Introduction
The Hong Kong fashion industry is one of the key performers in the manufacturing sector and, as a result, is a true contributor to the Gross Domestic Product. Hong Kong is renowned all over the world as a leading travel destination and business hub, one of the businesses attracting people to the region being opportunities in the fashion industry. For an extended period, the industry has provided employment opportunities to millions of people around Hong Kong and has subsequently raised the living standards for these people. Significant events in the industry, such as the Hong Kong Fashion week, have been lucrative opportunities to attract investors in the region. As a result, the industry plays a vital role in boosting tourism efforts by the country. However, despite the triumphs the industry can proudly boast about, Hong Kong’s fashion industry has undergone crippling challenges in recent years that are caused by a large number of factors, the leading one being the absence of an excellent strategic fit. Research indicates that strategic fit among the key attributes meant to give a competitive business advantage is crucial, and it is what identifies the leaders in a specific industry (Fainshmidt et al., 2019). This paper seeks to analyze one organization in Hong Kong’s fashion industry and how the organization’s resources and strategies are designed to cater to the needs of the market. Further, the paper will identify the resources needed by the organization in implementing the organization’s processes.
Crocodile Garments is Hong Kong’s most significant chain store that specializes in garments. The company was launched in 1952 but later rebranded, listed on the Hong Kong Stock Exchange, and underwent a transfer of ownership. The company initially sold dress shirts but expanded into a women’s and children’s line, which identified the company as Hong Kong’s leading fashion label. Millions of men, women, and children all over Hong Kong continue to spot outfits by Crocodile Garments, and the continue continues to raise its revenue and expand its business operations. The company exports its merchandise to various destinations around Hong Kong, perhaps making it the leading exporter of textiles in Hong Kong.
Further, the company has established distribution deals worth millions of dollars with renowned clothing giants like Lacoste, a French clothing company whose trademark bears a close resemblance to that of Crocodile Garments. The distribution deal would identify Crocodile Garments as Hong Kong’s sole distributor for Lacoste, further improving the company’s competitive advantage. From the company’s steady rise into becoming a leader in Hong Kong’s thriving fashion industry, it is clear that the strategy adopted by the company was a good fit in terms of implementing the company’s procedures effectively while simultaneously meeting the needs of its diverse market.
An organization’s resources are critical determinants of whether a company’s strategy will be successful. For Crocodile Garments, the company had immense financial and physical resources that worked simultaneously to ensure the company’s business strategy transcends time periods and that the company remains sustainable. One of the company’s most unique resources is its human resource. Since its inception, the company has boasted of skilled human power that can steer the company in the right direction decade after decade. Formally launched as a family company, the company, through its management system, has managed to grow its revenue through effective management of human resources. Such is achieved by ensuring that their workers are constantly undergoing training so as to deliver high-quality results in a short time frame. The workers are trained to produce high-quality clothing that serves the needs of its consumers while ensuring that the company continues to boost its revenue. The company also has immense financial resources that are mainly accrued from the profits made over the decades the company has been in operation. The company’s success as a clothing provider has also provided lucrative investment opportunities for other investors. These investments have significantly increased the company’s resources while minimizing risk to the company’s finances. The company also boasts of a business network that stretches across borders, and as a result, the products offered by the organization have a ready market beyond Hong Kong. These resources have consistently managed to ensure that Crocodile Garments has a competitive advantage over other clothing brands in Hong Kong. Research indicates that poor management of organizational resources is the leading contributor to problems faced in many organizations and ultimately affects an organization’s success and longevity (Wicker, Breuer, 2013).
Crocodile Garments has adopted strategies that ensure that the company’s products are tailored to meet the needs of its customers while maintaining its top spot in Hong Kong’s fashion industry. Firstly, the company has effectively adapted and implemented the cost leadership strategy. Due to the company’s rich organizational resources that directly impact its economies of scale, it has ensured that it maintains the lowest operating costs in the industry. As a result, the company has been able to keep producing high-quality clothing that caters to the needs of its market at a lower price than its competitors. Clothes designed by Crocodile Garment not only offer the latest trends in fashion, but they also ensure that the customer enjoys high quality. Being a leader in offering low costs for its products in the market has grown its competitive advantage over global brands in the region that provide high-quality products but at insanely high prices, which has enabled the company to remain sustainable for decades.
Secondly, the company has adopted the differentiation strategy to offer a diverse range of products compared to its competitors. Firstly, the company provides the latest trends in men’s, women’s, and children’s clothing at affordable prices. As a result, the customer can have a wide variety to choose from within the same brand, which offers a convenient and diversified shopping experience. Offering a range of products that is different from its competitors has also ensured that Crocodile Garments remains sustainable while meeting its customer’s needs effectively. The diverse organizational resources such as solid revenue and skilled workforce are critical players in ensuring that the implementation of the company’s strategies is seamless and works for the good of its customers and the company itself. Therefore, organizations need to ensure they have rich financial and human resources so as to attain the set business objectives flawlessly.
