Sample Strategic Business Plan Cross-cultural investigation of US

Question: Describe about the Sample Strategic Business Plan for Cross-cultural investigation of US? Answer: Introduction J J Company is a London based company that deals in accessories brand and designer handbags for women. The company has developed from brick and mortar market to establish one of the leading brands in fashion on UK accessories. It already has three stores in London and one each in Birmingham and Manchester. It also accompanies online selling activities through EBay and Amazon. The core collection of J J is based on utilitarian shapes adopted with modern needs. It believes in giving fine style, fabric, color and detail. Hence, now it wishes to diversify in different countries in clothing especially in women apparels to get hold of women's attention in all luxurious items. A diversification strategy is also known as a growth strategy. One of the primary motives is the vision held by many investors as the concept of bigger is better' (Thomas, 2015). Aims and Goals of the Organisation J J company basic objective is to increase its operations across the globe in a different line of products. The company is favouring in following horizontal diversification by entering into a new business. The outlined goals of the organization are mentioned as The company wants to extend its operations to different countries keeping in view their gross national income. The two countries which the organisation wishes to expand its business are United States and North Korea. United States come in the high-income economies whereas North Korea comes in the low-income economies. Hence, the gross national income of United States is $55,200 which is certainly higher than Korea's gross national income that is $500 (Data.worldbank.org, 2015). The other goal of the company is to diversify in a different business that is apparels. Hence, completing a package of shopping for women in luxurious items in one brand itself. Business Overview J J is starting a new dimension to its company with women's apparel for giving customers a personalised experience to the company. The apparel channel of J J will provide a better shopping experience is stores as well as in online portal. The channel will cater to like-minded' women enthusiasts to build a community to get more fashion fiesta women. The services will work using registration of customers, purchasing and selling, culture and community and by offering personalized service making the customer feel special. The services provided by customers and product sponsors are buying through stores and online websites of EBay and Amazon, personalization to increase loyalty and constant usage and shopping in stores with high order in United States and Korea. Using these services, the customer will benefit from using cutting edge content, highly customizable and interactive shopping experience and will also link them to the community. (antiventurecapital.com, 2015). Market Trends and Analysis The market analysis will be based on target customers that will possess the following features: Women who are interested in handbags will be interested in apparels. Women have internet access at work or home and are comfortable purchasing online Women will be able to connect themselves culturally with clothes especially in United States and North Korea. According to target demographics of the primary data, a questionnaire was done in the two countries and language was taken care of. The questionnaire includes close and open-ended questions in a semi-structured pattern. The sampling was used as clustered sampling from the University and students who have passed out university and are working now. 50 women were considered with 50% from United States and Korea. The average age was between 15-29 years. 70% were college students from New York University, and rest were working. The results on an average of the women almost 80% of the Korean women favoured for skirts that define their contemporary culture (Hurt, 2014). They still believe in shoulders covered rather than wearing a short skirt and 50% of Americans favoured casual dressing that includes jeans, sweatshirts and tee shirts. The income spent was considerate, and it was mostly based on social interaction with consumer behaviour towards fashion apparel, and it was mostly dependent on the family type, social class and location (Nieves-Rodrguez, Cao-Alvira and Prez, 2014). According to Brand Criteria, price, advertising, quality and design were of most importance showing the high preferred attributes amounting to 80% of the total. The upcoming trends include the new Checkout Tracking' services for technology and apparel. It measures the buying behaviour at the market basket level, based on brick-mortar and online purchases (NPD Group, 2015). Therefore, the Koren customer service ecommerce reports showing 48% increase in 2014 since last year. The statistics tend to be increasing since 2010. The most popular online purchasing retailers are said to be EBay (38.4%) and Amazon (55.9%) in 2014 according to Korean survey (Lee, 2015). Cultural Specific (Republic of) Korea's fashion industry has seen a change rather a shift from contemporary to western fashion. The Korean fashion industry has grown internationally. Now, the Korean population culture is receiving national attention and the so called "Korean Wave" which began at the beginning of the twenty-first century. The changes have been reflected in Dongdaemun Market in Seoul, which specializes in fabrics, quality, accessories and associated materials (Geum, et al., 2015). United States fashion has greatly impacted the fabric' of societies all over the world. As Mark Twain once wrote