While the source her materials 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 materials. The second decision she should make involves her target client. 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 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.
What are the biggest opportunities and threats that Soraya is facing from her external environment?
Soraya can leverage on 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 to gain a competitive edge is the Canadians preference for local goods. The store can use this to attract more clients who want to buy local. Sorayas other opportunity is her customers preference for customized goods.
Soraya first threat how to compete with the cheaper offers that the competition was giving to consumers. Other retail stores such as Zara outsource their materials cheaply thereby providing Soraya a massive threat. Soraya has to deal with the customers changing preferences. Soraya has to make sure that the consumers dont choose price over value. Another threat to NuNus is the competition's online presence. With 70% of the users admitting online influence on their choices, Soraya has to deal with this menace urgently.
What issues in a here tie into 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.
What are the options that Soraya has moving forward?
One is to maintain her quality and local sources of labor and materials and then campaign to convince her clients that the extra value is worth the additional price. Soraya can leave her designs local while outsourcing for cheaper materials from overseas. This ensures that her designs are affordable though her quality might be compromised.' Soraya also 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.
What would you recommend she does, and why?
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 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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