Business Strategy Assignment - Athletic Industry
Added on 2020-10-04
14 Pages4096 Words159 Views
Business DevelopmentFinanceLeadership Management
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BUSINESS STRATEGY
Table of ContentsINTRODUCTION ..........................................................................................................................31.1 Determine and Understand the strategic decision made...................................................41.2 Application of strategic management thinking.................................................................91.3 Analyse decision framed resulted in better or worse results..........................................111.4 Evaluate causality of decision made...............................................................................121.5 Execution of corrective action measures .......................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION The concept of Strategic Management can be understood as the set of actions or decisionwhich help entrepreneurs in accomplishing specific business goals and objectives (BusinessStrategy, 2018). It is a kind of long term action plan, mainly used by firm's management tosecure competitive position in market, carry on its operations, satisfying customers and attaindesired ends of the company (Acquaah, 2011.). In terms of business, strategy means set ofcompetitive actions or moves that an organization uses in order to attract customers,strengthening performance, compete successfully and achieve define targets. In general, itabstracts how business activities needs to be performed to reach the desired ends. The givenreport is based on Athletic Industry which is the largest growing sector worldwide. The mainpurpose of this report is to determine strategic issues, evaluate strategic management thinkingand its implications. Along with this it also outline execution of corrective actions, subsequentlytaken to manage decision. Overview of Athletic Industry An athletic industry continues to be one of the biggest and fastest-developing sector inUnited Kingdom and the world. This advanced growth has nourished the continued want ofmany individuals to seek a career in the spot industry. In past few years, sports industries havegained momentum and recorded a green development all across the globe. Emerging concerntowards fitness and accelerative health consciousness among people in urban areas, growingenthusiasm, increasing level of consumer disposable income and flourishing e-commerce retailsector worldwide are some of the main elements that have increase the demand for athleticfootwear. In 2017, athletic industry was valued at 75.2 Billion (in Pounds) and is estimated toreach a value of 115.6 Billions (in Pounds) by 2023. Along with this, market is also projected toregister a CAGR of 5.3% from 2018-2023. Also, individuals are increasingly understanding thesignificance of utilizing suitable types of shoes for different sports activities which prevent them
from leg injuries, back pain, muscle injuries etc. Therefore, the demand for athletic footwear isanticipated to rise over the coming years. Large Players in the market like Skechers, Nike, Puma, Adidas, Rebook, New BalanceAthletics are emphasizing on developing advance technologies so as to gain the stability of sportshoes & make them comfortable. Athletic industry mainly operates in the region of EuropeAfrica, North America, Latin America and Asian Pacific (Alsudiri, Al-Karaghouli and Eldabi,2013). The sector is mainly targetting all age groups right from adults, children, teenagers etc.Products under Athletic industry are mainly classified into types one is ratio of consumers whoare willing to pay high prices to get good quality products and other is percentage of suchconsumers who prefer to have low price satisfactory quality footwear (Annabi and McGann,2013.. It is important to maintain right balance between these two types and this can done aftercritically investigating macro-environmental factors and then formulate appropriate strategiesaccordingly.
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