Instructions
Choose one (1) existing small- or medium-sized Australian business with an outlet in Sydney or Manly. Select one which might have a website, in case you cannot visit the physical store
Some examples: pharmacies (Chemist Warehouse, Priceline Pharmacy), restaurants (Chat Thai Restaurant, Fish Bowl poke bowl outlet), pizzerias (a Domino’s outlet, I Love Pizza), ice cream shops (Ben and Jerry’s, Royal Copenhagen Manly), cafes (Gloria Jean’s, Starbucks), bars (Manly Wharf Bar, 4 Pines Manly), convenience stores (7-Eleven), gyms (Anytime Fitness, Plus Fitness), a small hotel (The Sebel Manly, The Novotel), and so on
As a group, collect or note down data on:
(i) where the business is located and what other similar businesses are nearby (is there a lot of competition?)
(ii) how its store/premise looks like (if possible), and what kind of customers/clients they get (if possible)
(iii) what services or products they offer (e.g., from their menus or based on what is on their store shelves)
(iv) what their prices are and what non-price methods they use (promotions, packaging, service quality etc.)
(v) their cost elements (how many staff they have, the rental cost of their premises, raw material/supplier/shipping/delivery/other costs)
(vi) what they might be doing to make themselves competitive or attractive to customers
4. As an individual student, use that information to analyse that business as a consultant hired to:
(i) improve its cost situation
(ii) propose strategies to make that business more competitive and able to survive for the long-term (Week 5’s topic, and if you want, Week 4’s exercise sheet’s ‘Application’ question no. 8 to guide your thinking)
(iii) propose strategies to enable it to grow/expand
(iv) propose pricing and non-pricing strategies for its services or products
Detailed Questions
Use the detailed questions below to write your report.
Q1: Cost-saving proposals
You have a rough idea about how the business operates and what kind of fixed and variable costs etc. it has.
Recognising these cost elements of this business, or a typical business like this, propose ways it can cleverly save costs (be more cost-efficient) by:
(i) reducing fixed cost
(ii) reducing variable cost
(iii) cost-shifting (passing on/sharing part of the costs onto customers, workers, the government, the public in general etc.)
(iv) aiming to achieve better economies of scale (or, if you like, economies of scope)
Propose three cost-saving ideas using any of (i) to (iv). E.g.: two of (i) and one of (ii).
Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any).
Q2: Competitive strategy proposals
What competitive strategy can your chosen business use to gain an advantage in sales over its rivals (any other similar businesses nearby)?
Use the competitive strategies frameworks you learn in Week 4 to propose ways the business could become more competitive:
(i) the five generic competitive strategies
(ii) the 4Cs (contrast, combination, constraint, context)
(iii) the 4Qs (questions: 1. Is your business relevant? Can you make it more relevant/offer real or essential or higher consumer needs? 2. Are customers dependent on you or not? How to make them more dependent? 3. Do customers prefer us to our competitors? How to make them prefer us? 4. Are we excellent at something? How do we become excellent compared to rivals?)
(iv) six ways to differentiate yourself (product, service, channel, relationship etc.)
Propose three ideas using any of (i) to (iv). E.g.: (ii), (ii) again, and (iv).
Discuss them: why you proposed it, why it is a good idea, what challenges might there be to implement them (if any).
Q3: Growth, pricing and non-pricing proposals
How can the business expand its customer or market base?
Use the growth frameworks you learnt in Week 5. Propose ways to grow the business using:
(i) organic (or internal), horizonal (or external) and vertical growth strategies
(ii) the 6Ns (new processes, new experiences, new features, new customers, new offerings, new models)
(ii) a pricing strategy (e.g.: penetration pricing, anchor pricing, buy-one-get-one-free) or non-pricing strategy (e.g.: promotions, design, packaging, quality of service, location)
Propose two growth strategies using any of (i) and (ii).
E.g.: (i) organic growth, and (ii) new processes, or (i) new features and (ii) new offerings
Propose two pricing and non-pricing strategies
E.g.: (i) pricing strategy and (ii) non-pricing strategy, or (i) non-pricing strategy, (ii) another non-pricing strategy
Discuss them: why you proposed it, why it is a good idea, what challenges might there
The post medium-sized Australian business appeared first on Homeworkaider.
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but you proved you are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 11***| Rating: ⭐⭐⭐⭐⭐
"This company is the best there is. They saved me so many times, I cannot even keep count. Now I recommend it to all my friends, and none of them have complained about it. The writers here are excellent."
"Order a custom Paper on Similar Assignment at essayfount.com! No Plagiarism! Enjoy 20% Discount!"
