Fossil Group Essay

953 Words2 Pages
bulb-icon

Recommended: Importance of business planning for the survival of the firm

Company Background Fossil Group, Inc. is a corporation dedicated to designing and selling fashion watches and other accessories, including belts, jewelry, small leather goods, wallets, sunglasses, using both company-owned and licensed brand names. The companies in Fossil’s empire include Skagen, Michelle Watches, Zodiac Watches, and Relic. They also create licensed products with companies such as Burberry, Intel, Kate Spade, Adidas, Tory Burch, and many others. Altogether, Fossil earned $3,229 million in 2015, with 77% being attributable to watches, 13% to leather, and 8% to jewelry.
Business Decision Fossil was founded in 1984, and has since acquired several other companies. However, with the rapid technological advancement, Fossil has …show more content…

By using the visual marketing site Curalate, Fossil’s consumers can now upload their own photos to the ecommerce website, generating more traffic online and in store. They also use new technology to send their new Instagram followers a 25% off coupon to encourage growth in their direct sales.

Managerial Actions
Planning
Planning is the starting point for all other managerial actions, it provides direction and prepares for upcoming changes the company may face. The plan that Fossil had did not incorporate the growth of technology, so when Apple released a watch that could do more than tell time, they were underprepared. This is evidenced by the CEO of Fossil admitting that
"As we entered the year, we identified several disruptive factors that were going to make 2015 challenging” (Elaine, L., 2015).
Controlling
Controlling encompasses all forms of discipline or reward that a manager takes to ensure that the plan is being followed and the predetermined goals are being met. Fossil’s goal in 2015 was to create a product that could compete with Apple’s new smartwatch. …show more content…

Fossil watched their profit plummet in their first quarter of 2016. While they worked on introducing their wearables in India and over 100 new wearable designs, Apple released their IWatch. Despite the downturn in sales, the CEO remains optimistic about releasing their new products domestically and internationally. Kartsotis also said that “While our financial results were in line with our expectations, they were below last year given the persistent headwinds pressuring the traditional watch category. . .” (Investing.com,

Show More
Related

  • Apple Watch Case Study

    726 Words  | 2 Pages

    However, Apple has a history of being tenacious and credited for having a "never-say-die" attitude: the first generation smartwatch will used as a backbone for the next edition.

    Read More

  • Buyer's Behavior Of Under Armour: Case Study Of Buyers

    900 Words  | 2 Pages

    Furthermore, Under Armour’s goal is to expand their wearable watches and bracelets into built-in sensors that go into the clothing they create. This product will allow consumers to be accessory free and still will be able to track their activity levels. This innovative idea will surely bring in consumers, and provide Under Armour with the push they need to directly compete

    Read More

  • The Swoosh Will Get to You

    710 Words  | 2 Pages

    Nike has found a way to make smart phones work with a bracelet to track all of your physical activity each and every day. Now that is sweet, not is Nike making great sporting and everyday clothes, but they now have found a way to make your phone ...

    Read More

  • Is the Watch Industry dominated by an Oligopoly*, which is beneficial

    1970 Words  | 4 Pages

    In this investigation I shall be examining the watch industry. I will use a Mintel report of the watch industry produced in 1995 and information worksheets to test my hypothesis. Findings and Application of Theories Five companies, or the 'C5 ratio', dominate the watch industry. They have 40% of the market share* (see fig.1.). Zeon Ltd. is the market leader*.

    Read More

  • The Impact Of The Apple Watch

    1531 Words  | 4 Pages

    With the recent popularity and introduction of various products such as the Fitbit, Garmin’s Vivoactive, and Android’s smart watches, Apple releasing the Apple Watches definitely kept up with the smart watch trend. The Watch’s massive presence in the market has allowed it to not only match many of the qualities of other watches, but in a way surpass them with the apps, and marketing programs it has implemented into the design and functionality of the Watch.

