You are a new small business owner focused on selling healthy pet food/products in a small...
You are a new small business owner focused on selling healthy pet food/products in a small town. You are struggling to bring in new customers and develop a name for your store.
Address the following in 375 to 450 words:
Identify two key business strategies that the business should consider.
Compare the business strategies you selected and determine which would be the most useful for your current situation.
Determine the metrics that you will use to evaluate your selected business strategy for effectiveness.
Homework Answers
Business strategies and actions taken will be as:-
- Will identify which kind of food products- cost wise/ company wise/ quality wise is required for which kind of products
- Will identify if consumers buy more for dogs/ cats/ parrots etc. or any other pets and which brand they prefer
- Will identify their frequency of buying, so as to understand the rotation of inventory and stock out periods products in the store
- Will keep a proper track with wholesale suppliers or companies to buy their stocks in lower prices, so can supply finally to a consumer on lower price
- Will start online delivery, via online booking through store’s online web portal, so that customers don’t need to visit store all the time for regular and repeated buying. Also will provide free delivery up to 5 kms from the store with minimum purchase of X $
- Will start loyalty and referral discounts for friends and family for more sales and revenue generation
- Will take feedback from customers face to face and telephonic about the quality of pet food products and which other brands they are willing to buy, so that alternative supplies can be maintained in the store or could come on order basis
Metrics:
- For certain category and type of pet food-
- weekly and monthly Inventory stock required ?
- stock out and replenishment period to be maintained for all kinds of products ?
- shell life of each type of food product ?
- for which pet products sell more- cat/ dog/ parrot ?
- which is the highest selling brand, volume and cost wise ?
- which brand is giving me more profit ?
- which brand supplier, can I consider more discounts to maintain my profitability ?
- sales volume and revenue from online sales ?
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