Strategic Management (1,000 word essay in APA format).
Smithll35
Smith_Week_1_201812012338003808.docxRunning head: PANDORA 1
PANDORA 3
Running head should be flushed to the left and written in Times New Roman 12-Point font.
Pandora
Latoya Smith
Bethel University
Dr. Lamar
Strategic Management / MOD 440
November 29, 2018
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Abstract
For the past several decades, Pandora has been the market leader and innovator in the jewelry industry. This paper aims to examine the different strategic management techniques Pandora has been using throughout the years. The paper analyzes the mission and vision statements of Pandora, the business model of organization, and their customer value proposition. Furthermore, it also evaluates the competitive advantages Pandora enjoys on its competitors the strategic objectives the organization has. Comment by Lamar, Angelo: Good start, just add an additional 78 words to complete this .
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Pandora
Pandora is an international jeweler manufacturer and retailer. It was founded in 1982 and was initially run as a family-owned jewelry shop. The first Pandora store was actually Copenhagen. The reason why Pandora is popular around the globe is because of its customizable necklaces, watches, charm bracelets, earrings and designer rings. Comment by Lamar, Angelo: I will not highlight each paragraph here so my comments for this one applies to each one you did not format correctly in APA. At no time other than an abstract or block formation should a paragraph not be indented.
The production house of Pandora is located in Thailand while the company actively markets its products in over 100 countries. Right now, Pandora has 7800 points of sale in the whole world and is operating in six continents. Comment by Lamar, Angelo: A paragraph is no more than a half of page in length. Two sentences do not make a paragraph nor has your thought changed here. Combine these two sentences with the one above it.
Pandora’s mission statement focuses on inspiring women around the world to have a creative experience in her self-expression. The vision statement states that Pandora is a manufacturer of the most personalized jewelry experience for women. The brand is a leader in designing, manufacturing and marketing handmade jewelry that is both high quality and in line with the latest fashion trends. It strives to provide affordable luxury jewelry with contemporary designs (Almirao, 2015). Delivering the most personal jewelry experience by being a branded manufacturer is the company’s vision. Pandora continually tells its story by believing in creating special moments for women. Pandora has effectively carried out its mission and its vision statement has been effective as it features jewelry that is personalized for women. Comment by Lamar, Angelo: What exactly is this mission statement? Your question from the book asked you to describe it. Comment by Lamar, Angelo: I do not see where you wrote the mission statement.
Both the mission and vision statements of Pandora are effective. As far as the mission statement is concerned, it is successful in portraying the message and brand image Pandora wants to create. Pandora wants women across the globe to feel as if Pandora is a partner of every woman that buys jewelry from Pandora. The vision statement again is one of the founding blocks of Pandora as a company as they create customized jewelry to give women the most personalized experience they can get. Pandora has designed its business model on four characteristic “pillars”. Pandora operates and manages a vertically integrated business model. It consists of in-house design and manufacturing. Pandora carries out global marketing and distributes its products in most markets. The products are sold in more than seventy countries spanning across six continents. The business model of Pandora consists of five major parts (Almirao, 2015). Comment by Lamar, Angelo: At this point I do not see where any information from your reading supports what you are trying to convey here. The assignment comes from your book, which has to be the primary source of where the information comes from.
The administration which is at the top is tasked with reviewing all the reports before they’re delivered to the clients. Decisions regarding brand marketing strategies, design of the products, and the target customers are made by the administration. Below the administrations are three departments. These departments can be considered as: Supervisory department, Reporting department and the Quality Monitoring department. The decisions made by the Administration are conveyed to these departments. The supervisory, reporting and quality monitoring departments are at the same level of hierarchy. The administration consist of the Chief Executive Officer, Chairman and Deputy Chairman. Comment by Lamar, Angelo: Information needs support from your reading.
The Supervisory department monitors all the functions being carried out in the company. The supporting functions are coordinated by the supervisory department. Product quality as the name suggests is managed by the Quality Management Department. It also trains the agents performing the distribution of the products. The Reporting department is responsible for providing statistical analysis of all progress. Data regarding the sales, store openings and volume of products is managed by this department. The last block of the model is the so called front line. It consists of employees that adhere to sell the product, involved in the product distribution, store openings, etc.
Pandora enjoys a number of competitive advantages in the world. The most significant ones have been mentioned here. One of the primary drivers behind the success of Pandora Jewelry is actually their ability to maintain their positon in the world as trend-setters. Pandora since its launch has successfully remained a global trend-setter, whether it comes to their personalized jewelry or charm bracelets, they are one step ahead of their competition (Bhasin, 2018).
Another advantage that Pandora enjoys is it global presence. Being marketed to customers of the entire world, the company is able to grab the attention of a massive number of people. When Pandora entered in the US market in 2003, since then it has grown rigorously. Every second, once piece of Pandora jewelry is sold in the world, making it the most sold global brand (Bhasin, 2018).
One of the competitive advantages of Pandora is that they have complete end to end control. Every step of the process is actually taken care by Pandora itself and no process is outsourced. This way, the quality of the Pandora products is always the same and of premium kind. While competitors of Pandora are mostly concerned about making their jewelry feel as a luxurious item, Pandora changed the entire industry image by positioning their products as affordable (Bhasin, 2018). As a result, their target market was not just limited elite class but also middle class and even the working class sometimes.
Distribution strategy again plays an important role in the success of a company. Pandora used it for their advantage as they created unique and different distribution strategies for the very region they were operating in. Pandora makes use of malls, jewelry stores, third parties, and partners to sell their products effectively.
When it comes to strategic objectives of Pandora, the company aims to increase their global presence, add more products in their online and offline shops. To cater to the diversified customer base they have, the strategic objective of Pandora is to create products for every market segments, according to their very culture and interests (Pandora Group, n.d.). The second objective of Pandora is to manufacture products and keep on manufacturing them that provide the most personalized experience to their customers. They are working towards helping their customers in every way possible. The last strategic objective of Pandora is to increase its presence in the digital world too when compared to the previous years. The company believes in keeping up with the changing times.
As far financial objectives of Pandora are concerned, the company plans to increase their sales with every New Year, attract new customers and tap into previously untapped markets to increase the revenue. The last financial objective is to minimize cost-per acquisition (CPA) too.
References Comment by Lamar, Angelo: Move down to the next page.
Almirao, F. (2015). Pandora Winning Model. Technology and Operations Management. [online] Retrieved from https://rctom.hbs.org/submission/pandora-winning-model/# Comment by Lamar, Angelo: Wrong APA format here.
Bhasin, H. (2018). SWOT Analysis of Pandora Jewelry. Marketing91. [online] Retrieved from https://www.marketing91.com/swot-analysis-of-pandora-jewelry/ Comment by Lamar, Angelo: Wrong APA format here
Pandora Group. (n.d.). [online] Retrieved from https://pandoragroup.com/About-Pandora/Business-Strategy Comment by Lamar, Angelo: Wrong APA format here.
Ms. Smith,
