Discuss about the Analysis of Key Competencies in Museums.
Based on the survey that I have taken, the creative tendency (10) and the locus of control are the highest scoring area which is followed by the need for achievement (9) and the calculated risk-taking abilities (9). The need for autonomy (3) is the lowest scoring area. The locus of control reveal that I personally don’t leave anything to destiny and prefer achieving things on my own merit and hard work. The efficiency and hard work which are my biggest strength puts me in the ability to perform to the best of my potential and abilities. There is in me a certain aspect of tendency to outperform my competitors and peer groups. Also, I am driven by the hunger to achieve the best results possible for the experience and knowledge which I possess.
Based on the result, it is evident that need for autonomy (3) is the lowest among all the factors. The result indicates that there needs to be some progress made in this area. The ability to not depend on others and depend on myself has led me to always keep wanting the need for autonomy. This aspect of my personality needs thorough investigation and understanding to improve my performance in this aspect. The ability to make decisions on my won has been an aspect which has constantly bothered me throughout my life. I base my decisions on the instincts which I have. Sometimes these instincts enable me to take correct decisions and sometimes I land up taking wrong decisions. I need to be more aware and informed in terms of my decision taking abilities in the future (refer to Appendix 1).
The skill sets which are needed for joining any organization are dedication, commitment, hard work and efficiency. I feel that along with these skills, I also possess some other intrinsic skills and abilities which I can utilize if I get a chance to prove myself in the organization. Skills such as the ability to outperform myself and the ability to deliver the results within the stipulated timeframe. I also can keep myself organized, besides having the relevant academic and technical expertise to do the task. These talents and abilities will allow me to perform to the best of my potential in the organization.
The chosen enterprise for the assignment is Zara. The Zara company was established due to the innovation and hard work of Amancio Ortega who developed the structure and framework for establishing an apparel and clothing factory which can provide the best apparel to the people. The essence of this company is that it is a global brand and has its presence in the global world. The company emphasizes on innovation and bringing out the best products. The marketing strategy of Zara is that they have a policy of zero advertising which enables them to invest no money for advertising and on the other hand use that money for the other aspects such as designing and sophistication of their products (Girotra& Netessine, 2014). The Zara company, despite not advertising has wondrously been able to register remarkable sales and revenue generation in the global scenario. It is a wonder that the company which was started with the intent of supplying low cost replicas of high cost apparel wear has today become a global name to reckon with. The company hires renowned designers to design for their company and the clothing as soon as they are launched in the market, are then dispatched to the international markets. Where the other competitors are taking months to supply the clothing, Zara does that in a matter of weeks. This is where Zara stands apart from the other companies producing garments and clothing.
The reason for choosing Zara clothing company is because the company lays emphasis on the aspect of providing innovating and excellent apparel wear to the common public. These apparels are designed by the renowned designers and the efforts and abilities of the designers allow the company to earn huge profits and revenues in the long run.
The reason behind choosing the Zara Company is because this company emphasizes on the key aspects of innovation and customer satisfaction. The Zara Company monitors the cutomer’s preferences and requirements and incorporates those changes in its designing and manufacturing of new clothes and garments. The Zara apparel company has many other subsidiary agencies running under it. One such agency is the Zara Home. The most inspiring aspect of the organization is that the organization manages its businesses in the global stage and manages to be one of the most renowned brands in the world. This objective is achieved even after the company invests absolutely nothing in the advertising arena (García-Álvarez, 2015). There are very examples where the company can become a global brand without investing anything in the advertising front. Zara is able to do that, and it shows the amount of hard work and research which is put into their manufacturing and production team (Mayrhofer& Roederer, 2016). The company is highly trusted and respected by the international community and possessing the Zara garments is held highly in terms of style and status in the world. The essence of doing business entails that the company also keeps innovating to keep its business running in the market (Brichová, 2015). These are some of the reason why Zara Company appeals to me the most.
The company in set 3 is Zara and the Business Model Canvas provides nine building blocks to analyze the working style of the company in the international markets These nine building blocks are –
The key partners- the key partners of Zara Company are Inditex and the Zara brand also has ownership of other brands such as Massimo Dutti, Pull&Bear, Bershka, Stradivarius, Oysho, Zara Home and Uterque (Radovi?-Markovi?& Vuji?i?, 2014).
The key activities- The key activities of the company are the production of the clothing and apparel wear distribution. The company excels in the marketing of branded designer wear and emphasizes on distributing the best available products in the market for the common people to buy (Arciniegas, 2015). The company also distributes ethnic and fashion clothing to the common people so that they are able to buy designer wear.
Value proposition- Zara is a global brand and provides for the distribution of the best available products in the markets. The company even goes to the extent of not investing a single penny for advertisement and despite this aspect, still manages to accelerate its revenues by the sale of its products and clothing (Lago et al., 2016).
