Global Strategy, Development, and Implementation Structure Assessment Answer

Introduction

In 1847, Louis-Francois Cartier opened the high-end goods company Cartier in Paris. Since then, it has spread all over the world. During the time between King Louis Philippe's departure and the start of the second empire, Cartier has maintained its high standing despite facing tough economic times and fierce competition. Cartier is now a global giant, with more than 200 stores around the world. The fact that the company employs about 7,498 people helps it do well in the luxury business (Baxter, 2019). Because of a downturn in the luxury business, the company's profits fell 20% in 2021. But they rose 16% the next year to make up for it. Cartier's main store in New York reopened in 2017 after being fixed up for two and a half years (Forbes, n.d.).

Porter’s Five Forces Model

Figure 1: Porter’s Five Forces model

(Source: Hill, 2020)

Porter's Five Forces is a framework for strategic analysis that evaluates the competitiveness of an industry. It analyzes the influence wielded by consumers, suppliers, substitute threats, entry barriers, and competition to assist businesses in making well-informed decisions (Hill, 2020).

Competitive Rivalry - High

Cartier encounters formidable competition on account of a multitude of factors, the principal ones being established firms contending for strategic market entry. It is worth noting that established companies that employ varied approaches to penetrate the same market emerge as formidable competitors for Cartier (Forbes, n.d.). The lack of robust consumer brand loyalty exacerbates this rivalry, thereby cultivating intense competition. Additionally, the industry's low entry barriers facilitate the rapid acquisition of consumers by competitors. It is of the utmost importance to identify these competitors, and in times of stagnant market growth accompanied by similar company sizes and product offerings, competition intensifies and rivals adopt assertive strategies (Baxter, 2019). Hence, Cartier recognizes the criticality of discerning and comprehending its competitors as a means of strategically navigating the competitive environment.

Threat for substitutes- High

The existence of substitute products or services presents Cartier and other well-established competitors with a formidable competitive environment. A substantial replacement threat signifies that customers are presented with the opportunity to utilize alternative products or services from distinct industries to satisfy their needs. The severity of this threat to Cartier is determined by a number of different elements.

Bargaining Power of Buyers - Moderate

The bargaining power of purchasers pertains to the sway that consumers possess over commercial enterprises to secure reasonable prices for superior quality products and outstanding customer service. This factor has a direct influence on Cartier's ability to accomplish its commercial goals. Increased negotiating leverage has the effect of reducing profitability and escalating competition in the sector (Gago-Rodríguez, Márquez-Illescas and Núñez-Nickel, 2021). A decline in purchasing power diminishes the competitiveness of an industry and improves the profitability and growth prospects of Cartier.

The Threat of New Entrants – Low

Cartier struggles to achieve economies of scale. This saves manufacturers money at full performance. This indicates that new show participants will be required to pay a higher fee.. New competitors pose less threat. Companies sell distinct products instead of the same ones. Together, these factors reduce the risk of immigrants to this area. Due to high startup expenses, the industry's capital standards make it difficult for entrepreneurs. High research and development expenses drive capital spending (Baxter, 2019). These issues make it harder for new enterprises to enter the market and hurt existing ones. 

Bargaining Power of Suppliers - Low

The bargaining power of suppliers in the Porter Five Forces Model refers to the influence exerted by suppliers on businesses through tactics such as reducing product availability, diminishing quality, or raising pricing (A and Mohd-Roslin R, 2020). The buyers face costs when suppliers have significant negotiating leverage. These buyers are corporate entities. 

Moreover, an increase in the bargaining strength of suppliers could intensify rivalry within the industry and reduce Cartier's potential for profit and expansion. Similarly, the industry's attractiveness may increase due to its significant profitability and potential for expansion in situations where supplier influence is limited.

Porter's Diamond Model

Figure 2: Porter's Diamond Model

(Source: de Bruin, 2018)

The strategic model, often depicted as a diamond, comprises various components that, when integrated into a framework, ascertain the level of competitiveness for a corporation operating globally within a specific industry (Vlados, 2019). Cartier, a firm with its origins in the United Kingdom, is headquartered in its home country.