    Read More

  • Extinct Species Essay

    1119 Words  | 3 Pages

    Modern-day genetic technology has granted mankind with the opportunity to bring back extinct species from the dead. If humans have come to possess the DNA from an extinct animal population, it is possible to create an identical clone of the animal in question, effectively “bringing it back from the dead”. Many ethical dilemmas surround the practice of de-extinction, and rightfully so. Recreating an extinct species could produce groundbreaking scientific breakthroughs, generating exciting opportunities for future genetics-based research. However, there could also be monumental consequences: the newly revived, once-extinct species might destroy the ecological equilibrium of modern Earth

    Read More

  • Ap Bio Tree Essay

    760 Words  | 2 Pages

    In this paper, I argue that for a particular tree T, T is the sum of all parts of the tree and P represents the individual components that make up the sum such as the leaves, branches and roots, where T can exist for a period without P, but P must exist as a part of T. My argument proceeds by, in the fall, trees that lose their leaves are still standing while trees without leaves throughout multiple seasons will die, cutting tree branches off the tree will cause the branches to die but allow the tree to continue its existence, each part has its own role that contributes to T and each part that is removed is replaceable by the tree. In the fall, most trees lose their leaves. During this process the leaves die as they fall from the tree.

    Read More

  • My Personal Management Philosophy: An Influence On Leadership

    4253 Words  | 9 Pages

    Controlling in management is a function of management that is concerned with making sure that all other functions of the management are put in place and operated effectively. Controlling ensures that it has taken into consideration the monitoring of the output of the employees as well as the establishing standards of performance that will guarantee that the performance of the will always meets the set standards (Spellman,

    Read More

  • Persuasive Essay On Jurassic Park

    464 Words  | 1 Pages

    Jurassic Park took everyone in awe when they saw the cloning of extinct dinosaurs. Today, scientists all around the world are starting to clone extinct animals. They already cloned an extinct mountain, but it only lived a few minutes. The real question is, should we? I believe we should not bring back/ clone extinct animals.

    Read More

  • Smartwatch Case Study

    704 Words  | 2 Pages

    Cheaper manufacturers with a history – Timex, Citizen and Seiko primarily – will survive because there will always be a market for an inexpensive timepiece that gets the job done. But everyone else is toast. The smartwatch – not just the Apple Watch – is eating most of the low-end pie. Swiss watches, we’re told, are intrinsically better. They aren’t, really, simply because many aren’t made with the care that goes into even the lowest-end electronic devices.

    Read More

  • The Boat Shoes Industry

    549 Words  | 2 Pages

    The strangest part is thousands of people have bought these shoes. They're not even practical and people are still buying them. When a lifestyle product is pitched the investors must first

    Read More

  • Organizational Control

    1881 Words  | 4 Pages

    Controlling is the fourth management function and its purpose is straightforward- to make sure that actual performance meets or surpasses objectives. It is well used for decision making and problem solving. Effective control depends on other management functions and it gives feedback to them. These functions are planning, organizing and leading. Planning sets directions and allocates resources. Organizing puts people and material resources together in working combinations. Leading motivates people to use these resources in the best way. Basically, the function of controlling is to make sure that the right things happen in a right time and in the right way.Control helps that overall directions of individuals and groups are consistent with short-range and long-range organizational plans. Also, it helps to ensure that objectives and accomplishments are coherent with one another throughout an organization. Moreover, it helps maintaining fulfillment with essential organizational rules and policies. Good example where we can see role of control is in helping to protect individual rights to become equivalent with employment opportunities at work. The control process practiced by managers includes four steps: 1) establish objectives and standards 2) measure actual performance 3) compare results with objectives and standards and 4) take actions if necessary1. The controlling process starts with establishing performance objectives and standards which means that the controlling process begins with planning. Performance objectives should be defined and associated with specific measurement standards for determining how well they are accomplished. Standards are the targets of performance. The next step of the control process would be measur...

    Read More

  • Becoming A Paleontologist Essay

    722 Words  | 2 Pages

    McMahon Imagine a warm summer day in backcountry Montana, and the thrill of finding a new species of dinosaur and being able to create a new and awesome name for it. A paleontologist gets to experience this almost every day. If there not in the field they will be working in a lab learning about their findings. Becoming a paleontologist is very important because they discovered stuff about the past that will shape the way humans learn about the past.

    Read More

  • Essay On The Control Process

    1242 Words  | 3 Pages

    The Feedback after applied and executed is the most important of the process of control, Outcome controls are judge by the result of the organization’s activity. The behavior control involves manufacturing to know how the members are doing and behave in a daily base. The financial control in the process execute by monitoring costs and expenditure. The financial control can monitor intangiveis like customer satisfaction and employee morale.

    Read More

  • Functions of Communication

    353 Words  | 1 Pages

    Control functions: The management of any organization will always have plans with long, medium or long term objectives for the months and years ahead. To achieve these objectives, the daily & monthly activities must proceed as planned in order to achieve the objectives for the period.

    Read More

More about Fossil Group Essay

Open Document