Assignment One - Entrepreneurship

You might also like

Download as docx, pdf, or txt
Download as docx, pdf, or txt
You are on page 1of 2

Recommendation 1:

The most common problem with sales dropping for manufacturers is the lack of personalization in their
marketing campaigns and product customization. In order to solve this problem, the company can
frequently conduct customer surveys and invest in an online tool that analyzes data such as previous
purchases, likes and browsing behaviors to determine the range of prices, styles and other features that
might be of interest to the customers. It can also take the form of virtual assistant to recommend
products to customers and also even further advice and services based on the features of the products
that customers select.

Departments needed to develop: R&D, Marketing, Data analytics, Customer service.

Potential costs:

- Research and development costs ~ $100,000


- Technology and data analytics ~ $200,000
- Marketing ~ $200,000
- Customer service ~ $100,000

Recommendation 2:

Apart from recruiting new customers, it is also important to ensure that previous customers also return,
and we should find ways to encourage them to visit the store and purchase again. To do this, it is
important that the manufacturer streamline their marketing campaigns and implement an engaging and
fascinating customer loyalty program. The customer loyalty program can be given a catchy name like
“Badminton buddies” with fascinating offers such as discounts, guarantees or equipment upgrades based
on purchase frequency and number of purchases from customers. This can be integrated on the website
or app that the manufacturer uses for convenience and swift user experience.

Departments needed to develop: R&D, Marketing, Human resources, Customer service.

Potential costs:

- Research and development costs ~ $100,000


- Marketing ~ $200,000
- Customer service ~ $100,000
- Human resources ~ 100,000

Recommendation 3:

Apart from selling badminton equipment, the company can consider expanding their business with an
addition of training programs offered to customers. For example, the company can invest in hiring
training areas or providing training courses that allow users to practice and refine their skills. To make it
more appealing, the company can introduce membership programs in which customers can choose
different subscription tiers to subscribe to the badminton club for different discounted prices or
introduce promotion combos for users who buy equipment from the store in which they can get
reductions in subscription prices. This can also effectively boost sales since customers are provided with
an opportunity to effectively use the equipment that they have purchased.

Departments needed to develop: R&D, Marketing, Human Resources, Sales

Potential costs:

- Research and development costs ~ $100,000


- Marketing ~ $200,000
- Human resources ~ 100,000
- Sales ~ 200,000

You might also like