Question.3169 - T.M.LEWIN:
Answer Below:
Introduction & Overview of the company T.M. Lewin (Thomas Mayes Lewin) which is a retail U.K. based company and it is engaged in the activity of importing the gentleman’s shirt and formally it was engaged in the activity of manufacturing the shirts. T. M. Lewin Company was founded in the year 1898 when Thomas Mayes Lewis opened his own first shop in the area of the city of Westminster at Jermyn Street in London. T. M. Lewin Company since the day one believed in the theory or rather the concept of innovation and they adopted this theory in their products as well so they had been always creative in their products which lured the customers a lot. They produced the gentlemen’s shirts and various other accessories with creativity and they were the first one to make the “coat-shirt” which a wearer put on just like a coat and the buttons on the shirts were fastened from front to down and this work of the company’s novelty was even noted down by the London Opinion and the newspaper called Today in the year 1905. T. M. Lewin & Sons also traded during the harsh time of both the World Wars and because of this reason the company climbed up the another success step towards overwhelming success, during this time the company became a provider of Club Colors and they even entered into the line of supply and became supplier to RAF which is a British Army and it also became suppliers to the School Tie and the supporting community in the year 1979. T. M. Lewin created yet another chapter of success when they acquired a shirt manufacture called acquired Asquith Brown, which was owned by John Francomb, and hence subsequently it became it part in the business as well as in the Management of team and due to this acquisition which involved direct sourcing of the company, the company ultimately started to grow with great pace and prosperity and then it doesn’t had to look back since 1980. It subsequently became part of the T. M. Lewin’s management team. As a result of direct sourcing the company grew rapidly in the 1980s. In the year 1989 the company T. M. Lewin opened its second store, in Lime Street, London .whereas, since the year 1990s the company continued with the prosperity and it kept on opening the further stores and it kept on expanding and bringing out creativity or innovation in the different ranges of its product to fit it out all his stores to lure and attract the customers. In the year 2005 it introduced the variety of classic suits range. However, the club ties remained the most prominent and exclusive part of the business and due to this reason the bid of supplying the tie for London Olympic 2012 was given to the company. The first store which was opened on Jermyn street still keeps the culture and the old tradition which was followed before, alive and so it keeps an items of old traditions which belonged to regiments. In the year 2012, the company made a deal with Myer a company of Australia and after this deals it has opened its first store in Australia and now along with Myer it is operating its brand across various departmental stores in the country. Today T. M. Lewin has 75 stores in the country UK and Ireland, 38 stores in Greater London, and around eight House of Fraser concessions. It also operates its various stores across the world, which includes Sydney in Australia and Singapore. Its product range now serves and lures the need of both the gender and it includes wide range of product such as formal shirts and trousers, suits, coats, cufflinks, ties, knitwear and accessories. It has also started the service of offering Tailoring. The company has become technical advanced to and so it has adopted various advanced technology for expanding its business and operating its customers worldwide. In the last four decades the company has started using telephones and online services to its branch network. Theoretical approach of the company towards Global Environment: The company T.M. Lewin keeps on conducting industry analysis and market analysis of its clients, competitors and so for this system the company has divided its operations in two categories that is into micro economics and macro economics Many factors influence the company such as social factors, economical factors and such factor plays very important role in the decision- making strategies of the company and effects most of its decisions which it adopts for expansion of its business operations or for attaining specialization in work. So, the Company T.M. Lewin keeps on monitoring the various factors and conduct market analysis and industrial analysis for its business operations and it keeps an eye on the activities of its competitors and always gives preferences to its customer’s like and dislike by following the theory of innovation in its product. The company also determines its location sites. The company keeps on conducting the analysis for evaluating its business development and operations in various countries. The management of the company also works on influencing the global environment of the company in a better way so that company can achieve its predetermined goals and objectivities. The company follows various method of analysis for analyzing the global environment of the company and they are environmental monitoring, environmental scanning, environmental forecasting and environmental assessment. By adopting these factors and methods the company analysis it environment and then it takes a proper decision after proper analysis for maintaining and sustaining itself in the market and to face off the stiff competition from its competitors in an effective and efficient manner and thereby, maintains an unique position in the market as well as amongst its customers by creating brand preferences for its customers. T.M. Lewin focuses on International Expansion: The dream of every entrepreneur or the industrialist is to expand its business internationally and to create the market of its product worldwide and create a brand preference for its product in