The world is getting increasingly competitive. There are various players within the industry having similar products to offer the market. Customers are increasingly becoming demanding. They have increased knowledge, and therefore, know that there is always an option when they need a product. Suppliers on the other hand, have become more demanding.
They want to supply more products at increased cost citing increase in various factors of production. A firm always finds itself in such an awkward situation in the market. This would force the firm to come up with mechanisms through which it can outsmart other firms. It must be able to offer customers products that are unique in the market.
It must stand out as a firm that offers a positive change at regular interval to its customers. It is through this that it will be in a position to manage competition and come out as a successful firm in the market. This would be achievable if the strategies that the management comes up with are competitive enough to make it be seen as the best.
Estimated Income Statement for the Period that Ended 10 Feb 2013
ROI= Gains from Investment- Cost of Investment
Cost of Investment = (29.9-8.9) /8.9 = 2.36
Market Analysis for the Firm
The target market for Canada Corporations varies in their demographic space. Although the firm has a large customer base from the local residence of Miami and the larger Florida, a good number of customers of this firm are travelers. The firm receives a high number of travelers who come from various regions around the world, who need their products while on vacation.
This firm has decided to take care of the interest of the customers in this area because they form the main customer base for this firm. The products can also be marketed in the international market easily. Women clothing is very marketable in the international markets. However, it requires a heavy marketing procedure to make products of one firm different from that of another firm.
This firm has been able to make its products stand out in the market. This makes this firm one of the firms that has had massive success in this market. Drastic changes in designs of the clothes are also on the rise globally. Some of the designs are very expensive.
The management decided to focus on the complex dressing because of the value generated from that sale. Most of the travelers who come to Miami have the capacity to pay for the expensive cost of these trendy dresses.
Developing a competitive advantage is one of the key success factors in a business environment. It enables a business unit stand out above the rest, as a firm that has the capacity to offer customers satisfaction in the best way possible. As stated above, the target audiences are the locals and travelers who come to Miami as travelers, and the residents of Florida.
The firm targets the middle and upper class individuals who have the capacity to afford the high cost that the firm charges. Canada Corporations has made an effort to ensure that it can attract potential clients from various regions across the world. Product proposition is always the best way that a firm can acquire a special niche in the market and stand out as the best firm.
To manage this, this firm should focus on the quality of the product they provide other than the cost. It should use social media alongside mass media in reaching out for the customers. This way, it will be appealing to the middle and upper class clients who can pay premium prices for better products.
To further improve customer experience, the management should consider offering recreational services both to the customers and their families when they visit the facility. Miami is one of the most preferred recreational centers in the world. Customers and their families should experience this even when shopping around.
When making changes on the website, it is important to let customers, and even non-customers know about it. They should be informed of the added quality to the website following the changes that have been made. There are a number of online strategies that a firm can use to let customers know about these changes.
Search engine optimization is one of the best online strategies that a firm can use to reach out for the customers with this news. In this strategy, the firm will need to create product-specific page with all the new features and the desired communication to the target audience.
The page should have necessary photos and various others feature that are distinct from the previous website. The firm should ensure that the page is coded appropriately for search, with key words, header text, title tags and unique URL.
This will benefit the firm because those who will key-in the key words will be directed to this site, and this will be a form of advertisement. To the customers, it would easily allow them access to important information about their firm without struggling to look for the changes.
Another good approach is by using e-mail marketing. This strategy is appropriate when dealing with customers that have close relationship with the firm. In this strategy, the firm will develop appropriate message in regard to the changes made on the product. The firm will then select customers and other specific individuals who should be receiving the message.
The firm will then send message to these individuals via their e-mails over the changes made on the website. This strategy is very beneficial both to the firm and the customers.
To the firm, the management will be assured that the message will reach the target audience. It also helps the firm assure its customers that it cares about them by sending them a message about changes they have made. The customer will benefit from the fact that the message will reach him or her promptly.
Online advertising is another strategy that can be used to inform the target audience of the changes that could have taken place within the firm. Such tools as Google AdWords can be useful in reaching out to the target audience directly. This strategy is always very useful when the firm targets a large target audience.
The marketing department should conduct a research and determine blogs which are most widely read in that particular industry. The firm will benefit from this move because it will not only be developing a relationship with the customers, but also help the firm develop a close relationship with the bloggers.
Social network forms another attractive strategy through which this firm can reach out for the target audience. The world is changing very fast due to the changes brought about by advanced technology. Smartphone and personal computers have become basic items in the lives of many youths. Many of the youths visit various social sites on a daily basis. Facebook has a fan base of more than one billion people.
This cuts across various demographic spaces, with majority being youths from various social statuses. YouTube has almost a similar number of users, with over eight hundred others on Tweeter.
There are other social sites that are used by various individuals. When a firm makes a decision to use this site, it would be certain that it will be in a position to reach a large number of people through these networks. Customers will also be able to reach this information with a lot of ease. They can get the message from friends who are also on Facebook.
Adjustments Needed
The firm should also offer online purchase to its customers as a way of making their experience better. This will help it solve the issue of seasonality in this industry. The firm will be able to attract customers throughout the year. This will eliminate cases where production cost is higher than sales generated. The issue of insecurity can be handled through public-private partnership projects.
Insecurity is an issue that is arising from the external environment. It is therefore, not easy for a firm to approach it as an individual. This firm should partner with other private firms and engage the government of the United States and the Public at large to combat crime and terrorism.
Individually, the firm should install state-of-the-art facilities that can help detect internet criminals when one tries to infiltrate their websites. It is through this that the firm will be assured of relative security in their facilities.
The team members were concerned of the increasing threat that this firm was facing from various competitors in the market. They were in agreement that this industry has had a massive development in the 21st century. For this firm to be successful, it must consider adopting the following recommendations.
- The management should consider moving most of its operational activities online. It should consider making the process of booking the products, and payments of the services online. This will reduce operational activities within the firm.
- The management should consider improving the value they offer customers. This may include offering additional benefits to the customers such as free transportation within Miami. This will increase levels of satisfaction of customers.
- The management should improve the security of the facility. It should install detectors, and other machines that can help detect and prevent the use of harmful weapons by criminals.
- The management should embrace corporate social responsibility, especially on environment as a way of increasing its popularity.
Implementing the above recommendations will have a number of advantages to the firm. However, it also comes with a number of challenges that this firm must be ready to face. The firm must be ready to face these challenges when it decides to implement these strategies.