Posted: January 5th, 2023
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Businesses must consider expanding their operations to foreign markets, but the expansion requires the firm to consider several key factors. Some of the primary factors to consider are the target buyers, ways of achieving and maintaining value proposition, ways of connecting with buyers and enhancing relationship, and collaboration among other key issues. Failing to consider how all these aspects impact on operations could result in poor outcome once the firm moves into the targeted foreign markets.
Customer Segments
The startup targets the mass market, which comprises of anyone who may require interior design services. Customers would comprise of learning institutions, individuals, factories, broadcasting stations, and religious institutions among other areas. The startup targets the mass market because it has more potential consumers, and presents the chance to make more sales (Gioko 123). Besides, mass marketing saves on marketing fees (Gioko 124). Nevertheless, the firm must embrace advanced approaches to attract more consumers. The group while focusing on mass marketing may have to ignore the variations in the various market segments and attract buyers in the broader market with a single strategy and offer, which promotes the notion of relaying messages that would reach more people in the most efficient manner.
Value Propositions
The startup seeks to introduce a feeling of newness into the field of interior design. Buyers would enjoy a great deal of customization services. The primary issue the startup seeks to resolve revolves around getting the work done as quickly as possible. Quick response makes it possible to achieve customer satisfaction, which increases their chances of coming again (Andersen, Weisstein and Song 44). The group will offer a wide range of products and services to its buyers, including paints, cushions, boards, and rails, and services such as space planning, fittings, re-designing, art selection, furniture, bedding, and customization. The management hopes that offering a wide range of products and services increases the chances of attracting more purchasers. The group focuses on meeting consumer needs such as price, accessibility, and convenience.
Channels
The firm must create awareness about its products and services to attract buyers. Customer segments would want to be reached through agents, digital media platforms such as the company’s website and social media, and through direct sale. The startup shall engage buyers through various avenues such as phone calls, emails, and social media to acquire their views regarding improving the firm’s value proposition (Zemanek, Taylor, Tran and Loomis 5). Buyers would be able to buy products and services by placing orders through the company’s website and making direct order by visiting the premises. The group will also deliver value proposition to buyers by responding to orders at the specific site or location.
Customer Relationships
Customers will expect the firm to establish an appropriate relationship that would increase how both parties interact with each other. The firm shall provide personal assistance to its buyers through online platforms and physical meetings. The team focuses on offering committed personal aid to all buyers without showing any sense of discrimination. So far, the business builds customer relationships by engaging buyers through the various channels the group uses to interact with its consumers. For instance, the group hopes to achieve consumer loyalty and win buyer trust by interacting with them via avenues such as telephone, social media, and email. Enhancing customer relationship is connected with the business model, which relies on effective communication structures to build successful contracts. So fair, the approaches the startup uses to build customer relationship are not costly, which make them more appealing to the company.
Revenue Streams
Buyers would want to pay for what gives them value for their money. They presently remit fees for subscription, and for the sale of various assets. Some buyers pay for renting, leasing, and renting fees, while other submit brokerage fees. Buyer now offer payment in accordance with the list price produced by the company. However, many of them would prefer other forms of payment other than fixed pricing such as negotiation whereby all sides have a fair chance to bargain.
Key Resources
Developing a robust value proposition, distribution channels, customer relationships, and revenue requires the firm to amerce necessary resources. The group would enhance its value proposition by acquiring the appropriate physical resources such as the necessary tools. The group would also build its value position by safeguarding its operations through intellectual property by acquiring copyrights and patents. The startup would improve its distribution channels by working with competent and qualified members of staff. More fundamentally, the group can elevate its revenue streams through a strong and effective
Key Activities
The startup plans to embrace various key activities that would facilitate how it enhances its value proposition. The group can enhance its distribution channels by elevating its production processes. The firm can elevate its production processes adhering to the six vital phases of product development such as forming the idea, researching, planning, testing, production, and assessment (Pienaar, Llngen, and Preis 201). The team can develop its customer relationship by solving their problems in the most effective and quickest way possible. Finally, the company can improve its revenue streams by strengthening its presence on various platforms and networks, especially through marketing and sale of quality items and services.
