Hi, this assignment is a business memo about the company Garmin. Syllabus is : You must submit your writeup for the assigned case questions to get full credit in this area (1.5 pages max, 12pt font / not including tables or references) Memo format. Thoughtful, substantive responses will receive higher grades. I will provide a sample business memo and clear writing instructions_______________________________________Garmin MemoCompile a written response (in memo format 1.0 – 1.5 pages long) for the Garmin 2019 case whilst answering the following questions.1. How did Garmin “out perform” its competitors between circa 2008 & 2018 ? (Use the strategic tools we covered in class to help you uncover and/or describe the key elements that contributed to their success) 2. Describe which other elements of their strategy they “could have been done better” between circa 2008 & 2018 3. State your recommendations (with some supporting logic) for what Garmin “should do next” to maintain their competitive advantage in 2020 & beyond.Writing a Business Memo
When you write in a corporate setting, you must clearly define a problem and offer an actionable
solution. Specifically, you must describe the problem, analyze the available options, and
recommend a solution. While your structure will vary depending on the topic, the guiding
structure below ensures your audience knows what’s at stake, why, and what action to take.
Title
Short, clear, and unambiguous topic of the memo
Summary
Begin with a 2-3 sentence summary of the problem, context, and your recommended solution.
This should not just be the topic of your memo; rather it must be a complete thought.
Problem Statement
You must define the problem and set the parameters for analysis. This may involve identifying
relevant variables, setting the scope, and identifying major trends, ideas, or issues in the field. In
all cases, it must describe why it is critical to address this issue now.
Background / Context
Provide your supervisor with important contextualizing information. Carefully select only the
most relevant and critical information. Avoid long, academic style writing; business writing
requires concise, clear ideas and sentences.
Analysis
Your analysis should be the bulk of the memo and explore why questions. If prior initiatives
failed, why? What could be done to improve them, and why might alternatives work better?
Clearly identify trade-offs, weigh costs and benefits, and present and compare alternatives. Use
subheadings to organize your ideas, keep your writing on-point, and guide your reader.
Recommendation
By the end of your analysis, your recommendation should be the next logical step. If you’ve
structured your ideas well, all of the questions or problems raised in the analysis should be
answered here. If you anticipate the reader may have lingering questions or doubts, address
them in a “limitations” or “next steps” section.
Final Tips:
Avoid jargon, properly cite your sources, and anticipate what your reader would—or wouldn’t—
already know.
To: Casey Sheahan, CEO of Patagonia
From: Sharon Nguyen
Date: 1/1/2021
Subject: Patagonia as the Face of Environmental Change
Summary
Patagonia’s environmental commitment and corporate culture is its greatest strength. With the
rising need for progressive change to reduce climate issues, I recommend Patagonia to continue
taking the opportunity to brand Patagonia as the face of environmental change and awareness in
the business sector.
Background/Context
Climate change is projected to continue growing and its increased awareness will drive
consumers toward sustainable living leaving Patagonia in an advantageous position (Refer to
Table 1). These consumer behaviors enable Patagonia to continue exploring sustainable
manufacturing and expand its product value with greener products. Multifunctional products can
also decrease consumer purchases and environmental impact from manufacturing multiple items.
Employee retention rates can also improve with facilities like childcare. Company donations also
increase employee satisfaction while bringing additional benefits of improved team morale,
building a better brand image that influences a loyal customer base, and company tax reductions.
Analysis
According to a survey conducted by Futerra, 88% of consumers want companies to help them
make a difference and 43% believe brands make it easier or harder to make a change (Refer to
Figures 1 and 2). Customers are willing to transition over to products that are more expensive
when their values are met by a brand with goals they aspire. If Patagonia implemented a
partnership with customers such as brand ambassadors, they could upscale environmental
consciousness and communicate trust between customers and their brand. Customers and
employees who feel like they are working with a charitable brand feel good and it creates a loyal
customer base. Corporate responsibility boosts Patagonia’s image and mission statement.
