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INTRODUCTION
Main purpose of the business organization is to stay productive and competitive in market. To stay productive and competitive in market, the business organization needs to develop various processes and methods to improve the decision-making process and develop effective business strategies. This report is brief information about global business strategy of H & M to analyse business strategy and its effectiveness in future operations of the organization. H & M is one of the most famous business organization in the United Kingdom. Hennes & Mauritz AB is retail sector organization which was founded in the year 1974 at Vasteras, Sweden. H & M was founded by Erling Person. Headquarter of organization is in Stockholm, Sweden. H & M is currently operating over 5076 positions around the world. This report will be providing brief overview of global positioning of H & M in textile sector. Current global trends and events will be analysed in report to evaluate the key drivers of change for company. Performance standard of H & M will be analysed for last 5 years.
Impact of current trends and disruptive event also will be evaluated for the performance of organization in global market. Sources of competitive advantages also will be analysed in report to improve the competitive position of organization in particular market. For this, Porter Five Forces model will be used to analyse the sources of competitive advantage. Importance of particular model also will be evaluated for the management of the organization. Various external factors also will be analysed in report that can affect the competitive position and performance of organization in target market. Role of innovation and globalization also will be evaluated for the competitive position and performance of organization in market.
CURRENT GLOBAL POSITIONING OF H & M
Evaluation of Trends and Disruptive Events as Key Driver of Changein the Fast Fashion Industry
Drivers of Change
In fashion, industry changes are more common than any other industry in market. With the development of technology, changes are more frequent in fashion industry.Technology and concept of sustainability are driving changes in the fashion industry. Development in technology is major driver of change in the fashion industry. New technologies are allowing the people in the fashion industry to develop various new designs that were not possible with traditional resources. Robots are the best example of change in the fashion industry. Robots in fashion industry are allowing the business organization to perform range of operations. In current time, robots are used in the fashion industry for operations like sewing and fabric cutting(Becker-Leifhold and Iran, 2018). This technology is allowing companies to produce goods with high accuracy and precision. This is how organizations in textile industry can work with more critical and complex designs. Advancement of Supply chain management system is also one of reason of change in the fast fashion industry.
The other driver of change in the fast fashion industry is common as another industrial sector. Sustainability is major driver of change in the fashion industry. Concept of sustainability is forcing the business organizations to work on new designs and fabrics that are sustainable and eco-friendly. This is how sustainability is also one of major driver of change in fast fashion industry(Yeoman and McMahon-Beattie, 2018). Apart from the technology and sustainability, change in the behaviour of customer is also major driver of change in the fashion industry. This factor force the fashion industry to produce goods as per the behaviour of customer.
Disruptive Event
Disruptive events are such conditions that are major reason for change in the fashion industry. Covid 19 Pandemic is one of most recent disruption in the fashion industry. It has forced the fashion industry to implement major changes in the designs and fabrics to meet customer demands. It also has affected the fashion industry on different level. The condition has forced the industry to pause or avoid production of various fashion events(Boardman, Henninger and Zhu, 2020). This was a challenging situation for the textile industry. This situation also has forced the organizations in the textile industry to produce medical kits for health care workers. This is how specific event can force the organization to implement change. This is how various external factors and disruptive events can drive change in the business organization.
Performance Scenario of H & M in Last 5 Years
This is important for the business organization to review their performance in market place to develop new practices to improve their performancein target market.In last five years, sales of H&M is continuously increasing since 2015. Change in net sales from previous year in SEK was 19% in the year 2015. From the year 2016 change in net sales from previous year from 2016 to 2019 was 6%, 4%, 5%, and 11% consecutively. Operating profit of organization in SEK was 26942m, 23823m, 20569m, 15493m and 17346 million consecutive from 2015 to 2019.After Nike ZARA, Adidas, H&M is considered as most apparel brand in the world (Key Figures, 2020). From this data, it can be concluded that performance of H&M was effective in last five years. Company is also working on concept of sustainability in operations. Company is also investing money to fulfil corporate social responsibility in market place.
