Zara Value Chain Analysis - Assignment Example

Zara Case Study Table of Contents Answer 4 PEST Analysis 4 Porter’s Five Forces analysis 6 Industry Life Cycle (ILC) Theory 8 Answer 2 8 Financial appraisal 9 Value Chain Analysis 10 Leadership 12 Decision Making 12 Power and Politics 13 Answer 3 14 Stakeholder engagement using CSR and Ethical management concept 14 Appraisal of Business Ethics 15 Answer 4 16 Recommendations 17 References 22 Answer 1 Zara is one of the leading and most popular Spanish fashion retail headquartered in Arteixo, founded in the year 1975. Zara operates under the flagship of Inditex group. Moreover, brands like Massimo Dutti, Uterque, Bershka, Stardivairus, Pull and Bear also exists under the flagship of Inditex group. Zara has started its international operation in the year 1980 (Willcox, 2005, p.193). Today it is a successful global brand. There are all total 1721 Zara stores worldwide. Zara stores are famous for its fashionable men’s and women’s apparels that including upper garments, lower garments, various fashionable shoes and cosmetics. Moreover, the brand is famous for its cloths for children named Zara kids. This segment offers variety of fashionable clothes for kids. In order to analyze the competitive forces and the strategic issues PEST analysis and Porter’s Five Force model can be implemented below. PEST Analysis The macro environment analysis of Zara can be conducted through PEST model. This model will analyze the impact of political, economical, social and environment factors on the business performance of Zara (Grant and Jordan, 2012, p.122). Political analysis The political stability and fundamental political factors in the operating countries may influence the fashion retail industry in Europe, but the liberalization of import quotas are creating a great significance on companies like Zara (Holmquist, 2003, p.23). Moreover, Zara wish it profile their company as corporately and socially responsible company. Providing aid in emergency areas and creating several social projects in different underdeveloped countries has created a good reputation of Zara in global political field. Economical Analysis The global recession and financial crisis has affected the global economy. The GDP, per capita income and disposable income of people in all developed and developing countries are getting affected (Arieff, 2010, p.19). Therefore, people are becoming more prices sensitive and they tend to buy products in low price. Middle class people try to avoid the consumption of expensive products. Moreover, the international diversification might be a risk factor for Zara due to the change of socio-cultural background. The company can get benefit by operating in American country as the value of dollar has weakened against Euro after the global financial recession. Social Analysis The social factors in new Europe have positively impacted the fashion retail industry (Howe, 2003, p.153). Moreover young generation’s tend to consumption of new fashionable cloths is the key reason of Zara’s Success. North Americans and people of old Europe do not get attracted by the fashionable clothes. Major of the people prefer traditional outfit. The emerging potential market of Zara is the Asian market (Kluyver, 2010, p.177). As the Asians are gradually adopting the western culture in terms of fashion, it is feasible that Zara has the great potentiality for Asian market. Technological analysis In this present era of globalization every company try to capitalize on the advantages of advanced technology. In order to do online billing, maintaining effective supply chain and inventory system and rapid distribution of raw material and end products; leading fashion retail like Zara has to focus on the implementation of advanced technology. The companies are already implementing the advanced technology in business practices in order to exist in fast moving market. Porter’s Five Forces analysis After conducting the macro-environmental analysis, Porter’s five force analysis can be implemented in order to do the competition analysis. In order to examine the competitive factors in apparel industry Porter’s five force model has been undertaken (Hill and Jones, 2009, p.133). Threat of New Entrants The apparel industry is dominated by the companies like Zara, H&M and GAP. These are the giants in fashion retail industry. It is difficult for the new players to enter in the industry and operate in such competitive saturated market (Pahl and Mohring, 2009, p.51). As the leading companies have already gain huge market share and have a good brand image by their unique products and services, it is difficult task for new companies to take away those market share and target audience. Zara can be benefited by the Inditex group’s economies of scale. Moreover, Zara has the advantage of first mover in market. For the last few decades it is the business model of Zara that makes them the leading fashion retailer (Bonacich, 2011, p. 171). Looking into these facts it is feasible that in terms of Zara; the threat of new entrants is low. Threat of Substitutes Garments and clothes are the necessary products in human life. Still there is no existence of the substitutes of cloths. Zara has implemented the niche marketing strategy (Baudelaire, 2010, p.77). They have introduced various fashionable trendy clothes at a reasonable and affordable price. Moreover, the target audience of Zara like the young generation is very much fashion conscious. They cannot go to designers due to the lack of affordability. Here Zara has touched successfully. Therefore, it is feasible that threat of substitute is low in terms of Zara. Buyer’s power The fashion retail industry is although very potential but slowly and gradually it is becoming very competitive and saturated. Moreover, the consumers now-a-day’s avail several information