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Topshop in Mexico

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Executive Summary This report is to investigate Topshop, a women’s apparel and accessories retailer based in the United Kingdom and to assess potential market opportunity in Mexico. Areas include, * An analysis of Mexico * Topshop market entry in to Mexico * The targeting and positioning strategies The Marketing Mix: Product, place & distribution, pricing and promotion. The main finding and recommendations from the analysis of these main areas include, * Mexico has a large, young, growing population * There is a high level of poverty and low level of education * Government policies support FDI * There is a competitive retail environment in Mexico * Mexico’s infrastructure is poor but improving and is high on the political agenda * Topshop has recently sold 25% stake of the Topshop and Topman chain, making them debt free and open to investing in global expansion * There is a growing middle class The target demographic is middle class females between the ages of 15-34 * A joint-venture with a department store is recommended initially to test the environment and reduce risk while building strategic partnerships and relationships * Franchising is recommended once the joint-venture has been successful, once brand recognition has increased and brand image has been implemented * Brand recognition and loyalty need to be built, achieved by advertising and conscientious pricing strategies * Important to build brand image as an affluent, Western brand * Must build relationships with local distributors, this is helped via relationship with joint-venture partnership

* The product will be highly standardised, although some aspects will be differentiated, such as, fit of clothing to better fit Mexican body shape * Initial penetrated pricing strategy is recommended * Standardised and differentiated advertising recommended through e-commerce, m-commerce, print media and radio.

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2. Introduction The objectives of Topshops entry in to the Mexican women’s retail market are, * To achieve 10% market share within the first 24 months. To compete with but to avoid price wars with our main international competitors who are already in Mexico – Zara, H&M, Next, as well as domestic retailers. * To spread the Topshop brand name and to increase brand recognition by 20% by 2014 * To build strategic trusting partnerships with local sources in distribution, to be measured by 95% accuracy rate and less than 2% shrinkage by 2014. 3. Findings 3. 1 An analysis of Mexico Mexico is a thriving emerging country, which boasts a growing population, improving infrastructure, is a member of the NAFTA (the North American Free Trade Agreement), and has seen economic growth, growth in GDP as well as a decrease in inflation rates (Mexico Retail Report Q1, 2012).

Mexico has a growing middle class and there has been a growth in telecommunication infrastructure which has seen a huge increase in the use of the internet as well as smartphone usage (Mexico Telecommunications Report Q1 2012). However, many Mexicans live in poverty, education levels are low and there is a high level of corruptness. The economy is heavily linked to the US economy and the weakness of the US economy is having an impact so there is a relatively weak outlook for economic growth (Mexico Retail Report Q1, 2012), (See appendix 1). The key factors of consideration for effective entry are, * Consideration of market size and growth – The 2012 Mexico retail report states that Mexico is the world’s 11th most populous country.

Mexico has a population of 115 million people that is expected to reach 120 million people by 2015 (Mexico Retail Report Q1, 2012). This booming population has also seen an increase in the middle class (Mexico Retail Report Q1, 2012). * Government Regulations: Mexico is a member of the NAFTA which has opened Mexico up to more liberal trade agreements, barriers and tax regimes. The NAFTA has also played a net positive role in stabilising Mexico’s macro-economic situation and in laying the foundation for long-term economic growth (Weiler 2001). Mexico’s openness to Foreign Direct Investment indicates that achieving market entry will be encouraged by the Mexican government lending to limited barriers for market entry. The competitive environment – Our main competitors are, -Zara -H&M -Next (See appendix 4) * Cultural distance – The impact that the difference in cultures will have on market entry. Geert Hofstede’s cultural dimensions give a good indication of these differences, by examining the 5-D model we can get an overview of the deep drivers of Mexican culture. Hofstede’s model expresses in detail that Mexico is a, -Hierarchical society -Collectivist society -Highly masculine society -Has a very high preference to avoiding uncertainty. (Hofstede et al, 2010) (See Appendix 3). * Mexico’s infrastructure – Their effectiveness of distribution systems, transportation networks and communication systems.

