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The study is about the decision making for the international business, decision making process is a crucial par the management that help to the organization in order to make the decision that fulfil the aim and objectives of the company in the near future. Moreover, in the study it will be discussed the information and data that could be support the decision-making process for the international business. The company Gymshark which is located in the UK and it is active in the clothing manufacturing. Moreover, it has been ordered that the company is willing to identify the new international market, in order, the company has identified three major and possible market for the clothing which are “Italy, United states of America, and south Korea”.
Further, in the report, it will be discussed and reviewed the data by the help of SMART analysis, which will further help to the company in order to decision making and evaluation of factors. Further, the tools and techniques will be drowned in the report to support the decision-making process. Further, the report will also include the possible recommendation for the company in order the decision-making process. The social and cultural impact of both the countries and its positive effects are also reviewed in the reflection section of this study. As the company wanted to expand its business operation to other countries and cities of Italy, united states of America, and south Korea, the business decisions and its implications are also stated in this study.
The company Gymshark was established in 2012, situated in the United Kingdom, Birmingham. The company began their legacy from a garage in the UK. In the year of 2012, the company has not set up in the business by which the company has faced some issues in the firm. At that time the company had only a sewing machine and a screen printer in the business by which the company had started growing with these components in the firm. Also, the business has ambition to gain lots of reputation and thrive the business in a larger manner.
The basic focus of the company is to grow the branded fitness accessories as well as gym clothing in the firm (Gymshark.com, 2022). The most attractive part of this business is the main distributor and manufacturers of their own. The company has not any extra costing on distributors as well as manufacturers. The larger range of gym wear and fitness outfit produced by the firm. In the start of the business the value of the company was almost £1 billion (Sniazhko, 2019).
The company Gymshark has created fitness and gym wear clothing as well as accessories to be available in the shops which help anyone to do with their personal best in working outfit. The types of sportswear invented by the company are totally comfortable to wear. This is why more potential customers attract to the firm by which the company has gained the more revenue in the business (Vanegas-López et al. 2020). The company has focused on the quality over the quantity by which the company has gained more goodwill in the international market range.
The different kinds of sportswear and accessories have been invented by the company by which the more buyers attract to their clothing and purchase it. The majority of the comfortable clothing in the business helps the customers by finding the genuine quality of the clothing. The goals of the firm are not only growing the selling structure in the market but also focusing on the customer’s needs. The company has also advised their potential consumers by providing them inspiration within the structure of the community that the buyers will fit in the best (Sharma et al. 2020). The social and cultural impacts the reflection where both the countries can change the vision of expending the business operations in other countries.
The company Gymshark has more than 10 million followers in the social media which consist of the potential buyers, consumers, athletes, employees as well family. The company has more than 20 million reaches in social media and they follow over 17 million people on Instagram. They have customers from multiple countries who are following the company on Instagram. Over 220 countries people have followed the company on social sites and the company has more than 13 online stores. Hence the company has more than 900 employees in the business by which the company has grown /ber in the international market. The 900 employees in their office came from five different regions including “Solihull, United Kingdom from Denver, Colorado, United States” (Rodgers et al. 2022).
The data and information play a crucial role in the management in order to make the decision for the company to fulfil to goal and objectives that has been set by the company. As per the view of the author Peng et al. (2019), Moreover, in order to the decision-making process for the company, it has been observed that the new international market that it could potential enter as a part of the company’s growth strategy. Moreover, the company has been identified that three potential market which are “Italy, united states of America, and south Korea”. Moreover, in order to support the decision making for the company, it has been observed that the comp am is mostly target the audiences whose age in between the 18 to 25 and who’s live and whose live surround the fitness fashion as well as the music.
The country Italy whose economy stands on the eighth place out of the 185 countries. Moreover, it can be said that the information system and data help to decision making process by providing the accurate and time-based information. As opined by the Yang et al. (2020), Additionally, it has been observed that the economy of the Italy was inactive around the 2019 and 2020 due to the covid 19 pandemic, and being one of the slows Conly out of the EU members. Moreover, it has been assumed that the only after the few years the it will be recovered. Additionally, it has been seen that the economy of the Italy was slinked by 8.8 % in the financial year of 2020, which was consider as fourth largest decline in the European union.
Moreover, its ca be stated that the United States of America is one of major economy and best attractive market for the clothing industry. As narrated by the Ardila (2021), Additionally the United station America has very attractive market for those with the business with the Ku. There are many reasons that support the USA which are “minimum language barriers, access to global, supply chain, leading export for other markets and rules off law”. Also, it has been seen that the supply chain management and export and importee between the two countries are quite good and high quantity, and America is single and largest exporter in the UK, and it contribute approx. 20 % of all exports of the UK (Darko et al. 2019).
3.1 SMART analysis to evaluate the factors in the decision-making process
4. Appraise results of the decision-making process
Good decision-making process in the company will help to provide the best outcomes. As result the costumers of the company was not able to access the best offers and deal. As narrated by the Karimi et al. (2018), Moreover, it has been seen that the company Gym shark has been hit the 1 billion of valuation by securing the general Atlantic. Additionally, it has been stated that the valuation of sportswear empire is between the £ 300 million to £ 400 million, in order the revenue of the company was approx. $ 50 million and it has been reached $ 128 million in the financial year of 2018 which is rapidly increased. Additionally, it shows the how much efficient and effective of the decision-making process of the company.
