Thursday, October 17, 2019
Business Strategy Embraced By Ted Backer Essay Example | Topics and Well Written Essays - 2000 words
Business Strategy Embraced By Ted Backer - Essay Example This paper outlines some of the unconventional approaches used by the brand to improve its sales. Other than the unconventional approaches as part of the brandÃ¢â¬â¢s strategic direction, an analysis of the firmÃ¢â¬â¢s strategy using models such as Ansoff and BCG is important in terms of determining the ideal marketing strategy for the brand. In essence, the evaluation of the firmÃ¢â¬â¢s strategy is important because it allows for the identification of the existing gaps that may pose a risk for the brandÃ¢â¬â¢s business in the market. As such, recommendation on improvements plays a role in ensuring the brand maintains its market share. For instance, it is recommendable for the brand to use other approaches other than the unconventional approaches to improve its business. A good example involves taking advantage of latest technological advancement to improve production. The managing director of the company, Ray Kelvin began in 1988 with a store situated in Glasgow. He further expanded his business to other places such as Manchester and Nottingham. In 1990, the company opened a new store in Convent Garden and the director acquired the entire company from by buying the shares of part owners known as Goldberg and Sons. This saw the introduction of Ted Baker Woman in 1995 and as a clothing retail company, Ted Baker is listed on the London Stock Exchange. In addition, the company also has stores in other parts of Europe, Asia, and the Middle East while its flagship store in the United States was opened in New YorkÃ¢â¬â¢s Fifth Avenue. The Ted BakerÃ¢â¬â¢s brand has developed steadily since starting its operations within the United Kingdom. At present, Ted Baker has expanded globally by relying on its three key distribution channels that include retail, wholesale and licensing. The company uses their own outlets and other licensed retail outlets, and partners in recognized department stores across Europe, Asia, Australia and the United States.