Factor Conditions

Factors conditions refer to those elements which can be created by a country for its economy such as technological innovation, capital, infrastructure, and pool of skilled labor (Yeganeh, 2021). Strategic financial and human resources provide Cartier an edge in this framework. Factor circumstances include human capital, infrastructure, and other resources that affect industry competitiveness. Strategic financial and human resources provide Cartier an edge in this framework. Factor conditions can give an industry and its firms a competitive edge. These factors, unlike natural resources, are usually determined by the nation. Over the specified period, Cartier's human resources department demonstrated proficiency and expertise (Tsai, Chen and Yang, 2021). The program focuses on human resource management, performance evaluation, and recruitment through worldwide investment and training. Cartier's ownership and loan funding provide them a competitive edge. In order to facilitate the process of fostering growth and expansion, the organization utilizes a combination of internal channels and external sources of financing (Vlados, 2019). Infrastructure, encompassing both technological and physical networks, plays a crucial role in facilitating the smooth execution of projects and operations on a global scale by Cartier. In regards to infrastructure development, Cartier depends on its internal resources and actively contributes to the improvement of local infrastructure in regions where demand aligns favorably with market potential.

Related and supporting industries Explain

Supportive and related industries are the networks of companies that contribute to the success of the focal company. Cartier derives competitive advantages from a resilient worldwide supplier network, which guarantees improved distribution and operational efficiency in a variety of markets. Having reliable global suppliers gives you a competitive edge in global markets and ensures product availability in many consumer markets (Sukardi, Rusdiawan, and Wardana, 2019). Cartier has numerous advantages, including a better product distribution system. Cartier's global supplier network allows this. Global supplier selection criteria are needed to ensure product or service operational efficiency and quality across markets (Constantin et al., 2022). Cartier is influenced by other industries in market concentration and strategy. Innovation, growth, and performance improvement are driven by fierce competition. Many sectors, including local and international firms, collaborate to enable Cartier's commercial activity and market expansion (Alavi et al., 2020). As the luxury goods market grows, Cartier can reach more clients. Financial help for domestic enterprises can enable this expansion.

Strategy, Structure, and Rivalry

Strategy

Strategy usually involves setting goals and priorities, creating plans to achieve them, and gathering resources to implement them. A strategy describes how to use resources to achieve goals (Porter, 1996). Cartier's overarching strategic objective is to attain optimal customer contentment through the consistent provision of superior-quality products. The organization's strategic goals are following the maximization of consumer value via streamlined operations. A workplace environment that promotes openness, innovation, and equality facilitates productive collaboration between staff and management. Cartier's adherence to a flat organizational structure is indicative of its strong commitment to staff development, which guarantees an efficient and adaptable methodology for operations and decision-making.

Structure

A structure is assembled from many parts. A sentence, skyscraper, outhouse, or corpse can be a structure. Structure comes from structura, Latin for "a construction or fitting together (Pinegar & Wilbricht, 1989)." Cartier prioritizes its organizational structure considerably, selecting a horizontal hierarchy as its framework. This strategic decision improves internal company collaboration and communication. An agiler decision-making process is facilitated by the flat organizational structure, which promotes equality and innovation. Cartier's primary objective in prioritizing this framework is to establish an atmosphere that optimizes the capabilities of its personnel, thereby ultimately enhancing the operational efficiency and efficacy of the organization as a whole.

Rivalry

A rivalry is present when two or more groups sustain an antagonistic relationship for a significant duration. Rivalry is, by definition, a mindset of animosity between armed factions (Havard, 2020). Within the domain of Cartier's business strategy, international competition functions as an impetus. Consistently researching technological developments to achieve cost and competitive advantages, the organization sustains its market leadership position. Cartier's comprehension of diverse business cultures has been expanded as a result of heightened global competition, facilitating the development of bespoke products that cater to particular geographical requirements. Cartier is not only confronted with the challenges posed by the global competitive landscape, but it is also in a position to effectively predict and address emergent global trends, thus maintaining its competitive edge on an international level.

Demand Condition

Demand parameters like consumer size and composition affect product development and innovation. Firms must differentiate, innovate, and expand to serve greater consumer markets (Kirman, 1975).

