Dhruvi_Kumbhani_MGMT_661

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The Chicago School of Professional Psychology (Canvas PF) Quick Submit Quick Submit DHR Rahul Yadav Document Details Submission ID trn:oid:::1:2754753411 Submission Date Nov 17, 2023, 11:42 AM CST Download Date Nov 17, 2023, 11:44 AM CST File Name Dhruvi_Kumbhani_MGMT_661.docx File Size 30.3 KB 16 Pages 3,196 Words 21,348 Characters Page 1 of 18 - Cover Page Submission ID trn:oid:::1:2754753411 Page 1 of 18 - Cover Page Submission ID trn:oid:::1:2754753411

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Introduction: Lululemon: Lululemon was established in 1998. Lululemon Athletica has become one of Canada's top retailers of athletic clothing, specializing in yoga-inspired activewear. This company has become well-known worldwide for its ability to combine cutting-edge fashion with high- performance practicality effortlessly. The distinguishing feature of Lululemon is its capacity to provide high-end apparel and accessories that appeal to fitness aficionados and those looking for fashionable and functional activewear for everyday use. Lululemon is a global leader in competitive fitness and lifestyle gear because it embraces innovation, creates a feeling of community through engagement efforts, and finds a delicate balance between performance-driven design and aesthetic appeal. Under Armour: When Under Armour first appeared in 1996, it quickly became a dominant force in American sportswear and accessories. Initially recognized for its innovative moisture-wicking technology, particularly in compression shirts, the company has experienced significant growth and diversification, adding a wide range of athletic apparel, accessories, and footwear to its product line. The fundamental principles of Under Armour's business model are ongoing technological innovation in sportswear, unwavering dedication to athlete-centered product development, and clever alliances and sponsorships that have increased the company's stature in the sportswear sector. Under Armour has established itself as a significant player by using these tactics meeting the different demands of fitness enthusiasts and athletes. Page 3 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 3 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

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Business Strategies Lululemon:  Superior Product Quality: Lululemon strongly emphasizes producing highly comfortable and functional technical fabrics of the highest caliber. Their emphasis on premium materials and cutting-edge designs guarantees that their active clientele's demands are satisfied by their activewear.  Technical know-how and innovation: The business continuously makes R&D investments to create novel textiles, patterns, and technologies that improve functionality, robustness, and aesthetics. Lululemon can keep ahead of trends and competitors because of its focus on innovation.  Customer interaction and community development: Lululemon has helped its clients develop a strong feeling of camaraderie. They foster an immersive shopping atmosphere that promotes patron involvement and loyalty by utilizing programs like ambassadorships, run clubs, yoga sessions, and in-store events.  Brand Image and Lifestyle Positioning: The company has taken great care to develop a lifestyle image that positions it as a champion of active and healthy living and a marketer of athletic apparel. Lululemon has established a more robust customer connection because of this branding approach.  Global Expansion: To reach a wider audience of customers, Lululemon has deliberately pursued global expansion, joining several other markets. As part of this Page 4 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 4 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

expansion strategy, products and marketing tactics are customized to fit regional tastes and customs while preserving the essential elements of the brand. Under Armour:  Innovation and Technology: Under Armour prioritizes technological developments in athletic apparel. The business makes significant R&D investments to provide cutting-edge textiles, accessories, and clothing that improve sports performance. Their success has been primarily attributed to their dedication to innovation, resulting in goods that appeal to athletes looking for the best performance apparel.  Athlete Endorsements and Sponsorships: Under Armour carefully selects and collaborates with prominent athletes in various sports, using their endorsements to increase brand awareness and legitimacy. These collaborations support marketing initiatives, product development, and overall brand positioning.  Product Portfolio Diversification: Originally recognized for its moisture-wicking clothing, Under Armour has extended its range of products to encompass accessories, footwear, and equipment for other sports and fitness pursuits. The business can use this diversification strategy to increase its market reach and meet a wide range of client needs.  Building Brand and Marketing: Under Armour uses forceful marketing initiatives to uphold its reputation as a performance-driven business. Their marketing strategies Page 5 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 5 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