Key resources- Being a global brand, the company has accessibility of a large number of people from all over the world. The large human resource comprising of designers and suppliers enable the company to always be sufficient in the aspect of creativity and innovation.
Customer relationship- The customer relationship can be ascertained from the fact that despite investing nothing in advertisement, the company still manages to register profits and surplus capital. This is mainly because the company has won the trust and support of the people in the international stage and has become a global brandf (Rao, 2014). People trust the brand Zara, so it does not have a need to put in advertisements to market itself. Rather it uses the surplus money to research on designs and set up new stores (Nikezi?, 2015).
Customer segments- The Zara company manufactures garments and apparels which caters to the needs and requirements of both the genders across all the age groups. Teens and the young adults are the main target groups.
Channels- The storerooms are the main channels for obtaining the Zara products. The Zara company invests heavily in setting up new stores since it does not invest anything towards advertisements.
Cost structure- the cost structure is maintained through providing the most lucrative services, the employees are given a handsome salary. The company practices the policy of zero advertising (Hirakubo, 2015). Instead, the company invests on the other aspects such as designing and reducing the supply time of its products.
Revenue Stream- The revenue stream is collected from the sales generated by the selling of its commodities and products.
The business model pattern which is employed by the Zara company is very well researched and they have surveyed the market requirements thoroughly due to which they know the requirements of the common people. The vast resources of designers are efficiently utilized by the Zara company and the products and garments are immediately dispatched once they are designed and launched (Rinaldi & Testa, 2017). This process of supplying the newly launched designer wear takes place in a matter of a few weeks as compared to the months of supply time taken by the other companies (Truong,2016). This is one area where Zara company excels in (refer to Appendix 2).
Strengths- The Zara company manufactures one of the best designer wears in the garment and apparel industry (Kopacz, 2014). This is because the company possesses the vast resources of talented designers and dedicated professionals who work day and night for the company’s progress.
Weakness- The company produces less amount of garments and apparels and instead focuses on the qualitative aspects of the clothing and garments (Viardot, 2014). This limits the company from fully realizing its growth potential.
Opportunity- There is immense opportunities in the online commerce industry. The Zara storerooms are available in the large cities of a lot of countries. If they can invest in the e-commerce industry then it will turn out to be a very profitable venture for them and they can expand their customer base in the process (Kim & Lee, 2014).
Threat- At present, the increasing competition posed by the online e-commerce agencies are the biggest threats to the Zara company (Demiray& Burnaz, 2016).
The Blue Ocean strategy is the framework for providing the guidelines in order to enable the company to restructure itself and to develop the Business model canvas. The Blue Ocean strategy develops a market without any competitors and intends to expand it. Therefore, the strategy Zara company can use is to enter the unexplored territory of online e-commerce industry and if needed, go for a merger with any of the local e-commerce agencies. This will enable the Zara company to learn the nuances of the trade faster (Noh et al., 2017). Given the large customer base in the online e-commerce industry and the Brand value Zara has, it will turn out to be a highly successful venture for the Zara company.
Therefore, from the above DISC chart, it can be said that I possess a mixed personality trait. Some of these traits are very essential for a work environment however some of them are not. To provide an overview, bring trustful and enthusiastic is important because being an employee the management would prefer to keep someone who they can trust and is always enthusiastic for work. The trait of being a peacemaker is also important because if I avoid conflicts and I am a good negotiator I can be an asset towards the company. Nowadays a business always looks for someone who is a team player because if I am accommodating and I can perform a task working alongside the team, the work is done more effectively and efficiently. Being calm at stressful situation is also important, because I possess a balanced mind which makes me a cooperative person as well. The personality test also points out that I am a patient person who is simple and compliant at the same time. Being a good encourager is an essential trait for someone who would be a team lead or a manager as people would look up to me. As a good listener people normally shares important things to me which he or she cannot tell other people and being dependable, people would approach me when there is no one left to go to. As per the survey, I am methodical and calculating means I am an observer of even the slightest things, I am cautious of the matters which are important, and I generally do not overlook things. Along with that I am decisive and impulsive person means I act on the spot, for a business someone who methodical and decisive would be very beneficial because that person is given the opportunity to make major decisions for the business, and it is done on the spot. I also seek change which implies that I do not like things to be repetitive, and I normally get the thing done by the end of the day. The management also prefers people like that. Being a person, loyal person people would not only open when they need to, but also, I am someone who would be likable by everyone. It is also mentioned that I am always looking to pursue education and is always looking to learn more. If a company has an educated employee, he would not only be preferred by the management but also be one who would be able to rise up in the organization because of his or her vast knowledge on the subject. I am an adaptive person as well which means I can adjust to any kind of change within the work environment. It is important to be adaptive because in any kind of company, changes are inevitable and therefore it is vital to be adjustable in any kind of situation. For someone who enjoys attention, I do not generally get bored as I look for new opportunities as well. Being a creative person, management would prefer me because when there would be a situation where they company cannot thing of new ideas for their betterment, or if there is a competitive situation where an initiative must be taken which is new and urgent, the company would prefer me.
