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    Business Law

    Startegic Development Of Business

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    Startegic Development Of Business


    TASK 1
     
    1.1 Identify a valid area for research to support strategic development of business
    Awareness about consumer expectation, demand, and the market trend is the most appropriate area for research that support the strategic development of business because corporate firms always try to produce items according to customer choice. Simply, it’s the responsibility of the marketing team to update about the existing trends which are expected by society from a multinational corporation in order to design their business strategies accordingly. Zara is multinational corporation expertise in fast fashion and manufacturer distinct kinds of products which incorporates; clothing, accessories, shoes, swimwear, cosmetics, and perfumes. In fact, this firm is considered the largest enterprise in the Inditex group and famous as the largest apparel retailer because of its qualitative products (Caro and et. Al., 2010). Moreover, the company is running its outlets into various domestic as well as foreign regions of Europe. Thus, a company needs to understand the expectation and trends of distinct markets before launching a creative product into the marketplace. This help an association in improving their business strategic area and easily design an effective plan according to the consumer expectation for meeting their demand. 
     
    1.2 Aim, scope and objectives of selected area for research
    Strategic development requisite in every department of an organization due to which research and development team of multinational corporations always go for the investigation process in order to identify the correct information related to the subject matter. For example; a production team of Zara is involving in designing innovative products that make the company distinguish from others. As a result, the manufacturing department needs to consider the information accumulated by the R&D team related to customer perspectives, market trends, and competitor goods in order to enhance their production strategy accordingly (Chang, 2011). Thus, the first or foremost aim of this research is “to understand the consumer expectation towards the fashion sector, trends followed in market and goods of an existing competitor in context with Zara multinational for developing a business strategy”. In simple terms, the main aim and major objectives of the research are mentioned below- 
               Aim- “To identify the impact of acquiring relevant data related to customer expectations, marketing trend and competitors on business strategic development: A case study on Zara”.
    Research objectives- 
    To identify the current trend of the fast fashion industry.
    To understand consumer expectations towards companies like Zara.
    To analyze the existing market trend followed by competitors. 
    To identify the need for business strategy development. 
    To ascertain the relationship between business strategic enhancement with information acquired about consumer expectations and market trends. 
    Research questions- 
    Explain the current trend of the fast fashion industry? 
    What is the expectation of consumers towards companies like Zara? 
    What are the market trends followed by rivalries? 
    What is the need for business strategic development? 
    How business strategic development relate to data about consumer expectations and market trends? 
    Consumers are considered as the most indispensable shareholder for business success because products are finally consuming by them only due to which understanding about consumer expectation and the market trend is having a broader scope. This selected topic covering a wide range of organizational subjects such as; assistance from the final user’s direct production, marketing, quality team and gives an overview to a financial section that how much amount they need to allocate to the various business department. As a result, only a single opinion of customers and understanding about the current market covers the broader section of Zara through which the company can easily develop its organization strategy in order to gain a competitive advantage (Gamboa and Gonçalves, 2014). However, the outstanding strategy supports Zara as a backbone by directing staff members and business representatives towards the right path. Therefore, this research on customers is full of broad scope by controlling supporting several teams of business and assisting Zara multinational in managing their various regional projects. For example; Zara is controlling a large number of outlets by having its branches across Europe and other foreign countries as well as preferred by customers due to its high-quality products. Therefore, consumer understanding is the most suitable subject which directs the company in managing its sales by offering customized items to their loyal customers (García-Álvarez, 2015). 
     
    1.3 Formulation of specific research proposal
    A research proposal is a kind of overview which further followed in longer dissertation and research paper to acquire depth knowledge on a selected topic. However, a proposal is a mini project which designs systematically for developing the curiosity in the reader to go for broader research in order to acquire depth information (Gnyawali and Park, 2011). Thus, an overview of the research proposal upon design aim and objective is drawn as follows.  
    Title page- Research proposal 
    Student name
    School name
     
    Degree  Abstract- 
    Business strategy is a significant element which plays a crucial role in organizational improvement by assisting various department of an enterprise towards the right path. For example; accumulating customer choice direct production team while designing finished goods for final use. Therefore, this research is going to revolve around the development of business strategy by understanding the expectation of consumers and market trends which is followed by competitors. This information of research & department supports overall business in overcoming their process problem by acquiring an overview of the market situation and then re-design their strategy for making it different from other rivalries in order to gain a competitive advantage. Mainly, Zara multinational corporation is selected in this research for understanding how the data related to customer expectation, demand, and trend positively influence the business strategy. Interestingly, the project will show several examples which help in understanding the actual efficiency of correct data in improving organization strategy by directing various departments towards the right track (Gunasekaran, Rai and Griffin, 2011).      Table of Content
    Table of figures  Title- 
    “To identify the impact of acquiring relevant data related with customer expectations, marketing trend and competitors on business strategic development: A case study on Zara”.   
     
