Executive Summary Management Coursework Essay Paper

Insight Report- Canadian Tire Corporation
Original: Making sport accessories and equipment sustainable
Refined: How can Canadian Tire make sports product more sustainable by cooperating with other brands that specialize in sports product manufacturing to reduce its own shortcomings and improve from its limited service
Executive Summary
The main statement of this article is: How can Canadian Tire make sports products more sustainable by cooperating with other brands that specialize in sports product manufacturing to reduce its own shortcomings and improve from its limited service. The entire article seeks to provide answers or points that will answer the statement above. The Canadian Tire Corporation (CTC) is among the most esteemed companies in Canada. The company has 475 stores that showcase its more than 1180 general merchandize. Its products are also quite varied and include home products, automobile accessories, leisure products, and sports products. CTC is indeed a company that can be said to be among the companies in Canada that are making great strides. However, like any company, it needs to maintain a level of consistency that will guarantee it a great success. Additionally, with increased sustainability awareness, there is a need for companies to amend their approach and showcase a commitment to enhancing the idea of sustainability. For CTC to achieve the above while ensuring its sales improve as well, three recommendations are provided and they are as described below:
* Introduction of new products that meet sustainability needs – this is the most obvious way to show commitment to the goal of sustainability. CTC needs to consider the option of working with other companies to attain this goal.
* Adoption of new technological approaches to developing products – currently, there are many approaches to developing products. CTC can consider the use of biodegradable material to enhance its commitment to sustainability. It can also consider the use of recycled material as its raw materials. With the right technology, CTC can indeed manage to adopt new approaches to its products.
* Consistent product quality, as well as enhanced customer service – any company that does not invest in improving the quality of its products, never stands the test of time. However, something else that matters almost as much as the products is customer service. Without great customer service, a company cannot meet its targets.
Introduction
Canadian Tire Corporation is identified as one of the most admired and trusted companies in Canada. With 475 stores from coast-to-coast that cover more than 1180 general merchandise, (D.d.2010) the company is intended to meet the customer's needs for home products, automobile accessories and sports & leisure products. Canadian Tire is able to expand its market share through strong brand awareness and attract more potential customers by satisfying the changing personal preferences of the customers. The trusted brand and strong supply network allow the company to have a competitive advantage to face difficult challenges among the changing business world. As sustainable awareness increased which makes eco-friendly products became a trend, manufacturers all trying to accommodate the sustainable needs and increase the lifecycle of their product. Canadian Tire, specifically, is also thinking about how to make its sport’s accessories and equipment sustainable with additional environmentally friendly sports products on its assortment. Being a retail company does not allow them to transfer the sustainable concept into a product manufacturing process which means Canadian Tire needs to cooperate with other brands that specialize in sports product manufacturing to reduce its own shortcomings and improve from its limited service.
Insight 1: New sports products that meet sustainability needs are rapidly developed and brought to market which encourages Canadian Tire to put more effort into product improvement. The retail identity of Canadian Tire makes them work closely with the manufacturing companies to optimize the effect.
The three Rs of green living – reduce, reuse, recycle – has become more and more popular in today’s business concepts (Edwards, n.d.). Every corporation would be encouraged to take their social responsibilities and become sustainability. For Canadian Tire, their majority consideration should be helping to make sports products more sustainable. As a retail company, if Canadian Tire wants to establish sustainability, they need to communicate with the manufacturing companies to develop the products.
One of Canadian Tire Corporation’s culture is innovation. This is a reason why CTC pays much more effort on developing new sustainable sport products. They believe that focusing on innovation can drive their success in this industry. Although they have cutting edge store design, digital marketing and ecommerce, the use of leading-edge customer analytics, and state of art call and distribution centres, they are still continually raising the standards to the changing needs of their customers (Our culture, 2020). Also, the company’s top priority is to be more energy efficient, use fewer resources, produce less waste and reduce emissions. They are always innovating to be more sustainable by providing more environmentally preferable products and developing more sustainable ways to package and deliver products (Canadian Tire Corporation Ltd., n.d.). There are several new sports products innovated that are considered as sustainable products. For example, VEJA is a company which produced running shoes without plastic and petroleum (Zimmer, 2020). CTC can use them as a reference to develop their own sustainable products. In general, in order to keep up with the trend of the society, CTC will need to develop new sustainable sport products with their manufacturing companies to gain profit and reputation.
Insight 2: Substituted material and new technology are available for reference to product innovation and improvement. Canadian Tire needs to coop...