Journal Press India^®

Author Details ( * ) denotes Corresponding author

The role of the strategic management process in organizations is to produce the best strategic plan that an organization can adopt based on its individual qualities and market position to achieve a superior competitive position in the market. The purpose of this study is to evaluate how the strategic management process can be utilized by Crocs, Inc. (Crocs) to gain and maintain a long-run competitive position in the footwear industry. This analysis considers and applies the three stages of the strategic management process, strategy formulation, strategy implementation, and strategy evaluation, to Crocs, utilizing Crocs’ current company data and strategic position and applying strategic management process tools. Analysis results feature a recommended vision and mission statement for Crocs, the best strategies for Crocs to pursue, how Crocs can progress toward achieving such strategies (through certain policies, risk considerations, and financial projections), and how the company can successfully evaluate and adapt strategies if necessary. This analysis implies how Crocs may best utilize the strategic management process to achieve success as a company in the footwear industry.

Keywords

Internal Factor Evaluation (IFE) matrix; External Factor Evaluation (EFE) matrix; Competitive Profile Matrix (CPM); SWOT; SPACE; QSPM

1. Bureau of Labor Statistics. (2021, February 5). News Release. U.S. Department of Labor. https://www.bls.gov/news.release/pdf/empsit.pdf 
2. Chouhan, N., Vig, H., & Desmukh, R. (2020). Footwear Market Size, Share & Growth: Research Report 2027. Allied Market Research. https://www.alliedmarketresearch.com/footwear-market . 
3. Colorado State University Global. (2021). Module 6: Strategic planning and innovation: Strategy implementation. [Interactive lecture]. Canvas. https://portal.csuglobal.edu
4. Crocs, Inc. (2021a) 2020 annual report form 10k. https://s22.q4cdn.com/133460125/files/doc_financials/2020/q4/10k-crocs.pdf 
5. Crocs, Inc. (2021b) Careers. https://careers.crocs.com/careers/default.aspx#explore-jobs 
6. Crocs, Inc. (2021c). Crocs Investor Presentation. https://s22.q4cdn.com/133460125/files/doc_financials/2020/q4/2021-02-Q4-2020-Earnings-Presentation_vF.pdf 
7. Comparably. (2021). Crocs Mission, Vision & Values. https://www.comparably.com/companies/crocs/mission 
8. CSIMarket. (2021). CROX’s competition by segment and its market share. https://csimarket.com/stocks/competitionSEG2.php?code=CROX 
9. Dhanesh, G. S. (2020). Who cares about organizational purpose and corporate social responsibility, and how can organizations adapt? A hypermodern perspective. Business Horizons, 63(4), 585–594. https://doi.org/10.1016/j.bushor.2020.03.011 
10. David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach, concepts & cases (16th ed.). Upper Saddle River, NJ: Pearson.
11. David, M. E., David, F. R., & David, F. R. (2017). The quantitative strategic planning matrix: a new marketing tool. Journal of Strategic Marketing, 25(4), 342–352. https://doi.org/10.1080/0965254X.2016.1148763 
12. Droege, S., & Dong, L. C. (2009). The Evolution of Crocs, Inc.: Will Crocs Face Extinction? Journal of the International Academy for Case Studies, 15(3), 9.
13. Garcia, T. (2021, February 24). Crocs sold 18.9 million pairs of shoes in the most recent quarter, up 37.7% year-over-year. MarketWatch. https://www.marketwatch.com/story/crocs-sold-18-9-million-pairs-of-shoes-in-the-most-recent-quarter-up-37-7-year-over-year-11614196058 
14. Gurbuz, T. (2013). A Modified Strategic Position and Action Evaluation (SPACE) Matrix Method. Proceedings of the International Multi Conference of Engineers and Computer Scientists (Vol. 2).
15. Ibrahim, S., Nurrochmat, D. R., & Maulana, A. (2019). Analysis of footwear business development strategy using QSPM and SWOT analysis. Leather and Footwear Journal, 19(4), 167–176. https://doi.org/10.24264/lfj.19.4.1 
16. Instagram. (2021). Crocs. Instagram. https://www.instagram.com/crocs/ 
17. Jaksic, L., Ivanjko, E., & Njavro, M. (2015). Application of the correlated competitive profile matrix for support adjustment to SMEs in winemaking. Journal of Wine Research, 26(2), 136–152. https://doi.org/10.1080/09571264.2015.1012663 
18. Kassaneh, T. C., & Workalemahu, R. N. (2018). Performance Measurement and Improvement Method for Leather Footwear Industries. Journal of Engineering, Project, and Production Management, 8(2), 97–104. https://doi.org/10.32738/jeppm.201807.0005  
19. Lim, C. C. (2018). Crocs, Inc Liquidity Risk under Firm-Specific and Macroeconomic Factors. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3300490     
20. Meyersohn, N. (2018, August 9). How Crocs staged a comeback. CNNMoney. https://money.cnn.com/2018/08/09/news/companies/crocs-clogs-sandals/index.html 
21. Nazari-Shirkouhi, S., Mousakhani, S., Tavakoli, M., Dalvand, M. R., Šaparauskas, J., & Antuchevičienė, J. (2020). IMPORTANCE-PERFORMANCE ANALYSIS BASED BALANCED SCORECARD FOR PERFORMANCE EVALUATION IN HIGHER EDUCATION INSTITUTIONS: AN INTEGRATED FUZZY APPROACH. Journal of Business Economics and Management, 21(3), 647–678. https://doi.org/10.3846/jbem.2020.11940   
22. Ozkan, K. S. L. (2020). International market exit by firms: Misalignment of strategy with the foreign market risk environment. International Business Review, 29(6).  https://doi.org/10.1016/j.ibusrev.2020.101741 
23. Panggabean, T., & Jermias, J. (2020). Mitigating Agency Problems Using the Balanced Scorecard. Journal of Theoretical Accounting Research, 15(2), 72–91.
24. Petro, G. (2020, October 30). The Zoom Effect: Revlon Vs. Crocs. Forbes. https://www.forbes.com/sites/gregpetro/2020/10/30/the-zoom-effect-revlon-vs-crocs/?sh=5399bd9b6875 
25. Radomska, J. (2014). Operational risk associated with the strategy implementation. Management (1429-9321), 18(2), 31–43. https://doi.org/10.2478/manment-2014-0040 
26. Sabanoglu, T. (2021, February 19). Crocs: advertising expenditure worldwide 2019. Statista. https://www.statista.com/statistics/1040320/marketing-expenses-of-crocs-worldwide/ 
27. Segarra, L., Almalki, H., Elabd, J., Gonzalez, J., Marczewski, M., Alrasheed, M., & Rabelo, L. (2016). A Framework for Boosting Revenue Incorporating Big Data. Journal of Innovation Management, 4(1), 39–68. https://doi.org/10.24840/2183-0606_004.001_0005  
28. Sull, D., Turconi S., Sull, C., & Yoder, J. (2019). How to Develop Strategy for Execution. MIT Sloan Management Review, 1–6.
29. Verboncu, I., & Condurache, A. (2016). Diagnostics vs. SWOT Analysis. Review of International Comparative Management / Revista de Management Comparat International, 17(2), 114–122.