Assignment Sample on Global Strategic Management
1. Introduction
The concerned study will vastly analyse various information regarding“ASOSCompany’s” strategic global management. The study will include a brief company background to pursue this research efficiently. Besides that, global strategic management helps any company expand its business in a worldwide market. Main aim of a worldwide strategic market is to enhance sales internationally. Study is all about establishing global strategic management for improving business outcomes. This study will provide a precise external environmental analysis for developing strategic management to determine business advantages and disadvantages. In addition, porters 5 forces will also analyze this study for addressing potential opportunities. Moreover, KPI model, VRIO framework, SFA framework and BCG matrix will be demonstrated in this study to provide clear knowledge about this research topic. Apart from that, this study will also analyze the chosen company’s strengths, weaknesses, opportunities and strengths through a microanalysis method. Lastly, this study will provide some crucial recommendations for improving the mentioned company’s future business outcomes.
2. Company Background
ASOS is a British online cosmetic and fashion retailer brandestablished in “London (2000)” and mainly targets the young adult audience. This particular company has been “selling 850 brands” including their own range of accessories, clothing and ships around 196 countries. Total revenue of this particular company is around “£3,936.5 million (2022)” (ASOS, 2023). Apart from that, operating income of this company is around “£(9.8) million (2022)” and net income is around “£(30.8) million (2022)”. This mentioned company is presently operating a “3,259 (2022)” strong employee force. As per the research, various potential competitors of this company are “Zara, Urban Outfitters, next and boohoo”.
3. PESTLE
| Factors | Description |
| Political factor | · Canada is a powerful country, and political situation is stable
· This country maintenance favorablerelations with “United States,France and United Kingdom”
· This nation is recognized as a democratic country and is considered one of the safest countries in the world (ALAMI, 2020) |
| Economical factor | · Canada is a” member of several global founding axes” such as UN, OECD and WTO
· This country has highly evolved mixed-market economy · By nominal its consider 8th largest GDOP and by PPP its consider 15 largest GDP in world |
| Social factor | · This nation is among the largest and most diverse countries worldwide (ALAMRI, 2019)
· this country is also “historically attracted” millions of tourist from other countries · Total population in this country is “38,623,994” |
| Technological factor | · As per technology this country is conceder bone of the most advanced and fast countries worldwide
· It has been noticed that Some of the world’s largest tech hubs are also situated in this country (BAĞIŞ, 2020)
· country has developed digital revolution in all business sector |
| Legal factor | · Lawsprotects consumers and employees in workplace
· It has been noticed that there are low crime rate in this country compared to others (BOONE, 2019) · Canadian LCPD protects “all forms of discrimination based on sex, sexual orientation, age, race, or religious beliefs” |
| Environmental factor | · Forcharming nature millions of people are visiting this country worldwide
· Various landscapes have been found in this country in a positive way (MORADI, 2020) · Climate change and pollution is a crucial issue and harmful for country |
Table 1: Pestle
(Source: self-created)
Analysis
For a stable political situation, it is advantageous for a chosen company to make their business grow and profitable. It has been noticed that a healthy relationship has been maintained by this nation, compared to others to make a huge competitiveness in the global markets (DESJARDINE, 2019). For a suitable and safe atmosphere, it is best for this company to run its business effectively. Apart from that this country also has a high economical position worldwide, which is also important for any company to expand their business successfully. The country’s population has sufficient resources for maintaining a healthy life and it is a positive factor for this company to increase their sales and profitability. Social factors are crucial parts in this aspect to mitigate potential risks of the business sectors (FLAMMER, 2019). Technological factors assist companies to achieve advanced and fastest business growth by proper utilization of technology. Technology is a crucial factor, which determines a country’s economic growth.
