Get free samples written by our Top-Notch subject experts for taking online Assignment Help services.
Totto started its business operations in the year of 1989 when it opened its first store with a line of backpacks. As the European market started to grow, the company included new product items in their business in order to capture the market and make full use of the available opportunity in the following years (Co.totto, 2022). The company expanded its business in 480 stores of which 50% were located in Colombia and the other half was spread over as much as 21 countries.
The business which was not growing at an expected pace when it started soon started getting momentum by entering the business of casual clothing and establishing itself in Colombia in 2013. At present it has a leading share in the market of Colombia with 794 distributors. The international operations accounted for as much as 40% in total revenue with total distributors being 1637. The governance prevalent in the company has been crucial behind the success that it has achieved over the years in the global market and its objectives of expansion (Otero and Wilson, 2018). The company is making several strategic changes and is moving towards adopting and developing its own stores over the previously existing franchise system.
The company is now exploring other new segments in the business as well by adding new products, accessories, home products, PPEs, Pets and adding new entrepreneurs across different segments which is expected to grow the business further by 8% in total revenue in the years to come. Columbia will continue to be its centre of business operations but it needs to be wary of the political environment and corruption prevalent in the country for its strategic development and shift its operations to some other country. The growth strategies and resources that the company is using is giving them temporary competitive advantage as they are easily imitable and can be copied by others in the business.
Get Better Grades In Every Subject
Submit Your Assignments On Time
Trust Academic Experts Based in UK
Your Privacy is Our Topmost Concern
Copyright 2023 @ Rapid Assignment Help Services
offer valid for limited time only*