BFA701 Enterprise and Entrepreneurship (Semester 2) Assignment
Introduction [BFA701 Enterprise and Entrepreneurship (Semester 2) Assignment ]
The main reason for the success of Avalon guitar is the perfection of the products which are being made by them. There are different parts of an acoustic guitar which are the fret, the body and the strings. Avalon always made sure that all of the guitars which are made by them are being delivered to the customers with finest finishing in all of the parts within the guitars. The price range of the products which are made by Avalon are not high as well.
The customers can avail a high quality guitar within a limited amount of price range. In the case of electric guitars there are different components added within the guitars except basic frame strings and body. The amplifier or sound modulators are being produced by Avalon along with electric guitars as well. Bass guitars are the main USP of the company. Bassists from all over the world who have used Avalon products have reviewed regarding Avalon products in a positive manner.
The company has been operating in a local market for a high amount of time and this is the high time that the company goes international. Proper marketing strategies as well as partnership are required to be done by Avalon in order to be accepted by higher customers within other countries. People from all over the world are required to look into the quality which is being provided by Avalon through their guitars. The sound quality is way too linear and sound quality is perfect as well.
It can be seen that the guitars which are being produced by Avalon are mainly for the age group of sixteen to twenty five year of age group of people. Although people from all age groups can play the guitars made by Avalon but the market that the company is currently targeting is the enthusiastic youth who are interested to play high quality guitars within a budget. Avalon is required to acquire a proper marketing strategy in order to increase the popularity of the brand.
Within the period of globalization it is going to be highly easy for Avalon to increase its market and once the company gains a global popularity the overall sales of the guitars made by the company is going to increase in a drastic manner helping the company to generate a high amount of revenue. Avalon is required to look into the market in order to understand the demands of the customers regarding the quality of the guitars so that they can deliver more lenient performable guitars.
Task 1 Completion of Customer Journey
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Customer Journey Map
The customer journey map is a process to make a good impression when the customer is ready to buy any products from the company. The main structure is for getting more customers by simply making a strategic plan which is related to discover more customers and their needs. Every company is very conscious about this kind of mapping (Vakulenko et al. 2019, p.32).
The Avalon Guitars has also researched the customer journey maps. There are some positive sides and some negative sides in every company. Avalon guitars also have some mixed impacts on their customers. It is a powerful technique to motivate the customers and mitigate their hesitations. Collecting some necessary data of any customer is important to understand their basic needs. It is one kind of customer experience map, where customer expectations are the most important factor.
Figure -1: Customer Journey
(Source- Micheaux and Bosio, 2019, p.201)
Customer’s persona
A customer persona is a very important factor when it comes to the business. It is also known as a buyer persona. When a company targets some specific type of customers from a wide range of customers they used some demographical, interest-based factors to sort them out. The way a company follows is called customer persona (Micheaux and Bosio 2019, p.325).
If any company chooses this thing carefully then they will surely get success in the future. Avalon Guitars has also done great work in this segment. They have successfully targeted their audiences by choosing the correct customer persona. They have done a research campaign before choosing the customer’s persona. Customer persona or buyer persona is the same thing. Companies’ success journey depends on the customer persona which they choose for their marketing. This thing helps to focus on the targeted audiences (Vakulenko et al, 2019, p.54).
Customer persona has done a great impact on the Avalon Guitars. Avalon Guitars have done their focus on the personal info of the customers. They want to know their customer’s hobbies, passions, locations, incomes, ages, etc. After knowing all their details they can easily target them by selling their products according to their needs. Customers also get the best experience.
Every customer wants to get the best experience from the company when they are buying some staff. It is very important to understand the customer’s needs and their expectations. The Avalon Guitars has done a great job when it comes to customer persona. They have successfully targeted their desired audiences with campaigns. Now they are on the top guitar making and selling company in the UK.
The scope of a customer journey map
0Avalon guitars are suffering some problems with their business growth so they want to know the problem. The main problem is to identify those problems and briefly mitigate them with an appropriate approach (Berendes et al, 2018, p.54).
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Problems behind customer mapping
It is important to make a specific audience selection for advertisement through digital media. Digital campaigns are so effective if customer mapping is correct. It will give a huge audience base to know their basic needs (Mucz and Gareau 2019, p.45).