Apart from that,the environment in Canada is also suitable for this company to maintain productivity and profitability. The organization requires an examination of the social aspects of the country, including but not limited to the cultural expectations and norms, population growth rate, health consciousness, age distribution, general well-being, attitudes towards career, and safety concerns (FLAMMER, 2021). These characteristics are valuable for this company to be a more useful plan for its “marketing analytics and strategy”. Moreover, this particular country has many laws and regulations for protecting its employees and consumers in the workplace. Therefore, this chosen company needs to maintain this regulation to sustain and successfully run their business in Canada. Apart from that, this country also has various regulations against “sex, sexual orientation, age, race, or religious beliefs”.
From the PESTLE analysis table, it is found that Canada is one of the developed countries and the political condition of this country is stable, thus it helps to develop any industry and expand the industry in Canada. On the other hand, Canada is a member of several global founding institutions like the UN, OECD and WTO. Therefore, it helps to improve the growth and development of the country, Canada. The market of Canada is a mixed market which means the combination of the free market with some socialistic elements (BARYKIN, 2021).The GDP is very much high in this country as the country is developed and it creates a bigger scope for the industry to expand more in the future. On the other hand, the strong economic condition of the country boosts the market demand and people want more goods and services, it also increases imports and provides the country with a wide range of available products and services. Therefore, the economic factor boosts the standard of living of people and also boosts the PPP and helps to increase the GDP further (GARUD, 2022)
Canada has a diverse population, thus people want more variety of products and services as their tastes and preferences are different from each other. On the other hand, Canada is very popular and people attract to this place which increases the number of tourists visit in this country. Technological advancement is another advantage for this country, Canada. Therefore, there exist various large industries and it is noticed that the world’s largest technological hubs are located in this country. Implementation of the digital revolution leads to more development in every industry. On the other hand, there are several laws and regulations in Canada to protect employees in the workplace and consumers from any fraudulent activities. This country has a lower rate of crime compared to other countries (BARYKIN, 2021). On the other hand, the Canda government wants to protect their citizens from any kind of discrimination in society and workplaces. In the current scenario, Canada invested huge amounts to develop green infrastructures and reduce the emission of greenhouse gases.
4. Porter’s 5 forces
The Porter 5 forces is a model, which is able to address and analyze five competitive forces that help this industry to understand its strengths and weaknesses. These five forces significantly analyze the mentioned company to determine“ corporate strategy”. The provided model facilitates the establishment of an “economic segment” that enables the organization to gauge the level of competition within the industry, thus improving the company’s long-term profitability (GAVIRIA-MARIN, 2019). The names of these 5 forces such as “power of buyers”, “ power of suppliers”, “ threat of substitute products”,” threats of new entrants” and “threats of existing rivals”. This particular demonstration of this model permits this company to achieve a powerful position in a competitive market.
Power of buyers
The power of consumers related to this organization is heightened due to the fact that potential customers of this organization hail from diverse countries (KETCHEN JR, 2020). Similarly, delivering top-quality services to consumers will permit them to reach new consumers.The country, Canada has high population levels and there is a diverse background of these people and which boosts the market demand. On the other hand, buyers can indirectly force to control the price of the products and services and it also improves the quality of their products as people want a better quality product otherwise they can find out substitute products (MORADI, 2020). Developing optimum quality products is essential to sustain as cutthroat competition is prevailing in the market.
Power of suppliers
“The power of suppliers” of this organization is generally increased, as primary suppliers of this organization are local and international. The organization primarily sources its products from China, UK, USA, and France. Given the significance of suppliers in driving overall business growth and profitability, it is crucial to manage them effectively (LANZA, 2019). There exist many suppliers in the competitive market which means suppliers do not have any power to force the price of the raw materials and this given company collect their raw materials from other countries which is possible due to the cooperation of the Canadian government (TEECE, 2019). Therefore, it boosts the growth and development of Canada as well as the industry. Lower production costs help them to provide their products at an affordable price and it also improves the quality of the products as well.
