Individual Assignment
Individual assignment (Use your own
words, at least 1000 words)
You are
required to demonstrate ability to think creatively and create an effective
business solution based on your term project.
Vision of the firm is to raise
brand awareness to new customers. We could try to distribute our product to
retailers such as Big C, Makro, supermarkets, etc. By then, there would be many
more customers who notice our products and might try them. We can also buy
advertisements on online social platforms such as Facebook, Instagram and
Twitter which will cause many of our target customers to notice our brand.
Part A: Create business solution and it MUST
be related to electronic commerce
What to do?
There are many ways to solve
the electronic commerce problem of our brand. Firstly, we can create an
official website or a brand’s application that has online transaction and
live customer’s support. By doing this way, customers can be relief that our
products are authorized one and live customer’s service can answer
customers questions or even recommend the products to customers according to
their preferences. Secondly, we can sell our products via online channels. Not
only it is very convenience but there are many customers who also use online
shopping platforms in their daily basis too. From this statement, we can see
that there is an enormous opportunities for us to develop toward online
transactions. We can even update the stock numbers of each product from time to
time without wasting much time. Lastly, we can create our line official account
which customers can contact us quickly and we can provide assistance to
customers in time. Broadcasting our products daily can also raise brand
awareness to customers. Customers can order our product and complete
transaction through our line official too.
Part
B: Apply business solution of part A and monitor/measure the result
How to do/implement/apply business solution (from part A)? How to
measure the 'effectiveness of business solution'?
First thing before we implement the solution from above is to study
about how to operate online channels efficiently. After that, we can create an
official account on each online shopping platform and fill in the details of
our brand and our products in case there are customers who would like to know
about our brand and our product more. As for how to measure the effectiveness
of these business solutions is by observing the sales and sales revenue of our
brand’s products whether does it increased or not.
- What are other channels
that the website of the firm (your term project) can generate addition revenue
(chapter 5)?
We can generate addition revenue by lending some of our website’s
space to broadcast an advertisement. In this way, if we choose the advertisements
that related to our products such as coffee machine or some ingredients that
related to brewing coffee, customers may have more choices to choose or less
their time to search for any relevance equipment or product.
- How to get/make the
product/service more niche'?
We can use online platform such as Facebook, Shopee, Lazada and
etc. to make our product more niche. For Facebook, aside from creating our own
brand’s page, we can also promote our products into the coffee lover group and
etc. which can easily gain much attention within a short period of time. As for
Shopee, Lazada and other online shopping platforms, we can add label on our
products as coffee products. So when online shopping platform users search for
coffee products, they might notice our products and might garnered attention if
our online channels looke appeal in customers’ eyes.
- How to rise capital with
the use of EC?
By using e-commerce, we could reduce cost in hiring salesman so
that we can use that money to improve our online service. Pre-ordered is the
most basic way to gather money to buy or produce products. After we deducting
the cost, the profits can use to improve the online service more. Crowdfunding is
the another way to raise capital with the use of ecommerce. We can publish our
business plan on crowdfunding website and if there are people who took interest
in our project they can provide fund at any amount they want. What they get
back will be a membership card. The amount of discount will be according to the
fund they provide.
Ref. (https://clear.co/blog/e-commerce/6-ways-to-fund-an-ecommerce-business/)
- How to work together with
suppliers in product development in order to offer new products to customer?
In order to offer new products to customers, we can try to invest
money or varieties of coffee beans to the suppliers so the grains will be more
variety after the next harvest. We can change our package styles that are more
attractive to customers than the current one. By doing so, our customers may be
attracted to our different styles of packages. We can
encourage customers to purchase more of our products by creating package deals.
One strategy for developing a product can be to change our product idea. Such
as, changing to finished products such as coffee drinks with long expired date
instead of selling only coffee beans.
Ref. (https://www.indeed.com/career-advice/career-development/product-development-strategy)
- How to monitor the traffic
to the website to generate revenue in sales and/or advertising?
To increase the traffic of the website to generate in sales is to
advertise our website and online channels to the public eyes such as Google
Ads, Facebook Ads, Instagram Ads, Twitter Ads and etc. Invited bloggers or
influencers to review our products and promoting our brand and our online
channels can boost the traffic a lot too. Email marketing is a form of direct
sales that can boost our site traffic too if receiver interest in our products
and click on the link we provide. Being responsive can raise the belonging
sense to customers. Because they will know that our brand will not abandon the
thought of customers and keep it to improve our products to be better for
customers. Being active on social media may also attract many customers to
visit our site.
Ref. (https://www.wordstream.com/blog/ws/2014/08/14/increase-traffic-to-my-website)
- How to measure ROI of
online and offline advertising?
We can use sales growth to measure ROI of both online and offline
channels. If the growth is significant, it means that our investment is hit the
point and attract many customers.
Ref. (https://latana.com/post/measure-offline-advertising-roi/)
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