The Fossil company case study Essay Example

placement of products within the store.

The major difference in how the Fossil Company utilizes research information between operating as a retail store operator and using traditional distribution channels is the increased emphasis on the post-distribution aspect of the business. Now, the company integrates research information throughout the entire process, from product development to retail sales.

3. Research can help companies like Fossil determine the most optimal products to sell globally. By randomly sampling different markets and analyzing the data, Fossil can identify which products have the highest chances of success across various markets. With this information, Fossil can develop a two-tier marketing strategy by incorporating these successful products as the core of their product line, making slight adjustments to cater to specific markets. This approach allows Fossil to maximize its marketing potential.

4. Research is particularly beneficial for companies specializing in high fashion watches, as consumer purchasing decisions for trendy products tend to vary frequently.

Using business research effectively allows a company to discover consumer wants and establish innovative fashion trends. It is crucial for a company to adapt swiftly to consumer desires in order to remain competitive and not miss out on lucrative business opportunities.

The Fossil case demonstrates the fundamental importance of business research. The text highlights four key areas in which business research can assist an organization: 1. Identification of problems or opportunities, 2. Evaluation of problems or opportunities, 3. Selection and execution of a plan, and 4. Monitoring the effectiveness of the plan.

Research conducted by Fossil has identified an opportunity to expand their business by opening retail stores. They have assessed the necessary steps to launch the chain and remain competitive in the retail

environment. The case examines the actions taken by Fossil to open retail stores and develop their product mix. Although the evaluation of these actions is not addressed in the case, it effectively demonstrates the importance of research for any business.

Managers at Fossil recognize the significance of research in decision-making regarding products and operations. This research has enabled Fossil to develop a business strategy that resulted in the opening of retail stores, showcasing their growing product line. They have created a global core product line as well as tailored product lines for specific markets. Effective utilization of business research information can transform an idea into a successful corporation.