Charitable Marketing
Patagonia’s mission statement and environmental initiatives continue to increase organic
marketing and consumer trends towards sustainable companies. Customers are more inclined to
spend their money on a company that contributes to society. Charitable marketing enables
Patagonia to target their market or diversify their marketplace. Consumers that support the same
charities as Patagonia will be more inclined to purchase from them. It also allows Patagonia to
take charitable tax deductions while increasing consumer satisfaction. If Patagonia continues to
make its mission statement recognizable then it can increase environmental consciousness and
increase customer attraction (Refer to Figure 2).
Multifunctional Products
Multifunctional products can be beneficial for marketing and decrease product wastes. Products
that are multipurpose increase value in the eyes of customers. Value entails that customers are
willing to spend more on a more useful product. It also decreases company costs by creating two
products because they can be combined into one multiuse product. Material costs may decrease
and development research for the product can be more focused. Limitations apply to this concept
because not all products can be multipurpose and not all consumers will be willing to pay the
additional cost when their objective is to purchase the item for a singular task.
Sustainable Product Implementation
Research is limited for materials and dyes that pose less of an environmental impact. As a result,
Patagonia may consider combining materials to maintain quality. The challenges faced with
limited organic cotton and loss in quality products could effectively lose customers and decrease
brand reliability. This could in turn decrease brand trust and affect Patagonia’s low operating
margin (Refer to Table 2). Sustainable products are the end goal, but developments are still new
and to maintain quality products Patagonia should consider combining materials such as Nike
when they combined organic and non-organic cotton. Patagonia can slowly increase sustainable
material and decrease non-sustainable material usage as it readjusts its production process for
sustainable products. In turn, it will maintain product reliability and customer satisfaction.
Product Lifestyle Initiative
Patagonia’s Product Lifestyle Initiative (PLI) may improve environmental impact but Patagonia
is not in the position to create more liabilities. Their current ratio breaks even, and it has just
enough liquid assets to cover its short-term liabilities (Refer to Table 3). PLI may be more
effective if Patagonia can emphasize quality products and price increases that benefit customers
for the long-haul such as through their reuse and repair system. Customer compliance in the
system can determine potential sales that will allow Patagonia to make comparable sales to
competitors (Refer to Table 4).
Corporate Culture
Corporate culture makes a significant impact on employee satisfaction which lowers turnover.
High turnover is being projected over the years and could cost tens of thousands of dollars (Refer
to Figure 3). Thus, maintaining low turnover cuts costs of searching for new employees, training
costs, and loss of productivity and engagement as new and current employees adjust to changes.
Patagonia’s addition to childcare facilities is valuable to potential employees and it increases
employee retention/satisfaction. The federal government also offers a yearly tax credit of
$150,000 for qualified child-care programs and a tax reduction on costs. Women and men are
more inclined to come back after paid maternity/paternity leave when their company supports
them which also builds brand trust and a gender-balanced company.
Impact/Benefits to Other Sectors
As a leading company, Patagonia’s environmental awareness will entice other companies to
decrease their carbon footprint so long as it remains profitable. Improving corporate culture is
beneficial for both private and public companies to hold a low turnover. Adding childcare
services in the workplace encourages employee work satisfaction and a likely return on
investment (ROI). Patagonia’s charitable marketing may also be implemented in other
companies to encourage customers and increase company value.
Recommendation
Patagonia has a competitive advantage in environmental awareness, but it can increase brand
recognition to encourage consumer behavior towards its mission statement. Brand ambassadors
can form a connection beyond commerce, offering an emotional connection that may boost sales
and company image. Along with Patagonia’s initial rejection to use the company’s
environmental position as a marketing tool, if their position is already attracting media attention
it could be beneficial to upscale it and use Patagonia as a face for environmental change
throughout the sector. Additional Patagonia visuals such as logos on media content could also
strengthen brand recognition. It reinforces Patagonia’s connection to the content they release and
environmental initiatives, building Patagonia’s value to their customer.
