Buyer Involvement Implications Retailing â€Myassignmenthelp.Com

Question: Discuss About The Buyer Involvement Implications Retailing? Answer: Introducation The enterprise aims at selling the product to online shoppers through its website which will be accomplished through advertisements on the company website, by use of posters and brochures. The customers will also be allowed to use the trial version of the product to have a real life experience on its efficiency (Strauss, 2016). The objective of the business is to make online shopping lively, easy and efficient. Hence, its unique selling proposition is to offer clients the opportunity of free real-life trial experience Organizational And Management Plan This is a purely technology-based business, and therefore the dependency on the human capital is almost inexistent. On the contrary, the company will concentrate on acquiring additional IT systems to boost its operations and service delivery. Furthermore, most of the modern businesses are advancing with technology by operationalizing their activities to cop up with technology except for those that are not competitive in the market. Since the business is technology based, it will benefit most from the numerous IT systems that exist in the market because suppliers of IT products are easily found. Additionally, the acquisition of the resources necessary for the business operation will be easy. The enterprise also a strategic plan that is expected to adhere to the ethics and social responsibility strictly and is already offering junior jobs to the fresh graduates without any discrimination on any basis (Fraedrich, Ferrell, Ferrell, 2013). Operational/Production Plan The business is projected to attain high service delivery standards to the satisfaction of the customer demands. Since the intangible attributes of the product are powerful reputation and brand image, the business will endeavor to offer customer service upon request and in a quality and satisfactory way. This will increase the sales of online shopping while at the same time meet, attract and maintain customers. Financial Plan The Real Trial business requires $295,200 as a start-up cost to advance the business prospect. The amount will service the cost of machinery, personnel,-pre-operational costs, and permits. The net profit/loss ratio is as follows: Net profit or loss percentage = (loss/revenue) x 100 = (65,200/230,000) x 100 =28.35% This business is having a loss of 28.35% in the beginning of the first year and it will start earning profit after 1 year 4 months as shown in the break-even point: Break-even point = fixed cost/ (revenue variable cost) = 271,000/ (230,000 23,300) = 1.31 or 1year 4 months approximately Break even revenue = revenue x break-even point = 230,000 x 1.31 =$301,548 Thus, the business starts earning profit the moment revenues hit above $301,548 Critical Risks And Assumptions a) Industry Analysis and Trends The business is expected to face difficulty in securing financial assistance from financial institutions because The Real-Time idea is based on an already existing business innovation. However, based on the uniqueness of the product, which the competitors do not have, it is likely to convince the banks otherwise. For instance, the capability of Real Trial to enable the customer to first view the image of the online product before deciding to buy or not in addition to other promotional activities will easily woo the financial institutions towards the desired financial support. For this reason, the product has been patented under the Singapore Patent and Trademark Office (Patent, 2011). The other challenge for the business in venturing into the industry is market positioning hence the decision to venture the niche market of IT service. The Real Trial expects growth revenue of $3 million within the first five years with the implementation of an appropriate marketing program and a thorou gh industry analysis which has enabled the enterprise to understand its position in the market in comparison with the companies of similar services (Player, 2014). b) Strategic Position and Risk Assessment To ascertain the completion and customer services, the business has undertaken its strategic positioning by providing its product to the right market. The business will partner with Paypal which commonly used by the majority (Jones, 2012), it will also make use of various channels including website, email marketing, social media, company app, product awareness and purchase in the Web page (Chen, Fay, Wang, 2011). The Real Trial has conducted its risk assessment and found out three critical threats to its operations and their respective solutions. Technological Hazards: The business is most likely to face the danger of cyber insecurity of its product, but plans are in place to hire cyber-crime experts. Regulation: The business is to deal with internet product, and thus government regulations governing internet security are to be strictly adhered to. iii. Competition: This is the greatest challenge of any organization (Hollensen, 2015). The industry consists of companies that are well established, and it will take time and effort to have their market share. But our strategic and marketing plan is expected strive and have the market share. Conclusion The Real Trial business in the service industry of Singapore is a venture that will enable online customers to easily buy products from the online platform with much easiness than physically buying from the supermarkets or traditional stores. Its unique feature of enabling the customer to closely view the product of purchase before making the purchase decision is most likely to be adopted by online shoppers. The marketing plan of the product mostly relies on technology just as the product itself is in the IT industry. Furthermore, the organization intends to use its website, posters, brochures, social media, and the company app as channels of promotion. The decision to allow customers to use it at first on trial basis is the most convincing way that would attract the target customers who will try it and after having little experience on its uniqueness will not hesitate to make a full purchase. The product features go hand in hand with the objectives of the business which are to make online shopping more enjoyable, convenient and easy. Regarding the organisational and management plan, the business intends to focus more on acquiring sophisticated IT systems as opposed to human capital because most of the operations will be executed by machines. With the satisfaction of the customer demands, the organization is expected to produce and maintain a powerful brand image which will steer it towards attaining its first profit after one year of operation. The risk assessment of the business will enable it to foresee and counter any significant challenge in its business operations. The Real Trial business venture is an idea whose time is come and with the technological advancement and the shift towards online shopping, I believe it will advance as well References Chen, Y., Fay, S., Wang, Q. (2011). The role of marketing in social media: How online consumer reviews evolve.Journal of Interactive Marketing,25(2), 85-94. Fraedrich, J., Ferrell, L., Ferrell, O. C. (2013).Ethical decision making in business: A managerial approach. South-Western/Cengage Learning Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education. Jones, M. T. (2012).The PayPal Official Insider Guide to Mobile Profits: Make Money Anytime, Anywhere. PayPal Press. Parment, A. (2013). Generation Y vs. Baby Boomers: Shopping behavior, buyer involvement and implications for retailing.Journal of retailing and consumer services,20(2), 189-199. Patent, D. (2011). Trademark Office, Singapore Research Report. PLAYER, G. T. H. T. (2014). Amazon. com, Inc. Strategic Management and Business Policy: Globalization, Innovation and Sustainability. Strauss, J. (2016).E-marketing. Routledge