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Impact of Current Trends and Disruptive Events in Term of Threats and Opportunities for H & M
As a global-level, organization impact of current trends and disruptive event is normal on the performance of the organization. With effective financial background and effective technology H&M can deal will all the changes in trends and conditions in market situation. H&M is using latest technology to maintain profitability in market place. Same as the other business organization impact of Coronavirus pandemic was also critical for H&M. H&M is considered as second largest fashion retailer in world. H&M also have faced sharp and slightly smaller drop in second quarter. Net sales of organization also fell to 50% during the coronavirus pandemic (Coronavirus impact: H&M's March-May sales tumble by 50%, 2021). This is how H&M also have faced major business issues during the pandemic. But as compared to the other organization performance of H&M was slightly better.Due to strong financial background and better positioning in global market, H&M was able to maintain business stability.
SOURCES OF COMPETITIVE ADVANTAGE
Competitive Analysis
Porter Five Force
This is important for the business organization to analyse its competitive positioning in the market place. This process is related to analyse different aspects of the competitive market to stay productive and competitive in marketplace. Porter Five force model is considered as one of the most effective models to evaluate the competitive positioning of organization in market place. Basic concept of this model is to analyse various threat to the organization that can affect the competitive positioning of company in specific market. the forces that are considered for the evaluation in the porter five forces model are- Threat of New Entrant, Threat of Substitute, Bargaining Power of Customer, bargaining power of Suppliers, and Rivalry Between Existing Competitors. By analysing all these aspects in the particular industrial sector proper overview of industrial sector and competitive environment in it. The assessment of the competitive analysis can help the business organization to develop various strategies to get competitive advantage in global or local market.
Threat of New Entrant
This is one of most common threat in different industrial sectors. This is a challenging process for an organization to enter in a new and unknown market. This is complex process to enter a market with existing competitors. This is highly challenging process for the organization to start business and develop brand image in market place. There are different barriers are present in developing business in new market are- Brand Loyalty, Cost Advantage, Government Regulations, Capital Requirement, Access to Supplier and Distribution Chanel, and Retaliation(Kumbara, A., 2020). These are most common barriers to enter in new market. This is most important for the business organization to have loyal customer base. In UK Textile industry, existing organizations are highly stable and these organizations have effective and loyal customer base. It is highly difficult for the business organization to develop effective business strategy to develop customer base and improve market share in company. Existing organizations have capability to produce products and services at much lower cost but it is highly difficult for new entrant to develop effective production system in which goods can be produced at much low cost. It is also challenging for the new entrant to follow all government regulations. New entrant organization have to develop new policies and implement changes in existing policy to meet government regulations. As compared to existing organizations, this is more challenging for new entrant to make effective changes in different operations to meet the government regulations. For new entrant, it is also challenging to develop financial capital to perform business effectively in new market. For market entrant, this is most difficult to develop distribution and supply channel to perform business operations effectively and maintain the supply chain of the organization. New entrant also has to face major retaliation from the existing competitors. This is challenging for a new company to face retaliation from the well-settled organizations in the new market. As per the current situation in the UK market, this will be a huge challenge for business organization to setup new business. To reduce this threat the organization needs to focus on the pricing strategy and quality of product or services to develop better relationship with customer by satisfying their needs. This strategy can help the business organization to stay competitive and productive in market place.
Threat of Substitute
This is major threat for an organization in market place. The United Kingdom is international hub of fashion and clothing industry. Some of the most famous textile brands are working from the United Kingdom. Customers have range of options to buy products from different people. Current situation in UK Textile market is highly challenging. Many organizations are operating in same industry. This is important for the business organizations to consider all the substitute in the competitive analysis process to develop effective business strategy. Range of aspects is dependent on the substitutes that are available in market. This substitute can affect the customer base of the organization. Threat also can increase competitiveness in the market place. This type of situation can lead to two types of situation that can affect the stability of the competitive market. In the first condition, if the competitive strategy of competitors is positive then it can help the organizations to develop better competitive environment. A high number of substitute also can force the business organization to make changes in pricing strategy to draw more customers. This type of strategies can force the business organization to develop negative competitive environment in market(Khan and Shah, 2017). This type of condition can affect the stability of particular market. If some substitute product is high then it can affect the market share and profitability of company. In case of UK competitive market, number of substitute products are too high and it can affect the profitability, market share, and pricing strategy of the company. This threat is very high in the United Kingdom Textile industry. This is most important for the business organization to focus on the quality, customer services and pricing strategy to maintain profitability, market share and business performance in competitive market.
