NJOKU UCHECHI OLUWAFOLAKEMI

19CB026351
BUILDING TECHNOLOGY
EDS PRACTICAL: PRODUCT DEVELOPMENT

ASSIGNMENT

As a thriving start up entrepreneur, your product 'organelle' provides organic

manure to small hold farmers and is giving positive results to farmers through
improved yield. farmers are so impressed that they develop another use of
the product other than it being manure. recently you noticed a downturn in
sales and after investigations you discovered that 'organelle' i s stocked in
your market channels shops. this has necessitated you to take prompt
decision and action. What action do you think you can take?
To address the issue of Organelle being stocked in market channels without moving, here are
some prompt actions I can take as a thriving startup entrepreneur:

1. Root Cause Analysis:

• Conduct a thorough analysis to identify the root causes of the excess stock.
This may involve surveys, interviews, and on-site visits to retailers.
Understanding the reasons behind the accumulation is crucial for devising
effective solutions.
2. Dynamic Inventory Management:
• Implement a dynamic inventory management system that enables real-time
tracking of product movement. This will help you identify slow-moving stock
early on, allowing for proactive measures.
3. Demand Planning:
• Enhance your demand planning capabilities by analyzing historical sales data,
market trends, and seasonal variations. This will enable you to forecast
demand more accurately and adjust production accordingly.
4. Collaborative Forecasting:
• Collaborate closely with retailers to gather insights on local demand patterns.
Establish a collaborative forecasting system where retailers can provide input
on expected demand, helping you align production with market needs.
5. Customized Marketing Materials:
• Provide retailers with customized marketing materials that highlight the
diverse uses of Organelle. This could include pamphlets, posters, or digital
content that they can display in-store to educate customers about the product.
6. In-Store Promotions:
• Collaborate with retailers to organize in-store promotions or events. Offer
discounts, bundle deals, or product demonstrations to attract customers and
stimulate interest in Organelle.
7. Geo-Targeted Advertising:
• Invest in geo-targeted advertising campaigns to reach potential customers in
specific regions where excess stock is a concern. Use digital platforms and
social media to create targeted ads promoting Organelle's benefits.
8. Retailer Training Programs:
• Develop comprehensive training programs for retailers to enhance their
product knowledge and sales skills. Include modules on effective
 communication, objection handling, and upselling techniques to empower
them to sell Organelle more effectively.
9. Customer Testimonials:
• Collect and showcase customer testimonials and success stories. Share these
stories through various channels, including social media, your website, and
marketing materials provided to retailers. Positive testimonials can influence
potential customers.
10. Agile Production Adjustments:
• Implement an agile production strategy that allows for quick adjustments
based on real-time demand signals. This could involve flexible production
schedules, smaller batch sizes, or rapid response to shifts in market demand.
11. Rebate Programs for Retailers:
• Introduce rebate programs tied to sales performance. Provide retailers with
financial incentives based on reaching specific sales targets, encouraging them
to actively promote and sell Organelle.
12. Strategic Product Positioning:
• Reevaluate the positioning of Organelle in the market. Consider strategic
partnerships, co-branding opportunities, or exclusive deals with retailers to
enhance the product's visibility and appeal.
13. Feedback Mechanism:
• Establish a feedback mechanism to continuously gather insights from retailers
and consumers. Regularly assess the effectiveness of implemented strategies
and be agile in making adjustments based on the feedback received.
14. Supply Chain Optimization:
• Review and optimize the entire supply chain, from production to distribution.
Identify any bottlenecks or inefficiencies that contribute to excess stock and
implement measures to streamline the supply chain processes.
15. Rebranding or Packaging Adjustments:
• Consider rebranding or adjusting the packaging to enhance Organelle's appeal
on the shelves. A refreshed look or messaging can attract new customers and
reignite interest among existing ones.
16. Exclusive Promotions for Excess Stock:
• Design exclusive promotions or bundled deals specifically for the excess
stock. This could include limited-time offers or special packages to incentivize
customers to purchase Organelle.
 17. Loyalty Programs:
• Introduce a loyalty program that rewards customers for repeat purchases. This
encourages brand loyalty and can contribute to sustained sales over time.
18. Continuous Market Research:
• Invest in continuous market research to stay updated on evolving consumer
preferences, competitor activities, and industry trends. This information is
valuable for adapting your marketing strategies and maintaining a competitive
edge.
19. Strategic Partnerships:
• Explore strategic partnerships with agricultural organizations, cooperatives, or
NGOs. These partnerships can open new distribution channels and enhance
the social impact of Organelle, aligning with sustainability goals.
20. Customer Engagement Platforms:
• Establish digital platforms for customer engagement, such as a mobile app or
online community. Use these platforms to share information about Organelle,
provide tips on its various uses, and create a sense of community among users.
Implementing a combination of these detailed solutions should help address the excess stock
issue and reinvigorate sales for Organelle. Regularly monitor the effectiveness of these
strategies and remain adaptable to changing market dynamics.