Evaluation of Strategic Marketing Models in Fashion Industry

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Evaluation of Strategic Marketing Models in Fashion Industry

Evaluation of Strategic Marketing Models in Fashion Industry IFR: YINGFAN TAO
ID Number: 84461601

Evaluation of Strategic Marketing Models in Fashion Industry

Introduction
Fashion essentially involves change, defined as a succession of short term trends or fad and the very nature of fashion, where change is intrinsic, gives different emphasis to marketing activities (Eeasey, 1994). Furthermore, process research, according to Pettigrew (1992), in strategic management is paradigmatically diverse and empirically complex. Therefore, analysis of process model of strategy specific attention should be paid in fashion industry. Since it is significant without any doubt for a fashion company to choose the proper model to complement marketing strategy, evaluation of strategy process model could be essential. This essay attempts to evaluate Johnson & Scholes’ traditional model and Hill & Jones’ model in fashion industry by analysing and comparing these two models via a few cases of fashion companies. By virtue of making a case study of a listed company, Metersbonwe Group, analyzing its strategy it could have an evaluation of Johnson & Scholes’ traditional model while the “Bravo” of Burberry would illustrate advantages of Hill & Jones’ model despite of certain limitations.

Evaluation of Strategic Marketing Models in Fashion Industry

Overview of Models
●Exploring Corporate Strategy model

(Johnson and Scholes, 1999) The exhibit above indicates the three main processes in a linear sequence: understanding the strategic position; strategic choice; turning strategy into action (Johnson and Scholes, 1999). Johnson and Scholes (1999) pointed that each process is supposed to be regarded as closely associated, and none has priority over another process realistically for these three processes are interrelated and interconnected in circles. In Exploring Corporate Strategy model, according to the Johnson and Scholes (1999), strategic position means that strategic analysis and understanding of the impact on strategy of the external environment, an organisation’s capability (resources and

Evaluation of Strategic Marketing Models in Fashion Industry

competences) and the expectations and influence of stakeholders, which lays the foundation of the future strategies. In the strategy creation and choice part, there are several strategic options available for manager making a reasonable decision to choose congruent methods. Next, the strategy implementation involves the ensuring that chosen strategies are actually put into action. ●Strategic Planning Process model

(Hill and Jones, 2004)

Evaluation of Strategic Marketing Models in Fashion Industry

The figure shows that there are five major processes of the Hill and Jones’ model: selecting the corporate mission and goals; analyzing the organization’s external competitive environment to identify opportunities and threats; analyzing the organization’s internal operating environment to identify the organization’s strengths and weaknesses; Selecting strategies that build on the organization’s strengths and correct its weaknesses in order to take advantage of external opportunities and counter external threats, which should be consistent with the mission and major goals of the organization; implementing the strategies (Hill and Jones, 2004).

Analysis of Comparison and Evaluation
From the description of the processes of two models, it could be found that there is a difference in process between Johnson and Scholes’ model and Hill and Jones’ model. In this part, evaluation would be concluded by case analysis. In Johnson and Scholes’ model, they prefer to analyses the impact on strategy of the external environment, external elements (resources and competences) and the expectations and influence of stakeholders before choosing a congruent strategy between several options. Take Metersbonwe Group as an example, the...
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