Increasing emphasis on improving infrastructure will benefit the market entry process making distribution and communication less limited (Kotabe et al, 2007). Although economic stability and trade regulations indicate an attractive market it is important to consider the implications of Mexico’s poverty level, as well as their level of corruption and the governments’ ongoing battle with drug cartels. Some suggestions to balance these implications would be to build strategic alliances with a company that understand Mexican business rules and regulations to reduce risk and enhance knowledge. 3. 2 Topshops market entry in to Mexico Topshop is a fashion store that sells women’s clothing and accessories; there are 300 stores in the UK and over 100 internationally.

It is run by the Arcadia group which is a privately-owned company, owned by Sir Philip Green. On December 6th 2012 it was announced that Sir Philip Green sold 25 percent stake in the Topshop and Topman chains to American Leonard Green & Partners LP (Jarvis et al, 2012). In a press release by Sir Philip Green (2012), “With LGP alongside us, our plan is to step up our international investment programme as relevant locations present themselves in the USA and around the world. There is a clear strategy now in place for TOPSHOP to become major global players. ” The key factors for the consideration of Topshops’ market entry in to Mexico are, * Our company objectives – Our objectives are ambitious, but can be reached.

Achieving a cooperative joint venture would be beneficial to reach our objectives, not only will this allow Topshop to reduce risk by having the knowledge and expertise of a Mexican company. This will also allow us to be provided with an existing retail space. * Amount of control applied in the marketing mix plan – It is important to retain control of the Topshop brand image by exercising control over the product, place (by the correct choice of alliance partnership), price and promotional avenues. It is recommended that in order to exercise control through these areas that all of these steps are implemented and organized through Topshops’ head office in London, to ensure fluidity and consistency. Our internal resources, assets and capabilities – Due to the recent 25% sale of the Topshop and Topman Company we are now debt free, this allows us to be able to commit a substantial amount to resources to see the success of Topshop in Mexico and the achievement of our objectives. * Flexibility – A joint-venture partnership does restrict flexibility so it is important that we engage in a joint-venture with an alliance that is open to our need for brand control and is flexible to any future changes or challenges. We should also take in to account Topshops’ entry strategies in to the US and Canada when considering Topshops’ market entry options in to Mexico.

Both entries were achieved through joint-ventures with local department stores, The Hudson Bay Company in Canada and Nordstrom’s Department store in the US. As the Mexican government is open to FDI the consideration of a joint-venture like Mexico’s northern counterparts is obvious. Most likely through a partnership with a local department store chain would be recommended as this would bring knowledge of the Mexican market as well as strong and established locations. This synergy will not only share capital and risk but also expertise on the local environment (culture, legal and political), access to distribution networks and personal contacts with suppliers and government officials (Kotabe et al, 2007). If he joint-venture is successful and brand recognition and market share are grown then a franchise arrangement would then be recommended but initially a joint-venture partnership is recommended to test the climate. Standardisation may be difficult as we will lack full control but it is recommended to have current Topshop management, financial and marketing staff control implementation either from head office in London or by home deployment to Mexico. Market entry should be achieved in the next 12 months as competitors are already there and with the Arcadia Groups decline in market share in our home country, from 5. 4% in 2010 to 5. 2% in 2011 (Mintel, 2012), Topshop is poised for global expansion which is designed to reduce Arcadia’s reliance on slowing growth back home in Britain (Jarvis et al, 2012). 3. 3 The targeting and positioning strategies