Bargaining Power of Customer
Bargaining power of the customer can be explained as ability to force the organization to make changes in the pricing strategy. This power of the customer is very in the United Kingdom. There are too many options are available to the customers in the United Kingdom. This high number of options can increase the bargaining power of the customer. High bargaining power can force the organization to reduce the price of product. It can reduce the marginal profit of the company. In the United Kingdom, bargaining power of customer is too high and it is negative condition for the business organizations. This is important for the organization to work on different strategies and processes to develop better relationship with customers. To develop better relationship with customers, organization can focus on the quality and cost of the product to provide better offer to the customer. This is how organizations can use different strategies to reduce the bargaining power of the customers.
Bargaining power of Suppliers
This is major threat for the business organization. Business organizations use various suppliers to get raw material to maintain continuity in manufacturing process. Availability of raw material is limited in the United Kingdom for the textile industry and there is only limited supplier of raw material. This limited number of resources can increase the bargaining power of the suppliers. With this power, suppliers can force the organizations to purchase raw material at higher cost. This increased cost of raw material can increase the manufacturing cost of the company(Abalkhail, 2019). This is major threat to the marginal profit of the company. This is important for the organization to take active action on the organization to reduce the bargaining power of the supplier to maintain profitability of organization in target market. For all the organization, condition is similar. This power of the supplier in UK textile industry can be reduced by increasing number of supplier or by developing their capability to arrange raw material. These strategies can be used by the organization to reduce the bargaining power of suppliers.
Rivalry Between Existing Competitors
Rivalry among existing competitors is too high in the textile market of UK. There are different organizations are looking for developing their business in local market and improve the customer base. Because of this competitiveness of UK, textile industry is too high. In UK market, range of reputed organizations are operating and level of competition is high. This is will be challenging for an organization to stay competitive in market without taking any action or development in strategy. This actor is highly negative in United Kingdom market(Khurram, Hassan and Khurram, 2020). To avoid this challenge this is highly important for the business organization to take effective actions and develop better business strategy to gain competitive advantage over other organizations in market place. Business organizations also can make changes in the pricing policy to make positive impact on their competitive positioning in market place.
These are five major forces that are needed to be considered by the business organization to analyse the situation of the competitive market. By analysing these five forces, business organization can take effective decisions and develop effective strategies to lead the market and improve the customer base.
Use of Competitive Advantage Theory for Management
In different ways, competitive theories like Porter Five Forces can be used. in different ways to get higher benefits in the market place. Porter five-force model can help the organization to - stay competitive in market place, Improve Potential of new entrant in new market, perform market analysis, develop effective strategies, and understand the business strategy of the competitor. These are major use of porter five-force model for management. Management of company can utilise this modal to improve the decision-making process and develop effective strategies to improve the performance and customer base of organization in target market. This is highly challenging for the management of the company to analyse all the factors before entering new market. Without critical market information, company ca face severe fail in particular market. Porter five-force model can be used by the management of the company to understand current market situation. This understanding of competitive market can be useful to develop business and operation strategy accordingly to keep organization profitable in target market.Porter five-force model allows the management of the business organization to perform systematically analyse of the market situation to get higher benefit in target market. Systematic analysis of the target market can help the management of the company to understand the policies, strategies, and approaches that are used by the competitive organization to stay competitive in the market place. Porterfive-force analysis is also most effective to make the management of organization aware of the current market trends and demand of the customer. This is how in different ways management of company can use Porter Five Forces model to improve their competitive position in target market.