about new fashionable clothes by the help of media like internet, television that can affect the brand performance of Zara (Moore, 2009, p.155). People always look for better quality in low price. Considering this factor Zara is the leading player who fulfills both the requirement of people. Therefore, it can be identified that the threat of Buyer’s bargaining power is moderate. Supplier’s power Zara is the only customer for its vendors and suppliers (Mullins and Komisar, 2009, p.201). Therefore the suppliers in all the cases heavily depend on Zara. Zara gets around 50% of its resources and raw materials from the companies of Inditex group. Therefore, Zara’s dependency on the external suppliers is not that much (Watts, 2012, p.179). Looking into these factors it can be said that Zara has to face low bargaining power of its suppliers. Industry Rivalry The fashion retail industry is very competitive (Vatia, 2008, p.252). There are several leading competitors within the industry that poses threat to each other. The leading companies in this industry are Zara, GAP and H&M. The target group of three companies is almost same. In terms of Zara, the company has successfully able to beat its competitors by its effective business model, increase operating profit and sales. Several implementations of new business strategies of the competitors of Zara, has created a big challenge to the company. Therefore, it is feasible that the threat of industry rivalry for Zara is high enough. Industry Life Cycle (ILC) Theory Industry life cycle consist of four stages of life of a firm. Introduction, growth, maturity and decline are the four stages. The ILC of Zara is different and quite interesting than other companies. The efficient supply chain, regular introduction of fashionable clothes and strong brand image took the brand from the introduction phase to late growth phase in no time. The high innovation intensity of products and services and adequate pricing strategy has kept the brand in growth stage for a long time. Every products of Zara completes their life-cycle in one year. The ILC theory mainly deals with creativity and innovation of products and services. Changing trend of people and economic slowdown of a country may affect the life cycle of a company. In order to avoid the threats Zara needs to employ innovative business strategy. Answer 2 Answer 2 will highlight the internal strategic audit that includes Financial and resource appraisal and value chain analysis. Financial appraisal A detailed financial appraisal of Zara can determine that Zara has able to attain good operation efficiency. Zara has able to take the competitive advantages relative to the competitors like GAP and H&M. Zara leads the apparel industry in gross margin that is accredited to the high quality supply chain management and ability to drive cost (Reis and Farole, 2012, p.89). End of the year 2001 Zara has able to achieve net income of 340 million Euros on the revenue of total 3,250 million Euros. Moreover, total 515 outlets of Zara which are situated in outside of Spain have able to generate 54% revenue (Sternquist, 2011, p.213). The capital expenditure split of Zara was 80%, 10% and 10% in 2001. The story has changed in the year 2002. The capital expenditure of Zara was in between 510-560 million Euros. From this figure 230-275 Euros was spent on newly developed outlets (Friedman, 2007, p.172). In 2002 the stock price of Zara was increased by 50% (Martin, 2009, p.283). In the year 2001 Zara became the 6th largest fashion retail chains in global market. Zara was operating in more than 32 countries excluding Spain and have managed to achieve the market valuation of 13.4 billion Euros (Anderson, 2006, p.149). These are quite impressive numbers. Comparing other competitors like GAP and H&M; Zara under the flagship of Inditex group has able to achieve several competitive advantages in global apparel trade market. Unique business model has made Zara as the leading fashion retail chain. In the year 2011 Zara was able to establish their 5,154 outlets in 78 countries. The net income of Zara in the year 2011 was 332 million Euros. Gross profit was 1, 741 million Euros and net sales reached to 2,960 million Euros. The strategic business model of Zara has helped the company to achieve success during the recession in 2008 (Hitt, Ireland and Hoskisson, 2012, p.566). Value Chain Analysis Zara is one of the leading apparel companies in global market. Over the years the company has developed a unique supply chain management process (Fernie, 2004, P.93). The business model of Zara emphasizes on low prices and permanent innovations. The outlets of Zara have digitally linked with the company headquarter (Dassler and Philips, 2007, p.189). The employees of Zara gather the inputs from customers and share them daily to the headquarters. Regular inflows of several information and sales data from all the outlets have helped different teams to understand the fashion trend. The operating strategy of Zara that is based on quick respond to market trend and stock minimization has been enhanced by the data and information collection. Zara follows a unique business model which is different from the other competitors. Although the business model is successful enough, few problems has affected the sustainable growth of the company Zara operates under the flagship of Inditex group. The company holds a major percentage of global sales of Inditex. The Inditex group has contributed wide-ranging global sales to Zara. It will be critical if Zara fails in future. Then Inditex have to reformulate the business and corporate strategy. Zara is one of the reputed online fashion retailers in global market. Due to centralize distribution system the operation in global market is getting more and more difficult. Still the company has not invested in America to