a continuous innovation to cohere clientele groups to perceive the nature and the benefits sort to ensure loyalty upon the target customer demographics in the market. Since businesses crave for profitable competence, Zara’s diversification of investments in a global platform to amount to the current 6,000 units poses as a strategic approach to maximization of profits through prompt reach to the actual consumer markets (Korn, 2013, p.5). New market entrants The approach serves as a hindrance to new entrants in the market, and further challenges existing competitors through its diversified outlook and the accrued consumer loyalty thus; Zara Company remains a competent entity in the fashion market as a result of the set long-range plans to deliver satisfaction and amass profits. As the company rivals endeavor to acquire a meaningful market share, Zara strategises competently, a factor that steers it to market leadership and profitability (Mceachern, 2009, p.16). The advantages accrued reflect further benefits as the company remains credible to suppliers and buyers, and its financial stability inclines it to a state whereby it can suppress negative aggression by competitors. The company’s management plays a relevant role in ensuring competence as it ensures prominent research programs to derive data and process information of the business prospects of the company and market significance. Internal strategic audit issues facing the Zara fashions company Strategic audit on the Financial and production resources The company restricts production to the company’s ultramodern factory that upholds the set approach to particulars in relevance to the needs of the actual consumer. During production, the company improves on the variables that the consumer would deem fit in accordance to the dynamics of change in the fashion world (Pahl, & Mohring, 2008, p.24). Similarly, the garments made tend to be appositive to the global consumer preferences in color, design, and differentiation from those of competitors. With the accrued profits totaling to $3billion dollars, Zara Company is obviously in a competent financial position. According to BBC research and forecasts, the expected profit performance of Zara reflected a 25% amount, although the actual outcome was a 22% rate (Bhagwat, 2011, p.32). The reflected increment in overall profits shall draw positive perceptions among the shareholders, who will in turn, pursue to invest with the company thus remitting more capital resources to the company. To engage on success, the company innovates and produces over 12,000 new designs annually, which are tailored with expertise by the company’s employees with an aim of acquiring the implied specifications. During the production process, the company ensures a strict quantity depending on the demand prospects in the 6,000 outlets globally (Korn, 2013, p.5). Because of the short-lived fashions, demand rates are always high due to the loyalty held on the uniqueness of the products. Audit on the company’s value chain linkages The company establishes a range of delivery chains to ensure production and delivery of value. Findings depict that the company owns a dyeing and sewing factories in Spain, a factor that is intrinsic to the production of the specified garments and clothing. It abides by the norm that all its products comprehend with the desired value and honor the need for low-cost pricing of the products. Through the use of internal processing plants, the company derives a successful strategy as it reduces the costs of outsourcing and the risk of getting products lacking merchantable quality. Because of the speed of innovation, development, and delivery of the demanded fashions, the management strategies to effectively effect delivery in accordance to the perceived benefits (Collier, & Evans, 2012, p.221). To reduce the expenses in innovation and production, the company ensures deployment of resources to the creative team rather than highly paid designers. Further, the company outsources 60% of its production materials, but incorporates its creativity to produce the best products possible (Rainer, & Cegielski, 2011, p.182). The use of information technology and appropriate software reduces the expenses of communication as all sales across all global brands reflects at the company’s headquarters immediately after completion of the sale. The protocol to the establishment of modern plans leads to implementation of strategic value delivery chain, a constituent factor to the current status of the Zara Company. A systematic evaluation of decision-making at Zara Clothing Company The multibillion-dollar company spreads in over 80 countries globally with implications of diversifying further as drawn from its 2013 resolutions and plans. Since the company establishes positive growth upon its diversified investments currently rating the world’s most branched fashion store, all advantages retreat to the engaged managerial tactics. For instance, Amancio Ortega, the company’s founder ensures that the leadership and management of the company rest upon trained, experienced, and qualified personnel without practice of bias (Plunkett, 2005, p.121). The company abides to a set code of conduct that steers and enhances chances of positive performance upon all its various levels. The cohesive approach to defy any differences that may deter cooperation upon the employees implicate on positive approaches leadership (Schermerhorn, 