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Lecture 7

MGM101H5 Lecture 7: Developing a Business Strategy

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Department
Management
Course
MGM101H5
Professor
Dave Swanston
Semester
Fall

Description
MGM101: Lecture 7 – Developing a Business Strategy  Today’s Agenda   Article – Lululemon’s Zen movement: After two tough years, company ready to start taking  risks to fuel growth  o Problem with yoga pants that when women bent over , the pants became “see‐through”   Quality challenges that affected relationships with customers   Loss in sales  o Difficulties in competition, such as with companies like GAP and H &M   Their slogan and ability to use yoga pants for everything led to well‐established  companies entering the market    Changed competitive landscape   Expanding provided them with more sales but also increased competition;    “as competitors enter your markets you enter their market” important  slogan to remember when looking at the global landscape   Led to Lululemon creating a product for male consumers   o Came up with a quality pant made comfortable   o Moving into mens market; therefore identified new markets  while being consistent with their brand  o Shows even a well‐established organization can’t just sit back  and have to revaluate their resources  o Chip Wilson – founder of Lululemon company, received feedback from women who  didn’t have that certain body type    Said “Lululemon wasn’t for everybody” and dismissed these concerns    Didn’t follow Lululemon’s value proposition which confused and angered a lot of  people which led to him and the CEO of the time to leave the company   Damaged relationship with the market   o Lululemon went back to old strategy that made them successful by making sales after  becoming successful with their new strategies    Understand concept of business strategy  o Planning, Business Strategy  o Long term success of an organization is based on 2 principles:  o Ability to create a strategic direction and market position)strategic plan)  o Ability to execute the core tactical initiatives within the plan  o Strategic Planning Process Model   Revisit our purpose   Customer analysis, company analysis, competitor analyses,  macroeconomic analysis   Identify Opportunities and Threats   Our 
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