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ABC is a retailer of e-bikes and sells different types of bikes such as mountain bikes, beach bikes, and more. Along with bikes, the retailer offers services, components, and accessories that are installed by skilled mechanics. It also sells products like biking hats as well as apparel.
The retailer aims to achieve certain goals in the coming five years using the following strategies.
Goal 1: Achieve a level of profitability higher than 15% per year.
Use the capital carefully for investing in the business as well as effectively managing funds for wages, rent, and other operational costs.
Employ the required number of full-time mechanics who are adequately skilled and certified to provide all types of repair and services to the customers.
Motivate the staff for achieving the target sales by providing them incentives based on the number of e-bikes sold by them (Plazier, Weitkamp & Berg, 2018).
Goal 2: Provide high-quality products and services to the customers.
The retailer generates revenue using two ways: retail sales and service. The retail sales include e-bikes and other types of bikes available such as a mountain, downhill, beach cruiser, and road. All these products must be of high quality and must be checked before providing them to the customer.
In addition to the bikes, the retailer sells different accessories such as locks, racks, water bottles, and various kinds of clothing such as jerseys, gloves, shoes, casual wear, and more. The stock of these products must be maintained carefully as per the customer's demand and needs.
The customers must be told about the wide range of components that can be used to fix or upgrade their bikes for better functioning (Bright, Ogandaga & Arora, 2020).
The certified mechanics of the service department must inform the customers about the accessory installation and repairs under warranty.
Goal 3: Arrange the group rides regularly to build new customer relationships.
It is very helpful to build a strong relationship with the customers and to develop trust, the company must engage the customers by organizing regular group rides to encourage interaction.
This will attract more customers and help to increase reach through the organization of such activities and building a positive brand image (Plazier, Weitkamp & Berg, 2018). The owner must form good relationships with suppliers and experts of the industry to ensure long term benefits for the business (Raiborn, Payne & Joyner, 2013).
This approach will be beneficial for the business in achieving a positive brand image and in attracting more customers and hence increasing profitability. The business is working towards the environmentally friendly practice of riding e-bikes to ensure that more people use e-bikes instead of normal bikes that lead to environmental pollution (Raiborn, Payne & Joyner, 2013). Organizing group events, hiring certified mechanics, and providing appropriate services to customers may lead to an increase in costs but these things will surely help in creating a competitive advantage for the business. The business must focus on its vision to promote the use of e-bikes instead of other pollution generating transport and must move in the same direction to create a positive social impact which makes it different from other businesses (Plazier, Weitkamp & Berg, 2018).
Bright, D. D., Ogandaga, E. L. A. D., & Arora, A. S. (2020). Seeing Is Believing: The Disruptive Effect of Sustainable and Functional Product Design in Electric Bikes for Emerging Economies. In Sustainable Innovation, 25-32.
Plazier, P. A., Weitkamp, G., & Berg, A. E. (2018). Exploring the adoption of e-bikes by different user groups. Frontiers in Built Environment, 4, 47.
Raiborn, C., Payne, D., & Joyner, B. (2013). Environmentally-friendly business strategies: BP–a case of rhetoric or reality?. Journal of Business and Management, 19(2), 67-89.
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