This case study analyses NZ Sock, a company that has a history from 1887 to current date in the clothing industry. Over the years NZ Sock has introduced different types of products in the industry such as rugby and high school socks. Recently the company decided to venture into the well-being industry with the new production of Merino/Seaweed socks. This strategy has placed the company as a contender to become a leader in the well-being industry. Since the introduction of the company, it has had 4 generation of a family and different styles of management. The case study looks at different aspects of the company such as conducting a SWOT analysis, its current position of the market and its strategy to ensure its survival.
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The organization should extract a few expertises from outside the family with the proper knowledge and experience on growing the company further. * The company is reliant on technology to develop new products for it to excel. The fact that the company realise on technology at the moment and nothing else is a weakness. The company needs to find other ways of developing new products in case the current one they implement fails. The company has to invest heavily into technology so that they can develop which can be very costly. * The organization has a range of socks that are being offered on the market. However they are heavily reliant on just one product at the moment which is the merino/seaweed socks. Being reliant on one product is risky and dangerous as markets can change at any time. The organization would need to create a few more products so that it can offer a range of products to the market. * The average price for a pair of Merino/Seaweed socks at the moment is about $40 NZD which is relatively high compared to a pair of normal socks. This can discourage customers of purchasing the product considering the high opportunity cost.
Opportunities; * The company has the option of further investing in it Paladin Research centre that could research on new product it can create. The opportunity of new products can boost the company’s growth and popularity. As it was identified the