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The right way to make Customer Journey Map
In order to create the right customer journey map, Avalon Guitars should consider takedown customer persona to initiate the first step of the customer journey map. Then Avalon Guitars should understand the customer’s goals (Berendes et al. 2018, p.31). After that, it is important to note the buyer touch points. After getting to know all factors it is recommended to prioritize and fix all roadblocks and update the route map.
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The right approach of gathering customers voice
It is impossible to know the customer’s advice for the company. So Avalon Guitars should survey the customers to know their point of view. Their advice will help the company to identify their needs. Avalon Guitars should consider customers seriously to improve their business ideology.
Potential Improvements in the customer experience
Customer experience is the process where customers make a review where they said about their experience that is called customer experience (Clinehens, 2019, p.68). The customer gives a researched review on whether the company meets the expectations to fulfill all their needs and satisfied them properly.
Providing a great customer experience is the main responsibility of any company. Avalon Guitars has focused on their customers and they have provided a great customer experience. That is why they are now the top guitar brand in the UK.
A great customer experience provides more value to the company. Here Avalon Guitars has already got thousands of reviews on the Google map. Customers have got to know that this brand will provide great value to them. Avalon Guitars is making beginner to professional type guitars. They know that what kind of audience is going to purchase their guitars. Some improvements are still needed to capture the global market.
Some customers have said that Avalon Guitars are good but they lose the playing tone after a while. So it is important to recheck all manufactured guitars accordingly to mitigate the quality issue (Dirsehan, 2019, p.760.
Some customers got broken parts at the time of the delivery. After all background checks, Avalon Guitars found that the courier partner mishandled the package. So it is required to change their delivery partner to reduce the mishandling. Customers will not be happy at all if they receive the package in broken condition (Purcărea, 2018, p.65).
The company Avalon Guitars is running with low-skilled workers as professional skilled workers are not available at the moment. So it is important to find some skilled workers who provide great customer experience.
Task 2 Creation of New Product
- The company ‘Avalon Guitars’ is known to create a new guitar in order to appeal to new market segments whilst maintaining its reputation. What should they consider in terms of intellectual property and risk and how should these be managed?
The company ‘Avalon Guitars’ build good relationships with their customers by giving their guitar as their requirement and providing superior quality personal service. ‘Avalon Guitars’ the finest handcrafted guitars company attracts customers by cracking their expectations on every visit. Companies provide unique products to reward those target customers and gain a successful and repeat business.
Music has always worked to play a geat binder, so far as the development of fascination is concerned. Music has always played a role in developing fascinations among the youth (Berendes et al. 2018, p.31). It would not be simple or easy to do, and the effort to get their customers with the amazing musical environment across and with fair pricing, excellent after and before that sale service in advance, they can succeed.
Service and product description:
The company ‘Avalon Guitars’ will offer several type of handcrafted guitars and their instrument parts such as:
- A large number of selective guitar and band instruments with an importance on the traditional level of music entertainment.
- Acoustic and electric guitars have different kinds of brands that are well known.
- Different kinds of specific recorders launch to support their guitar sales.
- Sound reinforcement guitars will be exclusively created from this handcrafted guitar company. They would be the best dealer in the UK, and would propose a rental product for local schools and bands.
- A better good collection of division helps to support all above items. A current Music instrument and article finds around 80 percent of the consumers offer positive reason that the customer buys from a musical parts and instrument dealer.
Figure 2: Brand value distribution
(Source: Mucz et al. 2019, p.321)
This needs to be mentioned that the customers’ needs to fulfil the aspirations and the demands of the customers in a daily basis. Hence it can be proven that a proper guidelines could be addressed through taking different measures. This helps a better growth and analysis of the sale of guitar in the different areas of concerns. Therefore it could be well identified that the acquisition is falling below standards.
Competitive comparison
‘Avalon Guitars’ is different between all over market and their competitors in multiple key areas:
- Their three biggest competitors don’t like to carry orchestral instruments and band, one of their focal point of understanding.
- They provide services to develop and support their key products and also most of their rivals deal with this kind of guitars altogether.
- ‘Avalon Guitars’ takes advantage of brand and understands the internal elements, and that all dealers under-advertise and overlook.