Threats of new entrants
The hazards of newcomers to this organization are high but the company also delivers quality service to its consumers. The most potential competitors of this company are “Zara, Urban Outfitters, next and boohoo”.The given company is very much popular and recognised, thus it is difficult to enter any new entrant in this industry and also there is very much competition in this industry. A price cut is also possible which can be a threat to the new firm in this industry and there exist many recognised firms in this industry and that have brand reputations in this industry (TEECE, 2019).
Threats of substitute products
The replacement goods connected to this organization specifically contain all clothes, accessories and fashion products. The primary concern for this company is the saturation of the market with similar product offerings by numerous fashion retailers. To minimize the risk of substitutes, it is imperative to emphasize high-quality standards and provide exceptional customer service (MORADI, 2020). The fashion industry has several substitutes and people can choose any bone from them. On the other hand, people have the opportunity to find out products that can meet their tastes and preferences. The usage of advanced technology can help to get new designs and provide products that are generated from the current market trends.
Threats of existing rivals
The existing competitors of the company are “Zara, Urban Outfitters, next and boohoo”. Improving the quality of the product can lower the risk posed by existing competitors (PAMUNGKAS, 2019). There exist several rival firms and the price is very much sensitive and the organisation has to keep the price of the products lower in order to retain their customers and attract more customers. On the other hand, the sustainment of the firm depends on its strategies and policies and the policies and strategies of the rival firms.
5. KPI model
Financial Metrics
Key performance indicators connected to financials generally concentrate on “revenue and profit margins”. The organization must maintain Liquidity Ratios to evaluate its ability to manage short-term debt obligations (WANG, 2019). Apart from that, the financial matrix is able to measure the profitability part, determine the financial health, and lastly provide the turnover ratio.
Customer Metrics
This matrix helps to analyze how and when customers are having issues related to the product. Additionally, provide how well the company solves these arising issues for providing proper customer satisfaction.
Process Performance Metrics
This mentioned matrix determines production efficiency and total cycle time for understanding this company’s productivity level. This element also assists in reducing errors and upholding product quality standards, which is crucial for maintaining a competitive edge in the market (TEECE, 2019).
Marketing
KPI is one of the most important elements, which determine website, social media and conversation rate. This will help to shape marketing strategy and help to grow the international market.
6. VRIO framework
VRIO analysis provides essential resources, which every organization needs to execute their market positioning strategy that is valuable for this company to maintain their business management in the competitive marketplace. The model is associated with potential elements such as value, rarity, inimitability, and organization (PAUL, 2019). This particular model provides this company to analyze its competitive advantage, which is extremely important for getting profitable outcomes. Apart from that, the particular framework also enhances productivity as well as product service and quality.
| S. NO | Resources and capabilities | Valuable | Rarity | Inimitable | Organization Support | Advantage/disadvantage |
| 1 | Place reputation | Yes | No | Yes | Yes | “Competitive Advantage” |
| 2 | Marketing and technology | Yes | No | Yes | Yes | “Competitive Advantage” |
| 3 | Range of products | Yes | No | Yes | No | “Moderate Advantage” |
| 4 | Service to client | Yes | No | Yes | Yes | “Competitive Advantage” |
| 5 | innovation | Yes | Yes | No | Yes | “Competitive Advantage” |
| 6 | partnership | Yes | No | Yes | No | “Competitive Advantage” |
Table 2: VRIO framework
(Source: self-created)
VRIO analysis of ASOS Company is a wide variety analysis presenting this organization with some potential to acquire a “practical competitive advantage” and deliver its opponents in the fashion and online shopping industry. In addition, VRIO analysis also has been demonstrated here to get proper knowledge of the given topic. Key performance indicators also have been analyzed in this study to determine the company y success and profitability. ASOS is a global fashion industry that has experienced exponential growth in the last decade. Its innovative approach to fashion e-commerce and its unique business model have enabled it to become a leader in the fashion industry. Its global strategic management has enabled it to expand its product range, increase customer service and take advantage of new markets.
