TABLE OF CONTENTS INTRODUCTION...........................................................................................................................1 SUMMARY OF ORGANISATION...............................................................................................1 CUSTOMER BASE.........................................................................................................................1 MISSION AND CORE VALUES...................................................................................................3 VISION............................................................................................................................................3 CORPORATE LEVEL STRATEGIES...........................................................................................3 BUSINESS LEVEL STRATEGIES................................................................................................4 SWOT ANALYSIS.........................................................................................................................4 CONCLUSION................................................................................................................................5 EXECUTIVE SUMMARY.............................................................................................................6 REFERENCES................................................................................................................................7
INTRODUCTION The systematic investigation into and study of material as well as sources in order to establish facts and reach new conclusion is called as research. In this present report, a research will be conducted on company's customer base, mission, core values, corporate level strategies, business level strategies and SWOT analysis.Harry Rosen Inc. company is being chosen for assessment which is a clothing company in Canada. SUMMARY OF ORGANISATION Harry Rosen Inc. is Canadian retail chain of 15 luxury men's clothing stores. It is a private held company which was founded in 1954 by Harry Rosen. It is a privately held company whose headquarters are located in Toronto, Ontario, Canada. The industry of this company is Retail fashion industry (About Harry Rosen,2018). The main product of company is High end menswear and accessories. The growth of Harry Rosen Inc. was tremendous as it was very small store in 1954 of 500 square fits in Cabbage Town, Toronto. This company only deals in men's wear and accessories. Company also offers various collections of fine menswear labels including Brioni, Boss Hugo Bossm Burberry, Canali, Armani Ermenegildo Zegna and Dolc & Gabbana. CUSTOMER BASE Customers are the backbone of the organisation. It is very important that customers should be fully satisfied with the services and product offers by the company. There are much information which are necessary to be include in the researching the customers of company like age, gender, income, ethnicity, occupation, location, values, interest, rituals, traditions, customs and most important is current market trends in the market (Albert & Maasoumy, 2016). These are all the factors which are very important for clothing company to consider while researching their customers. Thus, in order to find the perfect customers, the best market strategies which are used by the company to target its customers effectively and efficiently. Segmentation and Targeting This is one of the best framework that summarizes as well as simplifies the procedure of market segmentation.It is the process in which group of buyers within the market are profiled 1
along with divided as per the range of variables that identifies the characteristics as well as tendencies. There are three stages in this model which are as follows- Segmentation: This is the first stage where the broad market is divided into small segments that comprisespeoplewhonaturearehomogeneouslikepeoplewhothinksinasameline (Schlegelmilch, 2016). Harry Rosen also used to divide there customers on different basis which are as follows- Demographic- This is one of the most easy and simple segment that is based on age, gender, income, ethnicity, occupation, location etc. Harry Rosen used to target age group of 18 to 25 and 25 to 45 years of age. Further, the prices are not so high and they also provide clothes like causal wears, westerns, ethnic etc. which is suitable for all types of occupation. Gender is only male groups are segmented. Geographic- This is a type of segment on which customers are targeted by region, country, city etc. Harry Rosen used to target the customer mostly living in the Toronto, Ontario as well as company also provide online shopping by which they target entire population (men's) of Canada. Psychographic- This is a type of sensitive segment on which marketer of company used to target the customers by considering personality, lifestyle, values, opinions and interest. Harry Rosen is providing casual wears, dress shirts, intimate apparel, outwear, tailored clothing etc. which is suitable for all types of personality (Sunkara, Yencken & Adelman, 2019). In addition to this, Harry Rosen also provides up market clothing as well as affordable clothing which in turn suitable for lifestyle segments. They also used to take opinion from their loyal customers and provide them as per their expectations. Behavioural-This is one of the which is somewhat difficult to target but Harry Rosen company is operating in Canada since many years ago. So it is not difficult to target the audience based on behaviour, preference, choices, decision making and usage. Basically, this segment is segmented on the basis of usage and knowledge of the product because the buying decisions is influencedbytheknowledge.HarryRosenhaslabelstherecustomerslikebrandloyal, competitor loyal and brand neutral. For example, a sports man might be prefers a sports shoes rather than formal shoes. Targeting: After the selection of segment, marketer used to formulate various marketing strategies and promotional schemes as per the taste of people of specific segments. Harry Rosen 2