emphasize creativity, athletic success, and the unwavering quest for greatness to appeal to enthusiastic customers about sports and fitness.  International Expansion: Under Armour has investigated initiatives for international expansion to reach markets outside of the US. This entails modifying goods and advertising tactics to accommodate local tastes while preserving the essential characteristics of the brand. Discussion Learning about Lululemon's business approach is struck by their steadfast dedication to producing top-notch goods. They stand out because they prioritize wearing premium sportswear. It is about making clothing using excellent technical fabrics and fashionable designs that combine utility and style. Their active clientele finds genuine resonance in that. Equally striking is their commitment to creativity. Lululemon continuously makes R&D investments to bring innovative materials and styles to the market. However, the goal is to push the limits of clothing technology and promote a sense of community. They focus more on a lifestyle than just clothes sales by arranging in-store events, yoga classes, and ambassador programs that provide a distinctive shopping experience. Their approach to international expansion is also exciting. Lululemon carefully customizes its goods and marketing strategies to fit the distinct tastes and traditions of various markets as it expands into new ones. This personalized strategy shows a deep awareness of cultural variety and a dedication to interacting with local groups. Page 6 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 6 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

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Let us focus on Under Armour, a company whose business plan primarily emphasizes innovation and performance. They are the first to prioritize sportswear technology developments. Their ability to smoothly incorporate athlete endorsements into their marketing narrative is noteworthy. They strengthen the credibility of their business and bolster an image that is performance-driven by working with well-known athletes. Under Armour deserves praise for branching out outside their main clothing line to include accessories, footwear, and equipment for different sports. It displays a deliberate diversification intended to meet broader client demands in the sports and fitness industry. Their aggressive marketing approach emphasizes sports achievement and the unwavering quest for greatness. Their commitment to preserving brand integrity is demonstrated by maintaining a consistent worldwide brand image across various markets, even though they may put consistency ahead of significant regional adaptation. In conclusion, Lululemon has carved out a niche by emphasizing the development of a lifestyle brand entwined with community involvement, while Under Armour presents itself as a name associated with excellence and sporting achievement. Each approach has advantages and targets distinct customer bases in the sportswear industry. Page 7 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 7 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

Corporate Strategies: Lululemon:  Product Innovation and Design Excellence: A dedication to ongoing innovation and design excellence is the cornerstone of Lululemon's business strategy. The business makes research and development investments to produce innovative textiles, distinctive designs, and useful features that satisfy the changing demands of its target market — this emphasis on innovation aids in setting Lululemon's products apart in the cutthroat industry.  Brand Identity and Lifestyle Positioning: Lululemon has developed a strong brand identity linked to a healthy lifestyle. This is known as lifestyle positioning. The company aims to promote a holistic wellness lifestyle that includes mindfulness, fitness, community involvement, and activewear. Customers looking for more than just clothing connect with this brand positioning, which promotes brand loyalty and emotional ties.  Omni-channel Shopping Experience: Lululemon skillfully combines physical and virtual shopping. Offering clients the choice to interact with the brand through physical stores, online stores, and mobile apps, their goal is to deliver a unified brand experience across all platforms. Customers are guaranteed a convenient and customized purchasing experience with this technique.  Sustainability and Social Responsibility: Lululemon gradually integrates sustainable practices into its company strategy. This involves using eco-friendly Page 8 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 8 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

materials, implementing sustainable production techniques, and strongly emphasizing fair labor standards and ethical sourcing to lessen the environmental impact.  Staff Development and Culture: Promoting an excellent workplace culture and staff development are top priorities for Lululemon. They invest in leadership development, training, and well-being programs to foster an enthusiastic, driven staff that shares the brand's values. Under Armour:  Product Portfolio Expansion and Diversification: The company has expanded its offerings beyond clothing to encompass technology-enabled fitness equipment, footwear, and accessories. This approach seeks to increase market reach while meeting various customer needs.  Retail Presence and Digital Transformation: Under Armour prioritizes the development of physical retail outlets and internet channels in addition to their digital transformation. It invests in developing engaging in-store experiences and improving its e-commerce capabilities to adapt to consumers' changing preferences for online purchasing.  Operational Efficiency and Supply Chain Optimization: To guarantee cost- effectiveness, quality assurance, and prompt product delivery, Under Armour places a strong emphasis on operational efficiency and supply chain optimization. Page 9 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 9 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

