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Marketing at the global level has become necessary for organisation in the present era as large number of challenges is present in the business environment due to which companies are not able to accomplish their desired goals at international level. Further, it is a well known fact that at global level, market size is very wide and due to this reason, effective marketing strategies are required for the growth of company. Moreover, ultimate objective of every business is to develop awareness in the market so that its brand may become popular worldwide. The brand owns the high street clothing retailers Burton, Evans, Topman and Topshop and out of this chain, the company has been selling large number of outlets in different countries. The group has more than 2500 outlets in UK; thus it is considered as the largest retailer in the same sector. The company had a large factory in Leeds which was visited by the Princess Royal in 1934. The brand value of the group has been persuading celebrities as well towards the outlets.
For conducting the present study, organisation chosen is Arcadia group that is a British multinational retailing firm headquartered in London. At present, company is planning to open its stores in the market of Nigeria for which global marketing management is essential. Through marketing strategy, entire range of products of company can be promoted easily. Various tasks have been covered in the study which involves the competencies of brand, external opportunities for the firm etc. Different strategies have been mentioned in the study on the basis of which Arcadia group will be managing the business activities.
Arcadia group product range involves clothing, accessories and shoes which are popular in the market of UK. Main competency of firm in the market involves customer benefit where organisation strongly focuses on providing large number of benefits to the target market. Further, in the market of UK, large number of consumers prefers to buy products of Arcadia group and they are satisfied with it. Therefore, this core competency can also support management in the Nigerian market as company can highlight main benefits which customers can obtain after purchasing its product range. Through this, Arcadia group can utilize the customer benefit as core competency at international level. Ability to offer differentiated product is another key competency of Arcadia group and this can be utilized at international level where company can market its product in a unique manner and it can be highlighted that no close substitutes of these products are present in such market. This can support the enterprise in attracting large number of customers for longer period of time.
Value for money products is also a major competency of firm where in market of UK, products of company are perceived as offering value for money. So, this can be utilized at international level where company can present the benefits of consuming its product range as being more in comparison with other products in the market. High quality product is another competency of business enterprise and this is the main reason behind rise in sales volume of company. This can be used at international level where customers can be targeted on the basis of quality. So, all these core competencies are effective and can be used by the management for enhancing the sales along with profitability level in the market. At international level, competition level is quite high and all these competencies can provide base to the firm for accomplishing the desired goals and objectives.
Internationalization theory has been used by the organization to measure the international behaviour of the organization those who are entering in the global market to serve their customers. The internationalization theory mainly focuses on the three factor that is timing of entry, effective selection of market and selecting appropriate entry mode for internationalization. Timing of entry is the foremost decision taken by the Arcadia group to expand their activities in the abroad so it is considered as the essential variable that assist in understanding the relationship of the other two element also. According to this theory it focuses on the two intermediate products that is knowledge flow and flow of raw material from upward to downstream. However, internationalization theory of Arcadia group mainly centre upon the flow of knowledge. This can be used at international level where customers can be targeted on the basis of quality. So, all these core competencies are effective and can be used by the management for enhancing the sales along with profitability level in the market.
In order to better perform in the international market, it is required for the firm to analyse its strengths and weaknesses in advance so that overall efficiency of study can be enhanced through this. Main internal strengths of company are
So, these are some of the main strengths of Arcadia group which provides base to the enterprise in serving its target market. Further, company operates in highly competitive market due to which it is necessary to focus on its key strengths so that overall productivity may be enhanced. With the help of this, organisational performance can be enhanced. All these strengths including competencies can be better utilized at international level so that target market of Nigeria can be attracted easily and it is favourable for the business in every possible manner. In short, it can support the enterprise in gaining competitive advantage and can assist to deal with large number of challenges. On the other hand, some weaknesses of Arcadia group are present which reduces the efficiency of organisation and they are
So, these are some weaknesses of Arcadia group which reduces the efficiency of enterprise at the time of operating in the market. Further, corrective actions have been taken by the management so as to overcome with all the weaknesses and through this; company can better perform in the international market and can enhance its brand image also. Apart from this, it will become easy to deal with the condition of rise in competition level in the market along with other challenges that are present in the business environment.
Apart from this, transaction cost theory is based on three main categories such as search and information cost. Under this management of Arcadia group examines the type of goods that are available in the market with low prices. Furthermore, bargaining cost is the second element which serve as the final price for the agreement. In this regard, bid and ask can also be referred so as to form the long term contract with other party. It facilitates to determine smooth flow of production. The third element is of policing and enforcement cost wherein other party lays emphasis on terms of the contract. These terms facilitate to take appropriate action on right in accordance with legal system. Owing to this, these features need to be referred while taking decision related to strengths and weaknesses.