improve the distribution facility. It is feasible that due to centralized logistic model, Zara may not supply up to the expectation level in the regional outlets in US and North America The designers of Zara have come up with new fashionable styles based on the hot spot trend and customer input (Tidd and Bessants, 2011, p.143). In order to update the stock constantly Zara has pulled different skilled and innovative designers from the market. The merge of global sourcing policy and dexterity has made Zara to retain competitive advantages and high growth rate. Several products are produced by quick response and rest is imported from low cost manufacturing centers like Sri Lanka, India, and Bangladesh. Zara has able to use the broad supplier base that provides different unique fashion fabrics at low price (Prahalad and Ramaswamy, 2004, p.113). After getting the resources, the regional workshops of Zara did the final printing and finishing. Moreover, the workshops look to maintain the quality of end products (Granger, 2010, p.221). The manufacturing system of Zara is very much similar to the manufacturing process of competitors (Ray, 2010, p.331). The key success factor of Zara is the operational efficiency and unique idea generation. The operation of Zara enhances cost efficiency in operation through the economies of scale has been conducted in house. Design-led procurement prevents stable inventory and it helps the company to be more responsive. Zara’s pays for the completed garment has minimized the operation cost (Cline, 2012, p.88). The finished garments are distributed to each outlet. On distribution centre used to distribute the finished garment twice weekly in the outlets. All the distributing activities get completed within 48 hours. Moreover, the company has able to reduce the lead time against its competitors’ lead time. The integrated supply chain in Spain results the rapid production of garments and it is being done in a consistent way. Therefore Zara has able to establish a bend enterprise that is agile too (Tzu, 200, p.68). The effective value chain linkage has reduced the chance of supply chain failure for Zara. Leadership In order to gain competitive advantage Zara has efficiently implemented the differentiation and cost leadership strategy. Zara has set a reasonable price for every garment to create a huge customer base. The low pricing strategy of quality products has helped them to lead the competitive market. Introduction of variety of products in low price by Zara is the effective example of differentiation strategy. Zara has differentiated their products and services by reducing the unnecessary operational cost. Due to effective distribution and supply chain Zara completes the designating and finishing of garments within a month. Moreover, global diversification of Zara has differentiated the company from its competitors. Decision Making Zara has made centrally located stores with decentralize functional groups. Zara used to implement decentralized decision making in business. In order to make quick decision, Zara used to hire and train the young designers. The centrally located designing teams of Zara initiate store to store transfer of finished garments. The commercial designing team includes two product managers and two designers in order to dedicate to a section of every outlet. The teams used to place new order, purchase materials, and set the pricing of finished products. To decide the fashion trends of people, Zara relies on these teams. The other employees of commercial functional groups practice an effective autonomy. They select the order of particular garments for a specific outlet. When the total order from the stress exceeded, these decentralized teams decides which outlet would get which garments. Power and Politics Zara is practicing a consistent business system. Zara has failed to overcome the political problems in global market. The company is facing international taxation, tariffs and legal cost problem. Zara is the leading fashion retail in Spain. They are able to utilize the power of people in their business by effective cost leadership and differentiation strategy. The effective organization and brand power is the key reason of success for Zara. In international market Zara has failed to handle the labor issues. The unhealthy politics within the organization is creating barrier of success. Therefore, Zara needs to follow the international rules and regulations of problems in order to overcome the issues. Answer 3 Answer 3 will highlight the various PR crises that have affected Zara. This part will evaluate the stakeholder engagement in Zara using CSR and ethical management concepts. Stakeholder engagement using CSR and Ethical management concept The loyal consumers are the stakeholders for a company. Moreover, they are also the member of this society. Zara wants to help the environment and society through its business model. It is the CSR policy of Inditex group. Zara saves energy in order to make their stores eco-efficient. The company is developing the eco-efficient management model in order to apply in their stores. This management model will propose the possible recycling of decorations and furniture (Selim, 2013, p.217). The recycling of security tags and hangers are collected in the outlets. These are processed and changed to the plastic items. This is the example of waste management in Zara. Each and every year millions of tags and hangers are being processed. Every year both the plastics and card boards are being recycled. Several multimedia training plans and in-house communication campaigns have been organized to make the employees aware about the sustainable ethical practices like using sustainable transport, trimming energy consumption and modifying behavioral habits. Biodegradable plastic bags or the paper bags usage in