To identify a suitable target market it is relevant to look at Wedel et al, 1998 properties for effective market segmentation. 1. ) Identifiable – The segments should be easy to identify and measure: The recommended target market would be similar to that of the home country. 58. 6% of Topshops online users in the UK are between the ages of 15-34 (Mintel, 2012). Mexico is also an increasing affluent society, it is important to identify this segment as “consumers in developing countries who wish to lead a life similar to western cultures and seek to emulate western practices are more likely to purchase western brands”. (Lee et al, 2008, p. 295). Demographic segmentation is easy to identify and measure and an important tool to use when identifying a target market. 2. Sizable – The segments should be large enough to be worth going after: Mexico is the 11th most populous country in the world with a population of 115 million, and there are currently a large number of young people, almost 55% of the population are under 24 years old. (Mexico Retail Report Q1, 2012). 3. )

Accessible – The segments should be easy to reach through promotional and distributional efforts: Being a young target market it is recommended that e-commerce and social media capabilities be used as the main promotional tools. 4. ) Stability – The target markets composition and behaviour must be stable over time: Targeting this young, populous and growing market enhances stability, it is important to grow brand recognition and brand loyalty at this stage to ensure stability of consumer purchase. 5. Responsive – It is important that the segments respond differently from each other to differentiated marketing mixes: The Topshop product is an ever-changing fashion brand, it is crucial demographic segmentation be used to offer a variety of products to attract different market segments. This is based on variables such as age, gender, family size, family life cycle, family income, occupation and religion (Solomon et al, 2010). 6. ) Actionable – The marketing mix addresses their needs and is consistent with the goals and the core competencies of the company: It is important to implement the marketing mix effectively to ensure that the company objectives are met.

This will be discussed separately and recommendations will be made under the title, ‘The International Marketing Mix’. 4. The International Marketing Mix Examining product, place & distribution, pricing and promotion and generating a strategy for each will lead to entry success. 4. 1 Product When deciding on the factors that influence the international marketing mix it is helpful to reference the Keller brand resonance pyramid. (Keller, 2009) According to this model, the creation of significant brand equity requires reaching the top of the brand resonance pyramid, which occurs only if the right building blocks are put in place (Keller, 2009). To reach the top of the brand pyramid we must, Build brand salience – by broadening and deepening brand awareness and association. This can be achieved through following the correct promotional avenues, as well as building the Topshop brand as an affluent Western brand that will increase status. * Brand performance – Although the products will be standardised in terms of fashion design it is important to consider the difference in Mexican body types, thus to achieve a positive brand performance by meeting our customer’s functional needs. The fit and size of our garments will need to be differentiated to properly meet these needs, many Mexican customers often complain that Western brand clothing doesn’t fit properly (Cowles, 2012).

Brand imagery –Mexico is a highly status-orientated and collectivist society, we must appeal to this by building the Topshop brand in Mexico as a British, affluent brand. * Brand judgments – It is important to create positive brand judgments, as Mexico is a collectivist society they tend to be group orientated and maintain interpersonal relationships for which they rely on for information search and exchange (Lee et al, 2008). Indicating that brand opinion is often based on the opinions of those in their reference groups. * Brand feelings – This is linked to the affluence of the brand, it is important to appeal to the Mexican consumers emotional needs and desires. Brand resonance – Although it is important to build the Topshop brand as a British brand that will build status and affluence when purchased it is also important to generate brand affiliation and brand loyalty, this can be achieved by building these blocks but as well as appealing to and associating with the Mexican consumer as a brand that is accessible and within reach. An example of product standardisation, Zara sell the same clothing in Mexico as they do in the UK, as seen between the two websites below. ————————————————- Zara UK website (www. zara. com) Zara Mexico website (www. zara. com) 4. 2 Place & Distribution Kotabe et al, (2010) states that companies must deliver products to customers both efficiently and effectively.

