Free Business Essays - Examine Conditions And Possible Strategies For The UK Luxury Goods Retailer Mulberry In Entering The Chinese Market
Executive Summary
This report examines conditions and possible strategies for the UK luxury goods retailer Mulberry in entering the Chinese market. It suggests that despite previous successes for the company in other Asian markets significant strategic alterations to its target segmentations and marketing mixes as well as supply and distribution operations will be necessary for success in entering China. It suggests that with the future economic growth of the Chinese market and considering the position of international competitor already operating in the market that it is a critical objective for the company to enter the market in order to maintain long term organisational growth in the long term. It outlines a possible entry strategy in relation to two of the most affluent Chinese cities, namely Shanghai and Beijing which could be pursued by the company.
Introduction
The concept of globalisation has assumed significance both within academic fields and within the practical business world. Of note is that the word 'global shift' is often used to describe increased interconnectedness between nations not only in terms of direct exports but also cooperation at varied levels of trade and economic functions. In this sense Douglas (1987) suggests that globalisation is a key theme where the development of global products and brands aiming to satisfy customer need worlds wide is now vital to organisational success. However terms and concepts are deployed in a variety of ways and even the definition of a global company is bound by a number of features identified within organisations. Kefalas (1990) argues that a global company is one which manages businesses in two or more countries while the World Trade Organisation describes it as an economic phenomenon with additional social, political and distributional consequences (WTO, 1998). There is no doubt that continuous globalisation processes results in growing levels of competition between companies globally and that hence a global strategy is critical to surviving and maintaining business success and organisational growth based on strong and sustainable competitive advantages (Porter, 1998).
The share of world production generated by developed countries such as the UK in manufacturing has decreased over the last four decades with one of the results being for ancillary industries such as UK-based fashion companies being that they have suffered significant losses in responding to growing competition from developing countries in terms of the importation and delivery of finished goods. The Diamond Framework developed by Porter (1998) suggests that nations' success depends on demand conditions, factor conditions, related industries, the role of government as well as firm strategy, structure and rivalry. In this way a global strategy is created through existent competitive advantages flowing from the domestic base of the organisation which then proceed to tap advantages in other selected nations through effective global strategies.
As a leading British fashion and leather accessory company the Mulberry brand image is one which stands for 'Brit chic'. In 1979 Mulberry received a Queen's Award for its export successes (Goodrum, 2005). As one of the most successful fashion companies in Britain Mulberry expanded from its European operations into the USA and Canada and into Hong Kong and Japan. During these expansions it also added women's and men's ready-to-wear goods to its product portfolio (Mulberry, 2006). It is obvious that the British fashion giant aims to compete in the luxury fashion goods market successfully by exploiting a global strategy. However the sense of old Britishness did not seem to suit the taste of consumers in the global market and as a result the company suffered losses in terms of financial outcomes as well as difficulties in maintaining the brand image and brand equity during the various stages of its expansion.
In 2001 a partnership with a Singapore based fashion company forced Mulberry to adjust its marketing strategy and employ a new design director in order to rebuild the brand based on traditional images of Britishness into one more suitable for the global market. Additionally the adoption of the company's products by celebrities such as Victoria Beckham and Madonna in marketing the brand to a large extent helped them to win back customers and profits. The latest successes in the Japanese and Hong Kong markets provided opportunities for further expansion for the company in the Asian marketplace. An important emergent market here is the mainland of China enjoying high levels of economic growth and visibly increasing demand for luxury fashion products making it a highly attractive possible market for Mulberry. It is clear though that the new characteristics in this market related to culture and consumer behaviour will have critical influences on the strategic decision making process for Mulberry in entering this market and appropriate adjustments in marketing in this market will be needed for the company to succeed.
An Analysis of the Chinese market
Macro Environment Analysis
The global environment has been changing rapidly and the economic conditions framing business operations are different from one nation to the next. In employing a global strategy which involves four major functions namely strategy formulation, implementation and evaluation and control as defined by Rugman and Hodgetts (2003) it is vital that Mulberry begin with an effective environmental analysis. It should also as well seek an evaluation of the company's strengths and weaknesses in identifying what it can leverage and what it needs to be aware of in terms of threats to achieving organisational success within a new market. Along these lines the framework developed by Johnson and Scholes (2002) is useful in assessing the Chinese market from a political, economic, social, technological, environmental and legal perspective.