However, as per the survey I possess some negative factors as well. Not being a courageous person is a problem because an employee should have the strength to face any upcoming obstacles without any setbacks, there should not be any doubts or setbacks in the employees mind whenever he or she faces any challenge. I am also not social which is a severe drawback in for an employee because if a person is an introvert in a very interactive environment, he or she would normally get detached from the work activities and even other employees would not prefer to be around that person. Being a person who does not stand up to opposition is a drawback for an employee which is also one of my traits. This is a problem because people who avoid conflicts are normally taken advantage of by people and they would use them according to their needs and forget about them when they are not needed anymore. Not being emotional is a setback because if a person is too contained, he or she cannot share his or her trouble thoughts and later it might lead to depression. According to the survey, I am not a person who enjoys daring situation and therefore I prefer environment which are safe and secured. I am least independent, and I do nottake charge of situations which are needed to be changed forcefully and thing that could have been changed are left as it is (refer to Appendix 3).
After gradually proceeding with the task, I was able to realize that my inherent abilities to understand and comprehend as well as my knowledge base were expanded and enhanced. This subject enabled me to be able to critically analyze and grasp the new entrepreneurial skill which are very much needed to sustain oneself in the entrepreneurial industry. Initially, the subject was difficult to comprehend since I had no prior experience whatsoever in this completely new subject area. Gradually, I was able to grasp the nuances of the subject and was able to thoroughly analyze the facts and concepts related to the subject. The subject also allowed me the ability to critically reflect on the case studies and the tutorials. These case studies familiarized me with the actual requirements of the subject. I was able to fully relate myself as an entrepreneur and what would be required of me if I were an entrepreneur.
References
Arciniegas, Z. M. A. (2015). Analysis of key competencies in museums. Proposal for a tool to assess key competencies in museum managers. Culturas, 2(2), 69-94.
Brichová, L. (2015). Stephen Blanchette: What Do Companies “Say” and What They Actually “Do”-How to Close the Gap Inbetween?. Central European Business Review, 4(1), 74-78.
Demiray, M., & Burnaz, S. (2016). The Impact of Company Facebook Page on Wom Communication of New Product. In Looking Forward, Looking Back: Drawing on the Past to Shape the Future of Marketing (pp. 234-243). Springer, Cham.
García-Álvarez, M. T. (2015). Analysis of the effects of ICTs in knowledge management and innovation: The case of Zara Group. Computers in Human Behavior, 51, 994-1002.
Girotra, K., & Netessine, S. (2014). The risk-driven business model: Four questions that will define your company. Harvard Business Press.
Hirakubo, N. (2015). Glocalization Challenge: A Small Apparel Company in New York City. Journal of Case Studies, 33(2), 78-86.
Kim, G., & Lee, S. (2014). Business Strategy of Fast Fashion-A Case Study of Zara. Journal of the Korean Society of Clothing and Textiles, 38(2), 175-190.
Kopacz, M. E. (2014). The Missing Link to Successful Company Turnarounds. American Bankruptcy Institute Journal, 33(3), 32.
Lago, A., Martínez-de-Albéniz, V., Moscoso, P., & Vall, A. (2016). The role of quick response in accelerating sales of fashion goods. In Analytical Modeling Research in Fashion Business (pp. 51-78). Springer, Singapore.
Mayrhofer, U., & Roederer, C. (2016). Zara: The international success of fast-moving fashion. HAL.
Nikezi?, S. (2015). Change accelerator: how innovative companies capitalize benefits of the complementary relationship between leaders, managers and enterpreneurs in ims establishment.Economics, management, information and technology emit, 135.
Noh, M., Carroll, J., Holt, S., & Blaser, K. (2017, July). Fast and slow fashion brands in developing sustainable fashion: aspect of fiber materials. In 2017 Global Fashion Management Conference at Vienna (pp. 439-444).
Radovi?-Markovi?, M., & Vuji?i?, S. (2014). Innovative global companies: some case studies. International review, 403-417.
Rao, K. G. (2014). Successful International Expansion of a Fashion Retailer: A Case Study of Zara. BS Publications, 245.
Rinaldi, F. R., & Testa, S. (2017). The responsible fashion company: integrating ethics and aesthetics in the value chain. Routledge.
Truong, N. V. (2016). Fashion Supply Chain Management: Strategies for Lead Time Reduction and Environmental Sustainability: Case Studies from Zara and Everlane (Doctoral dissertation).
Viardot, E. (2014). Always Trust the Customer: How Zara has Revolutionized the Fashion Industry and Become a Worldwide Leader. In Cases on Consumer-Centric Marketing Management (pp. 68-94). IGI Global.
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