Answered: Based on Appendix 2.3, Lululemon has a…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Based on the image attached please seperate VRIO analysis ASAP thanks

Transcribed Image Text:Based on Appendix 2.3, Lululemon has a popular as well as strong brand image, which is one of its main resources or strengths (Asante et al., 2021). It has a long-term advantage because it meets all four of the key criteria. Because of their strong images as hip, friendly, and inspiring, Lululemon's brand was known for being honest. They also focused on real stories of empowerment and community. By encouraging people to live a healthy and well-balanced lifestyle, Lululemon has built a strong group of fitness fans who want high-quality products. Lululemon has a lot of brand recognition because it has a lot of trust in its brand, which is very important to the company. Lululemon has worked hard to build a unique brand image by making high-quality products that fit their vision. "Athleisure" fashion was also created by the company, and they did a good job of it. This helped them build a competitive advantage, and it also changed the activewear industry (Matthew Harvey, 2020). Although Lululemon has high-quality products, the price of their products is not cheap. Lululemon does a lot of work to be good to the world and the environment, and they also build strong and unique brand images. Another company that started its brand in 1998 is called Lululemon. Lululemon actively promotes health and mindfulness by selling high-quality products that can help every person. In order to copy these strong brand images that have been built up over time, you'll need a lot of money and a lot of time. In addition, building brand images requires a lot of customer loyalty and trust that can't be replaced. Lululemon is able to get their brand messages and promises out to the public because they have a strong brand. Finally, the health and positive brand images of Lululemon are also backed up by the company's core values, vision, and mission statement, which all support the brand. It also uses different marketing strategies and tools to help people know more about lululemon's business. For example, Lululemon makes real connections and encourages user-generated content through Instagram, Facebook, Twitter, and blog posts, among other things. It helps the brand get more attention and recognition, which in turn leads to more sales. Because of their unique products, community, and business model, Lululemon has built a successful, unique, and well-known global brand image that is well-known all over the world (Asante et al., 2021). Secondly, Lululemon gained long-term advantages in the market by offering high-quality and new products to the public. Lululemon is always coming up with new ways to make clothes, like new fabrics, sewing techniques, and features that make their clothes more useful to their customers. This means that Lululemon is customer-focused, and they will match the quality of a product to what the best at what they do, so they people want to buy. All can dry quickly, fight bacteria, wick away sweat, and look good without sacrificing style. Lululemon also has a wide range of high-quality products for different types of customers and different needs (Matthew Harvey, 2020). For example, sports clothes like pants, shorts, tops, and jackets, as well as other things. Yoga mats, ice cream, and bags are all things you need for yoga. As a result, there are a lot of people who buy and use lululemon products again and again. Next, the intellectual property rights, copyrights, trademarks, and patents of their products are not as common as they used to be. All these are important resources. Lululemon has 48 design patents and 45 industrial design their products have been made to registrations around the world that protect things like designs, fabrics, and production methods. There are also a lot of things about their products that are private. The specific prediction is only known by top management, and the technologies used to make them are also protected by law(Baalbaki et al., 2019). Finally, the company shows that they are always coming up with new and creative ways to make their products through product design and development. Lululemon had a secret product development lab called Whitespace, which was a high-tech lab in Vancouver. They are using new technology, science, and movements to make their activewear stand out from the rest. For example, they do research on how people move and come up with new and creative ways to meet people's expectations and needs. Moreover, Lululemon also made sure that their suppliers followed all of their rules and standards during the production process. In the end, the quality and new ideas of Lululemon make them stand out from the rest of the competition and keep them going for a long time (Stokes, and Adams, 2008).

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