The dynamic and rapid economic growth experienced by China over the recent years has pushed the Chinese market into the attractive market cell for global companies. Real GDP growth was announced as 9.9% in 2005 which was driven mainly by foreign investment and exports (Weber, 2006). This significant growth appears to have produced important opportunities for luxury fashion companies to enter into this marketplace due to the rising volume in terms of demand for high cost fashion goods. Additionally the buying capability of customers has seen improvements since the development of economic performance in local areas such as Shanghai as well as overall national economic performance has created a growing base of middle class consumers. Also organisations have been benefiting from the relatively open economic policy pursued by the Chinese government in terms of central and local governments encouraging multinational/global companies to invest and cooperate with local partners. Set against this though is the fact that regulations which are protectionist for local fashion and garment industries in textiles along with complicated foreign investment schemes generates barriers for Mulberry to a smooth entry to the market. Since joining the WTO there is no doubt that trade barriers have been reduced to some extent and will be further reduced in time which as such provides significant opportunities for Mulberry in the long term.
The Hong Kong area is one of the important business operations areas for Mulberry and historically its economic policies have been substantially different from the mainland due to UK ownership. Importantly these policies have generally remained the same after Hong Kong returned to being controlled by the Chinese government. The economic policies operated in Hong Kong are specially designed to maintain the central position of Hong Kong as one of the most important economic ports in Asia in terms of free trade and non- or low taxes for goods transportation. It is fair to say that the role of Hong Kong and former successes for the company in this area are valuable ones in considering expanding its business to the mainland. In the sense of fashion products the use of Hong Kong can be seen as a vital export channel to pursue further internationalisation within other Asian nations also besides mainland China.
Historically though marketing principles employed by companies in Hong Kong have been more developed than on the mainland of China due to the central planning economic system found there with limited private ownership and capital operations. With this then there are potential threats and challenges for Mulberry in evaluating potential entry methods and marketing strategies bearing in mind marketing strategies used in Hong Kong and new features necessitating changes to these strategies on the mainland. Of - importance also are the different management styles between UK based companies and Chinese companies which can be quite divergent. Here the concept of 'relationship' seems to be vital in doing business in China where British companies employ a more formal business model may perhaps also generate critical challenges for Mulberry in determining successful market entry methods. In addition language as a vital part of culture to a large extent shapes the entry model chosen by Mulberry simply because English is not officially used in this marketplace.
Over the past decade developing countries such as China have expanded their share of international trade, investment and have been integrated into the global economy. Empirical evidence supports the observation that developing countries from 1970 to 1999 changed their economic orientations towards free trade policies which in turn has helped the growth of international capital and trade flows (Milner & Kubota, 2005). However globalisation has occurred at an unsteady pace and indeed seemed to slow down after the 1997 Asian Economic Crisis. The major effects of this slowdown affected developing countries like Thailand, Indonesia but also spread to developed countries such as Britain in terms of their economic implications. International trade has become an even more important topic due to the increasingly rapid and extensiveness of globalisation. The Chinese government has like other governments sought to use international trade as a foreign policy tool in order to improve their role in the world stage and enlarge its middle class whilst creating jobs for local workers in order to improve economic performance (Harris, 2005). The effort of China made in joining the WTO in order to benefit from low trade barriers between member countries is also indicative of the importance placed on international trade development.
It is obvious that entrance into the WTO is not pure economic behaviour but is related to political issues hence it is vital for Mulberry to be aware of the complex role and impact of government in choosing strategic entry methods and a marketing mix. In other words the economics of international trade can not be separated from its political and social aspects. Therefore from a political economic perspective the power of both local and central government in corporate governance historically appears to be strong. However recent changes have attempted to accelerate the pace of market power in shaping corporate governance and business management particularly in international contexts (Roe, 2003). Nevertheless the construction of new business systems is not a finished enterprise and the textile and fashion industry in China is a less developed one. On the other hand the position of Shanghai as an international city means it is more sophisticated in terms of infrastructure, distribution system, economic performance as well as fashion preferences and demands.
Managers in Mulberry also must contend with the pace of technological development and particularly e-commerce developments along with the speed of globalisation resulting from technique development in terms of communications and information management systems and operations. It is necessary to be aware that the influences of each force can be complex which generates both opportunities and threats for the business at the same time. As Egan (2001) argues an effective relationship with customers and suppliers in the meaning of partnership is significant in successful value-adding chains. Technological developments especially in e-commerce are a vital element in these stages which are able to enable effective communication and integration between suppliers, manufacturers and customers.