that clothes make a man and naked people do not influence the society. The trend of fashion has grown from formal to casual and the average spending of a customer on clothing amounts to $1,700 today. The women aged 16, and above are the ones spending considerably more than average (Bls.gov, 2012). It shows an upward trend in the women's retail clothing industry according to February 2012 U.S. Census Bureau. Competitiveness in Fast Fashion Fast Fashion is used to describe clothing trending in the market in both spring and autumn seasons. These trends are meant to apply to the customers quickly and cheaply so that they can take advantage of the current clothing. The fashion industry proves to be volatile in nature. The business environment has respond to the changes in the market and changing consumer preferences. The people are fashion conscious, but they need the same at affordable prices. The ability to do a fashion business is to respond quickly to the changing environment (Palladino, 2010). The main focus of fast fashion is its sustainability. The sources of the competitive structure are depicted below. The competition is soaring limits in United States with the size of apparel market rising to $225 billion, sales of women apparel being $110,826 million in 2011. Apparel business in United States have been tough, highly competitive, and mainly supply chains rise drastically, failed pressure of price is obtained from major markdowns like Walmart, Target, and Kohl has to keep profit margins to sell priced apparel. Apparel retailers are in the need to stay connected with people by continuous changing fashion trends to provide relevant products (Statista, 2015). On the other hand, Korea today is an interesting market for finish companies. The market for Nordic style in clothing is declining in terms of traditional shares but a growing trend for casual street fashion and outdoors, an adoption from the developed countries like United States (Finpro.fi, 2015). The ecommerce has shown increased results. Nearly 50% of the products are sold online while fashion/clothing jumped 16.7% rendered t o the data were given (Noorian, 2015). United States and Korea as Business Partners In this broad headline, some important characteristics of United States and Korea will be presented with some facts concerning the competitive advantages and the factors that can take advantage of. Firstly, the countries facts of economy and fashion of women's apparel's will be considered and later the countries will be analyzed on PESTEL analysis tool. United States United States is worlds third largest country by size after Russia and China and by population after China and India bordering North Atlantic Ocean and North Pacific Ocean, between Canada and Mexico. Table 1 Major Facts of United States (CIA, 2015) Full Name United States Of America Population 321,368,864 (July 2015 estimate) Capital City Washington D.C. Main Spoken Languages English, Spanish, other Indo-European, and Asian and Pacific Island Major Religion Protestant, Roman Catholic, Mormon, Jewish, Buddhist and Muslims GDP- Per Capita $54,400 (2014 estimate) Labour Force 155.9 million (includes unemployed) Exports/ Imports $1.633 trillion / $2.374 trillion (2014 estimate Major Importers China 19.9%, Canada 14.8%, Mexico 12.5%, Japan 5.7%, Germany 5.3% (2014) Major Exporters Canada 19.2%, Mexico 14.8%, China 7.6%, Japan 4.1% (2014) Source: (Cia.gov, 2015) United States is the most technologically powerful economy in the world. At the end of cold war in 1991, US remain the powerful nation state with steady growth rate, unemployment and inflation and advances in technology (Cia.gov, 2015). According to European Commission, USA ranks second in exports and first in imports. As far as clothing is concerned Table 2 Trade Flows by SITC Product Grouping 2014 (European Commission, 2015) Imports Exports Value Mio % Total % Growth Value Mio % Total % Growth Clothing 514 0.3 2.9 2896 0.9 12.7 Source: (trade.ec.europa.eu, 2015) United States has always been an important challenge for EU. Though in clothing sector there is not much value as compared to other areas but rising exports growth in exports (trade.ec.europa.eu, 2015). JJs store in United States will prove beneficial and of much importance. PESTEL analysis of United States The statistical data shows an increased growth in exports in clothing will help in production of womens apparels too. Political Factors United States is a free market economy and capitalistic in nature with high political stability. The government has a minimum role in market structure. Private individuals and firms take the decisions; the federal and state governments predominantly buy the goods and services in the marketplace. United States enjoy greater flexibility in expansion of the capital plant, surplus workers and in new products (Cia.gov, 2015). The total labour force accounts for 155.9 million, which is considerably high. The apparel industry being labour intensive will influence employee laws for wages, health, and safety (Sites.google.com, 2015). Economic Factors The wages and employment in United States are stagnant for low-income groups, inadequate investment in worsening infrastructure, sizeable current account and budget deficits. The high per capita income in United States is $55,200, which is highest among the developed economies (Data.worldbank.org, 2015). The country has stable in terms of trade/currency rates. Hence, the market growth is low being a developed economy (Frynas and Mellahi, 2015). Social Factors Being a developed country, it will demand fashion in latest trends, demand for convenient shopping experience. It should me merchandised in all shapes, sizes and seasons. The clothing