Running Head: MARKETING STRATEGIES FOR IMPROVING SALES Marketing strategies for improving sales Kevalkumar Mashru St. petersburug college GEB 3212 02/21/2021 1 Marketing strategies for improving sales 2 Table of Contents Table of Contents …………………………………………………………………………………………………….. 2 Executive Summary …………………………………………………………………………………………………. 3 Introduction 300 ………………………………………………………………………………………………………. 4 The Opportunity ………………………………………………………………………………………………………. 5 a. The Current Situation …………………………………………………………………………………… 5 b. Key Success Factors ………………………………………………………………………………………….. 6 b. Analysis of Alternatives ……………………………………………………………………………….. 8 c. Strategic Solution Option ……………………………………………………………………………… 8 6. Benefits and Risks of Strategic Solution Option ……………………………………………………….. 9 Marketing strategies for improving sales 3 a. Benefits ……………………………………………………………………………………………………………. 9 b. Risks ……………………………………………………………………………………………………………….. 9 7. Final Recommendation (include implementation plan) ……………………………………………… 9 8. References …………………………………………………………………………………………………………. 10 Executive Summary In the case study, the store owner has failed to make adequate profits because of low sales from electronic devices. This is because most profits the organization makes are from electronics, as a result of low sales, the company has an unsustainable business model resulting in low profits. The company is therefore having low sales in electronics because of high competition from neighboring stores, another reason could be stocking obsolete stock. Therefore, the company should do more research on the current trends on electronics and stock every single electronic device that is currently in use, which will help boost sales, hence profits. There are many solutions to this problem, specializing in few but on demand electronic devices. The business can focus on a very concrete audience and will need to give the customer more value for their money. Different marketing strategies have been used to boost electronic sales; apart from the company’s approach, the company needs to classify their market: when targeting millennials, they will target almost all electronic devices such as mobile phones, tablets, and computers. The other category is 70+; for this market, they require easy-to-use technology such as Wide Screen-TV with few operating buttons (Schwepker Jr, 2019). These kinds of gadgets should require little know-how o operate. There is also technology for kids; in this case, the offer should be focused on children; defining the needs for children and understanding the benefits of the devices that kids will use is Marketing strategies for improving sales 4 important in boosting sales. Boosting sales also means increasing sales leads. Like Amazon, the company could use online platforms to increase revenue, and it could also use video and blogs to increase marketing channels. Another method used by most companies is cross-selling; this is improving the average sales per client, this means that when a client comes buying, the company can introduce other products that the client should buy, hence, increasing the value of a customer. Another way used by many retailers is offering customers freebies such as free shipping. Promotions such as commonly bought goods can help in boosting sales too. Introduction 300 The company is experiencing slow sales in electronics there is a need to turn-around sales to stand a chance of remaining competitive. One of the key ingredients of becoming more profitable is increasing electronics sales, which will not happen when the company does not understand the customer. Understanding customer behavior is important in predicting their purchasing power and stocking the customer’s right goods. According to MarketBrief, almost 61% of the customers purchase household items from C-stores every month; this means that when retailers are well positioned, they should convince consumers that the convenience store is the place to buy all their needs, including electronics. One product that stands out among the others is cellular accessories; these are the products bought by consumers who use convenience stores before looking elsewhere. Therefore, the company should consider increasing mobile phones in their store. For example, when a consumer discovers they have forgotten their charger, they are likely to buy one from the store; other items that move fast also include ear-phones are bought on the go. Another element that should be added to the store is the smart in-store positioning; when electronics are placed near the counter, impulse buying can also trigger impulse buying and decrease shrinkage. This will also ensure electronics’ visibility to all consumers purchasing in the store, hence adding chances that consumers will make a purchase of think of returning to the store Marketing strategies for improving sales 5 should they require the electronics. The in-store should be made with eye-catching designs (Schwepker Jr, 2019). The display also promotes sales by reminding the customers of what is available in the store. When there is no expert to make the displays, the company should hire an expert from Associated Distributors to help with the in-store design. They have trained personnel who make an in-store look professional. On top of an in-store electronics shop, having a reputable distributor like Associated Distributors is a proven way of ensuring that the company sells current and meets customer needs. The Opportunity a. The Current Situation From the case given, the company is struggling to make electronic sales within the convenience shop. The store relies on the sales of IT products for its sales hence they are making losses as a result of low sales from electronics. The company needs to find the main cause for the drop in sales. One of the most common reasons for poor sales is poor communication with the customer. There is a need to make informed decisions in maximizing sales. The company must have also suffered from poor communication between the sales teams, leading to misguided product advertising strategies. When the marketing team invests in advertising products of low quality, it means that the company will continue making losses (John, Francis & Innocent, 2018). The advertising efforts should therefore align with the goals of the company. Another problem could be wrong product assortment, and this means that the customer cannot get the right goods they are looking for at the right place, when the right good is placed at the right place, it means that there is a chance that the customer will see the electronics and make a purchase. When there is the right placement of goods, the company can increase sales through repeat customers. Marketing strategies for improving sales 6 Another problem that the company may face is the lack of value addition to its customers. There is a need to study competitors to determine if they offer more value addition than the business. For example, according to Forbes Magazine, free shipping, if there is a rival company that offers free shipping, the retailer may lose customers. To ensure that the company does not miss sales, it should keep an eye on what a rival company is doing. These programs could also include loyalty programs, for example, every time a customer shops, they get rewards that they can use later; when customers are kept in the know on how they can use the program to their benefit, it can increase sales numbers. b. Key Success Factors The scenario above needs a comprehensive approach, and the solutions suggested in the above sections could be the best solutions for the company. The core problems at the company can be summarized using poor customer relationships. One customer management approach that is profit-driven and includes other