    1. INTRODUCTION
     
    1.1 Background of research
    In this competitive environment, several competitors are emerging into the fashion industry with creative products due to which every firm are struggling too much for establishing their strong position in the marketplace. As a result, fashion companies are developing their business strategy by conducting various research and taking several initiatives to make their scheme best as compared to competitors. Therefore, acquiring data about customers is another most appropriate method through Zara can improve their current organization strategy by producing a customized product and forming the plan which makes them entirely distinct from other rivalries. Thus, this research will outline the aspects which will be beneficial for the organization in developing its firm strategy by taking corrective initiatives (Gunday and et. Al., 2011). 
     
    1.2 Significance of research
    This research is focussing upon consumer choices, marketing situation and competition strategies to acquire information about these elements in order to direct corporate firms while strategy developing. Therefore, this project is playing a significant role in guiding Zara key players in acquiring techniques that support them in establishing a strong brand image in the market. Moreover, it’s a very interesting topic for the reader also and significant in their future while commencing any business for own growth.
     
    1.3 Aims and objectives
    Aim- “To identify the impact of acquiring relevant data related with customer expectations, marketing trend and competitors on business strategic development: A case study on Zara”.
    Objectives- 
    To identify the influence of data related to customer expectations upon organization strategy development. 
    To analyse the current trend of the fashion industry. 
    To ascertain the requirement of business strategy development. 
     
    1.4 Research questions
    What is the impact of data about customer expectations on organization strategic development?
    Highlight the existing trend of fashion sector?
    What is the need of business strategy development? 
     
    1.5 Project plan and work breakdown structure
    Work break down structure is a graphical representation that shows the classification of work between various employees or team members to reduce the workload from a single individual or authority. It helps in showing the roles and responsibilities of various staff members in attaining certain projects by reducing the chances of misunderstanding (McDonald and et. Al., 2011). 

    According to the above flow chart, works have been classified into various departments and members for minimizing the pressure as well as ensure that every individual can complete the assigned job in a corrective way. Furthermore, a project plan is a design for showing that what activities are going to conduct while research for attaining the set objectives in a corrective manner.
     
     
    2. LITERATURE REVIEW
     
    2.1 Current trend of fashion industry. 
    The fashion industry entails various levels such as; manufacturing of raw materials, principally fibres or textile but leather too, production fashionable items by designers, contractors, retailers, and various kinds of advertising or promotion. According to the current trend, various companies are coming up with innovative clothing, accessories for women’s beauty, cosmetic products for polishing the personality human beings, adopting the modern method of advertisement, and many more. Therefore, it is essential for Zara to always reform their strategies and products by considering the existing trend for gaining a competitive advantage (O'Cass and Weerawardena, 2010). 
     
    2.2 Impact of acquired data of customer expectations upon business strategy development
    According to O'shaughnessy, (2014) it’s a core principle of Corporate firm to acquire data about the existing market and understand the customer choices or expectations towards the present fashion industry in order to design the organizational strategy accordingly. This help in grabbing the mind of customers easily by offering customized product to them and get succeeded in maintaining long term relationship with various users.  
     
    2.3 Need of business strategic development
    Business strategic development is highly indispensable for the survival of business in this running world because consumer choices and demand always fluctuate according to the trend. Along with this, various external factors such as; political policies, legal norms, social demand, environment, and technological growth enforce an entity to reform business strategy as per current change. As a result, this helps in maintaining a balance between internal and external factors as well as company Zara get succeeded in coping up with several uncontrollable elements (Palladino, 2010). 
     
    3. RESEARCH METHODOLOGY
     
    3.1 Research approach
    There are mainly three types of research approach one is inductive, deductive, and abductive but the inductive approach is a most suitable one because it is linked with a qualitative method, and qualitative tool aids in acquiring theoretical data by describing the concepts in detail manner.
     
    3.2 Research design
    Research design help the researcher is identifying the corrective answers of set questions for which descriptive method is used which briefly describes the facts. 
     
    3.3 Data collection methods
    There are mainly two types of data collection tools that are present one is primary and the other is secondary. However, both methods are having distinct tools that fall under them to acquire information in the right way. For example; the primary is a first hand and interviews or various other tools are coming under this through which the researcher can accumulate first-hand information. Whereas the second method is considered second hand due to which methods which collect data from used or public sources are known as secondary such as; newspapers, articles, books, internet sources and so on (Rothaermel, 2016).  
     
