Business strategy Essay Example | Topics and Well Written Essays - 2500 words - 1

Business strategy - Essay eventTo begin with, it would be vital for the union to clearly define its mission statement before venturing into the acclivitous market. This stand be achieved through use of strategic analysis, which altogetherows the company to formulate necessary measures that would help it enlarge and maintain high performance in the market (Collis 1999). In this regard, it would be important if the company evaluated factors that would deflect its operations in the emerging market. Such evaluations would involve PEST and SWOT analysis. These are crucial in that according to Green and Keegan 2012, in every market, there exists market forces, which dictate operations in the market. In regard to the company in the late market, both internal and external factors need to be assessed comprehensively. For example, it would be vital for the company to know if issues like management or working capital would act as barriers to emerging successful in the new market. Since clothing industry has many players in the market, it would be crucial if the company assessed external forces like environmental and other factors beyond the companys control (Hill, & J stars 2010). Therefore, much(prenominal) evaluations enable the company to come up with measures to overcome them. SWOT Analysis It is apparent that venturing into a new market calls for strategic planning in order to develop and strand a strong, competitive advantage. However, one of the major factors that determine how to go about the business is the line of business a company is intending to fill in with (Hill, & Jones 2010). In this regard, the business is able to analyse the market in relation to services or products think to be offered in the market. It is, therefore, necessary to analyse factors that would determine the performance of the products offered. Among these factors are strength, weaknesses, opportunities, and threats of the business. Strengths The clothing industry can be argue d to be a fascinating business only if business entities analyse the strength of their operations in the emerging market. Some of the factors to consider include the performance of other brands. For example, it would be vital to say how other brands perform in the market. In light with this, evaluation of the strength of other brands would involve assessing the quality, quantity, and customer service (Green & Keegan 2012). For example, this would involve assessing other men clothing brands. One of the strength of Versace is that venturing in Southern Sudan would deed over it an opening to develop a mutual relationship with customers by a way of offering take up quality products (Todeva 2006). The products should also be adequate and steady in order to satisfy the demand of the market. For example, the company may decide to offer a variety of Versace designs, which would cater for needs of every age convention in the market (Hill, & Jones 2010). This would be beneficial in such a way that unlike in other brands where they deal with a niche market, Versace will have the advantage of meeting the needs of all men in the market (Bohm 2009). Additionally, Versace may not require a large capital to establish a business in Southern Sudan. Therefore, it would be beneficial for Versace to establish a business in such a market since less capital would be needed. Weaknesses It is apparent that establishing a business in an emerging economy could be tricky in a way. This is arguably true because unlike in an already established economy where the company