2011, p.165). The company’s constitution allows for the interchanging of ideas to contribute towards meaningful performance and achievement of the intended goals, and objectives. The company’s management encourages diversity in the workplace in order to nurture individual talents for the benefit of the company and the employees. The management encourages employees to relay ideas that speculate on improving the organisation (Pradhan, 2007, p.22). Research implicates on positive cohesion of all employees as intrinsic to its success since they cohabit without any differences, and the perceived unity is vital for team building as it always has been the case (Sabri, & Shaikh, 2010:24). Diversity in the workplace and cohesive integration is the sole factor to the continued progress of the Zara Company, both at the local and international platform. Audit of the company’s strategic leadership and enhanced competence Management and precise leadership criteria are stimulating factors for acquisition of the target goals and objectives in accordance to a company’s long-range plans (Jeffrey, & Evans, 2011, p.35). The skyrocketing competence of Zara’s business prospects is indicative of the established measures to derive positive business forecasts. Mainly, Zara boasts over the diversity and customer loyalty throughout the globe, citing on the motivational and cohesive managerial approaches (Sears et al, 2010, p.44). Through the inclusion of all personnel perceive an equated platform; the company derives positive implications as it rests on the capability of producing over 12,000 different designs annually (Mcloughlin, & Aaker, 2010, p.12). Acquisition of the stipulated goals rests on the development of the best product after weighing out differences and agreeing on the best. Current survey reflects on Zara as the most competent business entity in the fashion industry globally. Through such credit, the strategic evaluation approach reveals a prompt course of prosperity upon any implemented strategy in the company’s marketing mix and value delivery chain (Kracklauer, 2004, p.162). Precisely, research derived that Zara encourages employees to present any grievances and ideas to the management for evaluation and establishment of changes for mutual benefits. Survey reveals on continuity in market share growth and leadership ahead of other competitors, for example, Armani, Burberry, and H&M among others. Evaluation denotes that the difference emanates from leadership criteria as other companies focus on personalized management of projects contrasting to Zara’s disintegrated approach to management (Kurtz, & Boone, 2011, p.33). Evaluating power and politics in Zara Through inclusion and cohesion of employees in the organisation, Zara presumes of possibilities that it would accrue the long-term objectives after harmonizing the working environment. According the findings, the company ensures precise approaches to the issues of promotion, transfers, relegating underperforming and incompetent employees and recruiting new employees (Lan, & Unhelkar, 2006, p.23). Precisely, the management understands of the remorse that might emanate from the bottom-line of the organisation and the possible repercussions it may cause the management. Amancio Ortega sets a good example to the company’s management as he focuses on equity and fair treatment of all the personnel without unexpected revelations of authority (Hayes et al, 2012, p.66). The evaluation approach establishes positive findings on the company’s cohesion of the different personnel groups (Cheng, & Choi, 2010, p.5). Since Zara is a multinational company, arguments are that the company comprises of diverse groups of people with different believes and attitudes. However, prospects establish probabilities that the company engages in unified approaches to mentor a common culture that would eventually lead to teambuilding and progressive performances (Korn, 2013, p.4). The current profit outcomes at a figure of $3billion implicates on the positive performance of the organisation across all its business units. Such propulsion indicates on the prevailing unity in Zara Company. Ultimately, it may be argued out that the company has a simplified culture of eyeing on performance (Daft, Murphy, & Willmott, 2010, p.3). Identification of public relations (PR) crises affecting Zara Clothing Company since 2008 Organisational ethics theory in PR crisis in Zara Businesses are vulnerable to the effects of public relations in the due course of conducting daily projects, aimed at achieving the long-term objectives of the business. Since the company engaged on a continued rate of growth in 2003, new ideologies were equally established as strategic approaches to ascertain unchallengeable competence against other fast fashion manufacturers (Badi?a, 2009, p.34). The company engaged on production of classy and fashionable wear in accordance to the prevailing consumer needs. Such an approach would enable the people in the global society to acquire modern and classy clothing at similarly low prices. The resolution arrived on by the management related to ease of production and access to the required materials of production. Zara Company became a victim of rebellious circumstances following the enlightenment of the global society on environmentally friendly programs. The organisation found its theoretical practice of delivering products profitably turning inconsistent with the external