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Globalization has provided wider platform to large number of businesses so that they can easily carry out business operations. Further, in the modern era, fashion industry has started to operate efficiently by offering a wide range of products to the target market (Kim and Ko, 2012). Moreover, competition at global level is quite high due to which businesses have to develop effective strategies so that overall performance in the market can be enhanced at a faster pace.
Apart from this, customers prefer to purchase the products of company which can provide them value for money experience and the entire product range meet with their requirement in the market (Brand, 2011). Customer preferences play a crucial role in the fashion industry as products are purchased by customers as per their needs and requirements. For the present essay, organization chosen is Hugo Boss which is a German luxury fashion house. Business offers a large number of products to its customers such as high fashion, accessories and footwear. Main products of company are boss black, orange, selection, green, etc. (Hugo Boss AG, 2016). Various tasks have been covered in the present research which involves strategies followed by company to generate profits, organization’s approach towards managing brand, etc.
IT is to generate profits and list of luxury management approaches or strategies the company has been followed
Hugo boss has undertaken large number of strategies in order to operate efficiently and this has directly become one of the basic reasons of company behind success (Li, Li and Kambele, 2012). In past company only focused on its premium brand where majority of the customers perceive Hugo boss as distributor of male oriented products where high quality products are offered at premium price. Further, company has strongly focused on exclusive luxury and high fashion brands. Business totally relies on strengthening its customer base by offering them wide variety of products (Rageh Ismail and Spinelli, 2012).
One of the main motive behind rise in profits of business is effective distribution channel where no intermediaries are present and the products directly reaches to target market in short period of time. The distribution policies of Hugo Boss rely on two points where business operates its stores on its own to develop brand image. Moreover, the second point is associated with trading partners where focus is on maintaining control on the quality. Apart from this, effective training program carried out for staff members in relation with sales and product technique are also fruitful (Nagurney and Yu, 2012). Through this it becomes easy for enterprise to satisfy need of its target market and has assisted to generate higher profits.
On the other hand, the current strategies being employed by Hugo Boss are also effective where CRM approach has been considered which has lead to rise in level of customer loyalty in the market. Effective communication sources have been employed by company so that information linked with products can be easily shared with those of target market (Kim and Ko, 2010). Appropriate media sources along with other tools have supported Hugo Boss in sharing proper information with its target market. Business has undertaken resource led approach which is linked with stretching organizational resources along with the competencies with the motive to provide value for money experience to its target market.
Organization is efficient enough in differentiating its product range from those of target market and due to this reason annual sales along with profits of business are high (McColl and Moore, 2011). The present strategy of Hugo Boss also focuses on elevating the brand by engaging customers emotionally, leveraging the brand potential in women’s wear and shoes, building more effective retail online and offline channels and exploiting growth opportunities being present at the global level. The entire ranges of present strategies have allowed Hugo Boss to enhance overall performance at global level where enterprise can easily gain competitive advantage (Jansson and Power, 2010).
Apart from this, different luxury management approaches have been followed by Hugo Boss such as differentiation focus strategy, effective distribution, effective design of products, building brand image on cultural values and lifestyle, developing products on the basis of customer’s culture etc (Miller and Mills, 2012). These approaches being undertaken are fruitful for business and have become one of the main reasons behind success in every market where it operates. Moreover, product development only takes place after considering the overall need of customers and through this Hugo Boss has earned highe
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