    3.4 Success criteria for attainment of research proposal
    A research proposal is a blueprint of a broader research project or dissertation due to which the researcher needs to design it in the right way by considering all the necessary steps or processes in order to minimize the probabilities of confusion. Therefore, there are some elements which act as a success criterion for attaining research proposal are- 
    Fully structure and written in a sequence manner. 
    Must have a single aim with three to four SMART objectives in order to conduct further research. 
    Use clear and concise language for showing the actual reason behind the design of a proposal. 
    Follow the systematic process that is; introduction, literature review, and research methodology. 
    Present qualitative data for understanding every aspect of the research project in a corrective manner. 
    Show the time period of completing the project so that the same will followed in a broader sense. 
    It’s a kind of base or roots of large research projects due to which title must be authentic and showing clear sense. 
    Consider the research policy while the design aims of a proposal that aims must have two independent variables that are going to influence another one dependent variable by linking with any company. 
    Use a suitable method of data collection. 
    Give authentic and sourced data for corrective evidence. 
     
    3.5 Project plan which identifies key milestones and critical pathways
     Description       Duration  A Determination of project objectives     10  B Hiring team for project   3  C Identifying the response of employees   10  D Feasibility Activity      6  E Risk assessment       15  F Scheduling of project     20  G Budget of project       10  H Updating the status       5  I Monitoring procedure     10  J Documentation       5  K Controlling scope      10  L Management of performance     5  M Change management     20  N Reporting of Project and service delivery   5  
    Activities/ month April  May  June  July  August  September October  Determining objectives         Hiring team/ assessing their response         Feasibility and risk assessment         Project scheduling/ 
    Budget         Updating status/ 
    Monitoring/ 
    Documentation         Scope controlling/ 
    Performance
    Management          Change management/ 
    Project reporting and delivery         
     
     
    TASK 2
     
    2.1 Review of different literature sources which are appropriate for selected research 
    According to the Soriano and et. Al., (2012) business strategic development is highly indispensable for the success of Zara in order to maintain a balance between internal and external factors because an extrinsic element is having a direct influence upon the success of an association. For example; the introduction of liberalism means the free trade market provides an opportunity for a multinational corporation to come up with new strategies for acquiring success in market transformation. Just like that Zara is also dealing in the fashion industry and involved in providing innovative products to desired consumers. But, as per current data, Zara is not having any marketing strategy neither focussing on advertisement activities because they believe that the opening of the new outlet is the best scheme to develop the business. On contrary to this, Telesford and Strachan, (2017) states that corporate firms especially the fashion industry need to be always creative and significant to reform their existing strategies for grabbing the minds of customers with innovativeness. In this present scenario, teenagers, youngsters, and even senior citizens also expect from a fashion industry that they always come with new options that enhance the personality of one individual to another. Especially, women always prefer to experience something new or different dress for a distinct occasion and few females even don’t want to repeat their outfits due to which women are most shopaholic in order to try creative dresses. 
               At the same time, market trends also modified according to customer choice or preferences because every company wants to meet the expectations of domestic as well as foreign customers by reforming their success strategies. For example; Marks and Spencer which is the largest UK retailer in the fashion industry is a major competitor for Zara in the UK always prefers to understand the single concept according to consumer perspectives. This help Marks and Spencer in grabbing the attention of the market by getting involved with various social groups through modern advertisement techniques. Along with this, get succeeded in establishing a positive relationship with end-users and distinct community groups. Therefore, Zara needs to change their no advertisement strategy and develop it by designing an outstanding way of promoting organization products because this helps an entity in developing their various strategies. For instance; effective advertisement promotes an enterprise in creating long term relationship with customers, analyse the policies of competitors for making own strategy different from others, and follow the trend for fulfilling the desired consumers. On the other hand, information about customer also directs the production team to create some unique item which is not offered by till any rivalries for presenting some innovative item to selected consumers. As a result, this will surely support Zara in establishing its strong brand image in the marketplace by gaining a competitive advantage over competitors (Uraev and et. Al., 2016). 
    2.2 Research methodologies for gathering data
    Data collection means accumulating relevant information with the help of suitable sources and methods in order to support the research for attaining set objectives in a defined time frame. However, there are mainly two types of methodology that are present one is primary and second is secondary. Both methods are different from each other in several extents such as; primary tools support researchers in acquiring first-hand information that is reliable and authentic. On the other hand, the secondary tool also gives corrective data and known as second-hand information but reliability and authenticity are not sure. In this research, secondary data has been used for collecting information about Zara's existing strategy in order to suggest them by showing the significance of strategic development in this unexpected era where choices of the customer always fluctuate on the basis of their mood. Some of the major tools of acquiring secondary information are- internet sources, authors' viewpoints, journals, blogs, scholars, newspapers, and various related articles (Wirtz, Schilke and Ullrich, 2010). Apart from this, primary data is also collected by the researcher through a survey and designed questionnaire which further distributed between social groups for understanding the current positioning of Zara and what things Zara needs to change in their existing strategies. Thus, almost 20 members in a social group are selected by the researcher for acquiring just a societal overview for Zara. 
    Questionnaire
    Name………………………………………………………………………………………………
    Age……………………………………………………………………………………………….
    Occupation……………………………………………………………………………………….
    Q1. Are you happy with current marketing strategy of Zara?
    Yes
    No
    Q2. Is there any requirement of strategic development for Zara? 
    Yes
    No
    Q3. Do you want any change in existing product of Zara? 
    Yes
    No
    Q4. Are you satisfied with processing system of Zara stores? 
    Yes
    No
    Q5. Did they really need to reform their employee development strategy? 
    Yes
    No
    Q6. What is your opinion towards Zara existing positioning into marketplace as compared to other competitors?   
     