Industrial Competitive Position
In addition to macro environment scanning processes Porter (1980) argues that a further key aspect of analysis of the environment is to examine the industrial context in the form of suppliers, consumers, competitors, new entrants and substitutes. For Mulberry the analysis of buyer behaviour focuses on individual buying activities linked with luxury fashion purchases. Buying behaviour is argued to be highly linked with social status, self-esteem and culture (Entwhistle, 2000). At this stage understanding consumer behaviour is about understanding and satisfying diverse requirements in terms of fashion goods. It is useful to mention that the lifecycle of fashion products is shorter than other commodities. However strong brand image and classic style tends to be timeless meaning an effective branding strategy will be useful in communicating with customers. According to the marketing manager in Mulberry British images embedded within the brand image is central to creating and maintaining consumers who seek Brit Chic related products (Goodrum, 2005). However too much emphasis on brand image generates risks in ignoring consumer demands and needs meaning that otherwise quality products may not be the right ones for customers. Better economic performance and more sophisticated fashion tastes of Chinese consumers requires Mulberry to employ effective strategies in order to build a suitable brand image based on consumer demands.
Rivalry is placed in a central role in Porter's (1980) framework. This means that the survival of a company relies on competing in its respective industry effectively. It is obvious that the pace of globalisation generates intense competition for companies and this is the case in fashion and clothing industry in China. Mulberry has to compete both with local and other international competitors including LV from France, Gucci from Italy and other luxury fashion brands. The competitive concept employed for the firm is one of differentiation which aims to differentiate Mulberry as a sign of British luxury fashion as well as embodying a particular life style. Price at this stage is less likely to be effective in penetrating this market than quality product and branding.
The threat of new entrants can be seen as other global fashion companies considering expansion into this marketplace. It is believed that new entrants to an industry are able to bring fresh ideas and new capabilities as well as competition in their attempts at gaining market share (Hooley, Saunders & Piercy, 2004). However restructuring in the fashion industry in China means significant efforts are being made on reducing political power over economic performance. This is in particular true for joint ventures and direct foreign investment and the regulations surrounding these. Despite this though protection from local government means they are still signinifcant limits to the capabilities of Mulberry of entering the market freely.
Market Segmentation, Targeting and Positioning
According to Keegan and Green (2003) when a company plans for global market expansion it is often found that income is a valuable variable in the evaluation of selective markets. The term income not only refers to a market but consists also of who are able to buy but also of those wish to buy particular products. Based on the environmental analysis earlier it is reasonable to say that GDP levels in China is a good measure in helping to calculate purchasing power and capability of Chinese consumers. However actual comparison of the standards of living show variations between regions. Big cities such as Shanghai and Beijing saw significant improvements in living standards and increasing numbers of middle class who are more sensitive about fashion and lifestyle related products. Linked to this the rise of China to being the fourth largest economy strongly suggests that China can be seen as having the potential to become a leading world economic power even in the face of the current slow down of world wide economies (Keegan and Green, 2003).
The second important variable in the case of Mulberry can be used is population since even with relatively lower population growth in China there is a significant increase in proportionate numbers of affluent people nationwide. This is particularly true in well developed cities such as Shanghai and Beijing. As a result of the baby boom in the 1970s and 1980s younger people have constituted a growing proportion of the Chinese population and make it possible for Mulberry to reach a growing and important segment which demands luxury fashion products and which have the purchasing power. While age tends to be a useful variable in evaluation of the Chinese market gender appears to be less important in the sense of high fashion goods such as Mulberry's leather accessories and clothing. In addition fashion goods can not be simply treated as normal commodities but are produced out of economic, political, technological conditions as well as social and culture forces (Entwistle, 2000). The growing emergence of young middle class professionals who seek to imitate western styles in terms of branded fashion products allows Mulberry to leverage the strength of their association with Britshness as a core value in capturing the imaginations of foreign consumers particularly with Chinese middle class people similar to processes which occurred in Japan for the company (Watts, 1998).
Segmenting is the process by which Mulberry identifies potential Chinese markets while targeting is evaluating and comparing identified markets and selecting appropriate prospects with the highest potential for profitable returns (Bradley, 2005). China represents an individual geographic market which offers opportunities for Mulberry with both big segment sizes and growth potential. Competition in the luxury fashion area is relatively lower than in developed countries yet increased competitive levels are expected over the long term. On the other hand as a luxury fashion producer a focused differentiation strategy is able to help Mulberry enter this market by branding in terms of superior styling and design associated with Britain. Similar to the Hong Kong and Japanese segments the standardised global marketing strategy is appropriate in initial entry into the Chinese market especially in terms of the bigger cities such as Shanghai and Beijing.
