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Fashion Company

People who are good at strategic management start a new phase in the process of figuring out how to deal with changes from today to the future. Workplace procedures will be guided by this notion, which expresses the need for innovation with the right strategies and principles to fit within the sector. Strategic management may be described as a mix of planning, ploys, patterns, positions, and perspectives (Mintzberg, 1987). Development of the ability to identify dangers and opportunities is facilitated by strategic management being placed in the proper place and time As a result of this; it is possible to strengthen the consistency of the culture and activities that are being reinforced via purposeful planning. In addition, Charles Hofer and Dan Schendel (1978) characterised the process as a primary pattern centred on current and anticipated resource arrangements, as well as conceptual communications intended to demonstrate the achievement of the goal pursued. In the context of strategic management, dealing with the world, most often via technology, is an important aspect.

An in-depth look at the global lifestyle brand Superdry, which sells stylish, high-quality apparel for men and women at reasonable prices, is the subject of this research. As a result of the pandemic breakout, the organisation is dealing with a number of concerns that have a significant influence on the size and variety of the corporation. This makes it difficult to administer financial hardship and a significant decline in shares, enabling management to adopt defence methods in order to avoid further losses. Since the competition is so strong, it's vital to emphasise that effective internal communication requires competency and the flexibility to adapt to future developments. There are many men and women over 35 who are their primary customers, therefore they are focusing on more relevant or appealing industries to improve consumer satisfaction and get an edge in terms of social media interaction.

Strategic Management Approaches

Strategy is a theory with such a set of principles lacking accepted replies; nonetheless, managers or the board members are those who put a strategy into action, possibly assessing its performance and determining if it will be leading to massive rewards or loss; if a failure happens, it is determined that the managers provided insufficient strategy input. For the most part, the Generalized Double Diamond technique is well-explained in this research. The primary idea of the double diamond is to focus on globalisation without introducing any new ideas. Fashion retailer Superdry plc handles the process by defining, producing, and presenting options for its customers to choose from. With the double diamond, it's not as important to know which industries are converging or complimentary as it is to know which ones are diverging. An organisation may clearly demonstrate its ability to offer value and satisfy its primary stakeholders by implementing a strategy's content and highlighting problems (Thompson and Martin, 2010, pp.34-45).

Key issues and objectives for Superdry plc.

It's no secret that Superdry is one of the most popular fashion brands in the world. As reported by Financial Highlights, the group's sales in 2019 reached an all-time high of £871.7 million; however, significant modifications in Superdry's procedure are evident in the company's 2020 financial reports, which show a drop to £704.4 million. While this may be due to a new chairman for 2021 who may have been unable to maintain the same procedure and was in need of adjustments while also getting to know the organisation, its personnel, working system, etc., it seems to have caused difficulty for the organisation.

The response to Covid-19

The necessity for a strategy for the company during the spread of the virus, which affects the globe in several sectors, may be identified at the general corporate level via simple explanations such as the shutdown effect. Because of health concerns for staff and consumers, Superdry began to experience the significant effect of the lockdown in several nations, enabling them to take immediate steps. At this point in time, in March of 2020, there were no longer any doubts about whether or not to close retail locations throughout Europe. However, a week later, the corporation ceased operations across the United States, Europe, and the United Kingdom (Covid-19 - Superdry, 2021).

  • With the support of e-commerce as another approach to balance losses, delivering deliveries for consumers, and recognising the urgent need for in-app purchase methods, Superdry's management will have more confidence in the company's ability to recover from the recent interruption.

Brand Awareness

It is essential for Superdry to come up with a marketing plan that connects its brand to its goods and services. With a comprehensive view of social media interactions, a brand's quality may be distinguished from the competition, and this can lead to further benefits.

- An ambitious target of 300,000 new fans and a total of one million fans by 2023 is the ultimate aim for brand recognition, which will be achieved through increasing social media use and awarding fans with exclusive prizes and rewards.

Customer loyalty

In light of the increasing number of competitors that are giving clients a choice of similar things, Superdry has a huge requirement to construct a core client base and to do so via a strategy of recruiting new customers while maintaining control over current customers.

- Aiming to increase profits by 50% while simultaneously increasing the number of customers by 50% by 2022, according to the study's findings.