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 Sustainability Initiatives: Under Armour is progressively integrating sustainability practices into its corporate strategy, just like many contemporary businesses. This covers initiatives to lessen the influence on the environment, employ environmentally friendly materials, and support moral sourcing and production methods.  Adaptability and Responsiveness: Under Armour's capacity to adjust and respond to evolving market dynamics, customer inclinations, and technical breakthroughs is unwavering. Because of its adaptability, the business can modify its plans and products to suit changing consumer needs. Discussion Closely examining Lululemon's business approach reveals a resolute dedication to providing outstanding merchandise. Their focus on creating superior activewear with fashionable designs and premium technical fabrics makes them stand out from rivals. It is not just about making clothes; it is about fusing fashion and function in a way that speaks directly to their engaged clientele. Equally impressive is Lululemon's ongoing commitment to innovation. They regularly make R&D investments, bringing innovative materials and designs to market. However, in addition to advancing clothing technology, their approach emphasizes building a sense of community. They offer a distinctive shopping experience by hosting in-store events, holding yoga classes, and having ambassador programs. This way, they promote a lifestyle rather than just clothes. It is interesting to see how Lululemon is expanding internationally. They modify their offerings and marketing strategies as they grow into new areas to accommodate regional differences in tastes and traditions. This customized strategy demonstrates their awareness of Page 10 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 10 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

cultural variety and dedication to interacting with local communities, demonstrating their worldwide strategic adaptability. Conversely, performance and innovation are significant in Under Armour's company strategy. They distinguish themselves as pioneers in giving technological innovations in sportswear priority. Athlete endorsements are seamlessly incorporated into their brand story, strengthening credibility and bolstering a performance-driven image. Under Armour's bold marketing approach strongly emphasizes striving for greatness and athletic achievement. They uphold a global brand image consistent throughout various markets, demonstrating a commitment to brand integrity, while they may prioritize consistency above significant regional adaptation. To sum up, Under Armour presents itself as a brand linked with high performance and athletic achievement, while Lululemon focuses on offering outstanding products entwined with community participation. Both approaches exhibit strengths that appeal to various athletic gear market consumer categories. International Strategies Page 11 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 11 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

Lululemon:  Market Entry and Selection: Based on variables including consumer behavior, market potential, and economic stability, Lululemon carefully chooses the markets it wants to enter overseas. The business evaluates each market's suitability and implements entry tactics based on regional realities. These approaches may involve joint ventures, partnerships, or direct-to-consumer methods.  Localization of Products and Marketing: Lululemon understands the value of modifying its offerings and promotional tactics to appeal to a wide range of global consumers. They retain the essence of their brand identity while tailoring their products to suit regional tastes, sizing requirements, and cultural conventions. Localized marketing efforts, language translation, and partnerships with athletes or influencers in the area are all examples.  Supply Chain and Distribution: A key component of Lululemon's international strategy is establishing an effective worldwide supply chain. They streamline manufacturing, distribution, and logistics to guarantee prompt delivery to foreign markets while preserving product quality and consistency.  E-commerce and digital Focus: The business prioritizes its online presence and e- commerce skills in global marketplaces. Lululemon aims to satisfy the needs of worldwide customers who prefer online shopping and interact with the brand through various channels by providing an easy-to-use online platform and omnichannel experiences. Page 12 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 12 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

