ZARA Strategic Objectives Essay: Fast Fashion Strategy & Growth

ZARA retailing company specializes in fast fashion. Its success is defined by its ability to set strategic goals and objectives that put it far ahead of its rivals. The various strategic objectives outlined by ZARA are increasing customer satisfaction as the customers are the central point of business success (Sitaro, 2020). The satisfaction of customers improves customer retention. Secondly, ZARA wants to increase the frequency of buying among customers by offering products that are of good quality to the customers. Thirdly, ZARA focuses on opening stores in different parts of the world to increase the growth of the fashion brand. The other strategic objective is to increase the net profit.

There are important external environmental factors that ZARA should consider when developing the plan to achieve the above strategic objectives. Political considerations, or factors influenced by government acts and policies, are factors that ZARA must consider. They include free trade disputes, taxation, fiscal policy initiatives, and antitrust issues. Furthermore, economic factors are related to the general economy and are expressed financially. Exchange rates, inflation, employment, and interest rates are examples of economic influences (Cui & Fan, 2021). In addition, changes in how consumers view life and leisure are social influences. Consumer beliefs, attitudes, lifestyle trends, and demographic considerations should play a key role in implementing the plan. Also, technological factors affect how a business will prevail. The management’s failure to understand technological factors like automation, cyber security, technology infrastructure, and research and development may impact a business’ objectives. Legal factors like industry regulation, copyright, labor laws, licenses, and permits are required to operate. ZARA should not breach copyright law by copying clothing and design concepts from its competitors.

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 References

Cui, Y. C., & Fan, B. F. (2021). The corporate social responsibility strategy in the fast fashion industry: case company Zara. https://www.theseus.fi/handle/10024/512245

Sitaro, T. D. (2020). Fast Fashion and Sustainability-The Case of Inditex-Zara. https://research.library.fordham.edu/international_senior/46/