In our final Hang Ten brand assignment, we explore the potential growth strategies of Hang Ten which they can choose to adopt in the future. We define the future in our context as 5 years on after the implementation of our recommended marketing plan in Assignment 4.
In order to better examine potential growth strategies of Hang Ten, it is important to set our foundation proper and determine Hang Ten’s core competencies which can be leveraged on.
Core competencies are strengths and selling points which are unique to a particular brand and help to provide added value to consumers.
We identified the following core competencies:
We identified the following core competencies:
1) Value-for-money
Armed with a cost efficient production and supply chain system, Hang Ten is able to be one of the most price competitive casual apparel retailers in the industry and offers great value-for-money for their consumers.
2) Widely available and accessible
Hang Ten has a whopping 750 stores worldwide which provides themselves with an expansive network of company-owned stores to boost direct distribution to their consumers all over the world. They have the capability to reach out to a wide array of markets and consumers and this could be a valuable arsenal which could be leveraged upon.
3) Understanding of Asian pop culture & values
a. Performing well in Korean and Hong Kong market
Hang Ten has a strong presence in Asia and this region is also the most successful and profitable region in Hang Ten’s portfolio. Hang Ten is doing especially well in Korea and Hong Kong where trendy collections, popular celebrity endorsements, well-designed company-owned outlets along with generous investments in media collaterals have successfully promoted Hang Ten amongst its target segment, boosting a positive brand image amongst youths.
b. Designers are based in Korea and Hong Kong
Most of Hang Ten’s product designers are based in Korea and Hong Kong, which are considered the up-and-coming fashion capitals amongst youths. Korean culture and fashion is also increasingly popular in Singapore, hence, if Hang Ten is able to leverage on their existing knowledge of fashion trends in Korea and Hong Kong and apply this knowledge to redesign the product range in Singapore, Hang Ten might be able to enhance consumers’ perceptions of the brand.
With a better idea of Hang Ten’s core competencies, we can use this as a starting ground to help us better brainstorm and structure the potential growth strategies for Hang Ten in our next few entries.
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