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 Adaptability and Responsiveness: In every foreign market, Lululemon maintains its ability to adjust and respond to shifting consumer preferences and market conditions. The company's adaptability enables it to modify its tactics, range of products, and promotional methods in response to changing market needs and stay relevant across various geographies. Under Armour: Localization and Adaptation: Under Armour tailors their products and marketing tactics to suit regional tastes by acknowledging cultural quirks and customer preferences. This entails adapting product features, sizes, and designs to meet local needs while preserving the essential elements of the brand. Athlete Endorsements and Brand Ambassadors: Under Armour employs athlete endorsements and brand ambassadors to boost brand awareness and credibility in overseas markets, much like its domestic marketing strategy. Connecting with local athletes or sports teams through partnerships fosters a more relatable and intimate relationship with customers. Retail Presence and Store Experience: Under Armour wants its overseas retail sites to provide a unified brand experience. Their stores frequently incorporate local aspects to connect with clients in various areas while maintaining the brand's core values. Providing a flawless retail and online buying experience is part of this. Page 13 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 13 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

Distribution and Strategic Partnerships: Under Armour can increase its consumer base and enter new markets by forming strategic alliances with regional shops, distributors, or sports teams. These alliances frequently help companies enter new markets more efficiently and manage provincial laws and customs. Responsive Strategy and Continuous Improvement: Under Armour maintains a flexible and responsive approach to market feedback, modifying its plans in response to consumer reactions and market dynamics. Its continuous improvement efforts exemplify this. Because of its flexibility, the business can continuously improve its strategy and product offerings to satisfy changing demands worldwide. Discussion Understanding Lululemon's global strategy, our methodical approach to entering and choosing foreign markets is what sticks out. Before acting, we thoroughly examine market potential, consumer behavior, and economic stability. Our entry strategies are never one-size- fits-all; instead, we customize them to the particulars of each market, whether via joint ventures, partnerships, or direct-to-consumer channels. The strategy's core component is the localization of marketing and product offerings. It recognizes the need to customize its products and marketing strategies to appeal to a wide range of international customers. This entails modifying items while preserving the core of our brand identity to accommodate local preferences, sizing specifications, and cultural Page 14 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 14 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

conventions. Use localized marketing techniques and partner with influencers in the area to establish deeper connections. The global supply chain's effectiveness is vital. It optimizes manufacturing, distribution, and logistics to guarantee prompt delivery to international markets without sacrificing product quality and consistency. It prioritizes our e-commerce capabilities to cater to customers who prefer to shop online while maintaining our online presence. It must offer a smooth online platform and integrated omnichannel experiences to establish a global consumer base. One of the main advantages is our flexibility to adjust to different markets. It enables it to react quickly to shifting consumer demands and market dynamics. Because of this adaptability, it may modify the tactics, line of products, and marketing techniques to remain relevant across various geographical areas. Turning the attention to Under Armour's global approach, it is seen that they strongly emphasize adaptation and localization. As part of their plan, they modify their products and marketing strategies to accommodate regional tastes while preserving the core elements of their brand. This entails modifying product features, dimensions, and designs to satisfy local needs without compromising their essential characteristics. Page 15 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 15 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

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Like their domestic approach, Under Armour employs athlete endorsements and relationships with local sports bodies to enhance brand credibility and establish connections with customers in international markets. To improve its brand connection globally, Under Armour also prioritizes a consistent brand experience across all of its retail locations. They do this by combining local aspects. Creating strategic partnerships and iteratively developing in response to market input are other essential components of their global approach. Lululemon's focus on careful market selection, customized techniques, effective supply chain management, and adaptability across many markets sticks out when comparing the two methodologies. In contrast, Under Armour prioritizes strategic alliances, localized adaptation, brand consistency, and ongoing advancements to satisfy global demands. Recommendations Lululemon Business Strategy: Boost Digital Interaction with Customization Lululemon ought to improve its online presence and invest in cutting-edge technology to offer individualized experiences for its customers. The online shopping experience can be significantly enhanced by incorporating virtual try-on capabilities, personalized content, and AI-driven recommendations. Lululemon can provide customized product recommendations, advice on fitting, and content that speaks to the interests of each consumer by utilizing data analytics. This tactic supports the expanding online buying trend and gives customers more power by enabling a more immersive and personalized digital experience, strengthening brand loyalty and boosting revenue. Page 16 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 16 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