outlets is one of the effective examples of CSR practices of Zara. Zara used to pack the sold products in paper or biodegraded plastic bags. Zara used plastic bags in rare occasion. Zara decompose the plastic bags through the biological process in order to prevent the environment pollution. By the d2w logo plastics can be identified. The commitment to use recyclable materials and paper is extended. The company uses the PEFP/FSC mark on the fashion catalogues. Zara supports usage of organic cotton in the manufacturing of selected cloths. These all are made of 100% cotton (Johansen, 2007, p.179). The products in the outlets can be easily identified with the use of distinctive label. Moreover, they do not use non-biodegradable products in footwear. In terms of transport Zara uses the biodiesel fuel. The fleet that used to transport more than 200 million cloths in every year uses only 5% biodiesel fuel (Sheffi, 2012, p.161). The usage of biodiesel reduces the emission of CO2 by more than 500 tones. Last but not the least products of Zara that are made off animal’s skin such as leather and fur, exclusively come from creature reared in livestock form. Appraisal of Business Ethics The distribution centers of Zara handle the inbound logistics, inventory control and warehousing. The distribution centre of Zara receives huge quantities of every garment. After receiving the garments in bulk quantities, the distribution centers used to recombine the garments in order to dispatch the garment in every outlets of Zara. Most importantly, in order to reduce the inventory risk; Zara does not stock the inventory. It is evidenced that Zara, there is always a little inventory in the supply chain of Zara. Zara has able to pioneer their supply chain operation. Moreover, constant introduction of new fashionable products and the effective supply chain management has made them one of the successful retail companies in global market. Zara has successfully done the international diversification. They already own several outlets in global market. The effective value chain management and effective customer services are the reasons behind the success of Zara. Although Zara has done several corporate and social activities, the company has failed to satisfy their loyal employees (Jobber, 2012, p.583). In different countries, the employees of Zara are unhappy due to huge work load. Moreover, they are not getting the proper appraisal against their contribution in the organization. The communication process between the management of organization and the employees is facing challenges. The inadequate appraisal and poor communication process with top management is forcing the employees of Zara to leave the organization. Zara used to take the feedback and the opinions of the consumers in order to improve their services but they are overlooking the fact that after doing a stressful job employees are not satisfied regarding the performance appraisal. Low job security always has failed to motivate the employees in Zara (Berger, 2006, p.36). The destructive work culture has forced the unions to criticize Zara heavily. Several media articles and international news is affecting the brand image of Zara. It is feasible that every company needs to maintain a healthy work environment and should motivate their employees. Lack of motivation level and the proper appraisal of performance may create huge problem for Zara in near future. Answer 4 Answer 4 will help to give the solution and recommendation plan for the current business and organization issues that are affecting Zara. Recommendations Zara has the potentiality to get the sustainable growth by their unique business model. Moreover, their strategic operational strategies help them to face the challenges within the industry. Zara has the opportunity to create a great brand value in Germany and Eastern Europe (Schiller, 2006, p.88). Zara’s distribution system is centralized in Spain (Chopra, 2009, p.19). Therefore, it will be comfortable for the company to support the existing systems and the new stores which are closed to the main centre. Therefore, it is necessary for Zara to continue to own the flagships and other stores while joint-venturing or franchising as they have to face low financial risk and limited entry barrier. Zara should concentrate to introduce more number of outlets in Northern America. Zara used to offer new fashionable clothes (Render, 2009, p.99). The company has failed to make popularity among the north Americans as the people of North America is little out dated in terms of new trendy fashionable cloths. The company should tactically establish a new distribution centre in US and North America in order to reduce the operational cost like logistic and supply chain cost. Moreover, the manufacturing cost should be reduced as the import of resources decreases. Zara should increase the awareness between the North Americans by implanting some unique promotional activities and introducing apparels according to the regional cultural trend. Zara has to maintain the sustainable growth is to capitalize on the industry opportunities. The consumer behavior in apparel industry is changing regularly. Moreover, people now-a-days wish to consume variety of fashionable products. The changing business environment and consumer behavior after the globalization is affecting the leading companies. Retail stores like Zara are suffering from the huge competition in market. The competitors like GAP and H&M is creating huge rivalry in the apparel industry. In order to survive in the competitive market Zara has to introduce the second central distribution centers in operating countries. Moreover, Zara need to concentrate on the pricing strategies. In the present era of globalization people have several options for a single product. As the market is competitive enough, Zara has to