Assignment 1 - MGT101-22527 (1)-1

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Saudi Electronic University *

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101

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Management

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Nov 24, 2024

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Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University ةكلمملا ةيدوعسلا ةيبرعلا ميلعتلا ةرازو ةينورتكللإا ةيدوعسلا ةعماجلا College of Administrative and Financial Sciences Assignment 1 MGT101 (2 nd Term 2021-2022) Deadline: 12/03/2022 @ 23:59 (To be posted/released to students on BB anytime in Week 3) Course Name: Principles of Management Student’s Name: Course Code: MGT101 Student’s ID Number: Semester: 2 nd CRN: 22527 Academic Year: 1442/1443 H, 2 nd Term For Instructor’s Use only Instructor’s Name: Dr. Sager Alharthi Students’ Grade: /10 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY  This assignment is an individual assignment.  Due date for Assignment 1 is 12/03/2022  The Assignment must be submitted only in WORD format via allocated folder.  Assignments submitted through email will not be accepted.  Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.  Students must mention question number clearly in their answer.  Late submission will NOT be accepted.  Minimum ( 200 words to answer each question).  Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.  All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). Submissions without this cover page will NOT be accepted .

Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University ةكلمملا ةيدوعسلا ةيبرعلا ميلعتلا ةرازو ةينورتكللإا ةيدوعسلا ةعماجلا College of Administrative and Financial Sciences Assignment Purposes/Learning Outcomes: After completion of Assignment-1 students will able to understand the LO 1.1: State the concept of management functions, roles, skills of a manager and the different theories of management. Assignment-1 Please read the case “Fast Fashion - Was Forever 21 Fast Enough?” given on Page number 42, Chapter 1– “The Exceptional Manager” available in your textbook/e-textbook “ Management: A Practical Introduction” 10 th edition by Angelo Kinicki, & Denise B. Soignet and answer the following questions: QUESTIONS Q1. What is the underlying problem in this case from the perspective of Forever 21’s customers and creditors? (2 Marks) Q2. Why do you think Forever 21 ended up in this situation? (2 Marks) Q3. Did Forever 21 operate more from a principle of efficiency or effectiveness? Explain your rationale. (2 Marks) Q4. Which of the three skills that exceptional managers need did the Changs most lack? Explain your answer. (2 Marks) Q5. What would you have done differently if you had been a senior executive at Forever 21? (2 Marks)

Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University ةكلمملا ةيدوعسلا ةيبرعلا ميلعتلا ةرازو ةينورتكللإا ةيدوعسلا ةعماجلا College of Administrative and Financial Sciences ANSWERS: 1. Which of the seven challenges did the Chang family face as leaders of the company? How did they deal with them? The Changs weren't able to respond to crises? The Z-generation is at war with fast fashion. With its negative social and environmental repercussions, is the imminent closure of the supermarket Forever 21 just the beginning of the end for the dark side of the industry? All those questions are the specific problems that happened according to the slow wave of change in FOREVER 21 perspective scoop by fast fashion, those problems happened depended to the low experience with huge retail needs without smooth continuous stages of management. Gone are the days of "mall culture," where items were cheap and trendy. It's exactly the kind of fashion that was indoors. Trending outlines trends, plans and brands. Also, fast fashion is perhaps the main reason for rejecting originality, gender neutrality and size diversity. Reliance on it in the Forever 21 campaign compared to Zara. Also, the problem of getting dressed and design non-suitable cloths for each country that get exported. All of those make new challenge for FOREVER 21 on its management and supply chain process cycle of decision making and shipping and inventory management for it. 2. Because of its lack of management experience or even not to let some professionals to take care about the technical stages with some cart blanches. Also, The global explosion of "fast fashion" competitors, reputability damage (due to both workers' rights groups and environmentalists), high-cost rental locations, and competition from online retail, has led to a temporary collapse in global processes. In 2019, the company experienced a 32% drop in global sales, pushing for bankruptcy protection. Although Linda Chang, the company's executive vice president, stated that registering for Chapter 11 is an "important and necessary step to secure the future of our company, which will enable us to reorganize our business.