The key target consumer groups aged from 20 to 40 and product adaptation is minimised due to a strategy of consistent brand image and cost effective distribution in the maximum number of retail outlets. This strategy corresponds to the arguments made by Wigley, Moore and Birtwistle (2005) in that brand is the most important critical success factor for fashion operators in the global marketplace. The classic brand image of British style and in turn a western spirit in the sense of lifestyle is a valuable tool for Mulberry in entering the luxury fashion segment in China and sharpening their intention of making Mulberry a global name in the long term. Therefore Mulberry is positioned as a stylish British luxury image in customers' minds repeatedly against other luxury brands such as Gucci to Italian and LV to French images respectively. Bradley (2005) argues that effective product positioning is able to differentiate each product linked with Mulberry from others and is particularly useful in global marketing bearing in mind global and local consumer cultural influences.
Entry Model
Gannon (1995) suggests that the appropriate entry mode largely relates to the ease or difficulty which a firm encounters in entering new international markets. Bradley (2005) believes competitive capabilities and strategic resources including human resources, financial support as well as physical entities are critical considerations in choosing international entry strategies. As mentioned before the mainland Chinese market appears to be easier to enter after China joined the WTO and competition level currently is not as high as in the UK or other Asian markets including Japan, Hong Kong and Singapore. Culturally related differences generates barriers for Mulberry though due to its aims of building and controlling its brand image stand-alone shops can be selected as a suitable vehicle for entry at the strategic level. It is also important that language as a key determinant factor of culture plays a major role in deciding and entry mode. Shanghai and Beijing are chosen as the first two markets to enter because of the higher level of education and international cultural influences within these cities. As Wigley, Moore and Birtwistle (2005) argue language can be seen as a critical successful factor in the internationalisation process as it not only has an influence on the selection of countries to enter but also how to successfully enter. As with other Asian countries and Hong Kong the use of different languages limits the capabilities of Mulberry in entering and operating. Additionally due to protectionist practises along with close relationships among Chinese operators it is difficult for Mulberry to control its supply and distribution chain. A strategic partnership with local operators then should be selected during expansion into the Chinese market. Risks associated with this model are lower and will be able to help Mulberry build solid relationships with local partners as well as building knowledge and experience in this marketplace in order to secure successful expansion in the future.
Marketing Mix
Marketing mix in international markets
As far as retailing is concerned Mulberry operates as stand alone shops in the UK domestic market while owned shops are used in Japan, Hong Kong, Singapore in selling the company's products. The core principle of marketing is about the achievement of corporate goals through satisfying customers needs and as such a strategic marketing mix is vital and should include product, price, communication and distribution (Jobber, 2001). In the context of international markets and bearing in mind macro and micro environment analysis of international markets a marketing mix in particular is a prime determinant of the success of entry into a new market.
Product and brand
The term product refers to a good, service or idea with both tangible and intangible attributes while luxury fashion products in this case represent high quality, superior style and brand images related to Brit Chic (Keegan & Green, 2003). As a luxury fashion retailer Mulberry provides a similar range of products in its four Asian markets compared with the domestic market. However the intangible resource which Mulberry as a strong brand in the UK occupying the high fashion market appears to be as visible and strong as in its international market such as the Japanese market. Traditionally the brand image of Mulberry as a symbol of Britain achieved credible success yet losses have occurred due to the changing tastes of global consumers. The changing and rebuilding of its brand image allowed Mulberry to regain its customers and attracted new customers.
Additionally it is reasonable to say that due to the mode of owned stores running in other Asian markets high direct controls over the brand image can be seen as a major advantage of this internationalisation approach. For example awareness of the brand name in Japan is strong thought it is interesting to note that there is a growing rate of older people in developed countries such as Japan and this phenomenon has significant influences on the design and in turn the choice of targeted customer groups in these markets. In contrast to the Japanese market the Chinese target consumer group are younger professionals who seek to copy western lifestyle in terms of branded fashion goods. This demand generates challenges for Mulberry in that its old Britishness brand image needs to be adjusted in order to meet demands for younger and cool luxury fashion products.