Corporate Strategy: Strengthen Sustainability Initiatives and Transparency Lululemon can reinforce its business strategy and build on its current dedication to sustainability by stepping up on its transparency and environmental initiatives. Stress using environmentally friendly resources, putting strict sustainable production methods into place, and improving supply chain transparency. Using transparent reporting and narrative, effectively inform customers about these activities. Increasing sustainability aligns with changing consumer tastes for morally and environmentally responsible brands. Lululemon can gain greater consumer trust, set itself apart from rivals, and attract customers concerned about sustainability by being more open about its policies. International Strategy: Strengthening Localization via Community Involvement Lululemon should strengthen localization efforts through community participation in target markets to improve its global strategy. Invest in community-focused projects like supporting wellness programs, partnering with local influencers, or sponsoring events instead of just changing products. This tactic seeks to establish a sincere relationship with neighborhood communities, demonstrating a dedication beyond product sales. Through genuine community engagement, Lululemon can enhance its brand recognition, cultivate trust, and fully comprehend and cater to the unique requirements of many international markets. Under Armour Business Strategy: Promote Fitness Technology Innovation Under Armour's top priority as a fundamental business strategy should accelerate fitness technology innovation. By allocating additional funds to research and development, the business may produce wearable technologies and cutting-edge fitness equipment, expanding its product line beyond conventional sportswear. This action is in line with the rising need for comprehensive fitness programs. Under Armour can further set itself apart as a leader in performance-enhancing equipment by being the industry leader in fitness technology, appealing to athletes and tech-savvy consumers looking for cutting-edge fitness solutions. Corporate Strategy: Promote Well-Being and Employee Development Initiatives Under Armour should prioritize supporting staff development and well-being initiatives to strengthen its company strategy. Employee empowerment and a healthy work environment can be achieved through investing in wellness programs, leadership development, and comprehensive training. Emphasizing work-life balance, mental health support, and staff well-being will boost morale, productivity, and employee retention. In line with Under Armour's dedication to performance and wellness, a motivated and healthy team substantially contributes to innovation, customer satisfaction, and overall business success. International Strategy: Strengthen Localization and Retail Experience Under Armor may improve its global approach by emphasizing deeper localization and improving the store experience. Invest in developing immersive retail spaces that highlight regional features and culture. While preserving brand consistency, adjust product assortments, retail layouts, and backgrounds to appeal to local tastes. This approach aims to offer a customized and culturally appropriate shopping experience that engages customers Page 17 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 17 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

locally. Under Armour can boost foot traffic, increase consumer engagement, and fortify brand affinity in various international markets by improving the shop experience and localization. Conclusion References Our impact . (n.d.). https://corporate.lululemon.com/our-impact Innovation . (n.d.). https://corporate.lululemon.com/our-business/innovation Our strategy . (n.d.). https://corporate.lululemon.com/about-us/our-strategy Global presence . (n.d.). https://corporate.lululemon.com/about-us/global-presence Hensel, A., & Hensel, A. (2022, May 4). To quadruple its international business by 2023, Lululemon takes a local approach . Modern Retail. https://www.modernretail.co/retailers/as-it-seeks-to-quadruple-its-international- business-by-2023-lululemon-takes-a-local-strategy/ Manuel, L. (2022, August 15). 11.4 Lululemon Marketing Strategy and Plan . Pressbooks. https://ecampusontario.pressbooks.pub/globalmarketing/chapter/11-4-lululemon- marketing-strategy-plan/ Thangavelu, P. (2022, December 22). Understanding Lululemon's Business Model (LULU) . Investopedia. https://www.investopedia.com/articles/investing/052715/understanding- lululemons-business-model.asp Page 18 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411 Page 18 of 18 - AI Writing Submission Submission ID trn:oid:::1:2754753411

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