In order for distribution networks to work efficiently and effectively, the following steps must be considered, * Distance – As there is a considerable distance involved there will be higher direct costs of transportation as well as insurance for damages, deterioration and loss in transit. (Kotabe et al, 2010). Local infrastructure is improving but is still problematic. It is recommended that Topshop open a singular initial store in Mexico City, by opening in a large city this will reduce risk of loss or time delays that may be caused if distributing to smaller cities. * Place and location–Centro Santa Fe Mall in Mexico City is a recommended location. Zara and H&M are currently here. Joining with one of the department stores, either ‘Liverpool’ or ‘Saks 5th Avenue’ is recommended, s long as there is not a conflict of interest partnering with the latter American company. This partnership would not only build efficient distribution channels but we would also be able to focus promotional efforts and compete with our international competitors. * Foreign intermediaries – It is very important to build relationships with local distributors. Gosh (1998) states that quality of relationships in Mexico and doing business harmoniously with family or long-time friends is considered much more important than quality of service. Partnering with a local company is crucial in creating successful distribution channels, in order to build and have access to long-lasting, trustworthy relationships.

It is relevant to refer to Porter’s value chain to assess which areas need to be standardised and which areas need differentiation. Porter’s Value Chain adapted from Porter, 1985. Sourced at (www. themanager. org) The primary activities, * Inbound logistics – For example, warehousing and transportation. Localisation is important at this level; strong relationships need to be built. * Operations – Packaging and assembly. All of these steps need to be standardised to comply with Topshops brand image. * Outbound logistics – Shipment and deliveries. Like inbound logistics these areas need to be localised and strong relationships need to be built with local distributors. * Marketing and Sales – Advertising and sales promotion.

The main areas of promotion need to be standardised to promote the fact that Topshop is a Western brand, this includes advertising campaigns, e-commerce advertising, and website. Sales promotions need to be differentiated to appeal to the price conscious Mexican consumer. * Service – Installation and training. The store image needs to be standardised to create and appeal to the feeling of affluence and quality. Sales staff should also be trained by head office management to enhance the Topshop ethos. The support activities include, * Corporate structure – For example, management and planning. All of which need to be controlled from Head Office in London. * Human resources – Recruitment and training. Upper level management needs to be controlled by ead office, lower level can be employed and organised by the store manager. * Technological development – Technology to support value-creating activities, such as design software and technologies, will be controlled from head office. * Purchasing – The procurement of materials will be standardised and controlled from Head Office. 4. 3 Pricing When developing a pricing strategy we must consider our objectives relative to the 4 C’S model (Kotabe et al, 2010) which are, * Company * Maximise profits and achieve a satisfactory return on investment * Penetrate the market to compete with competitors and gain market share

* Costs & Financing. * Customer * Consideration of customer willingness to pay Focus on affluence and differentiation without losing our price conscientious consumer * Trial pricing to stimulate consumer purchasing, either through discounting or a penetration pricing strategy, setting a low price initially to attract new customers then increasing over time once we have penetrated the market. * Competition * High level of competition from local retailers and internationals * Important to differentiate from these competitors, achieved by promoting ‘British’ roots, affluence and unique fashion trends, pricing must reflect these attributes * H&M products are cheaper in Mexico than they are in the UK (see appendix 5). Penetration strategy is recommended to compete with fashion houses and appeal to the consumer. * * Channels * Avoid gray markets Strategic alliance and relationship building crucial in this area The Bowman Clock is a useful tool to use as a positioning model for pricing, seen below. Adapted from Bowman’s Strategy Clock adapted from Bowman. Sourced at (www. smiletemplates. com). The Topshop product must be perceived as different and price should reflect that. Our product would be placed between the 4 & 6 categories on the Bowman Clock, whilst differentiation is important it is also imperative that we cater to the price conscientious customer. Financing – Due to the sale of 25% stake of the Topshop and Topman chains in December 2012 we are currently debt free, allowing Topshop to put more money and investment in to new ventures.