environment, a factor that affected profitability to a reduced level in 2008-2009, but recuperated since the year 2011-to the present (Crofton, and Dopico, 2007, p.10). Corporate social responsibility To resolve the crisis, the company reviewed on the appropriate business programs that would implicate changes in its perceptions in targeting profitable goals and objectives. Zara Company continually realized the effects of the general environment to its business endeavors and resolved to adopt on changes to uphold the set standards of business vis-a-vis those of the external environment. It is in this case that Zara advertised on environmentally friendly production of fast-fashion clothing. Subsequently, research establishes on the cohesive advertisement to the creation of awareness among the general environment across the globe as focused to the luring back their loyalties to purchase Zara’s products (Hitt, Ireland, & Hoskisson, 2007, p.41). Engaging on corporate social responsibility (CRS), the company would reach out to the intended customer segments in the broad market (Udasin, 2012, p.76). Holding importance to the general stipulations of the environment would be profitable to the company as it learns of the desired approaches and plans to acquire success. However, research indicated that Zara failed to review societal considerations thus; it became a victim of dissonance from 2008-2010 with a continued reduction in market share and profits (Daft, 2011, p.23). Stakeholders’ applications and reputation Thirdly, Zara Clothing Company reflected dominance in production without proper methods to diversify and outsource business projects to affiliates and subsidiaries. The approach accrued the company desirable profits up to the eventual turn off in 2008, with the dawn of global recession because of the inflated dollar value. Research establishes that the company’s profits dwindled to less than a billion dollars in 2008 and 2009 consecutively (Hill, & Jones, 2013, p.42). However, the situation was short-lived, and the company recuperated gradually to establish a profit performance of $2.5billion and $3billion 2011 and 2012 respectively. Since 2010, the company resolved to outsource 60% of its products through multinational suppliers (Tungate, 2012, p.42). Further, it licensed and issued rights to acquisition of stocks as a form of diversifying without incurring huge capital investments, and as a form of accessing restrained market on the basis of politics (Hansen, 2012, p.14). Management concepts Lastly, Zara lacked managerial approaches that harboured delegation of authority and stipulation of desired objectives. In the clothing and fashion industry, businesses are prone to making marketing decisions that may affect their programs either positively or negatively. The decisions imply on the set goals and objectives in the long-range plans and further imply on the setting of the mission and vision statements of the organisation (Gitman, & Mcdaniel, 2009, p.6). The common goal in every business unit is to expand profitably, a factor ensured through offering of value and satisfaction to the consumers. The cloth industry depicts relevance to the process as established through Zara’s marketing programs, to reach the market effectively despite the prevailing variables that may hinder progress (Rodenberg, 2007, p.24). This implicated to poor performance until the company established strict managerial approaches to achieve the company’s goals via cohesion of the company and the community. Strategic analysis Business level strategy The research implements that the fashion business does not eradicate the problem of evaluation of alternatives as consumers seek to access the best out offers out of the emerging trends. Information linkages are turning the world into a global market place and thus the consumer gains access to an effective criterion of assessing the value preposition of a trend over another (Gitman, & Mcdaniel, 2009, p.6). Zara establishes the aspect that the global consumer may vary its products to those of the H&M and other close competitors. However, this fails to yield consequential pressure over the company based on the delivery criteria. Although this is not a dependable aspect in marketing, Zara should improve upon it through ensuring quality and progressive innovation, which will in turn control all perceptions of the global consumer to assume that Zara offers the desired products duly and to the anticipated status. Consumers seem to establish different buying decisions with effect to their distinct perceptions towards products. The fashion market depicts convergence in the buying decisions as outweighing the differences (Frayer, 2013, p.142). For example, Zara company outlets tend to offer standardized products in the different countries they operate in, an implication that the global consumer needs merge in respect to fashion trends. The company establishes that the tastes and preferences draw similarities in the global market place as depicted through sales response in the European, American, and Asian markets, whereby the customer turnout is always positive towards making prior purchases (Fernie, & Sparks, 2009, p.34). The post-purchase decisions of the fashion consumer to Zara tend to be positive as depicted through the turnout whenever the company launches a new item. Research implies that Zara sells a profitable output immediately after the launch. Corporate strategy