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Bear Stoned Park: Business Intelligence Development Plan
Business Intelligence Justification
Business Profile, Issues, and Responses
Bear Stoned Park (BSP) is a clothing brand that puts its focus on the 420 lifestyles for adults. The organization was first created in 2017. The owner, Jerry Butler, wanted to break the negative stereotypes associated with the consumption of marijuana and create inspirations that draw on the silhouettes of comfortable attire and weaves it together with the positive 420 vibes. Its headquarters is located in Jacksonville, Florida. There are stores situated in Chester, Virginia, Chicago, Illinois, Denver, Colorado, Houston, Texas, and Los Angeles, California. Between all locations, there are over 600 employees. Additionally, BSP conducts sales through e-commerce.
Six-Core Problems
Although BSP has been performing remarkably well in the target market, the decision-making model presently adopted by its leaders has several issues to be addressed. Specifically, the company is currently using an approach that seems to be rooted in the Rational Decision-Making Model. Specifically, given the relatively slow pace of the companys development, it is safe to assume that BSP does not prioritize spontaneity in decision-making and, instead, focuses on a careful and rational selection of an appropriate solution. While the specified approach is sensible enough, it has entailed several problems for BSP. First, the current approach to decision-making does not allow the company to respond to emergent challenges and risks promptly. As a result, the organization loses time and resources while adjusting to change.
Second, the described framework for decision-making limits the range of resources that the company can use. Specifically, due to the minimized scope of the decision-making process stemming from the companys insufficient use of the available resources, particularly the analytical and marketing ones, BSP cannot make long-term decisions that will require a substantial change in the resource management approach. Consequently, the companys strategy toward the use of resources, especially the ones regarding the firms employees and its digital capacities, needs to be expanded.
Thirdly, in the described case, the Rational Decision-Making Model appears to be the product of the companys inability to develop and apply an appropriate business intelligence strategy. Although the determination to use the specified model could be indicative of BSPs willingness to remain objective in its judgments, the lack of any supportive framework allowing BSP to address immediate concerns signals the absence of a strategy for handling unforeseen risks.
Next, the company has been evidently having issues with its decision-making in regard to the companys risk-taking ability. Being related directly to the first issue, namely, the companys failure to manage risks immediately, the specified concern implies that the current Rational Model of Decision-Making lacks a robust and effective risk management strategy. Namely, even though the companys risk management approach has been designed to address the current concerns, it fails to capture the complexity of the external market setting and identify emergent patterns of relationships within it. Therefore, a shift in the framework is advised so that BSP could make decisions based on both external and internal issues, representing a cohesive model.
Additionally, the current approach to decision-making seems to suffer from the lack of information regarding the firms target audience. The fact that the company is underrepresented in the specified setting, as well as the absence of a practical e-marketing framework, is glaring. Therefore, it is strongly advised that BSP should reinforce its presence in the digital context, particularly on social media. Finally, the fact that BSP may lack insight into its customers needs due to the lack of media representation mentioned before represents a significant issue. Specifically, BSP needs to familiarize itself with its target audiences and their demands, which is best to be done via social media (Kurnia, 2018). Therefore, the current decision-making approach could use improvements.
Typical Organizational Response
The problems identified above are pretty common in organizations that are only starting to expand into the target market. Therefore, strategies for responding to the outlined concerns are readily available and comparatively easy to apply. First and most importantly, BSP will need to update its approach to develop greater flexibility in its choice of main options. The specified step can be completed by revisiting the firms resource management approach, reducing costs for the options that are currently unnecessary or redundant, and establishing a better information management framework (Ain et al., 2019). Namely, establishing a presence in social media in order to collect critical data from customers and incorporate it into the forecasting approach will help BSP increase the extent of its business intelligence.
Next, BSP will need to determine the type of data that it needs to collect in addition to responses for social media so that the company can allocate its resources properly. Afterward, the essential analytical tools will need to be chosen to process information as promptly and effectively as possible. Alongside the specified changes, BSP will have to consider an update on its risk management approach.
Finally, a team that will allow advancing the principles of business intelligence within the company will need to be assembled. By considering the company members who have the required competencies, BSP will obtain the data that will give an insight into the current demand and, most importantly, the prognosis for the changes to take place in the selected setting in the future. Thus, the company will be able to develop a philosophy of incremental innovation as the core framework supporting its decision-making and offering it the required extent of flexibility.
Quantitative and Qualitative Impact
By implementing the business intelligence framework in the target context and shaping the decision-making process toward incremental innovation, BSP will be able to address the existing situation effectively. Namely, the primary quantitative outcome to be expected after deploying the suggested model includes more accurate data for business analysis and the opportunity to chart the further economic and financial progress of the organization in the nearest future. Additionally, a notable drop in expenses is expected as a result of the integration of greater flexibility into the framework. In turn, among the qualitative changes, one should mention the acceptance of incremental innovation and continuous change as a part of the companys philosophy (Caseiro & Coelho, 2019). Moreover, the staff members are expected to develop a more robust understanding of the companys goals and their role in achieving them.
Business Intelligence in Problem Solving
Overall, business intelligence offers a chance to improve and support problem-solving by making it more accurate, as well as introducing greater flexibility. As the example of BSP shows, the necessity to incorporate analytical tools into the forecasting process is vital. Moreover, different types of data are required, including qualitative and quantitative ones, as well as financial information and feedback obtained from social media. Thus, proper information management through business intelligence is crucial.
Business Performance Plan
Current Situations Analysis
The clothing market is a high business all around the world. The clothing line company, which is a component of the sector, is likewise growing in popularity as time passes. The fashion business is one that is constantly evolving; fashion trends will always come and go with the seasons. The bottom line is that renowned clothing companies have a deep understanding of the industry and know how to both meet and convince consumers to embrace what they have to offer since they are constantly adaptable and inventive.