Price
Benefiting from lower labour and production costs the price of Mulberry product ranges in the Chinese market is measured in terms of dollar and as such profit margins are likely to be higher than in other markets. To some extent the strong Chinese economic performance and currency RMB in the capital market generates opportunities for the retailer's operations as a luxury fashion producer rather than price competitive fashion retailers. At the same time it is essential for Mulberry to differentiate itself from other competitors in order to build up its position in the luxury market where only strong brands will be able to maintain competitive advantages in competing in the global market and in particular in intensive competitive marketplaces (Wigley et al, 2005). However brand awareness in the Chinese market is not as strong as for its Italian and French competitors which established themselves earlier in the luxury marketplace. Therefore this is a weakness resulting in threats to long term growth in this market. As Easey (2002) suggests prices for fashion products may need to change depending on different characteristics in each market however communication and administration of those changes should be a concern at the strategic level.
Communication
Historically the close relationship between fashion and the media has resulted in fashion magazines being important and effective communication channels between companies and customers. Lea-Greenwood (2002) contends that the communication process involves three key participants namely sender, message and receiver but because of different cultural and social backgrounds consumer behaviour is likely to be different from nation to nation and even from area to area such as differences in consumer tastes between Shanghai and Beijing customers. According to Blythe (2000) marketing communications objectives are set up to develop a customer base and improve sales through increasing both new and existing customers' expenditure on a company's products.
From this perspective the launch of Vogue magazine in Shanghai in 2005 which is one of the leading top fashion magazines will have significant impacts on the behaviour of Chinese luxury fashion goods consumers. Additionally visual merchandising such as store design and layouts has become widely regarded as important communication tools (Lea-Greenwood, 2002). In the case of Mulberry the employing of modern and luxurious materials including for example chocolate limestone floors, oak, leather and amber glass and changing rooms lined with suede are able to reinforce the luxury brand image of the company (Goodrum, 2005). Maintain a brand image and communicating with customers through merchandising and layout of retail operations is a prime resource for the company. It is believed that the format and trading environment particularly in fashion retailing industry interacts closely with merchandise, customer service and communications towards achieving a successful marketing strategy (Walters & Hanrahan, 2000).
Distribution
The distribution channel is the network which links producers with users however international distribution strategies are difficult to manage since distribution structures differ from one country to the next (Keegan & Green, 2003). For Mulberry the Chinese market presents unique challenges for the retailer after its successful operations in Hong Kong. Chinese culture is largely different from other western developed countries in such elements as women's role in the working place being perceived as being less important than men. Also language is one of the more important concerns for the entry into this market. Along with strong economic growth the influence of western countries on Chinese customers has seen them become more sophisticated in the sense of fashion goods. Competition levels in this marketplace are lower than in other developed markets it can be assumed that this will not be the case in the near to medium future with ramifications for the company's longer term strategies. Strategic partnership as the distribution mode can be used by Mulberry linking to the framework defined by Horovitz and Kumar (1998). The ownership of the Mulberry brand and cooperation with local partners will be able to help Mulberry access the Chinese distribution systems more effectively.
Figure 1: Global Retailing Market Entry Strategy Framework
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Culturally Close |
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Easy to Enter |
Organic |
Chain Acquisition |
Difficult to Enter |
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Franchise |
Joint Venture |
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Culturally Distant |
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Source: Horovitz, J. & Kumar, N. (1998) Strategies for Retail Globalization, London UK, Financial Times.
Additionally sourcing arms in the European countries helped Mulberry to control its costs and lead times contributing to a large extent to its success in global markets and domestically. The significant changes in Mulberry in operating in the global marketplace require a broader perspective and global branding, sourcing and production along with centralisation of information. These are argued to be key success factors in managing global supply chains (Rushton, Oxley and Croucher, 2001). Of consequence is the pace of globalisation in the fashion industry results in closer cooperation internationally benefiting from technological developments, quality and design of fashion goods (Jackson & Shaw, 2001).
Conclusion
The concept of globalisation has been widely discussed over the past decade within different disciplines in the social sciences. Some researchers believe it is the absence of borders and barriers to trade between nations while others describe it as a shift in traditional patterns of international production, investment and trade (Parker, 2005). There is no doubt that the phenomenon generates both opportunities and threats to global companies who seek to compete successfully internationally. During the change processes there is growing power for developing nations where China presents significant business opportunities for western companies in entering such as for the luxury fashion retailer Mulberry. The deciding on an entry model largely depends on an analysis of both macro and micro environmental conditions in this market and it is reasonable to suggest that a strong brand name is the most important determinant factor in the strategic planning process. The entry model in turn has significant effects on the choice of marketing mix in the market and due to the new characteristics in China which differs largely from the Hong Kong market means that instead of owned shops in Hong Kong partnership/joint ventures are more appropriate for the mainland. Also a more relationship focused strategy in building long term partnerships between Mulberry and local operators are another key requirement for successful long term expansion in China.
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