Market where Arcadia group operates is full of opportunities and they can be grabbed by business so as to serve its target market in a better manner. Main opportunities present with company are as follows
These are some of the opportunities which are positively affecting business enterprise. Main opportunity present with company is changing market trend where customers prefer to buy the products such as clothes which are eco - friendly and due to this reason, organisation has altered its operations and main focus is on producing sustainable products. Apart from this, recycling of waste technique has been adopted for the betterment of society. Further, online market is growing rapidly and this can directly benefit the firm as management can offer its product range with the help of website and this can support in increasing the sales volume along with profitability level as well. On the other hand, various threats are present in the external environment where Arcadia group operates and they are as follows
These threats are affecting the business operations and for the same, management has taken large number of initiatives so that market presence at international level can be enhanced easily. In short, by dealing with threats, firm can promote itself as a better brand and this can boost the overall productivity. No doubt, outside influences directly affects the business operations and it is required for the organisation to develop effective strategies so that overall impact of external influences can be reduced to some extent. Furthermore, all these factors have been ranked because corporation need to focus accordingly. For example, environment issues is the most uncertain issue which affect business to a great extent. Second is the economic downturn whereby overall performed of corporation get affected. Likewise all factors take place in the operation of firm and has negative impact accordingly. Pestle analysis has been conducted in the present study and this needs to be analysed so that market share can be acquired.
Arcadia group has been following political policies and strategies and that assists the brand to enter into different market places. Political aspects have been assisting Arcadia group to reduce the possibilities of legal issues. Tariffs, trade control, employment, discrimination law etc have direct influence on business operations. Further, firm has to strictly comply with all the guidelines introduced by government so as to operate efficiently.
Appropriate flow of resources is there in the economy which assists Arcadia group to invest in different projects and this also aids in expanding the business in other market places. The economy of UK has been supporting the business to raise the economic aspects. At present inflation rate of UK is 1.8% and due to this basic reason purchase power of customers have been influenced and they are not able to buy costly items.
The entire product line of Arcadia group is concerned with needs and demands of customers. The products are quality concerned therefore people prefer to purchase it highly.
The business has been emphasizing on technological aspects so that new products can be developed. Retail stores of Arcadia group have been using different techniques to manage internal business functions. Online shopping along with self service check out points are the two new advanced systems adopted by firm.
Arcadia group has been showing great concern towards environment; hence all the activities of business are integrated with environment. Recycling techniques have been employed and firm focuses on development of eco friendly products due to which its environmental impact in very minimum.
Arcadia group is following all the legal policies and strategies at the time of expansion and diversification. Payment of tax and other type of duties have direct impact on company. Further, taxes are paid by Arcadia group on time so as to satisfy need of government.
Large numbers of factors are present which Arcadia group has to consider at the time of undertaking competitor analysis. Pricing strategy is regarded as the most important and while entering into Nigerian market, firm has to consider pricing strategy of its competitors so that decision can be taken regarding prices of products. Further, it is recommended to the firm to set low prices so that large number of customers can be easily attracted with the help of this. Every organisation which is offering clothing and other type of apparel in the market has set prices lower with an aim to strengthen the customer base of entity. Therefore, setting lower prices as compared with the key competitors can provide base to the enterprise for attracting customers in the Nigerian market. Generally, people living in Nigerian have lower purchasing power in comparison with people living in the UK and due to this reason, the pricing strategy is appropriate for the business enterprise. Marketing strategy is another factor which needs to be considered by Arcadia group while undertaking competitor analysis. Further, it is a well known fact that through appropriate marketing tools, firm can easily develop awareness in the market and each and every customer can know about its product range.
Arcadia group will be using Product Development strategy where in new and innovative products will be introduced at the market place for attracting more customers. Arcadia group needs to add quality facets in the products so that the brand value of business can be differentiated with other rivalries. Product development strategy will be useful for the business as through that, large pool of customers can be persuaded. The company will be able to segment different customers through new products. Thus, the strategy will be beneficial Arcadia group; hence it should be adopted.
Therefore, by knowing the marketing strategy of competitors, Arcadia group can develop better strategy through which Arcadia as a brand can be more popular in the Nigerian market. This can support the business in enhancing overall market share in the Nigerian market and can support in grabbing other benefits as well. Competitor analysis is regarded as one of the most effective tools as through this; overall activities carried out by major competitors can be known easily which is beneficial for enterprise in the present era. Apart from this, developing strategy without obtaining competitor knowledge can be unfavourable for business and due to this reason, competitor analysis has its own significance and it assists the enterprise in gaining competitive advantage. The reason behind this is uncertainty about the future business activities. For example, competitors may be performing good at the marketplace and they may be able to meet expectations of the customer effectively. Owing to this, it is very important for organization assess the strategies of competitors and accordingly bring change in the own strategies so as to include customers. Here, information about competitors is the only base by which management can formulate appropriate policies to get competitive edge over competitors. Majority of companies are targeting customers by offering discount and other type of schemes. So, Arcadia group can target its customers on the basis of product differentiation and highlighting key benefits of product range. Therefore, this can provide competitive advantage to organisation in every possible manner and can provide reason to customers for purchasing the products of Arcadia group rather than other competitors in the market. For competitor analysis porter five forces model is also beneficial and it has been discussed below
In case of Arcadia group buyers have high bargaining power as substitute of products is easily present in the market due to which it is not possible for company to dominate t
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