the global market. T.M. Lewin also had such dreams and so it worked hard to make its dream into reality by expanding its business to various countries such as Australia, Ireland and whole of the London. “T.M. Lewin also focused on expanding its business operations overseas with plans to match its current sales of U.K. level to international sales and for this reason the company has booked a 5% jump EBITDA to reach GBP 14.7 m for the year ended 26th of February and meanwhile, the sales of the company increased 20% to Gbp100.3 m” Marian Petah (2011), T.M. Lewin focuses on international expansion. The company’s 87 percent of sales came from U.K. itself and the rest 13 percent came from the international operations that is from Singapore, Malaysia and Australia. It's been an exciting time at TM Lewin. Despite some very real challenges in the UK, we broke the GBP10m sales level for the first time in our history and our successful store expansion programme has taken our portfolio worldwide to 107," said chief executive Geoff Quinn. (Marian Petah (2011), T.M. Lewin focuses on international expansion). The U.K. based company T.M. Lewin has plan for entering into the Indian Territories as it would offer a great scope to its products in the Indian Market. The company has even announced or rather declared it foray into the Indian market with its plan or ideas to open around fifty outlets over the next five years. The company intends to open its stores in various location of India and would strengthen its business or rather will take its business to the next level of success over the next five years of its business operations since the company expects a very promising as well as a prominent market for its products in the Indian market. Literature Review: There are a number of studies states about T.M.Lewin’s impacts on the local markets and stress on the retail sector. However, most of the impact of the company is on retail employment and earnings. Most of the times the existing work of the company is being hastily prepared and it is being effected by various methods which turns out to end into fiasco or it must have been taken upon certain assumptions which are arbitrary in nature and most of the time are being sponsored by the company itself, or its competitors present in the market or by the union force or group. There is also academic literature on the consequences of T.M. Lewis stores which’s lays stress or rather focuses on the effects of the opening of the stores in the local employment or on the retail prices of the company, its sales prices and its concentration on the retail sector as well as the impact of its on the business operation. This research of the company is limited by the three factors which are restriction of the company into small region, effect of the company’s business on the employment and on the locations of the company. Many of the studies especially the one which were conducted earlier focuses on the T.M.Lewin at the local level of its operations which then taken to higher level of expansion in the global market for its business. However, the larger number of study focuses on the effects of the company into a particular region rather than the sales or the earning issues because the company had a motive of covering up the various locations for its business in the global market. The factors which have pushed the retail market after the entry of T. M. Lewin in the market was the innovative products for the customers who were looking for trendy and comfortable outlets along with the accessories. So, the garment industry has grown up over the significant time period. However, the pull factors in the garment and accessory industry was due to direct competition in the global market. T.M. Lewin was successful enough in pulling out the customers towards it or rather maintaining the loyalty of its customers due to innovative product thereby disappointing the local competitors. All these study includes the administrative and research design which is based on post and pre locations of the company’s outlets in which the company has not opened its outlets. Global Marketing Strategy of the Company: The Marketing Mix and the 4 P’s of the company is very important tool of the company and it depends upon the choices of the organization which they adopt to introduce or sustain their product in the market. The four P’s of the company stands for product, Place, Price and Promotion. The company must focus on its prime factor that is product and should design the product in respect of the customer’s choice or according to its tastes and preferences. The company should meet the needs and features of their customers which they want in their product. The company should even value the price of the product and they should keep the prices according to their target customers. If the targeted customers are middle class then they should opt for reasonable prices. The company should have a customer oriented approach and it should prudently follow the market because a small amount of fall in the price of the product will fetch good figures of sales to the customers. The company should give due importance to the place that means the company should always look about the fact that where do their buyers are looking for the products or services. The company T.M.Lewin is a retail store so it should look in for the store according to the area or locations. The most important fact which the company should never avoid is about the status of their competitors. The company should lay stress upon the promotional activities so that they can grab the target customers and can create the well established market for their product. The company should decide prudently that when it should promote and the techniques and methods which it should adopt for its targeting customer by doing so the company can explore the global market effectively The marketing mix enables the company to design its own marketing mix and the marketing mix or 4 P’s model enables the company to achieve its goals