    TASK 3
     
    3.1 Comprehensive explanation of purpose, methodologies, findings and recommendation
    The main purpose of this research is to understand the significance of customer data about their opinion, perspectives, and expectations in developing the organizational strategy because presently Zara is not having any marketing strategy. Therefore, the company needs to understand the enhancement and change in their existing plans to establish a long or positive relationship with end-users. However, secondary and primary both the methods have used in this research and showed a somehow similar result that is; Zara needs to work on their advertisement strategy by reforming it according to the current situation (Zhou and Li, 2010). Some of the major facts related to the primary method are discussed as follows-
    Theme: 1 Are you happy with current marketing strategy of Zara? Frequency  Yes 5  No 15  

    Interpretation- From the above graphical representation, it has been assessed that only 5 people are satisfied with the Zara existing plan of marketing whereas almost 15 members are not happy and expecting some change. 
    Theme: 2 Is there any requirement of strategic development for Zara? Frequency  Yes 18  No 2  
    Interpretation- According to the above pie chart, it is analysed that almost 18 members believe that Zara needs to change its business strategy for coping up with the current marketing environment whereas only 2 doesn’t feel the same. 
    Theme: 3 Do you want any change in existing product of Zara? Frequency  Yes 10  No 10  

    Interpretation- Change is inevitable and requisite in this modern world but at the same time, few members feel that reformation disturbed their comfort zone as well as might influence profit level. Therefore, the above diagram shows that almost 10 says that change is requisite in Zara product whereas rest 10 is saying that change is not important. 
    Theme: 4 Are you satisfied with processing system of Zara stores? Frequency  Yes 5  No 15  

    Interpretation- According to the above diagram, almost 15 people are not satisfied with the current strategy of Zara whereas only 5 are happy which means that company needs to change its policies accordingly.  
    Theme: 5 Did they really need to reform their employee development strategy? Frequency  Yes 19  No 1  

    Interpretation- As per the above chart, it has been understood that Zara needs to focus on its employee development strategy and must go for advanced technology because almost 19 members are feeling the same whereas only 1 individual says no to this. 
               Consequently, by analyzing the findings of primary and secondary data, it has been understood that Zara genuinely requisite to take some distinct initiatives for developing their businesses strategy such as; 
    Need to understand the perspectives of customers by using modern technology in order to promote organization product in social groups such as; social media like Facebook. 
    Conduct new training tools for staff members for motivating them towards advanced marketing techniques. 
    Try to balance the cooperation between external and internal factors to change their organization strategy according to extrinsic fluctuation.
     
    3.2 Justify conclusion and recommendation
    According to acquired information from primary and secondary source, it has been understood that success of an organization is depending upon its splendid strategy which can only improve by a company through suitable research. Therefore, understanding consumer needs and marketing situations aid business strategy designer team to make a plan as per the acquired information to develop strategy of an organization. This shows that as per this business research firm can also go for design customized products which aids an enterprise in maximizing their profit level. Hence, it has been understood that information about customer choices and data of marketing trend automatically influence the existing strategy by enforcing company to re-design according to collected facts.
     
    TASK 4
     
    4.1 Review own skills using personal reflection and feedback
    Throughout the research, I have learned distinct things such as; data gathering techniques and how to conclude information in the right way for making further decisions. Along with this, one of the major skill which I have improved during research is a communication skill while gathering relevant information from the primary source. At the same time, my knowledge about the fashion industry also enhanced due to which I get succeeded in mentioning facts about Zara's existing business strategy. Additionally, I have noticed that the research process is a long activity through which I must know how to manage data, time, and how to express specific gathered information between various individuals. Thus, I have decided to improve my time management skills and problem-solving skill to resolve my several research problems in a corrective way. 
     
    4.2 Recommendation on ways for improving personal skills while undertaking research
    I have noticed that there are distinct ways through which I can enhance my time management and problem-solving skills. 
    Following the systematic method for managing the time. 
    Bifurcation of the work into various teammates for reducing the workload. 
    Considering the approaches of the successful theorist of leadership to enhance my problem-solving skill. 
    Gathering the necessary data to make a corrective decision in order to solve the problem.