STRATEGY OF FIRM AND STRATEGIC POSITIONING
Relationship between Organizational Resources, External Environment and Performance of Organization
Impact of External Environment on Performance of Organization
Business environment study is important to improve the performance of organization local and internal market. For effective business process in market. There are some external factors that are connected to the internal operations and processes of the company. These external factors can influence the internal operations of company. The external factors that are considered in the study of business environment are categorised in six different factors that are known as PESTEL factors. PESTEL is acronym of six different external factors that influence the internal process of the organization. These external factors are- Political Factor, Economic Factor, Social Factor, Technology Factor, Environmental Factor, and Legal Factors. All these factors can be considered by the organization management to evaluate impact of PESTEL factors on performance of company in target market.
Political Factor
Political factors are mainly related to the decisions and changes made by the government in the policies and legislations that are related to the business operations of the organization. The changes that are implemented by the government to define the limits of the business organization can influence various internal and external operations of the organization. Changes that are implemented by government in foreign policy, taxation policy, business laws, international treaties, and trade procedures are major political factor for the business organization. The other political factors are related to the stability of government. This is important for the business organization to consider all these factors related to the political decisions and changes to improve the performance of organization in target market and maintain stability in the business process. Government in UK has implemented various decisions that are related to the improve business opportunities for the small business organization. Major concept of this political decision to provide more benefits to the small textile sector companies(Singh and Srivastava, 2018).It has affected the competitive environment in company. Competitiveness in textile industry has been fragmented due to this political action. Somehow, this condition is now improved because these small organizations are investing more money in expanding their business. This condition can help the organization to improve the competitiveness in textile industry in the United Kingdom. The reputation of United Kingdom's textile market is too good on global level and government has decided to offer more financial support for different small and medium business organizations. This financial support can help the organizations to develop stability in the textile industry in the UK. Stability in the UK government is highly beneficial for the textile industry. There is only one negative factor for the textile industry is Brexit. Investors in UK are highly uncertain about investing in the textile market. It has affected the stability of textile sector in UK.
Economic Factors
Economic Factor is highly important for the stability and growth of complete industrial sector in country. Due to Covid 19 Pandemic, global economy is suffering from crisis. This is challenging situation for all the business organizations. Due to ban on international transportation, textile sector is facing major issues. Due to this condition, organizations have limited market to perform business activity. Due to uncertain economic condition on global level has affected the business organizations in the textile industry in UK. This is challenging situation for the industrial sector and it also can cause long-term negative impact on the industrial sector. There is one additional factor also can affect the textile sector in UK(Gegg and Wells, 2019). Manufacturing process in textile industry is expensive in United Kingdom and the large size company can manufacture textile goods at lower cost in countries Like India, Shi Lanka, and China. This can affect the textile sector in UK. These are major economic factors that can affect the Textile Industry in UK. Economic Factor in the United Kingdom is negative for the textile industry in UK.
Social Factors
Social factors in PESTEL analysis are considered as elements that are related to different social and personal values of people. Major social factors that are needed to be considered by the business organization are- Population of the locality, cultural diversity, per capita income, and education level of population. These factors must be considered buy industrial sector to maintain stability in industrial sector. United Kingdom is considered a hub for fashion industry. Population of UK is also effective for the growth of fashion industry. This high population can help the particular industrial sector to grow effectively in particular location. The Other aspect that needs to be considered for the fashion industry is connected to the cultural diversity in particular location. Cultural diversity in the UK is high. This is one of the best opportunity for the textile industry to work on product range for proper growth and development. Due to high cultural diversity in country, textile industry have huge scope for growth and development.
Technological Factors
In the current time, this is most important for the industrial sector to look for various innovative and advance technology to improve complete industrial sector. Range of technological changes has occurred in Textile industry in the UK. Different technologies are currently used in the textile industry that is much profitable for business organizations. For example, technologies like digital technology, e-commerce technology, Automation, and virtual reality. These technologies are most commonly used by the business organization to get higher benefits in the market place.All these technologies are also effective for the growth of the entire textile industry. E-commerce technology has provided better market to the business organizations in the industrial sector and it can help the industrial sector to reach remote customers effectively. This technology also has provided opportunity to the industry to grow very quickly on global level and manage fast fashion effectively. Digital technology is revolutionary for the textile sector. It has helped the industry sector to come up with the concept of fast fashion(Bose and Hussain, 2020). Digital technology is most effective to understand latest trends more efficiently and make development positively.Automation is one of the best technology that has derived the growth and development of the textile industry. Technology development in country is also positive and it can help the textile industry to implement technology development in business process.
