Assignment Sample on How Does Research Enable New Business Insights
INTRODUCTION
Extensive research can usually play a significant role in terms of enlarging the reach of a business with the achievement of relevant knowledge. Businesses can look forward to obtain adequate knowledge about the current market preferences, industrial trends and others that usually help them to efficiently mitigate consumer demands and requirements by opening new business insights (Budler et al. 2021). Different real evidences can be highlighted in terms of reflecting research as an emerging pathway of finding new business insights through obtaining greater knowledge. For example, the case of a renowned multinational retail service provider Zara can be taken into account. The company has paid attention to develop a data centre as an integral part of supporting their research and development facilities. Extended preference of advanced technology like Big data analytics and others have been extremely fruitful for Zara in terms of enhancing their research capabilities (Madrid software trainings, 2023). Based on this aspect, Zara has been extending their reach over the global market with a precise focus on the inception of new business insights. The company has been able to gather adequate insights from the market about consumer preferences and trends according to which Zara manufactures their products and offerings.
Figure 1: Inditex net sale
(Source: Smith, 2022)
The usage of in-depth analytics has also been helping Zara to manage their supply chain attributes as a substantial parameter of coping with the consumers demand on a real-time basis. The positive implications of these extensive research capabilities can be signified from the perspective of Zara by recognising their financial standings over the current competitive market. As a brand, Zara has obtained a value of USD 13 billion as per the reports of 2022 (Sabanoglu, 2022). Apart from that, Zara also contributed in a significant manner to the net sales growth of their parent organisation Inditex. The pictorial elaboration has been highlighting increasing contribution of Zara in this case behind which the positive outcomes of extensive research arrangements can be certified.
Moreover, researches can usually add a greater value to the corporate existence with regards to ensure reshaped global presence in accordance with the consumer demands in different countries and markets. This aspect is also associated with the achievement of competitive advantage throughout the global market by opening up a new pathway to mitigate consumer demands through adequate research. This aspect can also be highlighted from the perspective of Zara. As an example, the operations of Zara in the Indian market can be highlighted. During 2022, the brand was able to announce over 60% growth across the Indian market in revenue generation (NDTV, 2022). The net profit of the luxury fashion brand in India amounted to INR 148.76 Crore during the same period (NDTV, 2022). This evidence signifies positive outcomes obtained by Zara through research and development that has enabled emerging business insights for them. Moreover, the implications of the incremental innovation concept can be signified in the case of Zara with their research capabilities that has been extremely helpful for the brand to develop their existing products and services on the basis of knowledge retrieved through research. Due to this reason, a transverse relationship can be signified between research and development of new business insights.
References
Madrid software trainings, (2023). Zara’s smart big data tactics [Online]. Available at: <https://www.madridsoftwaretrainings.com/how-zara-uses-data-analytics-for-business-growth> [Accessed 15 February 2023]
NDTV, (2022). Zara Announces Over 60% Growth In India Revenue, Despite No New Stores [Online]. Available at: <https://www.ndtv.com/business/zara-logs-over-61-pc-growth-in-india-revenue-to-rs-1-815-cr-in-fy22-posts-profit-of-rs-148-76-cr-3060138> [Accessed 15 February 2023]
Sabanoglu, T., (2022). Zara’s brand value worldwide from 2016 to 2022 [Online]. Available at: <https://www.statista.com/statistics/980126/brand-value-of-zara-worldwide/> [Accessed 15 February 2023]
Smith, P., (2022). Net sales of the Inditex Group worldwide from 2013 to 2021, by brand [Online]. Available at: <https://www.statista.com/statistics/456505/sales-inditex-group-worldwide-by-format/> [Accessed 15 February 2023]
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