Fast Retailing Group- Gaining an Edge through Continual Adaptation Essay

Fast Retailing Group- Gaining an Edge through Continual Adaptation - Essay Example According to the research findings, the progress of the Fast Retailing Group had been slow but consistent. This clothing concern grew from being a single store to being a regional chain and then to grow up to have an international presence. It would not be wrong to say that the Fast Retailing Group (FR) did face many setbacks and failures during this process. However, the amazing thing about this company is that its management learned and drew up lessons from these setbacks and failures and continually adapted the company to the ground level realities and challenges. The one big thing that differentiates Fast Retailing Group (FR) from other apparel chains is that it is a company that has a clear and precise vision and mission. The management and marketing practices of this company happen to be a direct outcome of this mission statement and vision. The ultimate goal of the fast retailing company since its current CEO Tadashi Yanai took over business had been to manufacture â€Å"grea t clothing† that satisfies the needs and preferences of a great variety of consumer segments. The move on the part of the Fast Retailing Group (FR) to diversify into a retail apparel chain was to a great extent motivated by the success achieved by many apparel retail chains in the West and the Asian markets. However, Tadashi Yanai was very practical in his vision in the sense that he made it a point to learn from the trends influencing the local markets. The company did make an effort to learn from the management and sales and marketing policies of the Western retail apparel chains. However, it does need to be mentioned that the Fast Retailing Group faced many setbacks during its expansion moves.