Environmental factors
The impact of environmental factors is crucial for the textile industry. The chemicals and some of processes that are used in the manufacturing or production of fashion products are not good for the environment. From the ethical and sustainable perspective, this is important for the organizations in textile industry to consider environmental concerns to prevent negative impact on the nature and wildlife. Aspects like water pollution, air pollution, and inappropriate use of resources can affect the environment majorly. All these factors need to be considered by the textile industry to prevent major impact on the environment and wildlife. Government is forcing the textile to develop sustainable practices that have least impact on the environment. Some legislations are also needed to be considered in the textile industry that is developed to reduce the negative impact on the environment. For environment protection, many campaign groups are forcing the fashion and textile industry to develop ethical and sustainable practices. This is how it is a major factor for the textile industry to consider environmental factors to keep their operations sustainable. To meet the sustainable operations, organizations in the textile industry have to follow the guidelines and processes that are suggested by government in theirguidelines. These guidelines can help the companies in textile sector to keep their operations and sustainable and effective for environment protection.
Legal Factors
This is important for all the organizations in the industrial sector follow all the rules to avoid all type of illegal activities. There are some legal considerations are need to be fulfilled by the textile industry to meet the guidelines and regulations that are defined in the legislation. All legislations are governed by the legal system of the country and government of the country. Some crucial laws must be considered in the textile industry to improve the performance of organization. For example, employment rights act 1996,employment relation act 1998, the maternity and parental leave etc. Regulations 1999, Environment Protection Act 1990, Health, and Safety at Work etc. Act 1974, and National Minimum Wage Act 1998. These are all major laws that are needed to be considered by the organization to keep their operations legaland avoid any type of legal action against the company.Along with these legislations, this is also important for the organization in the industry to consider all the guidelines that are provided by the government and legal authorities. Currently, this is challenging for the textile industry to follow the legislations that are developed by the legal authorities and government. These authorities are now more concerned about sustainability and human right issues(Tran, 2020). Because of this, government is developing strict processes to avoid such issues in different industrial sectors. So legal factors are crucial for the textile industry. Influence of these factors is huge on the business organization in textile industry.
These are all the external factors that can affect the internal and external operations of organizations in textile industry. For an organization in textile industry, it is important to take proper countermeasures to maintain performance and continuity in business operations.
All the factors that are studied in the PESTEL analysis of textile industry are directly related to the performance of the business organization in market place. This is most important for the business organization to understand the impact of external factors on the internal and external operation of the organization. These factors can be analysed by the company to develop effective changes in organization to maintain the performance of company in target market.By considering all external factors, business organization can develop effective strategies to maintain their performance in market. If these factors are avoided by the organization then it can affect the productivity and profitability of organization in target market. This is how external environmental factors are directly related to the performance of company in target market. By considering all the external factors organization also can develop effective strategy to utilise available resources effectively to get maximum output from the business operations. For example, environmental factors can help the organization to utilise various resources ineffective way to use available resources sustainably to reduce the manufacturing cost of products. This is how by considering these external factors organization plan their strategy to utilise available resources effectively.
ROLE OF INNOVATION & INTERNATIONALIZATION IN DESIGN OR IMPLEMENT ORGANIZATION STRATEGY
Role of Innovation in Development and Implementation of Competitive Strategy
In current situation, this is most important for the business organization to use innovative practices to get various advantages in internal and external operations. Innovation can be really helpful for the organization to maintain its performance in target market. Innovation is explained as use of new and unique ideas to provide better solutions to business organization to improve their performance in global market. Innovative practices also can be used by the organization to solve the issues and problems that are faced by the business organization in operations(Johnsson, 2018).In different ways, innovation can help the business organization to maintain competitive position in market place.