Valuable
The resources utilized by this company are extremely important for business for maintaining its reputation. Apart from that, marketing and technology, a variety of products and customer service are able to give a competitive advantage and efficiently manage competitors in the market. The organization has successfully showcased its commitment to corporate social responsibility and provided customers with exceptional product services. (RIETVELD, 2019). This company has a unique brand image and includes” high brand integrity”. This brand image is enhanced over a long time through effortless service and high-quality product service. Apart from that, this company is valued globally by its high distribution system.
Rare
This particular organization maintains its presence worldwide and operates in many regions and countries. In addition, global presence permits this company to create a vast customer base and enhance its profitability. The company’s management and staff exhibit rare problem-solving skills (SHAD, 2019). This part provides proper teamwork, innovation and creativity. This is consequently a “rare competency” for this organization that permits it to head away from possible “threats, benefit and opportunities”. This company has a high openness to “global culture and different societal values and norms”.
Imitable
Inimitable competence permits adding value to competitive advantage and long-term sustainability for this organization.The organization delivers superior products and services to its customers (SIMANDAN, 2019). This action leads to repeat purchase and increase brand value and awareness. This company is an online fashion brand and various competitors in the market threaten it. Apart from that, this company is planning its marketing communication strategy for grabbing market intention. Moreover, ASOs provide our customers with a unique buying experience.
Organizational support
The robust financial position of the organization creates opportunities to explore new product launches and development (SINGH, 2019). Apart from that, financial strength is also a source of value for this organization to help to maintain consistent quality worldwide. In addition, organizational support permits this company to manage technological integration and advancement. Additionally, this part also provides proper employee training to reach desired objectives. Significantly, organizational support also guides this company to invest in proper research and development to determine the company’s success.
BCG matrix is a tool used for global strategic management in fashion industry. It is a graphical representation of a company’s portfolio of businesses, products and services, and it helps the company to analyze their market position and strategy. It is used to assess relative strategic position of each product or service in a company’s portfolio, and to decide on allocation of resources to each business. It consists of four categories: stars, cashcows, dogs and question marks. The analysis is shown with the help of Asos’s three prominent competitors and their positions are described in detail.
The above figure has portrayed the fact that ASOS plc has ranked alongside retailers that operate both online and offline. The company’s revenue has increased more than four-fold between 2012 and 2021, reaching 3.9 billion pounds (STATISTA, 2023). Therefore, there are various competitors of the company, which have left huge impacts of their business growth, have been described below.
Dogs
Dogs are products or services that have “low market share and generate little or no profit”. These products or services are generally well-established and require minimal investment to maintain their market share (BULTURBAYEVICH, 2021, February). The place of “Dogs” is acquired by Urban Outfitters due to its low market growth rate and a low relative market share.
Cash Cows
Cash cows are products or services that “render big profits and need relatively low investment to hold their market share”. These products or services are commonly in the mature phase and produce significant amounts of cash flow (AMORE, 2021). Boohoo harbours the role of ‘Cash Cows’ with a low market growth rate and a high relative market share.
Stars
Stars are products or services that are in “high demand and have a high market share”. These products or services are generating significant profits for the company and demand substantial resources to maintain their market share and facilitate expansion (BOUNCKEN, 2021). Companies that have stars in their portfolio are typically established market leaders. Zara holds the position of ‘Stars’ having a high relative market share and a high market growth rate.
Question Marks
Question marks are products or services that have “low market share but have a potential for growth”. These products or services require substantial investments to enhance their market share (FLAMMER, 2021). ASOS has acquired the position of “Question Marks” as it has a low market share and is slowly generating large profits for the company. However, it has a high market growth rate, it requires a little investment to maintain its market share and generate large amounts of cash flow.
