Knowledge Management

Topics: Knowledge management, Strategic management, Management Pages: 29 (6094 words) Published: May 18, 2014
1. Company Overview
1.1. Business Overview
Mystique is currently involved in fashion clothing business. Unlike other clothing companies, Mystique owns all of its retailing, designing and manufacturing operations. It sells a range of women’s and men’s clothing which aims to give a personalised and satisfaction experience to its customers. The business’s headquarters is located in India but the entire Sri Lankan management is handled in Sri Lankan and currently it has 4 outlets in Colombo and Kandy. 1.1.1. Product Overview

Figure : Mystique’s Product
Currently Mystique is targeting mainly on causal and party ware for both customer segment. It provides a right quality product for an affable cost which can be effort by working class to upper uppers. Based on the design and material quality the price of the product varies. 1.1.2. Service Overview

Figure : Mystique's Services
All our products will be serving the current client’s requirements. In order to serve our customer better, we provide other services which are mentioned in the above figure. Exchange and return, reservation and customer services are provided by our retailer outlet team and the promotion are decided by our marketing team (refer organisational structure). 1.2. Vision and Mission

Vision – To make consistent design improvements based on the emerging trends that will enhance customer satisfaction. Mission – “Build a unique portfolio of branded, trendy and unique clothing at affordable price to satisfy customer’s requirement, to exceed their expectations by providing an impressive service and being a trend follower and innovator to become a leader in fashion clothing business in which most of the customers will be passionate to wear our outfits.” Simply, fulfil the customers’ needs while meeting the right balance of latest trend, right quality and affordable price. 1.3. Business Objectives

Short Term
(Within 1 Year)

Increase brand awareness by 15% by the end of December 2014. Capture a Market Share of 10% or more by the end of 2014.
Have an effective mechanism to analyse the market trend and customer demand which will reduce the response/delivery time by 2 weeks. Make an internal and external communication channel transparent and effective for proper informational flow. Train the sales staffs to provide an effective customer service which will reduce the number of complaints by 40%. Mid Term

(Within 4 Years)

Increase sales force by 20% to match target sales requirements To reach other main cities in Sri Lanka at the beginning of 2015. Produce a net profit of over SLR 10 million by 2018
Long Term
(Within 8 Years)
Develop best practices for the functions of research and development, marketing and advertising, HR and Finance. Become a highest Top of Mind (TOM) recall in fashion clothing industry. To create a design library this has all the up-to-date latest trends. Table : Mystique’s Business Objectives

1.4. Value Proposition
Mystique’s strategy is to offer cutting edge fashion at affordable prices by following fashion and identifying which styles are demanding and quickly getting the latest trends into stores. Mystique can move from identifying a trend to having clothes ready for sale within minimum time. This is made possible by controlling almost the whole garment supply chain from design to retail. Mystique produces large choice of styles per year compared to the other competitors, which means that fresh fashion trends reach the stores quickly. A typical Mystique’s customer visits the store many times a year compared to the average of times per year. This high number of styles also means that the research teams have more chances to find a winning style. By reducing the manufactured quantity of each style, Mystique creates artificial scarcity and lowers the risk of having stock it cannot sell. Scarcity in fashion increases desirability, which means shoppers need to buy quickly as the item may not be available next week....
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