QVC: SUCCESS, STRATEGY AND CHALLENGES essay
Despite the fact that QVC emerged in the televised shopping industry much later than its competitors, it managed to quickly surpass them in many ways. Today, it occupies a dominant place in the television-retail sphere. The success of the company can be explained by strong commitment of its workers to quality and convenience of the products offered to the customers. The company also has a competitive advantage in the television-retail market. There are a number of reasons of why QVC became a leader in the television-retail industry during a short period of time. Among the reasons for the company’s success are close attention to the competitor’s weaknesses and strengths, employment of qualified TV producers with much experience in the required field and maintenance of high quality of the television-retail products. The three major values of the company are quality, convenience and value (Williamson, 1999). These principles form the basis of the company’s route to success. Each product of QVC undergoes strict quality control tests before they reach the TV screens. Finally, one more key to success of QVC is a guarantee of absolute money back assuring first-time and repeat customers in the trustworthiness of the company (Gudelunas, 2002).
The basis of the QVC’s strategy is customer orientation. Thus, back in the 1990s, the company created its own internet division to prove its loyalty to convenience. Over the years, the website of the company has undergone many changes and became more customer-friendly and convenient to use. The customers can put online orders 24 hours per day and 7 days per week. Furthermore, QVC aims at staying far ahead of its competitors by diversifying the range of products it offers to the customers (Williamson, 1999). The strategy of the company includes constantly improving the variety of goods that now range from clothing and accessories to electronic devices and food. The company also aims at learning the needs of its target audience to optimize the sales process. Moreover, QVC uses professional advertising campaigns to make its brand different from its competitors. Finally, the strategy of QVC is the controlled and well-though expansion of the company. Today, its products can be purchased worldwide from Great Britain and Germany to Japan (Gudelunas, 2002).
Ever since the company has occupied a leading position in the television-retail industry, its major challenge is to be in advantage over its competitors and be focused on the expansion and growth in the future. So as to make sure that QVC maximizes its profits, the management of the company has to deal with a challenge of inventing new goods that would ensure high profits gained by the company (Porter, 1999). In order to make the business even more profitable, the customers’ desires should be met to full extent and QVC strives at achieving this goal. However, this can be a difficult process requiring resources and much time. The company strives at evolving so as to discover new products that would meet the needs of the mass market and still be of the highest quality which is the top priority of the company. QVC also faces a challenge of attracting the attention of new customers and expanding its client base so as to prevent the decline (Gudelunas, 2002). The company has successfully ventured into the new industrial markets in Great Britain, Germany and Japan, but the company’s expansion should not stop at this point. Today, QVC makes efforts to venture into other markets worldwide to further expand its customer base. Furthermore, another challenge for QVC is the planning related to future business environment. That is why the management of the company constantly strives for protecting the well-being of the brand evaluating the business environment (Porter, 1999). It should be admitted that as long as the QVC Company does not lose its core mission of quality, convenience and value, it will most likely remain on the top of popularity in current and future television-retail industry.
Do you like this essay?
Our writers can write a paper like this for you!
(No Ratings Yet)
Loading...