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Find an Executive Overview, for which you did not entirely understand the conclusions or strategic direction for the company and one that you completely agreed with.
Ask a question or make a suggestion to your classmate on how to improve his or her overview.
We developed two strategies for Under Armour that will bring satisfactory results to the company, our first strategy is market development: “Expand in Europe store-wise and our second strategy is product development: “Expand women’s sportswear. Based on these two strategies we will improve in two different segments of Under Armour which will be North America with the expansion of women’s sportswear and in the segment of Europe with the opening of new stores.
Based on the two strategies, the first one will be measured in production and sales per month, and the second by production. Using these two key strategies, Under Armour will increase its valuation and prominence. Expansion into European markets can be beneficial for the company. It can provide new opportunities for business ventures. In many cases, the local market has a limit. Therefore, it is important to actively develop and grow. If the company stagnates, then it opens the door for competitors to pull ahead. Venturing into Europe can also protect the company from risks. Most investors know not to invest all their money into one asset.
If the company’s profit depends on only one market, then in the event of an economic, political or any other crisis, you risk losing all your money. A problem like this weakens the effect on your business if the company has sources of income in other markets. Employment opportunities arise as a result of market development. Jobs become available in the new region, creating more revenues, and the economy ultimately receives a boost. Expansion in the women’s sportwear segment is also becoming more crucial in modern society. Women’s sports are quicky becoming more popular. By using this strategy, the company will become more profitable and marketable. Recent research shows that a gender-diverse business is more likely to outperform financially above the industry median. (Most diverse companies now more likely than ever to outperform financially | McKinsey & Company, n.d.). Investing in the women’s segment can improve the brand’s image and reputation, by catering to both genders.
This creates a more inclusive outlook that entices more customers to spend money. Incorporating women’s wear can also help Under Armour look like a better business for investment purposes. Potential investors pay attention to the social impact the company has on people and any movements toward a sustainable future.
Reference:
David Fred R; David Forest R; David Meredith E. (2019). Strategic Management: A Competitive advantage approach, concepts and cases (17th ed.). Pearson Education (US).
Most diverse companies now more likely than ever to outperform financially. (n.d.). Mckinsey & Company. Retrieved December 8, 2022, from
https://www.mckinsey.com/featured- insights/coronavirus-leading-through- the-crisis/charting-the-path-to-the-next- normal/most-diverse-companies-now-more-likely-than-ever-to-outperform-financially
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