Bartlett & Ghoshal's framework

 Due to increased globalization in recent decades, even small businesses can operate abroad. Multinationals have numerous names. This includes multinational corporations, global enterprises, transnational companies, and international firms (Grant and Phene, 2021). This article defines each phrase and explains their differences, even when they seem similar. Multinational organizations are often classified using the Bartlett and Ghoshal Matrix (1989). Bartlett and Ghoshal categorized these businesses by their ability to adapt to local markets and allow global integration.

Global companies cut costs using economies of scale and homogenous products. A flexible company tailors its products and services to each manufacturing location. Despite the contradiction, many companies are attempting global integration and local reaction (Depala, 2021). Global corporations can adopt domestic, global, transnational, and international strategies. Using the two features mentioned before permits this.

Implementing these ideas requires regionalized business procedures. Multidomestic tactics include strategic product and service adaptations for French and Japanese native populations. (De Bruin, 2017). The US and Germany are two markets that could benefit from a global approach that standardizes services across all markets. Transnational strategies aim to balance global efficiency with localized customisation, which could benefit China and India. Less coordination between headquarters and branches gives the international model more freedom in responding to local events. Brazil and Australia experienced this. Businesses that want global success must comprehend these methods. Businesses can navigate several markets and gain a global edge by combining local responsiveness and global integration. This is achievable due to business globalization.

The Implication of the Current External Environment and PESL Analysis

Political Factors

Political factors comprise the external conditions and influences associated with governmental decisions that have the potential to affect a business (Eierle et al., 2021). Operating across more than one hundred countries requires Cartier to maintain a vigilant vigilance regarding political events that have the potential to impact its activities, investments, and the confidence of its stakeholders. Due to its extensive presence in more than 100 countries, Cartier demonstrates a heightened awareness of a diverse array of political occurrences (Eierle et al., 2021). The occurrence of political instability in certain nations has the potential to erode the confidence of investors and stakeholders in a brand, hence impeding its rate of expansion. Cartier's operations may be influenced by potential shifts in government priorities about specific sectors, notably the gold industry. This phenomenon can be attributed to the recent increase in the perceived worth of ethically sourced gold. Academics are studying how social worker and labor union rallies may affect corporate output. (Christodoulou and Cullinane, 2019). The business climate in a particular location can also be influenced by the amount of bureaucracy and corruption present. The imposition of a high tax rate in the host country has the potential to adversely impact the company's profit margins.

Economic Factors

Economic factors consist of external conditions and indicators, such as the economic performance of a nation, that exert an influence on a business. A comprehensive grasp of economic factors is imperative for Cartier to effectively navigate the complex terrain of financial indicators and projections, which have the potential to influence the company's operations and strategic decision-making (Cox, 2020). France had 713,500,000,000 EUR in GNI in 2023. France's GDP is expected to reach 2,650.00 USD Billion in 2022 and 2,740.00 USD Billion in 2023. France's current GDP per capita, adjusted for PPP, is $46,320. France's annual inflation rate was 4% in October 2023, the lowest since February 2022. The average 2023 harmonized inflation rate in France was 6.02%.

These economic variables indicate Cartier's financial performance and the country's economy (Cox, 2020). The company must consider this while planning its future. A high GDP signifies a healthy economy and rising disposable income. This may increase demand for Cartier premium goods. If inflation is significant, the company may spend more and earn less.

Social Factors

Social factors encompass exogenous influences that arise from societal facets and have an effect on a business. Given the French headquarters of Cartier, it is critical to comprehend social factors. This entails taking into account the demographics of the population, changes in family structures, and evolving consumer behaviors all of which have the potential to exert a substantial impact on the marketing strategies and product offerings of Cartier (Demirtas et al., 2021). As of 2022, France has 67.8 million people and is home to Cartier. The proportion of 65-year-olds is expected to rise by nearly four percentage points from 2006 to 2022. The rise of new social models has also disrupted family systems (Njoh, 2021). Demographic changes in consumer behavior and preferences may affect Cartier's marketing and product inventory.