Planning Horizon
Bear Stoned Park will guarantee that these variables are reinforced on a consistent schedule, as well as engage in ongoing worker community empowerment. In reality, a profit-sharing plan will be made accessible to all of the companys top management employees, and it will be dependent on their success over a five-year term or longer. They will be able to obtain their loyalty and skills for a more extended amount of time as a result of this. The brand will guarantee the necessary foundation, processes, and procedures that help to ensure employee wellbeing is addressed correctly. Its corporate world is geared at propelling the company to new heights, with employee training and education at the top of the priority list.
It is important to note that the brands sales projection is defined as information acquired during feasibility analysis and market surveys, as well as some estimates made in the field. It is critical to note that individuals purchase clothing for a variety of reasons, and clothing is sold throughout the year (Rudman, 2020). When it is winter, demand for winter garments rises, and when it is summer, demand for summer clothes rises.
Environmental Scan
Bear Stoned Park wants to start a clothing company that will produce apparel for men, women, young people, and children. One of its most essential strengths may be credited to the companys high-quality staff as well as the most up-to-date machinery and equipment in its manufacturing facility. Bear Stoned Parks chief executive officer will offer a wealth of expertise to the discussion, which is a significant plus.
The fact that the business is a new fashion company firm with no financial ability to compete with multibillion-dollar fashion names when it comes to market domination is a big issue that may work against them. One thing is sure: individuals will always search for things to wear, whether rich or poor; the chance for a clothing brand to promote its items is enormous, and the company aims to take advantage of these prospects. An economic recession, is likely to be one of the most severe dangers to the brand, just like to any other organization. The impact of the economic slump on buying power is undeniable. Another concern that they may face is the introduction of a new clothing company that wants to follow the brands marketing strategy.
Critical Success Factors
In the fashion public sector, public relations and advertising entail keeping in touch with the companys target audience as well as being highly creative and innovative. The media plays a significant part in assisting a clothing business in establishing international recognition (Medvecká et al., 2017). In todays fashion PR and advertising, social networking is also critical; it allows fashion firms to connect to a wider variety of customers globally in a short amount of time and at a substantially lower cost. A companys future is determined by the number of regular customers it has, the capacity and competency of its personnel, its investment plan, and the organizations process.
Gap Analysis
The fact that Bear Stoned Park will make garments for a broad spectrum of customers gives them a competitive edge as a clothing line firm. Bear Stoned Park also has a competitive edge in the quality and expertise of its management personnel. Professionals that have collaborated with some of the worlds most well-known fashion firms make up the management group. Their edge comes from having the most up-to-date equipment and machinery, mainly when dealing with apparel lines in the same class as them. Before any of the clothing that comes out of their manufacturing line is sent to the marketplace, it must be approved as being of acceptable quality.
Strategic Vision
Bear Stoned Park was founded with the goal of creating high-quality, trendy clothing for men, women, young people, and children. The company recognizes that cleanliness is a vital aspect of selling brand clothing, which is why they have implemented a capable quality control staff to guarantee that all of their garments meet, if not exceed, client standards. The brands ambition is to create a line of clothing that will be recognized not only in the United States of America but also across the world. Bear Stoned Park will guarantee that the brand designs and manufactures items that are affordable to individuals of various economic classes in various regions of the world. All of its outfits will be inexpensive while also competing with what is now available in the fashion clothing line sector.
Business Strategy
Currently, the clothing industry relies increasingly on mass-market sales to generate enough revenue to keep the firm afloat. The mass market caters to a diverse variety of clients, including both the wealthy and the impoverished. Most new clothing firms that are attempting to catch up with the market develop ready-to-wear apparel based on trends established by prominent fashion names. What they do is observe the trends direction as defined by well-known fashion houses before creating their own replicas of the original appearance, using less expensive fabrics and more straightforward production procedures that can be completed swiftly by machines. They may offer such items at a lower price to the general public who cannot purchase the genuine product, which is frequently too expensive for most individuals.
Strategic Objectives and Goals
Since the brand is a new clothing company looking to break into the worldwide market, it has chosen to style itself after some of the most well-known international apparel manufacturers. Before mass-producing garments, the company will guarantee that it communicates with its target customers and samples their opinions to learn what they desire. When the company provides precisely what the people have always desired, it is simpler to get into the market (Cheah et al., 2019). Because the fashion market is so aggressive, all clothing companies must guarantee that they are always on their toes and up to date with the latest trends in order to turn a profit. Because the brand is conscious of this, it recruited a consultant with an advertising and marketing bent to assist them in developing a winning advertising and marketing plan.
References
Ain, N., Vaia, G., DeLone, W. H., & Waheed, M. (2019). Two decades of research on business intelligence system adoption, utilization, and successA systematic literature review. Decision Support Systems, 125, 1-26.
Caseiro, N., & Coelho, A. (2019). The influence of Business Intelligence capacity, network learning, and innovativeness on startups performance. Journal of Innovation & Knowledge, 4(3), 139-145.
Cheah, J., Amran, A., & Yahya, S. (2019). External oriented resources and social enterprises performance: The dominant mediating role of formal business planning. Journal of Cleaner Production, 236, 117693.
Kurnia, P. F. (2018). Business intelligence model to analyze social media information. Procedia Computer Science, 135, 5-14.
Medvecká, I., BiHasová, V., & Kubinec, L. (2017). Planning and performance evaluation of the manufacturing organizations. Procedia Engineering, 192, 46-51.
Rudman, R. (2020). Performance planning and review: Making employee appraisals work. Routledge.
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