Innovative practices like automation and artificial intelligence can be used by the business organization to improve the production or manufacturing rate of the company. This will help the organization to meet the demands of customers effectively. Innovative strategies and approaches are also helpful to reduce the production cost of the company. Business organization can use innovative strategies to offer better quality product to the customer at effective cost. This process can help the business organization to maintain satisfaction level of the customer. This is how innovations can be used by the organization to maintain customer satisfaction and loyalty, which is important for the performance of organization in competitive market(Meissner, Polt and Vonortas, 2017). With innovative practices, business organization can maintain effective competitive position among all the competitors. This is how innovation is highly important for the business organization to stay competitive in market place.
Role of Internationalization Development and Implementation of Competitive Strategy
Internationalization also can be explained as process that can be used by the business organization use various strategies and process to perform business on global level. With this process business of organization, do not remain in border of a nation. Globalization or internationalization process allows the business organization to selling their products or services to cross border to improve the customer base and increase the profitability of the business organization(Hartmann and Lueg, 2017). Globalization process can help the organization to improve their knowledge about various things that can help the organization to perform its business operations more effectively. Internationalization also allows the business organization to make effective development in the technology of the company to increase the productivity of company along with reducing the operational cost of company. This process can help the organization in textile industry to produce goods at much lower cost and it can increase the marginal profit of the organization.Internationalization also can help the organization to make development in the technology to meet the demands of the customer within time. This is how in different ways internationalization can help the business organization to gain higher productivity in target market(Antalova, 2018). This high productivity, higher customer satisfaction can help the organization in textile industry to gain competitive advantage in target market.
CONCLUSION
This report is providing brief analysis of external factor and various disruptive events that can drive changes in organization. Performance of H&M in last five year in global market also has been evaluated in the report. Porter five-force analysis also has been performed in report to analyse the competitiveness of UK market. Various aspects and competitive forces have been analysed in report. Importance of porter five forces also has been evaluated for the management of the H&M global. Various external factor has been analysed in report to evaluate their influence on the internal and external operationof company along with their performance in market. Role of innovation and globalization also has been evaluated for competitive positioning of company in target market.
References
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Antalova, M., 2018. THE IMPORTANCE OF GLOBALIZATION AND HUMAN CAPITAL FOR ECONOMIC GROWTH. GLOBALIZATION AND ITS SOCIO-ECONOMIC CONSEQUENCES. 10. p.14.
Becker-Leifhold, C. and Iran, S., 2018. Collaborative fashion consumption-drivers, barriers and future pathways. Journal of Fashion Marketing and Management: An International Journal.
Boardman, R., Henninger, C.E. and Zhu, A., 2020. Augmented reality and virtual reality: new drivers for fashion retail?. In Technology-driven sustainability (pp. 155-172). Palgrave Macmillan, Cham.
Bose, I. and Hussain, A., 2020. How to Enter Ethiopian Market: A Strategic Case Study. Journal of Applied Management and Investments. 9(1). pp.1-11.
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Hartmann, M. and Lueg, K., 2017. Brexit: On the declining homogeneity of European elites-and on the importance of a domestic habitus in times of globalization. Culture, Practice and European Policy. 2(1). pp.28-34.
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Khurram, A., Hassan, S. and Khurram, S., 2020. Revisiting Porter Five Forces Model: Influence of Non-Governmental Organizations on Competitive Rivalry in Various Economic Sectors.
Kumbara, A., 2020. THE ANALYSIS OF PORTER'S FIVE FORCES IN LUCKY TEXTILE GROUP IN FACING THE COMPETITION OF TEXTILE INDUSTRY. Dinasti International Journal of Economics, Finance & Accounting. 1(3). pp.397-412.
Meissner, D., Polt, W. and Vonortas, N.S., 2017. Towards a broad understanding of innovation and its importance for innovation policy. The Journal of Technology Transfer. 42(5). pp.1184-1211.
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Yeoman, I. and McMahon-Beattie, U., 2018. The future of luxury: mega drivers, new faces and scenarios. Journal of Revenue and Pricing Management. 17(4). pp.204-217.
Online
Coronavirus impact: H&M's March-May sales tumble by 50%, 2021. [Online]. Available Through.https://www.businesstoday.in/current/corporate/coronavirus-impact-hm-march-may-sales-tumble-by-50/story/406959.html>.
Key Figures , 2020. [Online]. Available Through.<https://hmgroup.com/investors/five-year-summary/>.