The company assumes of positive cohesion with the global environment and undertakes inadequate research to amass information on surveys that focus to ascertain the extent at which the company would open and run new stores. The general environment comprises of beneficial and harmful factors and the approach that the company adapts is capable of steering the reach or hindering the desired goals. Zara Company approaches the global consumer with similar strategies and manages to deliver satisfaction at the desired profits (Dunne, Lusch, & Carver, 2011, p.4). Significantly, the company realizes of the imminent failures that would restrict market penetration to other countries because of lack of customized approaches, held on the beliefs and attitudes of the consumer. For example, the company fails to establish the Islamic significance thus; it restrains itself from entering the Muslim Asian nations. The clothing company produces fast fashions that are not economic friendly, consequently selling at a reduced price; findings imply of the salient need for the company to establish various business units to serve the needs and preferences of the global consumer (Ghemawat, and Nueno, 2006, p.3). The research findings denote that Zara Company remains the global market leader in the production and delivery of fast fashion clothing. However, all businesses strategise on the adequate resolutions that shall increase chances of success. Therefore, competition is likely to erupt as the rivals may tend to produce quality and durable products, together with the fast fashions, eyeing on acquiring the market segments with whose consumers prefer long-lasting solutions rather than fast fashions (Dicken, 2011, p.56). Resolutions to the global giant are adoption to the evaluation plan and establishment of a strategic business unit with whose production and delivery shall deter competitors’ progresses and lead to opening up of new markets. Recommendations on future evaluation strategies for Zara Clothing Company Data assistant gadgets The company further implements the use of personal data assistant gadgets to enter sales values at the point of sale, this approach seems favourable but fails because of incompatibility with the POS software. In the current situation of the company, expansion and growth variables need control to reduce the risk of diseconomies of scale and incompetence because of inhibited communication (Morschett, Schramm, & Zentes, 2010, p.22). Through the computerized approaches, Zara reaches a wider global perspective, and the implications depict on enhanced profits and market share (Grant, 2010, p.8). However, the company’s communication strategy may fail to deliver satisfaction to customer needs because of the focus on emerging trends to forecast on dynamics with less relevance to other dominant variables that shape the purchase model. Efficient communication channel Zara seems to establish different approaches to communication channels depending on the different departments and may pose demerits despite the feeling of effectiveness. In close supervision of the communication model, Zara seems to emphasize on the use of point of sale terminal gadgets to relay information on sales upon the management in the different company units. The aspect serves to enhance efficiency, but the managers claim that the gadget is ineffective as the small size inhibits the process of keying in data made on sales (De Kluyver, 2010, p.34). Therefore, the company may fail to acquire the desired global niche as continuous growth may halt because of inefficiency in relaying of information necessary to indicate performance and establish on possible future outcomes. Conclusions Zara Company preserves a profitable market share through strategic plans implemented to ensure clarification of the global market opportunities. Therefore, the company should employ all factors of production and ensure effective communication throughout the marketing variables. However, the evaluative approach conducted during the research surveys denotes that the multinational company would be victimized by environmental threats because of the improper and the fast rate in diversification of investment. Notably, such aspects are relative to the eventual 22% profits turnover despite the desired and forecasted 25%. The yield is advantageous to Zara, but the marginal difference implies on a prevailing market force serving to foster competence (Rodenberg, 2007, p.42). Therefore, the strategic and analytical study establishes on the precise methods that the company may adopt to in order to acquire a better and unchallengeable position in relation to all environmental aspects citing that each possess beneficial and unbeneficial attributes. Zara should improve upon it through ensuring quality and progressive innovation, which will in turn control all perceptions of the global consumer to assume that Zara offers the desired products duly and to the anticipated status. The resolution arrived on by the management related to ease of production and access to the required materials of production (Morschett, Schramm, & Zentes, 2010:23). Because of the strategic approaches to the marketing variables, the company depicts a competitive advantage in the low priced global market niche of garments. 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Total Global Strategy Ii: Updated For The Internet And Service Era. Upper Saddle River, Prentice Hall. Read More