aspects such as cross-selling is Consultative selling. The key success factors for this approach include: Identify the changes in the market: for a company to be successful, they need to differentiate themselves through identifying the changes in the market and capitalizing on the changes. The company’s technology trends include selling produces as a service, and this model is important in enabling a price transition from an up-from investment to an operating expense. The research by Biotech, Boorom, Goolsby & Ramsey (2019) shows that less successful companies focus mainly on the trend that did not match a shift on customer needs. However, they concentrate on trends that relate to strengthening the foundational process, such as managing regulatory challenges such as management of accounts and complying with regulatory requirements. Marketing strategies for improving sales 7 Digitalization: As time goes, customers are shifting towards a highly digitized process. More people expect to have more connectedness, therefore, companies are forced to adopt these processes to stay competitive (Schwepker Jr, 2019). Digitalization is, therefore, the market trend that must adhere to. To increase sales, the company must select the most innovative products and use the appropriate communication channel to understand its requirements. In addition, the company uses its traditional marketing to add value to customers to increase sales. Prioritizing Customers: The retailer needs to have customers segmented; businesses that do not segment their customers do not achieve high sales. To increase sales, the retailer must meet varied customer needs and continually identify the growing customer segments. Understanding the customer can be achieved through investing time in understanding the customer. Many companies have used this method, for example, MedTech (Boyer, Artis, Solomon & Fleming, 2017) used account prioritization strategy in accelerating revenue growth. After studying customer behavior, the company realized that there were specifics that mattered to a particular group of individuals, for example, the company could focus on the youth, children, and the elderly. Customer profiling tools are therefore helpful in prioritization hence boosting revenue. Customer retention: The company should heavily invest in customer retention. This means that they are able to capitalize on returning customers. Most companies that do not hit their sales targets have poor customer retention programs. Regardless of the method used in retaining customers, the company must have a retention program unless the current customers continue to defect to the rival businesses. In the long run, poor customer retention means that the company will be losing customers over time and the number of customers will either stagnate or reduce. For this to happen, the retailer must closely monitor customer behavior and react to any change in perception. Marketing strategies for improving sales 8 b. Analysis of Alternatives To solve the problems faced by the retailer, there are two options available. The first option is for the company to increase promotions and make the technology products more accessible to customers. Rewarding the customers means that the current customers will be retained. Many companies make the mistake of running offers for new customers and neglecting the current customers. Therefore, the company should run the sales promotion for the existing customers regularly; when promotions are scheduled, customers will be looking forward towards the promotions; hence, it is a way of retaining customers. Regular promotions also make the customers share inside information about a product, hence advertising using word-of-mouth. There is also an option of running irregular promotions such as gifts on birthdays, incitation to company-sponsored meetings, and sneak peeks. These have the effect of making customers remember the products and services of the company. Secondly, the company should spend its resources on something unique, and this will have the effect of updating the customer constantly with unique content (Schwepker Jr, 2019). Unique content may include finding new advertising methods such as placing the electronics in-shop near the exit or creating a video showing customers using the products. While advertising, the company could claim that they have unique electronics that are not found anywhere else. On top of these, when launching a new product, the company should use unique facilities such as press conferences to alert customers on the latest products. c. Strategic Solution Option Among the many solutions discussed above, the best way forward for the company is creating packages, deals, and free trials that will attract new customers, then turn the new customers to repeat customers. There are many ways the company could do this; similar products could be Marketing strategies for improving sales 9 bundled together, various products that share the same theme can be sold together. Another option is giving free trials for customers and demonstrating how the products will address their specific needs before they use the money to purchase the products. This will ensure that they have a taste of the product before the actual purchase. On the other hand, the company could also invest in online advertising, like optimizing their social media profiles to increase their product visibility. 6. Benefits and Risks of Strategic Solution Option a. Benefits product sampling has many benefits. The first benefit is advertising by word of mouth; giving out freebies means increased awareness of the products, giving the target market to learn about the products. Sampling also helps in getting immediate customer feedback on the products offered. When the company has an instant Twitter handle, they can interact with customers and get their feedback almost immediately. Another advantage of sampling is that it tempts existing customers, and lastly, sampling promotes confidence in the product. b. Risks Sampling may lead to product waste and little reach for the target market. This is because sampling may be done on the customers who are not interested in the real product. 7. Final Recommendation (include implementation plan) Therefore, my recommendation is for the business to use a mix of three marketing options discussed in the paper. The first option is to store relevant products and make the products accessible to the public, such as placing the in-store electronics near the exit. The company can also get the current market and promotion methods used by rivals and adapt them to promote its business. Thirdly, the company should use online marketing to increase its audience, and lastly, the Marketing strategies for improving sales 10 company should use available promotion methods that include sampling in promoting its products. Product sampling has been used in creating awareness, and it accelerates sales. 8. References Boorom, M. L., Goolsby, J. R., & Ramsey, R. P. (2019). Relational communication traits and their effect on adaptiveness and sales performance. Journal of the Academy of Marketing Science, 26(1), 16-30. Boyer, S. L., Artis, A. B., Solomon, P. J., & Fleming, D. E. (2017). Improving sales performance with self-directed learning. Marketing Management Journal, 22(2), 61-75. John, A. G., Francis, A. I., & Innocent, C. I. (2018). Improving sales performance through salesforce motivation strategies: A study of pharmaceutical firms in Nigeria. Int. J. Buss. Mgt. Eco. Res, 3(5), 620-626. Schwepker Jr, C. H. (2019). Improving sales performance through a commitment to superior customer value: The role of psychological, ethical climate. Journal of Personal Selling & Sales Management, 33(4), 389-402. Purchase answer to see full attachment

