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In the present scenario, companies are growing at a greater speed in order to retain in the diverse market place in order to make the offerings to the customers and expand the market share. In order to expand across the national boundaries, different aspects are ascertained and managed to take appropriate decisions to make entry into the new market. This report discusses about the competencies that are related to the brand which helps in analysing different dimensions and perspectives that will properly evaluate the market trends. Topshop has been chosen to evaluate different strategies that will help to make the entry into new market with the new product that is offered as per the tastes and preferences of customers.
There are several competencies that are related to the brand and essential to determine the entry of products in the new market. Competencies reflect the portfolio of business that helps Topshop in making their product offerings reach in the market and significantly, in meeting the customer needs (Canel, Bejou and Khumawala, 2015). Hence, the competencies are discussed as below:
Segment the Market: With the aspect related to expansion in global context, it is essential for Topshop to properly segment the market by keeping in mind the product through which they are entering in the market. The segmentation of market helps to effectively identify the market needs that are needed to be fulfilled. This will help Topshop in effectively marketing and selling of the products.
Define Target Customer: In order to expand globally, Topshop needs to define the target group to whom they are marketing the product. With the proper identification of target customers, it helps the organization to operate in an effective manner. As the preferences are analyzed beforehand which help to define the needs of the customers to whom they need to cater to offer their product and services. This will help Topshop in providing best services to the customers.
Allocation of Resources to Maximize the ROI: Brand provide the specific assurance while making the offering of the product to meet the needs of the customers. This helps in effective allocation of resources so that the return on investment is obtained with the offerings and operations related to the product that is offered by Topshop. With the help of effective management of the human resources to make the offering to the customer in an effective manner.
Develop Communication Strategies: It is an essential prospect that helps the particular brand in order to expand and grow globally with the increase in market share. Different strategies are adopted to make proper communication with the target group to whom Topshop is going to make the offerings. Proper strategies will help Topshop to include the palnning and control system to provide high quality of goods to the customers.
All these competencies are beneficial as they help in developing the conceptual framework that is utilized to enter in the new market with the product that they are offering to the customers as per their need specification (Kanibir, Saydan and Nart, 2014.). Topshop effectively determines the respective elements that are based on different aspects. This competency provides a clear image that can be efficaciously presented and would help Topshop to market the chosen product to the target group that is defined as per the segmentation in context to the offerings. However, with the proper development of different strategies, the resources are allocated in an effectual manner and help to maximize the return in investment that is made while making entry in the global market.
The internal strengths and weaknesses determine effective process to analyze the elements that help to evaluate different aspects. Topshop is a multi-branding store which they are offering to obtain competitiveness and competencies that are utilized while carrying out the operations to make offerings. Thus proper analysis will define the respective strength and weakness of the brand which will determine the different aspects that are related in order to enter into a global market with the formal shoe range. The strengths and weaknesses are stated
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