8. SWOT
| Strengths | Weaknesses |
| ● It has a strong brand equity
● It offers a wide range of products ● It maintains a competitive pricing (FLAMMER, 2021) |
● It is highly dependent on third parties
● It does not have physical stores to operate (STURGEON, 2021) ● Very less amount of online reach |
| Opportunities | Threats |
| ● Expansion to emerging markets
● It can expand physical stores (KRETSCHMER, 2022) ● It can collaborate with other brands (KHANAGHA, 2022) |
● Competition from other online fashion providers (GARUD, 2022)
● Functions at low margins (REDDEL, 2022) ● Cybersecurity risks |
Table 4: SWOT analysis Table
(Source: Self-created)
Strengths
ASOS has a strong brand presence in fashion industry. It has been able to build a strong reputation as a reliable and trusted online retailer. It has a large customer base to maintain its prominence in the industry. The brand has a wide range of products to offer, ranging from clothing, accessories, beauty products, and footwear. This permits the organization to target a vast range of customers and fulfill their varying requirements (ALAMI, 2020). It has been able to keep its prices competitive, which makes it attractive to customers. This is one of the factors that has helped it to maintain its market share.
Weaknesses
ASOS is dependent on third parties for its supply chain, which can lead to delays in delivery and other issues. It does not have an adequate amount of physical stores, which limits its ability to target customers who prefer to shop in-store. ASOS’s reach is limited to online market, which means it cannot target customers who do not have proper access to the internet. Though it has been praised for its excellent customer service, which is one of the main causes behind customers’ keep returning to the website.
Opportunities
There is potential for ASOS to expand into emerging markets, where there is a growing demand for online fashion. It has a potential to expand into physical stores in order to target customers who prefer to shop in-store. Moreover, it also has a potential to collaborate with other brands in order to create exclusive products, which could help to increase its sales.
Threats
ASOS faces competition from other online retailers in fashion industry, such as Zalando, Boohoo, and Farfetch. Its margins are low, which means that it is difficult for the company to increase its profits. The company is at risk of cybersecurity hazards that may result in a breach of customer data (BARYKIN, 2021).
In conclusion, ASOS is a strong player in fashion industry with a strong brand presence, wide product range, and competitive pricing. However, it is dependent on third parties for its supply chain, has limited stores, and is vulnerable to cybersecurity risks. There are opportunities for ASOS to expand into emerging markets, collaborate with other brands, and open physical stores. It is worth noting that ASOS encounters intense competition and low profit margins, which might pose a risk to its future prosperity (Busch &Barkema, 2021).
9. SAF framework
The company has experienced significant growth over last decade and has become a major player in global fashion industry. This growth has been fueled by several strategic initiatives, such as broadening its product portfolio and establishing a global footprint (UM, 2021). As a result of its global reach, ASOS needs to consider how to strategically manage its operations in order to maximize its success and profitability. This includes looking at the suitability, feasibility and acceptability of its global strategy
| Factors | Description |
| Suitability | It refers to the extent to which the company’s strategy is appropriate for its objectives. ASOS’s strategy is to provide customers with fashionable, quality clothing at affordable prices. To do this, it has invested in technology and digital innovations, such as its mobile app and website, which allow customers to shop online.This strategy aligns with the company’s objectives, as it enables ASOS to expand its customer reach and augment its sales (RANA, 2021). |
| Feasibility | It refers to the extent to which the strategy can be successfully implemented. ASOS has invested heavily in technology and digital innovations, which has enabled it to increase its global reach and expand its customer base. This strategy is feasible, as it has allowed ASOS to successfully expand its business. |
| Acceptability | It refers to the extent to which the strategy is accepted by customers and stakeholders. ASOS is well-known for providing customers with fashionable, quality clothing at affordable prices. Customers highly approve of this strategy, as it meets their requirements and portrays the brand as reliable and trustworthy (LOGUE, 2022). It is also acceptable to stakeholders, as it has enabled the company to increase its profitability and expand its business. |
Table 5: SWOT analysis Table
(Source: Self-created)
In conclusion, ASOS’s strategy is suitable, feasible and acceptable. The company has invested in technology and digital innovations, which have allowed it to increase its global reach and expand its customer base. This strategy has proven successful, as it has allowed ASOS to enhance its sales and profitability, while simultaneously satisfying the needs of its customers and stakeholders (KHAN, 2022).