Conclusion
As evidenced, the resources owned by a company are significant determinants of the company’s success in implementing its strategy, and therefore, companies should ensure that the resources they possess are tailored to meet the needs of its customers while ensuring the business retains its competitive advantage that ensures its sustainability
.opportunities in the fashion industry. For a long period of time, the industry has provided employment opportunities to millions of people around Hong Kong and has subsequently raised the living standards for these people. Major events in the industry such as the Hong Kong Fashion week have been lucrative opportunities to attract investors in the region and as a result, the industry plays a vital role in boosting tourism efforts by the country. However, despite the triumphs the industry can proudly boast about, Hong Kong’s fashion industry has undergone crippling challenges in recent years that are caused by a large number of factors, the leading one being the absence of a good strategic fit. Research indicates that strategic fit among the key attributes meant to give a business competitive advantage is key and it is what identifies the leaders in a specific industry (Fainshmidt, et al., 2019). This paper seeks to analyze one organization in Hong Kong’s fashion industry and how the organization’s resources and strategies are designed to cater to the needs of the market. Further, the paper will identify the resources needed by the organization in implementing the organization’s strategies.
Crocodile Garments is Hong Kong’s largest chain store that specializes in garments. The company was launched in 1952 but later rebranded, listed on the Hong Kong Stock Exchange and underwent a transfer of ownership. The company initially sold dress shirts but expanded into a women’s and children’s line which identified the company as Hong Kong’s leading fashion label. Millions of men, women and children all over Hong Kong continue to spot outfits by Crocodile Garments and the continue continues to raise its revenue and expand its business operations. The company exports its merchandise to various destinations around Hong Kong, perhaps making it the leading exporter of textiles in Hong Kong. Further, the company has established distribution deals worth millions of dollars with renowned clothing giants like Lacoste, a French clothing company whose trademark bears close resemblance to that of Crocodile Garments. The distribution deal would identify Crocodile Garments as Hong Kong’s sole distributor for Lacoste, further improving the company’s competitive advantage. From the company’s steady rise into becoming a leader in Hong Kong’s thriving fashion industry, it is clear that the strategy adopted by the company was a good fit in terms of implementing the company’s strategies effectively, while simultaneously meeting the needs of its diverse market.
An organization’s resources are key determinants as to whether a company’s strategy is going to be successful. For Crocodile Garments, the company had immense financial and physical resources that worked simultaneously to ensure the company’s business strategy transcends time periods and that the company remains sustainable. One of the company’s most notable resources is its human resource. Since its inception, the company has boasted of skilled human power that has able to steer the company into the right direction decade after decade. Formally launched as a family company, the company, through its management system has managed to grow its revenue through effective management of human resources. Such is achieved by ensuring that their workers are constantly undergoing training so as to deliver high-quality results in a short time frame. The workers are trained to produce high-quality clothing that serve the needs of its consumers while ensuring that the company continues to boost its revenue. The company also has immense financial resources that are mainly accrued from the profits made over the decades the company has been in operation. The company’s success as a clothing provider has also provided lucrative investment opportunities for other investors and these investments have greatly increased the company’s resources while minimizing risk to the company’s finances. The company also boasts of a business network that stretches across borders and as a result, the products offered by the organization have a ready market beyond Hong Kong. These resources have consistently managed to ensure that Crocodile Garments has a competitive advantage over other clothing brands in Hong Kong. Research indicates that poor management of organizational resources is the leading contributor to problems faced in many organizations and ultimately affects an organization’s success and longevity (Wicker, Breuer, 2013).
Crocodile Garments has adopted strategies that ensure that the company’s products are tailored to meet the needs of its customers while maintaining its leading spot in Hong Kong’s fashion industry. Firstly, the company has effectively adapted and implemented the cost leadership strategy. Due to the company’s rich organizational resources that directly impact its economies of scale, the company has ensured that it maintains the lowest operating costs in the industry. As a result, the company has been able to keep producing high-quality clothing that cater to the needs of its market at a lower price than its competitors. Clothes designed by Crocodile Garment not only offer the latest trends in fashion, but they also ensure that the customer enjoys high quality. Being a leader in offering low costs for its products in the market has grown the company’s competitive advantage over global brands in the region that offer high-quality products but at insanely high prices, which has enabled the company to remain sustainable fir decades.
Secondly, the company has adopted the differentiation strategy where the company is able to offer a diverse range of products as compared to its competitors. Firstly, the company offers the latest trends in men, women’s and children’s clothing at affordable prices. As a result, the customer is able to have a wide variety to choose from within the same brand which offers convenience and diversified shopping experience. Offering a range of products that is different from its competitors has also ensured that Crocodile Garments remains sustainable while meeting its customer’s needs effectively. The diverse organizational resources such as strong revenue and skilled manpower are key players in ensuring that the implementation of the company’s strategies is seamless and works for the good of its customers and the company itself. Therefore, it is important for organisations to ensure they have rich financial and human resources so as to attain the set business objectives flawlessly.
Conclusion
As evidenced, the resources owned by a company are major determinants of the company’s success in implementing its strategy and therefore, companies should ensure that the resources they possess are tailored to meet the needs of its customers while ensuring the business retains its competitive advantage that ensures its sustainability.
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