For the continued success of her business Soraya has to make several decisions. The first decision that Soraya needs to make involves the source of her materials and labor. While the source of these has been one of the factors that have made Soraya successful, to make her product more affordable for her clientele and to expand her customer base, Soraya may have to consider outsourcing labor and materials. The second decision that Soraya needs to make involves her target clientele. While NuNus expected to be serving those in the 30-45 demographic, Sorayas client base has grown to include a younger demographic (18-20-year-olds). As such, Soraya has to make decisions that ensure the marketing and tailoring of her products are inclusive. Soraya also needs to make a decision about her stores online presence. To be competitive in the market, Soraya needs to take her business to the online platform.
Opportunities and Threats from Sorayas External Environment
The first opportunity that Soraya can leverage on is her loyal and growing customer base. She can tailor the marketing strategy of her firm around this market by developing strategies to retain their loyalty while getting new customers. Another opportunity that Soraya can use mainly to gain a competitive edge over the competition is the Canadians preference for local goods. The store can use this to attract more customers who want to buy local. Also, Soraya has an opportunity to satisfy the customers desire for customized goods by incorporating her clients feedback for her designs. This relationship with the customers would give Soraya an advantage and ensure profitability.
One of the major challenges that Soraya faces is how to compete with the cheaper offers that the completion was giving to consumers. Other retail stores such as Zara outsource their materials cheaply from overseas thereby providing Soraya a massive threat. Another threat that Soraya has to deal with is the customers changing preferences. Soraya has to make sure that the consumers dont choose price over value. Another threat to the profitability of Sorayas company is her competitions online presence. With 70% of the users admitting online influence on their choices, Soraya has to deal with this threat urgently.
Issues in Sustainable Marketing and Ethics
Sustainable marketing requires environmentally and socially responsible actions that address the current needs of consumers and businesses while enhancing and preserving the ability to meet the needs of future generations. Sorayas company, NuNu, has to ensure that whatever decisions they take now, and the marketing strategy they decide to pursue addresses the consumers present needs while also ensuring that the store retains the ability to satisfy those needs in the future. An ideal sustainable marketing strategy should be ethical, environmentally conscious and profitable.
Sorayas Options for the Future
Moving forwards, Soraya has several options from which to make plans for the future. One of the options that Soraya may choose is to maintain her quality and local sources of labor and materials and then campaign strategically to convince her clients that the extra value is worth the additional price. Soraya could also choose to leave her designs local while outsourcing for cheaper materials from overseas. This would ensure that her designs are affordable though her quality might be compromised.' With both of this options, Soraya has the option of expanding her businesses online presence and thus making sure that Sorayas designs are accessible to a broad range of customers online. Tied with all the above options, Soraya has the option of mounting an aggressive and strategic marketing campaign to promote her designs.
To ensure the continued profitability of NuNu, these are my recommendations:
NuNu should have an online presence. This will ensure that Sorayas designs can reach to a wider customer base.
Soraya should outsource for cheap but high-quality materials from overseas while ensuring that her quality remains impeccable
NuNus marketing campaigns should be inclusive since it is clear that Sorayas designs attract even those outside her original target group.
Soraya should capitalize on the customers desire for customized merchandise by making sure that her clients feedback is incorporated into her designs.
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