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used to formulate plan according to the segments like for Sports person they use provide offer for combo packs in which sports hoes, sun-glasses, lowers, T-shirts etc. Further, they also formulate many other strategies to target other segments (Huang, Lamm & Dukes, 2016). MISSION AND CORE VALUES Mission:The aim of Harry Rosen is to contribute to the sustainable development of community as well as that of the environment by which they used to interact. CoreValues: Beauty Functionality Sustainability Clarity VISION Vision:To bring innovation along with inspiration to every customers. CORPORATE LEVEL STRATEGIES Corporate level strategies is the plan in order to achieve goals of business. It is implemented throughout the organisational structure.There are mainly three types of corporate strategies which are growth, renewal and stability. Harry Rosen used to adoptgrowth strategy. This is the strategy that aims to capture giant market share even at the expense of short term earnings. Harry Rosen is a small business which is planning to grow in the market in order to raise the sales and profit (Kazanjian, Drazin & Glynn, 2017). Market penetration, Market expansion, Product Development, Diversifications and Acquisition are included in growth strategy. Harry Rosen mainly used market penetration and product development strategies. The purpose is to raise the sales and market share through existing product by bringing changes according to the needs of customers. The quality of product are very effective and perfect. Customers are highly engaged with the company just because of high quality. On the other hand, in product development strategy, company used to launch new products in present market. As per the growing demand of environment sustainability, Harry Rosen could produce more environment friendly products that fulfils the needs of society, this would help the company is building a good image in the market (Unit, 2015). 3
BUSINESSLEVELSTRATEGIES Business level strategies are those which aims to provide value to customers as well as to gain competitive benefits in the market. There are three types of strategies which are cost leadership, differentiation and focus. Harry Rosen is a small business as they used tocost leadership strategieswhich one of the best way to gain competitive advantage in the market. In this strategy aims to build a competitive advantages by having operations of lower cost (Kurt & Zehir, 2016). The product they provide is high quality but affordable to all types of customers. By this strategy, company could gain high market share along with high sales and profitability. SWOT ANALYSIS This is one of the model that helps company to develop strategies for business by identifying strength, weaknesses, opportunities and threats. This model covers both internal and external factors which influenced the company in both positive and negative way (Bohari, Hin & Fuad, 2017). Here is theSWOTAnalysis of Harry Rosen company- 4 Drawing1: SWOT ANALYSIS (Source: Example of SWOT Analysis of clothing industry,2018)
STRENGTH Harry Rosen is one of the recognised store in Canada since 1954 and they also developed a recognised brand name in the Canadian market. 40 percent of Canadian market is covered by Harry Rosen in men's wear. Employeesareveryskilledandknowledgeablethatprovidethebestcustomer engagement. Harry Rosen also have a good online presence by which they are covering huge audience. Provides affordable prices for customers. Upper market and Affordable market both are available at Harry Rosen store. Customers are highly engaged and satisfied with the company as they used to focus on current market trends (Phadermrod, Crowder & Wills, 2019). Company have perfect and very intelligent designers. WEAKNESSES Lack of resources, fund and capital infrastructure. The presence is somewhat low in fast growing markets. Limited advertising and marketing as compare to other brans in Canada. Limited to particular segment such as males only (Wang & Li, 2016). Rising cost of labours. OPPORTUNITIES They could also expand their segment or range of products to female wears and kids. It is because females purchase more cloths are compare to males. They can focus on expansion of market on global level. More focus on online presences as people are highly preferred online shopping. Firm could focus on environmental friendly products (Blockeel and et.al., 2016). Company could invest fund in marketing. THREATS High competition in the clothing market. Switching cost is very high in fashion industry. Fast changing of fashions (Example of SWOT Analysis of clothing industry,2018). Rapid changing behaviour of customers. Ever rising cost of raw materials. 5
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CONCLUSION The above report comes to the conclusion that marketing is the heart of businesses as no any firm can ignore the preference and needs of customers as they are the pillars of organisation. It is very important for businesses to select the segment for identifying the prefect customers to target. Further, growth strategy and cost leadership strategy is one of the best strategy especially for small businesses as it leads the organisation to continuous growth and development in the market by raising sales and profitability. Moreover, SWOT analysis tool is also one the best instrument which is used by form in formulating various strategies by identifying the impact of both external and internal factors. 6
EXECUTIVE SUMMARY In this present report, a research will be conducted on company's customer base, mission, core values, corporate level strategies, business level strategies and SWOT analysis.Harry Rosen Inc. company is being chosen for assessment which is a clothing company in Canada. Customers are the backbone of the organisation. Thus, in order to find the perfect customers, the best market strategies which are used by the company to target its customers effectively and efficiently. Harry Rosen also used to divide there customers on different basis demographic, geographic, Psychographic and behavioural segments. Harry Rosen used to adopt growth strategy. This is the strategy that aims to capture giant market share even at the expense of short term earnings in which market penetration and product development is mostly preferred. Harry Rosen is a small business as they used to cost leadership strategies which one of the best way to gain competitive advantage in the market. In this strategy aims to build a competitive advantages by having operations of lower cost. SWOT analysis helps company in formulating business and corporate strategies for the company. 7
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