The recommendation to start with a joint-venture with a department store means that initial start up costs would be lower than if we were franchising but costs will be consistent over time. This allows us to control risk and focus on generating a substantial ROI, as well as concentrating on building brand recognition with the expertise of local alliances. 4. 4 Promotional Activities There should be a high level of standardisation in the Topshop promotional campaigns and advertising, as the affluence of Western brands is a key selling point for our target segment. Differentiation will be needed in areas which are specific to cultural differences and implications. It is recommended that standardisation is executed in these areas of promotional activity, * The design of the Mexican Topshop website The images on the advertising campaigns, such as, billboards, banners, flyers, emails. Language should be changed to Mexican Spanish but standardisation is necessary in all other aspects, not only does this build brand affiliation but also, the savings coming from the economies of scale of a single campaign will have a positive impact on the bottom line (Kotabe et al, 2010). When advertising and promoting overseas it is necessary to consider differentiation of the following, * Language barriers * Cultural barriers as discussed in Hofstede’s Cultural Dimension model (see appendix 3) * Religious sensitivities * Avenues of communication and local telecommunications

The following media is recommended to advertise and promote Topshop products, * E-commerce – with a 55% of Mexico’s population under 24 (Mexico Retail Report Q1, 2012), the use of internet advertising is highly recommended. This can also include, -Social media and online consumer engagement (Twitter, Facebook, Instagram, Pinterest). – Banner ads -Email * M-commerce – the Mexican mobile market has expanded robustly (Mexico Telecommunications Report Q1 2012) so all advertising must be mobile compatible – Mobile apps and mobile website compatible. * * Radio – Cost of radio advertising is low and has a high penetration in Mexico as is the second most important media with a 67% of daily average audience (Mora et al, 2012). * Print media – includes, Billboards located in central, densely populated areas in Mexico City * Local fashion magazines * Local newspapers 5. Conclusions In conclusion, the following attributes are what makes Mexico attractive, * A large, young population * Government openness to FDI * A growing retail market * A stable economy * A growing middle class * Competitors presence For the Topshop product to meet our objectives in the Mexican marketplace it is important to successfully implement the following, * A strong marketing orientation which focuses on achieving the wants and needs of the consumer * Implementation can be achieved by, * targeting the market correctly * positioning the product correctly growing customer support by increasing brand recognition and brand loyalty, achieved through advertising and promotional campaigns * having strong, committed management * growing trustworthy and reliable relationships with distributors * having shared control to maintain brand ethos Although there is a high level of risk when entering a foreign market this will be reduced by building strategic partnerships. The market is always changing but can be controlled by strong management and an understanding of our customer. Due to the Mexican economy being strongly linked to that of the US we must consider this risk, by entering in a joint-venture the time-frame will be shorter and will allow us to test the Mexican economic and social environment before committing long-term.

Mexico is an emerging country with a highly populated market that is ready for expansion and growth. Western brands are desired and FDI is supported. The response from the customers will be positive, our competitors are already in Mexico and it is imperative that we join them. Topshop is ready and able to achieve their goal of global expansion. 6. Appendix Appendix 1 -Mexico PESTEL MACRO- FORCES | KEY ISSUES | POLITICAL| * Democratic Government run by current President is Enrique Pena Nieto, who took office on December 1, 2012. * Openness to Foreign Direct Investment – approximately 95% of all foreign investment transactions do not require government approval, rules relatively relaxed. The government’s focus on improving infrastructure should improve the overall business environment. * Low score on the Corruption Perception Index – Score 34, indicating high level of corruptness. * Ongoing battle against the countries drug cartels. * Resistance to economic reform. | ECONOMIC| * Introduction of NAFTA (North American Free Trade Agreement) 1994. * Economic growth forecast as 3. 9% for 2012-12-13. * 4% growth of GDP in 2011. * Economy exposed to fluctuations in the US economy, global financial markets & commodity prices. * Decreasing inflation rate 3. 4% in 2011. | SOCIO-CULTURAL| * Emphasis on trust built relationships. Large population – 2011 approximately 113,910,608 people Mexico is the world’s 11th most populous country. * Young population – more than 50% are under 21 years old.

