Case study - Starfish Jewellery Name Institution Case study - Starfish Jewellery Question 1: What alternatives might be available to Mariam to expand her business? This jewellery business seems promising and Mariam needs to put in place some of the marketing strategic approach to earn a profit and learn about the market by engaging the customers. Every business regardless of the size needs a clear marketing strategy. It is through marketing that will create awareness of the product to the customer. In small business as Mariam’s, the first step of expanding her business is to conduct a feasibility analysis and use it to craft a winning business plan.
This in turn would assist the organisations to comprehend the requirements of the customers’ expectations from the organisations. Therefore, it can also be stated that mass media helps in developing an excellent communication with the customers. According to La Rocca et al. (2015:170) stated that by communicating well with the customers assist the organisations to understand the expectation of their customers. The proper means of communication enable the companies to enhance their sales level thereby increasing the profit margin as well.
For this, she must appreciate diversity, which will help her to enhance her communication skills that bring in new attitudes, hence benefit the business. This is because, if Rowena has a suitable communication skill when interacting with customers, for example being polite and calm when convincing the customers or even trying to consult with her clients calmly. As per the case study, Rowena has developing skills such as, communication skills and leadership skills , which will enhance her on helping others and encouraging her colleagues to do right things. For example, she should be able to lead her consumers on which books or magazines to buy and which are appropriate for them. Therefore, increasing her productivity as well as benefiting the business.
This may involve promotion of the product, creation of an extensive distribution process to reach a wider consumer area, and putting attractive pricing to lure more customers into purchasing the company’s products. Coming up with innovative ways of increasing the usage of the product will also, help a company improve its sales in an established market (Maria, Grandinetti, & Bernardo, 2012, p.
It is the foundation on which any business stands, more so in retail industry. A customer would be satisfied if the outlet has the stock of items, he/she would want to purchase and has decent levels of customer service e.g., store staff helping the customer to find the item he/she is searching for. The former one has more to do with the supply chain management. In other countries, big retailers like Walmart and Tesco are largely successful because of the efficient supply chain. This is enabled by technology as they use EDI for procurement.
The progress of your company is directly related to the success of your marketing. With proper digital marketing, you’ll be able to find new strategies to increase profitability and stay ahead of your competitors. You’ll be able to harness the reach and power of the virtual environment to enable your business to thrive. When you’re running a company, time is a precious commodity, and marketing your brand can take up plenty of your time. That is why it is a smart move to outsource your digital marketing services to an agency that knows how to reach customers in the digital world.
Brand equity develops and rise as a result from a customer’s experience with the brand. The process usually involves the customer’s natural relationship with the brand that will extend the following predictable model: First the Awareness of the brand which will institute the brand to its target market where they will use advertising tools to get it noticeable. Then Recognition, when the customers are familiar with that particular brand, they will tend to recognize the brand in everywhere, such in store or anywhere else. Trial, if the consumers recognized the brand, they will start to try their product or service. And Preference, if the customers have good experience with the product or service, the brand will instantly became their preferred choices.
Being a sole proprietor is easy but shouldn’t took granted for it because the owner have unlimited liabilities of the business, which means the profit and losses or debt and taxes are in the hand of the owner. To be a successful sole proprietor, the owner must have good business background with a lot of experiences and preparations. In this modern year, people tend to set up a web based or home based businesses because it is easier and less requirement needed.
Consumers are quite aware of the quality of the products. To zoom in further, quality is an essential factor for business growth, profitability and a vital element for competitive advantage. Consumer select the product which is better in quality as compared to other products available in the market. Effective quality improvement brings increase profitability for those firms which use quality as their business strategy. Through the effective quality improvement one could easily gain market penetration with in no time.
No, just understand sales managers will expect results. How ethical you are in solving your customers’ problems is up to you. But make no mistake, doing the right thing may cost you money. At the end of the day, you must look yourself in the mirror, and live with yourself. The Importance of Sales The sales force is the most important department of any corporation because if you can’t sell your product, you don’t have a corporation.