Currently, the organisation is exploring a variety of innovative strategies, such as low impact material, and net-zero emissions, becoming a cause for good transformation. The organisation also places importance on an inspirational system and strives to connect with fashion consumers in order to have a positive and long-lasting influence. In terms of impact, cotton clothing will be transformed into a 100% organic product by 2030, and material characteristics will be widely recycled and used as packaging, as well as waste minimization techniques. Finally, the water strategies will be the decisive move of achievement, with a 20% reduction in water consumption by 2025 and 40% by 2030. All of the company's properties will be integrated into the emission process, which will integrate power generation across the business. According to del Marmol and Feys (2015), the framework of suggesting advancements for an anticipated future appears to be the source of success if the firm is able to precisely adjust to changes.

The purpose of the organization?

According to Gupta (2013), using the PESTLE framework is useful for examining and assessing objectives, and this is the most commonly used model for the surrounding environment in organisations. The model is significant because it is capable of giving high-level updates on the objectives, performance, and strategy of a company or organisation (Dwyer&Tanner, 2002).

Organizing a PESTLE study around six essential aspects that have an influence on an organization's operations is the goal.

It makes sense to regulate laws in other countries for profit, but entering new markets is a critical step that focuses on separating oneself from the competition by either investing in attractive industries or establishing a competitive edge. This industry is significantly impacted by a country's political stability, the extent of corruption as well as other elements such as taxation and trade restrictions. As a result, it is essential to obey employment legislation by providing workers with excellent conditions in comparison to their efforts and rising pay rates when required or requested by the government.

The manager's level of concern for an ever-changing environment is shown by the aspects listed above, which necessitates constant upgrading and improvement of operational abilities (del Marmol and Feys, 2015).

The weakening of EU-UK relations is another factor to examine from a political standpoint. UK withdrawal from the EU in 2020 will cause industrial barriers between Europe and the UK.

As a result of using integrated warehouses, tariffs on goods re-exported to the EU may be avoided. In addition, the majority of the industry's outlets are set in shopping malls and town centres owing to the curfews enforced during the pandemic, creating a bad working environment. For example, Superdry may begin planning contingency plans to minimise its losses as a result of this information.

One of the most important components of the current economic strategy is the possibility of future success. These characteristics are affected by currency markets, industrialization, inflation, rate of interest, and the cost of labour. As a consequence of the epidemic's financial deflation, consumer spending has decreased, while unemployment and inflation have increased. Despite a 30% decline in revenue, a company's enterprise value has dropped by over 40%. 80 per cent of European and US joint-stock apparel manufacturers are projected to be deeply in debt, making things even more difficult. When the economy is down, Superdry must be prepared for change and be able to respond quickly and creatively.

External analysis

Every social problem revolves around some aspect of a demographic, habit, or social norm. Consumers, per the State of Fashion Report 2020, are looking for businesses that support freedom of speech and other forms of expression. Availability and cost are the two most important considerations for customers, even when it comes to luxury products (2019, Corzine). Superdry, despite its efforts to create a more diverse and inclusive workplace, has to keep up with changes in client preferences and activities in order to remain competitive.

It is essential for Superdry plc's production unit to demonstrate its high-tech skills on a daily basis because of the ever-increasing competition in the fashion industry. Waugh (2018) emphasised the importance of robotics in coronavirus management by noting that social distance and shutdown need the development of robots.

In order to remain competitive, the company must cultivate a culture of adaptability, which includes lowering water consumption, CO2 emissions, and chemicals use (Global Fashion Agenda and the Boston Consulting Group, 2017). However, new technologies, improvements in consumer technology, and an efficient framework are the most important technological factors (Aguilar, 1967). The apparel retail firm, despite the challenges provided by the macro-environmental dynamics indicated above, is nonetheless a popular and competitive business.

Regulations enacted in several nations to combat climate change propose that Superdry plc improve its ethical and socially responsible practices in order to benefit the company's brand image. In order to make a good impact on society, Superdry plc must progress ethically and sustainably. As indicated in the aim of the business paragraph, the firm has already taken measures to protect the environment, especially in countries that are aware of environmental threats. Clothes manufacturers are under intense pressure to reduce their carbon emissions and implement environmentally friendly practices across their supply chain (Palmer, 2022).