and objectives so the marketing mix model should be revised and reviewed timely so that the company is able to acquire or achieve its marketing goals and can expand its business accordingly and can be able to adapt itself according to the changing environment of the company. The company T.M. Lewin is a fashion and retail industry which targets the youth and the professionals so it should focus on the need of their targeted customer and it should focus on the price preferences and the purchasing capacity of the company. They should focus on the color design and texture feature of the garments as well as upon the taste preferences of the accessories of the company. The company T.M.Lewin should focus on the importance of the marketing and so it should focus on promoting its business in an effective manner and it should try to make grand opening of its store at any location where it wants to establish or open its store, the company also cover the local media and it should adopt all the necessary methods of advertising or promoting its product because this would help in increasing the sales figures of the company. The company should give due importance to the financial plan of the company because the company earns it revenue or rather the source of revenue for the company is from the purchase which the consumer’s make. The company should maintain good relations with its co-owners because the co-owners of the company are regarded its assets which helps in expanding the business of the company and they bring great experience and relationships to the business. The company should try hard to maintain its brand amongst its customers so it should adopt proper and necessary methods to maintain the quality of its product. The company should have or rather should adopt flexible structure for its product’s price and it should implement those strategies properly and it should be executed out in an effective and efficient manner. The company should adopt superior customer service system which would enable it to maintain the friendly relation with its customers so that it can retain its existing customers and attract new customers and the company should try to maintain the loyalty of the customers. The company should hire trained people for answering its customer’s grievances and queries. Most importantly the company should maintain parity along with its competitors in the global market so that it can be able to sustain in the market and can emerge out successfully from within its competitors. It should adopt and analyze the marketing mix property properly so that it can keep itself away from the competition. The company should adopt and follow the SWOT analysis method for maintaining itself in the competitive market and it should also implement this into their marketing structure for that the company needs to work on its strengths and should maintain it by analyzing the fashion industry to bring innovation and uniqueness in its products. The company should work on it exceptional service of identifying its customers. The company should not ignore its weakness and so they should adopt methods for eradicating their weakness like if the market is large it should create its own habitant and it should grab all the opportunities which comes on its way and should always be prepared for all kinds of threats which it experience in the market. The company should make use of advanced technology in its business operations so that the environment of business grows effectively in the global market. The company should effectively adopt the online strategies of marketing sop grab more and more customers and for this reason the social networking sites are considered as the best source for creating a market and popularizing its product in the global market. The sites which are used on the internet for social marketing are very popular among the people and so they can appeal to the masses at large and can grab the families at large thereby grabbing the new customers of its products. Social networking sites such as facebook and twitter is very famous amongst the people and so they can have huge appeal. Retail industry has understood the importance of these social networking sites in their marketing strategies and they even play very significant role in sales of the company and they evaluate as well as influence the buying decision of the consumers and the comments or the suggestion which the company gets through this sites uses it for designing its strategies and then implementing. These sites serve as the means of effective communication for the company for its customers. The social networking strategy should be effectively used by the company for building up a good professional relationship with its customers and so the company should choose proper and right choice of social sites because it is very effective and lucid way of interacting with its customers because in today’s world of technology the buyers do not search for consumer instead the consumer choose the buyer. Conclusion: Thus, we can conclude that the U.K. based company works in retail industry and it has adopted good means to expand its business and it has implemented various strategies to explore and expand the market and it aims at entering into various market where it does not operate its business thus it looks forward in future to expand its market in the coming years by following various advanced as well as unique strategy to maintain itself in the global market. The company has designed various tools and even implementing them for expansion of its business in the market and is appealing the consumers at large so that it grows in the coming future. References: 1. ” Marian Petah (2011), T.M. Lewin focuses on international expansion. 2. Mercer.D.(1998), Marketing strategy :the challenge of external environment. 3. Agarwal S.K (2005),Marketing Strategy. 4. Clements M.P. & Hendry D.F. (2002), A comparison to economic forecasting.More Articles From Business Management
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