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Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University ةكلمملا ةيدوعسلا ةيبرعلا ميلعتلا ةرازو ةينورتكللإا ةيدوعسلا ةعماجلا College of Administrative and Financial Sciences Growing very quickly: One of the main reasons that startups failed was that they grew and expanded very rapidly. One of the major mistakes of Forever 21 was that it opened large branches very quickly in many malls and malls, such as a large, giant branch in Times Square in New York in 2010. However, the expansion was during the economic downturn, which most companies reduced their subsidiaries not increased. And you can imagine that in just six years, the chain of stores is in 47 countries after seven. All of this make more pressure on responsibility of the quick growing, but without enough experience it means nothing. As a result, the company announced that it plans to close between 300 and 350 branches, which are the least profitable to it, including 187 stores in the United States, and to close most of its branches in Asia and Europe, while continuing to work in Mexico and Latin America, and this, of course, in addition to the dismissal of thousands of employees. 3. No, it didn’t. Loss of primary focus: Forever 21 started offering cheap and fashionable clothes to young people in their twenties and old people who want to feel young, but over time the company branded its business in a lot of directions. For example, it started selling men's and girls' uniforms. However, it opened F21 Red in 2014 and a group of stores offering Forever 21's basic clothing items at a cheaper price. In 2017, it added Riley Rose stores specializing in selling beauty products, all of which, of course, were a separate factor in its focus and success Teenagers who need something to buy but don't get into a building get lost in its sides. Bad publicity: According to a report issued by Sprout Social, about 9 out of 10 customers will stop buying from brands that do not have transparency. Copyright, and this was whether from big brands such as Puma and Adidas or even small, and the latest lawsuits were filed by the famous pop singer “Ariana Grande” who requested compensation of 10 million dollars. The rapid expansion and failure to keep pace with changes in consumer attitudes and online sales are among the reasons that led Forever 21 to go bankrupt. In fact, it is possible to end but it is still an opportunity for the company to focus on the need that it would consider successful and go back to again.

Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University ةكلمملا ةيدوعسلا ةيبرعلا ميلعتلا ةرازو ةينورتكللإا ةيدوعسلا ةعماجلا College of Administrative and Financial Sciences 4. The rapid expansion and failure to keep pace with changes in consumer attitudes and online sales are among the reasons that led Forever 21 to go bankrupt. In fact, it is possible to end but it is still an opportunity for the company to focus on the need that it would consider successful and go back to again. So, exceptional managers need did more effective, smooth and continuous, and strong process lines. That are the most lack with Changs. Work on Changing consumer trends: clothes that are quickly manufactured and cheap are not in fashion now, and this is because the young shoppers targeted by Forever 21 continue to prefer high-quality fashion at discounted prices. This waste of fabrics is not in the difficult working conditions that workers in this industry are exposed to, which is why they started to buy used clothes, and according to research conducted by Statista in 2018, the used clothes industry grew by 28 billion dollars globally. All lacks came from huge Ignorance of management techniques which it may be sample with little experience and less growth rate, but it is sample to fix it by management effective steps such as efficiency to do on it. 5. If I had a senior executive manager, I would focus on several variables to optimum the solutions such as: online competition: Forever 21 In addition to the presence of competitors such as Zara and H&M, they target the same base of consumers who need modern clothes at cheap prices. However, with the great transformation of shoppers into buying online, the company faced great difficulties in keeping pace with this transformation, especially with the emergence of competitors such as ASOS Specialized. In selling fashion online, as well as brands like Pretty Little Thing, and other competing e-commerce sites, Forever 21's revenues from online sales did not exceed 16% of its revenues only.

Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University ةكلمملا ةيدوعسلا ةيبرعلا ميلعتلا ةرازو ةينورتكللإا ةيدوعسلا ةعماجلا College of Administrative and Financial Sciences And provide supply chain system process to optimize the target than the last one, and work on recover the reputation of the company again around market retail or even online. Finally, it will same perfect if I determine the quality management on time cycle of the chain loop specially at exporting in Europe and Asia which loss all market on it, in ordered to retain the trussed with special clothes for every culture and whether across countries. It’s sample to do it will but not easy to keep it on the top.

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Assignment 1 - MGT101-22527 (1)-1

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