Introduction
Feathers Fashion is a UAE company that primarily sells fashion products. The list includes a wide range of products, such as jewelry, bags, sunglasses, shoes, perfumes, mugs, bracelets, pens, and watches. All these items are designed in a highly luxurious way in order to appeal to richer consumers. In order for Feathers Fashion to open a branch in Jeddah in Saudi Arabia, the company will need to take a look at the local market and its key features. These critical factors include income, ages, gender, lifestyle, and culture.
Main body
The average net annual income of Saudi Arabian citizens is 203000 SAR, which is equal to 54000$, which is equivalent to 4500$ per month. However, it important to note that the most frequent gross salary is equal to 93000 SAR or 25000$ (Marashdeh and Al-Malkawi 141). The given data means that most of the population earns 2000$ per month, which is not ideal for Feathers Fashion, but the staggering difference between average and median values means that there are plenty of wealthy consumers. They will be a target market, who are older individuals of 35-45 years old, both male and female because the company offers luxury products to both genders (Marashdeh and Al-Malkawi 148).
The lifestyle of Saudi Arabian citizens is much more conservative and held back than UAE citizens’ lifestyles. However, there is a growing tendency of the local culture to shift towards a more luxurious and prosperous life due to the fact that Saudi Arabia is among the top twenty economies (Marashdeh and Al-Malkawi 156). Thus, Feathers Fashion can adhere to the wealthy segment of the population.
The brand target can either be focused on both majority groups with mediocre monthly income or wealthy citizens. However, it is evident that the given company sells only luxurious goods mixed with traditional Arabic flare. Therefore, Saudi Arabian citizens will be more adherent to Feathers Fashion due to their common Arabic roots. The brand will target wealthy individuals of Saudi Arabia with a mission of combining traditional Saudi Arabian designs with luxurious goods.
Its vision should also stay similar to the original one, where the company strives for excellence and innovation. In addition, the tourism level will flourish in the city of Jedda, if Feathers Fashion will open a new branch in Jeddah. The main reason is that the company’s loyal customers will have an option of visiting Jeddah for a new branch, which will have an impact on the number of tourists visiting the given city.
Feathers Fashion should note that the mission of the company is the meaning of its existence in addition to making money. The mission is a business that the company serves, and it shapes the values, beliefs, and principles of the business, reflects the mission of the company, its positioning, or the difference from other market participants. This concept defines the role that the company wants to play in society. The mission should also determine what the company will not do. It does not say anything about the direction of the company’s development, future activities, goals, and business plans. It brings strategic meaning to the company’s activities, generates a desire for excellence, and becomes a platform for staff motivation.
Conclusion
Feathers Fashion should also understand that vision is a dream, and it is the idea of the owners and top managers about the company in the future. This is an attractive image of the company in the future, an idea or a dream that the company seeks to realize. The company’s vision should be formed preliminary goals of the company. The vision brings clarity to the goals and direction of the company’s movement, creates a perspective, gives meaning and significance to everyday activities, and moves staff to action. The vision is the fullest possible description of the future state of the company, which should be formed iteratively and collectively, with the participation of owners, managers, and leading experts. Therefore, Feathers Fashion should adhere to its current vision, but also give some clarity and preciseness.
Work Cited
Marashdeh, Hazem A., and Husam-Aldin N. Al-Malkawi. “Financial Deepening and Economic Growth in Saudi Arabia.” Journal of Emerging Market Finance, vol. 13, no. 2, 2014, pp. 139-154.