The country United states of America can be best option for the company in expand itself, as it has no any language barriers, good supply chain management as compared to the “Italy and south Korea’. As elaborated by the Yazdani et al. (2018), It would be very essay for the company Gym shark to start up there business internationally. Moreover, it has been seen that the over 3500 companies of UK have been exported goods to the United States of America in the year 2017. Further, it can be stated that the export in between the two countries may able to help companies to expand the size of market also into a new market. As result, this can also help increase the productivity, profitability and solve the arising challenges.
Additionally, it has been seen that the compound growth of the company was approx. 193 % from 2013 to 2016, which indicate the effectiveness of the decision-making process of the company. Also, the company continues to grow by using the merely social media and influencer marketing, as result it will help to attract the new potential customers as well as identify the demands and needs of the existing costumers (Boivin et al. 2018).
4.1 Discussion and findings
Decision making process is a part of managerial management who help to make the decision and planning in order to fulfill the aim and objectives of the company in the near future. As expressed by the Yazdani et al. (2018), In order to the decision-making process for the company Gymshark, it has been observed that the United States of America could be a good market for the expansion parlors. It has been observed that the both countries have languages is quite similar as the social and cultural factors are quite similar that can help to attract the new costumers.
The company Gymshark can follow the different kinds of tools and techniques in their business to support the managerial decision making which are followed as below:
The company can adapt the tool of SWOT, by which the firm can measure the Strength in the market among the other competitors. The internal and external strength of the company helps the business by planning for decision making in the business. Hence the Weakness of the company will improve in a range of factors, it will find the major factors which are harmful for the business. On the other hand, Opportunities in the SWOT analysis will help the business by gathering the strengths of the business and how the firm will use those strengths to create new openings for the decision making. Hence it will focus on some specific weakness of the companies by which the company critically makes the decision to overcome the difficulties. Therefore, Threats in the firm help the business to identify the multiple threats and challenges in the way.
Hence it will provide the film a determination of challenges in the way of achieving aims and objectives of the firm. As per the view of Pereira, et al. (2019), the company Gymshark can use this technique to develop their decision making in the business by which the firm can grow the revenue structure in a larger position (Ulman et al. 2021)
The company Gymshark can follow the technique of decision matrix in the business, which indicates the multiple choice and variables in the firm. By the help of a decision matrix the company is able to take the proper decision in the business which will provide the business more clarity in the disarray. Decision matrix are the scorecards that use to judge and rate the performance of the firm. It will provide a pros and cons list in the firm, by which the firm can list their different decisions about the invention of the clothing. Hence, it will be beneficial for the company if they are able to adopt the decision matrix in their business. This matrix will help the company to list the decision alternatives in a row as well as the matrix help the company by providing the relevant factors in a column.
Also, it provides an establishment of the consistent scale which assesses the value of each combination for the alternatives as well as factors. Hence this matrix determines the company’s important factor by which the firm is able to find the major factor in the period of decision making in the business. Determination of each factor helps the business to take the final decision in the company by which the business can run under profitability structure in future (Buckley and Casson, 2019).
Based on the above study it has been concluded that the project generally focused on the decision making for the internal business. The project has focused on the company’s identification and organizing credible sources of information and data which indicate the company Gymshark, has focused on the branded quality for the gym wear as well fitness accessories. Hence, in the study the evaluation of information refers to the growth strategy of the company for decision making in the firm. Hence the SMART Analysis has been explained with four major factors of the business by which the company can gain their aims and objectives. The appraised results of the decision-making process indicate the compound growth structure of the firm.
Based on the above scenario it has been recommended that the company has to follow the advertisement and offer price strategy in the firm, by which the potential customers as well as existing customers will attract the firm to purchase the products. On the other hand, the company can adopt the strategy of brand promotion in social networking sites. Through the company can attract more viewers to the firm as well as it grows the selling rate of the firm. As per the view of Alaaraj and Bakri (2020) it has been recommended that the offer price strategy attracts the new consumers to the firm by which the revenue structure of the firm gradually increases in the future.Limitations
On the basis of the above study, it can be explained that the company is facing issues with the limited product portfolio and the company has not enough social networking sources in the digital platform. As a result, people who are not using social media can find it problematic for them to find this firm. Hence, the company has only one sales channel. Although the brand ambassador of the firm is not known outside the fitness community. For the competitive market it is more difficult for the company to hold the reputation. As per the ratings of social media it is not a good company.
Based on the analysis of the study, I have observed that the company Gymshark is one of biggest clothing manufacturer company in the UK. I have been seen that the company is trying to expand its market size, and the company has been identified the three major countries in which the company can expand itself which are “Italy, united states of America and South Korea”. In order, it has been observed by me that the company is mostly target the audiences whose age in between the 18 years to 25 years, whose live surround fitness, fashion as well as music. this is why on Gymshark’s website they have a link directly to their Spotify page with dedicated playlists that their audience can use, especially great for workouts. As per my opinion the business decisions can bring fruitful outcomes for the parent company in near future.
I have been observed that the United States of America could be a better market for the company Gymshark, as both countries have no any language barriers, and the country have good supply chain management which can easily help to easily spilly the products to its customers in very short time. Additionally, I have been observed that the social factors and cultural factors of both countries UK and united states of America are almost same, which help to understand the needs of the costumers. I have seen that the export of both countries is quite good enough that help to expand the market size as well as create the new market. Also, I have seen that the Italy can beg also a good place where the company can expand itself. I have seen that Italy’s economy stands on the 8th place out of 185 other countries which may be a good market for the clothing industry. Additionally, I have observed the trading between the United Kingdom and South Korea, it came to a total of £13.3 billion in just a year, being in September of 2021, and can be a potential market for the clothing industry.
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