Mastering the Art of Online Learning: Your Guide to Acing Online Courses

Introduction

In recent years, the popularity of online courses has skyrocketed, offering learners the flexibility to acquire new skills and knowledge from the comfort of their homes. However, succeeding in online courses requires a different approach compared to traditional classroom settings. To help you make the most of your online learning experience, this article presents essential strategies and tips to ace your online courses.

1. Set Clear Goals and Plan Ahead

Before embarking on an online course, establish clear goals and objectives. Determine what you hope to achieve by the end of the course and break down your goals into manageable milestones. Create a study schedule that aligns with your other commitments, ensuring you allocate dedicated time for coursework, assignments, and revision.

2. Create a Productive Study Environment

Establishing a conducive study environment is crucial for online learning success. Find a quiet, well-lit space where you can concentrate without distractions. Remove any potential interruptions, such as notifications from social media or email. Organize your study materials and have a reliable internet connection to ensure seamless access to course materials.

3. Actively Engage in the Course

Active participation is key to mastering online courses. Engage with course materials, including videos, readings, and interactive components. Take comprehensive notes, highlighting key concepts and ideas. Participate in discussion boards, forums, and virtual meetings to interact with instructors and peers, fostering a sense of community and enhancing your understanding of the subject matter.

4. Manage Your Time Effectively

Online courses offer flexibility, but it’s essential to manage your time wisely to avoid falling behind. Create a detailed schedule, allocating specific time slots for coursework, assignments, and studying. Break down larger tasks into smaller, manageable segments to prevent procrastination. Prioritize tasks based on deadlines and dedicate focused time to each one, ensuring consistent progress throughout the course.

5. Develop Effective Communication Skills

Online courses often rely on written communication, making it crucial to hone your skills in this area. Be concise and clear in your written responses, paying attention to grammar and spelling. Actively participate in discussions, asking thoughtful questions and providing constructive feedback to your peers. Regularly check your course emails and notifications, ensuring you stay updated with any important announcements or changes.

6. Utilize Available Resources

Take full advantage of the resources provided by your online course platform and instructors. Familiarize yourself with the learning management system (LMS) and explore its features. Access supplementary materials, such as textbooks, lecture slides, and external resources recommended by instructors. Utilize online libraries, research databases, and tutorial services to deepen your understanding of the subject matter.

7. Stay Motivated and Engaged

Maintaining motivation throughout an online course can be challenging, particularly when faced with competing priorities or a lack of face-to-face interaction. Set short-term goals and reward yourself upon their completion. Connect with fellow learners through virtual study groups or online forums to foster a sense of camaraderie. Regularly remind yourself of the benefits and personal growth associated with completing the course successfully.

8. Seek Support and Clarification

Don’t hesitate to seek support or clarification when needed. Reach out to your instructors for guidance or clarification on course material. Utilize online discussion forums to ask questions or engage in collaborative problem-solving. Leverage the support services provided by your course platform or institution, such as technical support or academic advising.

Conclusion

Online courses present unique opportunities for self-paced learning and personal growth. By setting clear goals, creating a productive study environment, actively engaging with course materials, and managing your time effectively, you can maximize your chances of acing online courses. Remember to stay motivated, seek support when needed, and make the most of the available resources. Embrace the flexibility and adaptability of online learning to achieve your educational goals.