In order to achieve organisational objectives, swot analysis is used. Potential organisational strengths and weaknesses are identified, in addition to possible eco-benefits and eco-risks. With a strong brand image, the garment industry monitors the latest trends to prevent falling out of fashion. Besides making a lot of money, the organisation is also capable of creating a lot of large designs and things. However, since they are mainly targeted at a certain market, the cost of their things looks to be exorbitant (Desklib, 2020). 

Strengths 

  • As of 2014, emissions from Superdry had decreased by 97%.
  • 50 Members of the Superdry Sustainability Warriors together speak out for the brand's sustainability initiatives.
  • A huge 46% of clothing is made in facilities that use renewable energy or have been certified to optimise their energy use.
  • 84 per cent of the company's energy needs are met by renewable sources in its shops, headquarters, and third-party warehouses.
  • Recyclable, reusable, or compostable packaging now accounts for 93% of its packaging.

Weaknesses 

  • A confusing picture of the brand.
  • The disparity between management and leadership in the workplace.
  • A poor effort in terms of environmental stewardship.
  • The absence of a mobile app and poor marketing approach.
  • Product lines that are difficult to follow.

Opportunities

  • Increasing the breadth and depth of the product line.
  • Creating a supply chain that is both transparent and long-term.
  • Creating a new online and in-store shopping experience.
  • Brand/marketing strategy change.
  • Adopting a new definition of the target demographic (those aged 16–35).

A newcomer like Superdry might benefit from the increased interest of customers in online transactions like purchases by exploiting its position as an early adopter of internet shopping. The introduction of a one-click purchase system that allows customers to buy without providing credit card information while making the site design interesting and easy to use might lead to more customers. Despite a 44.8% drop in retail trade, e-commerce increased by 49.8% year over year, according to data published in a journal. The company's digital operations will benefit from a variety of strategies, including influencer-led marketing. Customs, distribution, and currency all stand to be impacted by Brexit for businesses (Rigby, 2021).

Recommendation 1: Provide customers with apparel that is both affordable and fashionable, with a final price cut of 10%. It's possible that the website may recommend a fashionable outfit based on the data analysis system used by the customer.

Recommendation 2: Another recommendation is to engage with celebrities on a regular basis by bringing clothes to them, along with a promotional code, so that they may dress them up and broadcast them on social media platforms such as Instagram stories or Facebook, for example.

References

Anon, 2018. Analysis of Fashion Industry Business Environment. lupine publishers. Available at: https://lupinepublishers.com/fashion-technology-textile-engineering/pdf/LTTFD.MS.ID.000144.pdf [Accessed March 29, 2022].

Corporate.superdry.com. 2021. [online] Available at: <https://corporate.superdry.com/media/3153/annual_report_2021.pdf> [Accessed 1 February 2022].

Eddusaver. 2022. PESTLE Analysis of Hotel International. [online] Available at: <https://www.eddusaver.com/pestle-analysis-of-hotel-international/> [Accessed 22 February 2022].

Google Books. 2022. The PESTLE Analysis. [online] Available at: <https://books.google.com/books/about/The_PESTLE_Analysis.html?id=ZWpLDwAAQBAJ> [Accessed 22 February 2022].

OECD Fact book (2013) Economic, Environmental and Social Statistics: Household disposable income.

Rigby, C., 2021. Superdry prioritises online and sustainability in its search for Growth. InternetRetailing. Available at: https://internetretailing.net/strategy-and-innovation/strategy-and-innovation/superdry-prioritises-online-and-sustainability-in-its-search-for-growth-22584 [Accessed March 31, 2022].

Thompson, J. and Martin, F., 2010. Strategic management. Andover: Cengage Learning, pp.1-20.

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My Assignment Help (2022) Strategic Management Approaches For Superdry Plc Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/368sam-strategy-in-action/key-issues-and-objectives-for-superdry-plc-file-A1E20F0.html
[Accessed 22 July 2024].

My Assignment Help. 'Strategic Management Approaches For Superdry Plc Essay.' (My Assignment Help, 2022) <https://myassignmenthelp.com/free-samples/368sam-strategy-in-action/key-issues-and-objectives-for-superdry-plc-file-A1E20F0.html> accessed 22 July 2024.

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