Key Partners
The startup aspires to increase its collaboration moving forward. It hopes to partner with other firms that engage in similar activities, as well as institutions that specialize in research and development (R&D). The group also hopes to partner with the local government to win some of the contracts, as well as various suppliers. The key partners will facilitate the attainment of necessary resources, and will promote certain activities through the provision of funding and other material support. The partnership will present several other advantages, which will encourage the group to enhance how it relates with other parties. The management will be at a better position to share ideas, and increase the firm’s chances of receiving financial aid and other material support. Thus, the management should develop a proper plan on how to partner with various associates.
Cost Structure
The group seeks to be a cost-driven firm that sets favorable prices depending on the season and external influences. The group will rely on a cost-leadership model whereby it offers affordable prices to attract both high-income and low-income earners. The company also pays much attention to improve its value to attract more buyers and generate more revenue. Acquiring some of the devices and tools as well as hiring competent personnel will be the most costly resources. On the other hand, installing a protection system to safeguard the company’s IT network is likely to be an expensive venture in addition to furnishing the company with all the necessary tools. Thus, the company should come up with an effective budget that reflects organizational goals and is flexible (Bondarenko, Panaedova and Gurieva 3).
SWOT Analysis
SWOT analysis provides the chance to understand the organization’s strengths, weaknesses, opportunities, and threats. Gurel (1000) writes that the SWOT analysis offers room for improvement because the company gains awareness on the areas that requires considerable improvement. The company would transform its weakness and threats to strength and opportunity by engaging in continuous R&D, and partnering with competent parties that are likely to impact on how the group performs its activities. However, the group will first know its SWOT, and develop a plan on how to address the areas that require much attention. The plan should be effective, and should be flexible enough to permit the group to embrace the most suitable techniques for transforming weak features into strong elements.
Conclusion and reflection
The study shows the need to consider various key factors when running the startup to achieve the best results. The firm must pay adequate attention to customer segments as well as its value proposition. The management should identify various channels for reaching consumers, and come up with effective ways for enhancing customer relationships. More fundamentally, the study shows the importance of strengthening the revenue streams, and focus on acquiring the necessary resources that promote organizational activities. The study shows the importance of collaborating with others, and the need to develop a cost structure that guides the firm on what it ought to do in terms of financial needs.
Works Cited
Andersen, Peter, Weisstein Fei and Song Lei. “Consumer Response to Marketing Channels: A Demand-Based Approach.” Journal of Marketing Channels, vol. 26, no. 1, 2020, pp. 43-59.
Bondarenko, Tatina Panaedova Galina and Gurieva Lira. “Special Features of Corporate Budget Planning: Contemporary Approach.” E3S Web Conferences, vol. 159, no. 4, 2020, pp. 1-10.
Gioko, Charles. “Factors Influencing the Success of Mass Marketing Strategies in Telecommunications Industry: A Case of Orange Kenya Limited.” European Journal of Business and Strategic Management, vol. 2, no. 3, 2017, pp. 117–135.
Gurel, Emet. “SWOT Analysis: A Theoretical Review.” Journal of International Social Research, vol. 10, no, 51, 2017, pp. 994-1006.
Pienaar, Cornelia, Llngen Elma Preis Eugene. “A Framework for Successful New Product Development.” South African Journal of Industrial Engineering, vol. 30. No. 3, 2019, pp.199-209.
Zemanek, James, Taylor Erik, Tran Trang and Loomis David. “Two decades of the Journal of Marketing Channels: Impacting the Present and Directing the Future of Marketing Channel Research.” Journal of Marketing Channels, vol. 25, no. 3, 2019, pp. 1-11.
