Coach Inc. operates in the fashion and apparel industry. The company sells handbags and other luxurious accessories. It emphasizes on innovation and product differentiation, and due to this, Coach Inc. has registered remarkable growth in the industry. Coach Inc. formulates strategies aimed at increasing the market share and build a considerable competitive edge in the industry (Devinney and Johnson, 2010). In the fashion and apparel industry, the key success factors include:
- Use of appropriate technology and supply chains- technology in the offshore manufacturing significantly cuts on the cost as well as allow design of high quality products and accessories. Technological advances in garment production reduce costs and the well-defined supply chain enables firms in the industry to supply products overseas and increase the market share.
- Brand management - the good brand management of firms in the industry enables firms to dominate both local and international markets. The fashion brands mirror innovative designs, quality, utility and status together with value (Will, 2015).
- Competition- the industry has many firms which create a competitive environment. Thus firms are forced to explore and come up with unique and differentiated products.
- Sustainability and innovation- This creates a conducive environment for investment which promote expansion and production of quality products.
How Coach Inc. Meets the Success Factors
Coach Inc. manages to meet the success requirements through:
- Cultivating an exceptional brand reputation which is a primary driver of positioning the firm on a global scale.
- Differentiation of its products including handbags and other leather accessories
- Having a friendly customer care which responds to the needs to the customers and thus fosters loyalty.
- Employing new forms of technology and being innovative helps the firm to keep pace with the changing market and remain competitive in the industry
The company's value chain, capabilities and core competencies also create value for the firm.
Change Drivers That Will Impact on the Success
The digital revolution-the era of continuous technological advancement impacts on the operation costs, firms' capabilities and profitability level. These will improve on the working of the business and create better products.
Social media - social media platforms like MySpace, Facebook, LinkedIn and Twitter are change agents that will influence the marketing structure (Will, 2015).
Globalization- this has drawn the firms into a single economic system and made the world to be a global village. Thus, globalization will force the firms to change their technology and supply chains to stay competitive.
The turbulent world is also a change driver and impacts on the profit of the organizations. Violence, terrorism and fluctuating currency among others threaten the profitability of firms (Schirmer and Geithner, 2018).
The change drives will create opportunities for the firms and at the same time threaten the operations. Factors like digital revolution, social media and globalization will usher in new opportunities for the firms. If companies tap into these factors, they will be able to increase their market share and have a broad customer base. However, the factor of the turbulent world is a change factor which will threaten the prosperity of the industry.
Role in the Management of Change
The role that will be assigned to me is identifying and managing resistance. Many employees fear change as they are afraid of losing their jobs due to technological advancement. Fear of the unknown and lack of competence make employees resist change (Derya and Gokhan, 2013). Thus, my role will be to identify the reasons and areas which the employees resist and offer education to create awareness. Persistence and commitment are fundamental attitudes that will drive change. The attitudes will inspire other employees and create enthusiastic individuals who have the potential for career advancement within the organization (Schirmer and Geithner, 2018). The commitment will enable me to overcome challenges and pressure that come with managing people and projects. Personal resilience helps to provide support to others.
Leadership skills are critical in managing change. Having skills in leading people will enable me to create teamwork and foster trust building. Strong analytical skills are also needed to handle the evolving priorities. Additionally, communication skills are paramount as they instill strong interpersonal relationships and put the teams' competences to use. The skill creates a strong sense of identity and vitally manage resistance. Communicating effectively is fundamental as it assists in clarifying issues and keep the organization together by understanding what employees want.
Ability to network, coach, and manage others is vital for me to have. Coaching helps to deal with individuals who are struggling for change and networking will enable me to implement the details of the plan effectively. The ability to create a sensible plan will drive confidence in others. Also, the ability to follow through will help in tracking the progress and performance.
Attitude, Skill and Ability to Improve My Performance
To improve my performance, I need to work more on my coaching and networking abilities to correctly implement the plan. I also need to work on communication skills in order to improve my leadership performance. Besides, developing a resilient attitude will enhance my commitment and stick to the set goals and achieve change. Behavioral change that I need to instigate includes fear and failure behavioral change. Many employs have a notion that organizational changes will fail or negatively affect them. Time management is also another behavior transformation that is required to make change possible. I would reinforce positive behavioral attitude in the workplace to inspire the employees.
Derya Yilmaza and Gokhan Kilicoglu. (2013). Resistance to change and ways of reducing resistance in educational organizations. European Journal of Research on Education http://iassr.org/journal. Pp. 2-7.
Devinney, T., Yip, G., and Johnson, G. (2010). Using Frontier Analysis to Evaluate Company Performance. British Journal of Management, 21(4), 921-938. http://dx.doi.org/10.1111/j.1467-8551.2009.00650.x
Schirmer, F. and Geithner, S. (2018). Power relations in organizational change: an activity-theoretic perspective. Journal of Accounting & Organizational Change, 14(1), pp.9-32.
Will, M. (2015). Successful organizational change through win-win. Journal of Accounting & Organizational Change, 11(2), pp.193-214.
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