* Many Mexicans live in poverty – 46. 2% of population lived in poverty in 2010. * High Tourism, although below potential due to security concerns. * Geert Hofstede’s Cultural Dimensions – Power distance 81, Individualism 30, Masculine Society 69, Uncertainty avoidance 82. * Education levels are low and of concern. * Growing middle class. | TECHONOLOGICAL| * Increasing online customers. * High level of telecommunications, including the use of digital televisions and smartphones. Radio second most important media, after television. * Increasing online accessibility, 32,800,000 users in 2010, with a growth rate of 2-2. 5% pa| ENVIRONMENTAL| * Adequate, improving infrastructure that is being modernised. * Challenging distribution channels based on interpersonal relationships. * Traditional ‘Mom & Pop’ stores and street markets still account for more than half of retail sales. * Retail sector that is expected to expand 12% by 2014. | LEGAL| * Ever-changing labelling requirements for goods| Appendix 2 – SWOT Matrix of Topshop entry in to Mexico SWOT Matrix| STRENGTHS| WEAKNESSES| | 1. ) No debt and profitable – Arcadia Group ? 03. 7million profit in 2011/2012. Topshop & Topman valued at ? 2billion. | 1. ) Not currently in Mexican market, behind international retailers who are already there, eg. Zara and H&M. | | 2. ) Global brand, over 300 stores nationwide, and online shopping and shipping to over 100 countries. Currently have 162 stores in 35 international countries. | 2. ) Challenging distribution channels which are based on interpersonal relationships. | | 3. ) Recent sale to LGP allows them to add to and focus on international expansion goals due to ability to become debt free as well as LGP knowledge and access to the US and International market. |

3. Ever-changing labelling requirements for goods in Mexico can cause trade disruption. | | 4. ) Celebrity partnerships, Brand Director are model, Kate Moss. | 4. ) Cultural differences, specifically language barriers and time management. | | 5. ) Wide variety of merchandise, creative design concepts and fresh ideas. | 5. ) High level of poverty in Mexico. | OPPORTUNITIES| S-0 STRATEGIES| W-0 STRATEGIES| 1. ) Mexico a new and emerging key market. | Differentiate to emphasise Topshop brand. | Must position themselves strategically in order to successfully compete against international and local retailer competition. | 2. ) Partnership with US owned private-equity firm, LGB. Use knowledge and equity of firm to enhance presence in Mexico. | Partner with a local Mexican department store as a joint-venture entry to reduce risk and enhance knowledge of local culture. | 3. ) Young Mexican population. | Research shows that over 50% of the Mexican population is less than 21 years old, which ensures a key demographic and ensures a steadily growing customer base. | Provide and create effective/correct website/online marketing activities that promote and integrate Topshop as a brand effectively to its target consumer. | 4. ) Increasing internet usage with Mexican consumers. | Create new and highly relevant messages and apps that satisfy new customers.

Inform them of information to promote and encourage Topshop brand and product category. | Provide strong digital Communications for Mexican customers/social media platforms aimed at young population. | THREATS| S-T STRATEGIES| W-T STRATEGIES| 1. ) Strong competition from International retailers that are already in Mexico, specifically Zara and H&M. | Analyse market and differentiate from competitors. | Partner with local companies to use localised knowledge and reduce risk. | 2. ) Competition from local retailers. | Entry of international competition would indicate success in current product market. Therefore advisable to join so not to be ‘left out’. Importance of brand loyalty and recognition. Advertising through both traditional and online channels important. | 3. ) Mexican price-sensitivity. | Encourage promotional offers and price differentiation. | Brand loyalty growth important, as well as the emphasis on emulating of Western culture to Mexican consumers. | 4. ) High level of poverty. | Advertise to main city locations without heavy influence on rural areas. Concentrate advertising budget to these main cities, specifically Mexico City. | Connect with and target customers in main cities, specifically Mexico City initially. | 5. ) Cultural & language barriers. | Employ local staff| Advertise in local language|