Legal Factors

Legal factors comprise extraneous influences about the legal milieu that have the potential to affect a business. Cartier, a prestige brand with a global presence, must adeptly navigate the multifaceted terrain of data privacy legislation in different countries to preserve client confidence and prevent legal consequences (Nandonde, 2019). Furthermore, it is imperative to address potential concerns regarding costly luxury products that are subject to rigorous government regulations to maintain sustainable business operations and ensure compliance. To maintain the trust of its clientele and avoid potential legal ramifications, Cartier must adeptly traverse the intricate landscape of data privacy legislation, which exhibits considerable variation across different nations (Capobianco et al., 2021). The stringent limitations imposed by the government on luxury products with high price tags may potentially give rise to concerns.

Challenges Affecting Competitive Position

Cartier's profitability may be adversely affected due to intense competition from other jewelry companies and high-end watchmakers. Additionally, the organization is seeing difficulties in obtaining fresh clientele, a prevalent challenge faced by luxury enterprises as a result of customers transitioning to rival offerings. The absence of difference poses a significant issue (Lembke and Cartier, 2019). The reputation that Cartier has established over the course of its history remains integral to the ongoing success of the company. The premium business is currently experiencing a significant increase in competition, and the perceived lack of adaptability by Cartier is generating scrutiny.

How does the company adhere to CSR practices and 17 UN SDGs?

CSR is key to Cartier's goal of improving lives and the world. A company's voluntary efforts to enhance society, the economy, and the environment while achieving its aims are CSR. CSR helps organizations build sustainable futures, improve their image, and succeed long-term. This is reflected in Cartier's 17 SDGs. Cartier's CSR goes beyond charity to support local mental and physical health groups. The corporation provides nutritional and humanitarian aid to the disadvantaged throughout its operations (Lu et al., 2020). Health and hygiene products from Cartier improve lives and communities. This shared value model benefits shareholders and the economy. Diversifying products and entering new markets is simple.

Cartier's CSR emphasizes sustainability. Climate change and extreme weather have prompted the firm to build reinforced green spaces and maintain enormous plant collections. Cartier's long-term dedication to environmental protection and enhancement is shown in this vow (Buhmann, Jonsson and Fisker, 2019). The company has led environmentally aware resource management, which limits industrial natural resource use, to improve sustainability and reduce environmental impact.

Cartier meticulously assesses each product to ensure safety and transparency by providing manufacture dates, quantities, nutritional information, and specs. Cartier aspires to assist society and the world by sharing its expertise. To protect the environment, the group promotes responsible garbage disposal. Cartier's CSR programs promote health, wellness, ethical consumption, environmental sustainability, and poverty alleviation (Blagov and Petrova-Savchenko, 2020). These programs promote Cartier's social welfare and UN sustainable development goals.

Recommendations

Enhanced Innovation and Product Differentiation: Cartier must invest in ongoing innovation and product differentiation to preserve its competitive edge. By implementing this approach, not only will it be possible to draw in fresh clientele but also to maintain the loyalty of current patrons who appreciate distinctive and customized luxury products (Andersén, 2021).

Global Market Expansion: A critical growth strategy for Cartier could be to increase its presence in emerging markets, given the company's solid foundation. Success in untapped regions will require the ability to comprehend and adjust to a variety of cultural biases.

Strategic CSR Integration: Cartier already engages in CSR, but a more integrated strategy can help it align with UN Sustainable Development Goals (Blagov and Petrova-Savchenko, 2020). This may include environmental protection, ethical procurement, and community aid, which boosts social influence and business image.

Digital Transformation: The adoption of digital marketing and sales technologies has the potential to increase consumer engagement and flexibility. This encompasses the utilization of e-commerce platforms, data analytics, and virtual experiences to gain insights into consumer preferences and market trends (Lembke and Cartier, 2019).

Leadership Development: Building a culture of innovation, sustainability, and adaptation among leaders is of utmost importance. Training on cultural differences can help multinational operations be more effective.

Collaboration with Governments: Since politics affects Cartier's business, it's wise to have good relations with authorities in strategically significant markets to prevent risk (Lembke and Cartier, 2019). Proactively resolving challenges and collaborating on industry regulations can improve business circumstances.

By integrating these suggestions, Cartier can strengthen its standing in the market, promote sustainable expansion, and make a substantial contribution to the societal and environmental objectives delineated in the United Nations Sustainable Development Goals.

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