10. Challenges faced by ASOS and strategic responses applied to challenges
Loss of customers due to rising cost of living
Being an effective and famous social retailer brand, ASOS has faced a big loss due to reducing the number of customers in their business parameters. The customer can’t afford the high pricing strategy of ASOS and it reduces the number of sales of ASOS. Consumers typically seek low prices when purchasing their preferred products and often look to take advantage of discounts to enhance their shopping experience (AMORE, 2021). Thereafter, the rising cost of living standards of customers, and sales of ASOS have decreased which has been observed by the company financial report. Providing incentives to foster customer loyalty can lead to repeat sales for an organization (STURGEON, 2021). ASOS needs to organize loyalty programs to develop its customer base and enhance the repetition of customers. Moreover, the price of products needs to be kept in a proper way to draw the attention of customers.
People want products and services that can be trending and more fashionable. Therefore, ASOS have to produce products that are more innovative and have lower price to attract more customers. Improvement in the cost of living has a significant impact on the industry as they have to provide eco-friendly products and recycled products and people want these things at this time (CHOUDHURY, 2021). They can take reviews and feedback from the customers and analyse and evaluate it to create strategies and policies to improve the organisation’s structure and expand further. They cannot retain their customers as they cannot provide products that can meet their customer’s tastes and preferences (BOUNCKEN, 2021). The costs of production increase due to the high costs of labour which increase the costs of the ASOS. Therefore, they are unable to provide the products and services to satisfy their customs as the price of the products is high compared to the other rival firms. Thus, they have to consider some initiatives for the customers to gain the trust and loyalty of the customers and the initiatives are discounting process, reselling products etc.
Inefficient supply chain management
Ineffective management in the entire SCM process can provide a major issue for any kind of reputed organization. This also tends to the lack of inventory management and hampers internal strategic management of the organization. Being a reputed and convenient fashion organization, ASOS has faced SCM issues and it reduces the inflation rate of this organization. Supply chain management problems may result in excessive inventory and cannot be resolved by simply increasing the stock levels at all fulfillmentcenters (WANG, 2019). Thereafter, ASOS focused on a supply chain management strategy regarding the global aspects for enhancing the availability of the products and their services as well. Moreover, AI-driven solutions can act as an important model to analyse the detail process of supplying raw materials to an organization.
SCM is very much important to deliver the products at the correct time to the customers and the inefficiency of the SCM can reduce the trust and loyalty of the customers. On the other hand, efficient SCM offers much more as it provides better collaboration with the suppliers and controls the quality of the products, optimises the shipping, reduces the inventory costs and overhead costs, reduces the probability of the risks, increases the cash flows and provides better visibility in the operations process (SHAMS, 2021). Therefore, an efficient SCM is necessary to provide accurate, timely, relevant and complete information flow to mitigate all issues and risks and provide several opportunities for the future and better sales opportunities. On the other hand, inefficient SCM creates several issues such as a lack of information, and communication and decreases the number of sales opportunities and reduces the future possibilities of expansion in the market. It cannot be possible to provide and deliver products and services at the correct and accurate time which reduces the cash flows which reduces the financial position of the company. Moreover, the organisation cannot gain the trust and loyalty of the customers and reduces their revenues and decreases their customer retention and also the organisation becomes interactive towards their customers
Reducing the amount of market share
ASOS is facing a lot of difficulties regarding the reduction in the amount of the business share to gain a competitive advantage. The major key competitors of ASOS are recognized as Alibaba, and Amazon, and provide threats to gathering market share of ASOS. To be successful, a company must pay attention to the planning and key actions of its competitors (MORADI, 2020). Therefore, ASOS needs to focus on social media marketing strategy to reach all target audiences from every corner of the world. Social media platforms are widely acknowledged as a convenient way to enhance marketing efforts and increase market share (DESJARDINE, 2019).