The following actions are recommended:
● Increase customer awareness of Patagonia’s mission statement to increase sales
● Development and research in multifunctional products
● Added customer brand ambassadors that build company trust to boost sales
● Set realistic milestones to slowly adapt to consumer behavior changes on sustainability
Figure 1
Figure 2
Figure 3
Source: Heather Boushey and Sarah Jane Glynn’s analysis of 30 case studies on the cost of turnover from 1992 through 2007 per
Center of American Progress
Table 1
PESTLE Analysis
Political
Economic
Social
● The federal government
grants qualified child-care
programs with tax
reductions
● Charitable contribution
deductions
● Employee satisfaction
increases retention rate
which in turn creates a
low turnover leading to
added benefits
● Projected change in
consumer behavior
towards sustainability
Technological
Legal
Environmental
● The leading company for
innovation in
environmental change
● R&D activity increases
● Partnership changes and
contracts with
organizations that support
their mission statement
and primary goals
● Decreasing carbon
footprint
● Lack of resources
Table 2
Lost Arrow Corporation Financials (in $000)
FY 2002
Net Sales
% Change
220,344
Gross Margin
% Change
% ol Sales
104,929
SG&A Expenses
% Change
% ol Sales
Operating Margin *
% Change
% ol Sales
FY 2003
2J8,864
– 1%
4T.6%
83,168
37. 7%
21,761
9.9%
FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010**
233,381 24J,896 264,878 275,94J 296,079 3J4,522 332,862
Z%
4%
8%
S%
Z%
6%
8.9%
50.9%
175,125
9.3%
52.6%
110,278
5.1%
50.4 %
118,631 123,518
7.6%
4.1%
50.8%
51.1%
85,862
3.2%
39.2%
98,951 106,22S 113,141 121,111 128,878 141,275 148,162
15.2%
7.4%
6.5%
7.0%
6.4%
9.6%
4.9%
42.4%
s.g%
4s.2%
43.9%
43.5%
44.9%
44.5%
24,416
12.2%
11.2%
19,680 17,293
13,698 12,206
-19.4% -12. 1% -20.8% -10.2%
8.4%
7. 1%
5.2%
4.5%
Source: Patagonia, Inc., internal company documents.
*Operating Margin = Gross Margin — SG&A.
•*FY 20a 0 financial results as of April 30, 20a 0 are unaudited results.
126,839 133,417 147,169
2.7%
5.2%
10.3%
48.4%
48.3%
49.7%
6%
18,291
48.6%
6.2%
18,923
3.5%
6.0%
26,963
42.5%
8.1%
Current Ratio
1.0
Table 4
Patagonia and Selected Competitors: Financial Data
Date
Annual Sales ($ million)
Employees
Market Value ($ million)
Gross Profit Margin
Pre-Tax Profit Margin“*
Net Profit Margin
Return on Equity
Return on Assets
Total Debt/Equity
12-Month Revenue Growth
12-Month Net Income Growth””
Columbia
Sportswear
V.F.
Corporation*
Dec.2009
1,244
3,113
1,727
42.5%
7.2%
5.5%
7.2%
6.1%
2.0%
5.6%
29.5%
Dec.2009
7,220
45,700
8,872
44.3%
9.1%
6.4%
12.5%
7.1%
31.0%
5.5%
23.5%
Nike
Timberland
Patagonia**
Dec.2009
19,176
Dec.2009
1,286
5,700
1,022
47.8%
7.9%
5.1%
11.3%
8.5%
N/A
5.8%
32.0%
Jun.20)0
333
1,400
N/A
52.6%
8.9%
N/A
9.6%
7.1%
2.5%
5.8%
42.5%
36,112
45.2%
12.4%
9.3%
19.6%
13.4%
9.0%
2.9%
21.1%
Source: Compiled from Hoover’s Online, “Columbia Sportswear Company” and “V.F. Corporation,” accessed June 2010, and
Patagonia company documents.
*V.F. Corporation owns The North Face, Inc. The North Face has annual sales of $1.2 billion and 749 employees.
**Patagonia’s FY 2010 financial results as of April 30, 2010 are unaudited results.
• •For Patagonia, data show the operating margin.
****For Patagonia, data show growth in operating margin.

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