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This analysis points to the need to make some merchandise changes, and get our branding allowed with a high level. This takes us away from the major competitors who are beating us, something of a blue ocean strategy (Investopedia, 2014) that allows us to carve out a niche for our business that plays to our strengths. We are good at selling clothes to women at premium prices, and that is our brand image as well. This strategy essentially doubles down on that, whereas the other options all force us to do new things and learn new skills. This option allows us to do what we have always done, but more intensely and with more focus than before.
Implementation therefore will begin with rebranding and merchandising, ensuring that all of our products are high end, differentiated from these competitors. We will need to ensure that we fully understand this market, since we clearly didn't understand the old market well enough to meet its needs. We will need to monitor this strategy closely...
The strategy can be monitored in terms of customer/market and financial objectives -- getting new customers and increasing both revenue and profits are both key elements of this strategy. We should track the efforts on a weekly and monthly basis, in particular to see what marketing strategies work, and what clothing lines seem to move the fastest. The more we know about our business the better the changes we make can be with respect to ensuring that this strategy is effective. The six steps of decision making are a simple strategy to lay out the different elements of making a decision, and by following this process it is fairly easy to come to conclusions about strategy.
References
Jones, G.R, & George, J.M., (2008). Contemporary management (5th ed.). Boston, MA: McGraw Hill/Irwin.
Investopedia. (2014). Blue ocean strategy. Investopedia. Retrieved April 20, 2014 from http://www.investopedia.com/terms/b/blue_ocean.asp
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