should be designed according to satisfy the needs of consumers. The branding and quality serve as gain over competitors in regards to fabric (Sites.google.com, 2015). Technological Factors Being a developed country, advances in innovation has created an increase in automated machinery. However, this has proved productivity, but the apparel industry is supposed to stay labor intensive as some production is assumed to remain mechanical and to simple functions. The employees even continue to advance in the way of doing simple things but with better time management and efficiency. In addition, the provision of ecommerce and internet provides a base for online shopping for customers. Environmental Factors The increasing environmental consciousness is influencing the supply chain and is even increasing the demand of shareholders to reduce carbon in the atmosphere (Gockeln, 2015). There have been laws and regulations in controlling pollution (Valkjrvi and You, 2012). Legal Factors The legal factors include trade, product safety, logistics, tax, privacy and logistics. The anti-trust laws govern anti-competitive behaviour and unfair business customs to avoid competition and monopolies among the retail industries. The retailers need to regulate to avoid fines, regulatory, lawsuits and orders for operations and encouraged to comply with anti-trust laws (Julie, et al., 2012). North Korea North Korea comes to low-income groups of the world. This country location is in Eastern Asia, northern half of the Korean peninsula that is between China and South Korea bordering with Korean Bay and Sea of Japan. Table 3 Major Facts of North Korea (CIA, 2015) Full Name Democratic Peoples Republic of Korea Population 24,983,205 (July 2015 estimate) Capital City Washington D.C. Main Spoken Languages Korean Major Religion Buddhist and Confucianist, syncretic Chondogyo and some Christian GDP- Per Capita $1,800 (2013 estimate) Labour Force 15.21 million (includes unemployed) Exports/ Imports $3.834 billion / $4.647 billion (2013 estimate) Major Importers China 79.3%, South Korea 11%, Republic of the Congo 4.5% (2014) Major Exporters China 54.9%, Algeria 30%, South Korea 16% (2014) Source: (Cia.gov, 2015) North Korea is one of the least open economies that is centrally directed and is faced with chronic problems. There was stagnation in its growth except in 2013-14 when the regime compressed 20 development zones for foreign investors through the initiatives remain at its infancy stage (Cia.gov, 2015). Table 4 Trade Flows by SITC Product Grouping 2014 (European Commission, 2015) Imports Exports Value Mio % Total % Growth Value Mio % Total % Growth Clothing 8 47 -12.9 0 1.3 -14.8 Source: (trade.ec.europa.eu, 2015) North Korea in clothing has shown negative growth in terms of exports and imports. The balance between trade flows and balances has been increasing in negative growth. North Koreas ranking is 161 regarding imports and 183 regarding Exports (trade.ec.europa.eu, 2015). But, the labour force is highly skilled and flexible. PESTEL Analysis of North Korea Political Factors This economy appears to come into sight from a decade of negative growth; its future is risky and certain. North Korea has poor maintenance; the capital stock is beyond repair of underinvestment and on-going systematic problems. The government has allowed informal markets for a wide range of goods, and it lacks in market-based reforms (Park, 2015). Economic Factors North Koreas guidelines for economic policies are on self-reliant national economy, and its priority is consistently on heavy industry. Due to lopsided growth, there has been deepening structural imbalances that resulted in disrepair of agriculture and social overhead capital. Wages are the lowest in the north-eastern Asia in North Korea. Therefore, the tax structure is rigid and amounts to 25% in foreign investment business enterprise (Business in Korea North for Everyone: Practical Information and Contacts, 2012). Social Factors The social factors are worse. North Koreans dont have enough to eat, and that too is susceptible to food crises (Cullinane, 2013). The energy sector has caused serious bottlenecks in the economy. North Koreans refugees live in most torturous and inhumane environment that includes sleep deprivations, kicking and slapping beaten with sticks and rods, etc. (Human Rights Watch, 2012). Technological factors North Korea is an enigma but access to the internet is limited to few Government officials and scientists and its still not open for general crowd and has only 1,204 IP addresses in use (Hughes Albright, 2015). Environmental Factors There have current issues prevailing the economy like water pollution, inadequate supply of drinking water, deforestation, soil erosion and waterborne diseases can affect the employees working (Cia.gov, 2015). Legal Factors The legal system is influenced by communist legal theory and Japanese traditions and is based on Prussian model. The country has not submitted and ICJ jurisdiction declaration. There are no political leaders or groups as such and account for no diplomatic relations with other countries (Cia.gov, 2015). According to international market screening, business with United States will be fruitful but as compared to North Korea, there will be certain hurdles, though their garment industrys quality is made according to government specifications. Marketing Strategy Recommendations To study the basis of two countries, opportunities and threats analysis is done among the countries to choose amongst them or to choose both. After analysing the apparel retail industry in its current state, the recommendations can be made into Porters five forces. United States and North Korea Comparison