introduce fashionable garments in low price. Due to financial crisis and global recession, the economic growth of several developed and developing countries has been affected. Therefore, per capita income and the disposable income of people have decreased. As a result people are looking for bye products in reasonable price. Therefore, it is necessary for Zara is to introducing low price product by decreasing the unnecessary operational cost. The Asian market is very much potential for online fashion retail. People of country like India, Pakistan, Bangladesh, Sri Lanka, China, and Japan are becoming fond of western fashionable outfits. Although the Asian market is very much potential, day by day the competition within the industry is increasing (Tiits, Kattel and Kalvet, 2006, p.83). The aggressive diversification strategy of Zara, which they applied in European market, would not be fruitful for the Asian market due to several factors. In Asian market several competitors compete with each other. People of Asian countries used to look for quality product in low price as the disposable income and per capita income of people is not that much compared to the Europeans. The business system of Zara is the major competitive advantages for them. They lose their competitive advantages when they try to do the international expansion as they have to face the challenges like tariff costs, shipping costs etc (Porter, 2008, p.344). Implementation of less centralized approach can be solution for the problem. If Zara introduces several distribution centers in the operational countries it will help to reduce several operational costs like logistic and supply chain cost, manufacturing and resource management cost etc (Berman, 2010, p.129). Zara follows a unique business model which is different from the other competitors. The effective cost leadership and differentiation strategy has increased the core competency of Zara. Although the business model is successful enough, few problems has affected the sustainable growth of the company (Tarun, 2007, p.39). Zara operates under the flagship of Inditex group. The company holds a major percentage of global sales of Inditex. The Inditex group has contributed wide-ranging global sales to Zara. It will be critical if Zara fails in future. Then Inditex have to reformulate the business and corporate strategy. Zara is one of the reputed online fashion retailers in global market. Due to centralize distribution system the operation in global market is getting more and more difficult. Still the company has not invested in America to improve the distribution facility. It is feasible that due to centralized logistic model, Zara may not supply up to the expectation level in the regional outlets in US and North America (Nigel, 2009, p.183). In terms of maintaining business ethics and corporate responsibility in business practices the company has to follow several guides. Zara is the popular global brand. They have several outlets in many developing and developed countries (Anheier, and Isar, 2008, p. 254). In order to operate smoothly and comfortably in different countries they have done several corporate and social responsibilities. Providing services in the remote area or in any emergency has created a good brand reputation. Moreover, it is recommended that Zara should adopt the advanced and modern information technology practices. Several competitors of Zara like GAP; H&M has already upgraded their information system (Schermerhorn, 2011, p. 217). It is necessary for Zara to upgrade information system as it will result automation of distribution centre, efficient management of high demand. In order to accomplish this technology steering committee have to review the current software, hardware and several automate process. Zara has developed the software for the purpose of operation internally (Ritzman and Malhotra, 2007, p.153). The company should choose the current operation system in order to upgrade their point of sale system. The automation process of all the distribution centers needs to be upgraded for the purpose of automatic packaging of products (Reid, 2004, p.179). Over the years Zara has maintained to perform as a leading online retailer with the help of their unique business model and usage of technology in business. The company needs to keep upgrading their information system in order to add special value to business (Keynes, 2011, p.119). Last but not the least it can be concluded that Zara has failed to motivate their employees. Employee is the biggest asset for any organization (Tamer, 2009, p.233). Being a leading global online fashion retailer, Zara concentrates on customer service. Beside of this Zara should motivate their employees also. They employees are getting stressed after working for long time in a day (Pakroo, 2012, p.83). After giving their 100% they are not getting the proper appraisal. Moreover, lack of training, inadequate communication process in organization and low job satisfaction are forcing the employees to leave the organization (Jennings, 1996, p.133). Zara should train the managers to maintain a healthy work environment. Moreover, the managers of Zara should give performance appraisal and incentives according to the performance of the employees. It should increase the motivational level of employees. The high motivation level should increase the efficiency and passion about job of the employees. The healthy relationship between the low level and top level in an organization and unique customer service should draw the success picture of Zara (Dijkman, 2008, p.233). References Anderson, B., 2006, Imagined Communities. London: Verso. Anhier, H., and Isar, Y., 2008, Cultures and Globalizations. London: Sage. Arieff, A., 2010. Global Economic Crisis. Darby: DIANE Publishing. 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