ASOS has focused on Twitter to regularly tweet their suggestions to gain more followers and share their new arrival products with different advertisements. All of this helps to gain market shares by informing the customers of exclusive discounts on items.A social media marketing strategy can enhance an organization’s customer base and strengthen brand loyalty, thereby improving the overall customer experience (ASOS, 2023). Thus, online innovations can be well sustained and organized to develop brand loyalty and help ASOS to tend to build global brand loyalty.
Inefficiency in the SCM and rising production costs can have a negative impact on the organisation and it reduces the probability of the further expansion of the business activities. They have to perform in a competitive and dynamic environment and it reduces the probability of the competitive advantage of the firm. On the other hand, the inefficacy in various operations processes can reduce the market shares of the organisation which means sales are falling for this organisation while the other firms are rising their sales (BARYKIN, 2021). Therefore, the market demand is upward rising but the organisation has poor sales opportunities. On the other hand, the poor financial performance of the organisation can have a negative impact on the market shares and inflation also have some impact on the market shares and market prices and also the pandemic situation can be the reason for this type of scenario.
11. Conclusion
ASOS is a British online fashion retailer with a global presence in fashion industry. It is a leader in e-commerce sector and has been growing rapidly over last decade. It is one of the world’s largest online fashion retailers, with a presence in more than 200 countries and over 60 million active customers. The global fashion industry is a highly competitive and dynamic environment. In order to remain competitive, organizations must be able to manage effectively their global strategic management. ASOS has used SFA effectively to maintain its position in the global market. Its strategic objectives are linkedclosely to its mission statement. Its global strategic management has enabled ASOS to focus on innovation, customer service and value for money. It has also been successful in increasing its market share, as well as its brand recognition within the fashion industry. Through its global strategic management, ASOS has become a leader in the fashion industry and is well positioned to continue its success.
12. Recommendations
Recommendation 1: To develop and implement a “global strategic management plan”
In order to remain competitive in global fashion industry, ASOS must develop and implement a “global strategic management plan”. This plan should include a comprehensive analysis of external and internal factors that influence the company. When conducting this analysis, it is important to take into account various factors including but not limited to the competitive environment, macroeconomic indicators, market trends, and customer preferences (ALZOUBI, 2022). Once these factors have been identified, the company should develop strategies to capitalize on opportunities and address challenges presented by these factors.
Recommendation 2: To create a global brand strategy
ASOS should also focus on the development of a global brand strategy. The strategy should involve creating a cohesive brand identity that remains uniform across all markets (PARNELL, 2021). This can be achieved through use of consistent branding elements such as logos, colors and messaging. To strengthen its market position, the company should prioritize establishing a robust online presence through social media and other digital platforms, in order to effectively engage with customers (BAĞIŞ, 2020). The company should also focus on developing relationships with influencers and other industry professionals in order to promote further the brand.
Recommendation 3: To develop an effective “global supply chain strategy”
ASOS should also focus on developing an effective “global supply chain strategy”. It has been observed that a crucial aspect of this strategy is to establish a network of dependable suppliers, which is essential for ensuring product availability (SHAMS, 2021). The company should also focus on developing processes and technologies to improve efficiency of supply chain, such as automated warehouse systems and inventory management systems.
Recommendation 4: It should create a “global marketing strategy”
Finally, ASOS should focus on developing a “global marketing strategy”. The recommended approach is to create a well-rounded digital marketing strategy that encompasses various channels such as social media, search engine optimization, and content marketing (PARNELL, 2021). The company should also focus on developing relationships with influencers and other industry professionals in order to further promote the brand.
In conclusion, “global strategic management” is essential for any organization operating in “global fashion industry”. It must develop and implement a comprehensive global strategic management plan in order to remain competitive. The plan should encompass a thorough examination of both external and internal factors that impact the company, the formulation of a global brand strategy, the establishment of an efficient global supply chain strategy, and the creation of a comprehensive global marketing strategy (TIEN, 2021). By doing so, ASOS will be able to remain competitive in global fashion industry.
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