A country like United States will have the threat of new entrants as many end up selling their traditional clothes in traditional stores. Also, it is not so difficult for US but difficult for North Korea to develop a company online and sell women apparels. However, online stores mainly focus products from UK and US only (Valkjrvi and You, 2012). Bargaining Power of Supplies was found to be medium as UK here wants to establish its business in United States where the production costs are high. And the same cannot be said for North Korea as its production costs are minimal rather low. The threat of substitute products and services were found to be high as many stores provide their culture-specific clothes. Although when a company provides products that are specified by customers in stores, the substitutes tend to rise. In case of North Korea, the threat is medium as its gives good product quality and fabric design with accessories. The bargaining power of buyers is high in countries like United States and United Kingdom as the customers are aware of the production costs (Valkjrvi and You, 2012), and other substitutes. The customers want the product at a low price as the customer is price sensitive. However, in North Korea, the prices are low as people are not that well aware. At last, the rivalry among competitors is seen as high because several companies are providing with products and low prices whereas in case of North Korea its low. Recommendations There is a need to expand the use of internet as the key marketing tool using website update, e-newsletters and e-blasts, social media, etc. in both the countries regarding JJ Company. The public Relations strategy needs to be expanded significantly with help of regular press and media assistance, special events promoting the brand especially in North Korea. The need for developing targeted sales activities in support with the brand. The main recommendation can be the highly strategic advertising program in both the countries for proper awareness in both the countries. The important recommendation would be to develop a comprehensive country-wide wayfinding cultural specific system (County, 2010). Strategic Marketing Policies The strategic marketing policies in case of JJ Company should have a low cost retailer or different products in a way that it values its customers in all prospects that they only have to pay premium price and not more than that. It implements and focuses a generic strategy that concentrates on a broader segment of market in United States and North Korea. BCG Matrix will help in analysing the strategy development of the apparel industry (UKEssays, 2015). Source: (Gordanacolovic.blogspot.in, 2015) After looking at the BCG matrix, marketing mix policies can be done for more appropriate results. The 7Ps marketing Mix is given by the figure below. Figure 2 Product Promotion Marketing Mix Product- The product is clothing with unique fabric, design and quality. The product has an upper hand on any other product because its cultural specific and is available with wide range of items for women giving them a complete package for shopping. Place- The product will be sold online shopping websites of EBay and Amazon, and the two retail shops will be open in the two countries- United States and North Korea, one in each country. The manufacturers will be used in respective countries with their hands of fabric as they know the customer specifications. Price- The price will be decided after viewing all prices such as wholesale price, discount price, retail price and competitors price. The price will be kept at reasonable rates for the people to buy both in North Korea and United States. Promotion- The promotion will be done using advertising online, hoardings, user trials of exchange policy, no shipping charges on online mailing and competitive promotional criteria with sizeable promotion in locality and majorly in universities to attract college goers. People- The target customers are women between 15-29 years of age who are either studying or working and have a genuine taste for casual wear according to the contemporary fashion styles like skirts in North Korea and Sweatshirts, jeans and tee shirts in United States. The business staff will be operated by hiring labour force that is highly skilled and hard working in both the respective countries. The wages paid will be adequate in United States, but the wages given to North Koreans will be slightly more than the existing wages. Physical Evidence- The most important part is the comfort provided by these culturally specific trendy clothes. Later factors like display of clothes on hoardings, word of mouth publicity will be more than enough to start a revive and gaining customer loyalty. Process- The process of providing goods and services to guarantee that process is easy and simple and provides feedback for the service provided by the retail store or online shopping (Fashioncapital.co.uk, 2015). Conclusion The global marketing plan can be summarised by keeping in view the two countries that will help in expanding the company. The business development has been undertaken by studying the countries and recognising the strengths and weaknesses of the market in those countries and applying strategies and getting the best out of the market. The two countries- United States and North Korea belong to different income groups of economy and with different market structures and government policies operating. JJ Company has to keep its strategy broadened and acceptable in both the situation in the view to diversifying. References antiventurecapital.com, (2015). Sample Strategic Business Plan Pipedream.com. 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