Appendix 3 – Geert Hofstede’s Cultural Dimensions Model – Mexico  | Definition | Mexico Score | Power Distance | Deals with the idea that all individuals in society are not equal – it expresses the attitude of the culture towards the inequalities among us. | Score of 81 defines Mexico as a hierarchal society, which means people accept a hierarchical order, centralisation is popular and subordinates expect to be told what to do. | Individualism| The degree of interdependence a society maintains among its members| Score of 30 means that Mexico is considered a collectivist society. Loyalty is paramount, the society fosters strong relationships. Employment is based on member groups. Masculinity/Femininity| A high score on this dimension indicates that the society will be driven by competition, achievement and success. Whilst a low score means that the dominant values in society are caring for others and quality of life. | Score of 69 means that Mexico is a highly masculine society. People live in order to work, emphasis on equity, competition and performance. | Uncertainty Avoidance|

The way that a society deals with the fact that the future can never be known and the extent to which a culture feels threatened by ambiguous or unknown situations. | Score of 82 so has a very high preference for avoiding uncertainty. They maintain rigid codes of belief and behaviour and are intolerant of unorthodox behaviour and ideas. Long term orientation | A societies search for virtue – the extent to which a society shows a pragmatic future-orientated perspective rather than a conventional historical short-term point of view. | There is no score for this dimension for Mexico yet. | (Adapted for Mexico from Hofstede, 2001) Appendix 4 – Porters 5 Forces Model: Topshop Competitors POTENTIAL ENTRANTS – Market Attractivness -Build Brand Loyalty – Price Conciousness | | | | | | | | | | | | | | | | | | | | | | | BUYERS -Buyer price sensitivity – Products sold cheaper than in home market, can counterbalance loss of profit margin by cheaper costs – distribution, staffing. SUBSTITUTES Clothing is easily substituted – Build brand loyalty, relate to affluence of Western culture INDUSTRY RIVALRY – Zara – H&M – NEXT | | | | | | | | | | | | | SUPPLIERS – Build strong relationships with suppliers – Relationships built through joint-venture | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Porter’s 5 Forces Diagram adapted from ‘Competitive Advantage’ Michael Porter (1985) Appendix 5 – Analysis of competitor pricing H&M Coral Jumper Price in UK ? 14. 99 (http://www. hm. com/gb/holiday#fashion/inspiration/ladies/2) Price in Mexico $199 (approx ? . 57) (http://www. hm. com/mx/holiday#fashion/inspiration/ladies/2) 7. Bibliography Anon. (2005). Value Chain. A To Z Of Management Concepts & Model. 389-391, Business Source Complete, EBSCOhost, viewed 17 December 2012. Anon. (2012) Bowman’s Strategy Clock PowerPoint Diagrams & Chart. (online) Available at:http://www. smiletemplates. com/powerpoint-diagrams-charts/bowmans-strategy-clock/02476/. Accessed 17 December 2012. Business Monitor International. (2012). Mexico Telecommunications Report Q1 2012. London: Business Monitor International. Available at: http://search. proquest. com/business/docview/906856777/13B13D8D2615F8CAF94 /13? ccountid=131694. Accessed 18th December 2012. Business Monitor International. (2012). Mexico Retail Report – Q1 2012. London: Business Monitor International. Available at: http://search. proquest. com/docview/915825019? accountid=131694. (Accessed 12 December 2012). Cowles, C. (2012). Mexico will get its own special clothing sizes soon. (online) Available at: www. nymag. com/thecut/2012/03/mexico-will-get-its-own-special-clothing-sizes. html. Accessed 2nd Dec 2012. Gosh, A. K. (1998). Brand management in post-NAFTA Mexico. Journal of Product and Brand Management. 7 (2), 95-108. Green, P. (2012). Topshop Topman Strategic Partnership. 6 December 2012.

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