- The company needs to capitalize the deficiency of its competitors in the secondary category by keeping theirs well-stocked.
Guitars could not be totally thoroughly if one lacks knowledge. Unfortunately, the company are not able to sell the products at higher pricing only because they offer instructional and repair services, the market did not support musical dealers who are trying this (Mucz et al. 2019, p.321).
The Avalon guitars needs to be extremely careful while conducting the marketing for the products. The company needs to keep vigil at the different framework of understanding chalked out through a proper guidance. Off course, the marketing part needs to be taken care off while addressing the overview of demand and servicers that is produced (Muez et al. 2019, p.321)
Figure 3: Different type of activity chart
(Source: Clinehens, 2019, p.320 )
Accessories were the highest gaining profit center for all the stores and they have to be exposed to their competitors’ failure in the market if they wish to spread wrong rumors regarding the market related success. Avalon guitars needs to constantly assess the different input analysis, through a common chain of platforms. The overall success factors could or needs to be channelized through a better framework of analysis and management (Clinehens, 2019, p.320).
Creating a new future products:
‘Avalon Guitars’ will revolve its stock and instrument so that modern new handcrafted products are easily available in the market. The shop will well balance what is the required item in this popular today and with what would be popular in tomorrow’s generation. they will notice all the following topic for the purpose to ensure growth of the all store:
- They wish to convert the only guitar store in the UK to associate some program, the National association of music sponsored those programs. These programs are responsible to bring back towards the fold some who have been given up from the music. This program has to successfully raise income opportunities more for the shops who have to implement it.
- Firstly, Avalon guitards needs to bring reforms in its entire team distributions. Ample mount of focus needs to be laid on the largr scale research and development. Only research and development can bring in product quality. This is addressed through continuous monitoring and development. (Clinehens, 2019, p.320 ).
- The company will take all advantage through the internet as the improvement tool for passing all information about their products and store to current and potential clients. they will provide and maintain that site as it looks like a local site, adjust toward all service and information. They believe placing a deals engine in their website would just lower their limited sales opportunities and initial profit margin, so they would avoid this now.
- They hope to create music clubs organized to seniors and children. These would be clubs that they can build with a little cost but that could generate extra sales which are not actively focused by their competitors.
- In the term, many more avenues are there that they could explore, like service contracts, professional sound testing installations and traditional guitars and piano sales with private housing systems and the public.
The musical industry is not focusing on hi- tech guitars. This development can boost the morale of Avalon guitars as they make several types of product areas and most probably all the guitar related multi-track recording software or hardware and effects. Increase ion the sales will have positive effect so far as the product developmet is concerned. The old guitar products are getting obsolete.
Task 3: Data Analytics
- The company is keen to know how they can use data analytics to improve customer acquisition, this could include relevant data analysis tools that the company could utilise.
In the music instrument industry, the consumers are showing knowledgeable and prompt service, best product value, wide selections and musical lessons for their enjoyment and understanding of their products. They are interested in finding shops offering some benefits through word.
The musical instrument market has been driven recently by the number of email order companies, high-selection Internet and low-cost, which has reasoned due prices to our level, by giving customers comparison shopping with their fingertips. In response, different types of large chains tried to give the same wide selections in the spaces of physical retail, at the change of customer service and staff training (Cline hens, 2019, p.320).
Customer value needs to be addressed through achieving a better control overall the final product analysis. This needs to be known and understood that the overall benefits of the different outputs point fingers towards the related inputs that are achieved through a definite analysis. This take into account the related overview relating to the different stages of development. The ultimate aim of the task is to understand a better delivery of job handling. This take into account a host of elements that are related extensively to the product development.
Therefore it can be understood that the task based development needs focus towards quality assessment. This needs to be mentioned that the different analysis needs to be identified through a better framework analysis.
. Hence, the high-profile product advertising generated through these chains is down to ripples even in small stores, most of the musicians in all levels create to discover the missing parts and elements in the sales models. ‘Avalon Guitars’ has the prices, focus and experience on the customer services to fulfill all gaps.
Figure 4: Monthly sales distribution
(Sources: Clinehens, 2019, p.320 )
Data analysis:
The segmentation of market figure is based on the fact there is a rising demand of 469% in the sale of guitars. This could cater to the development of Avalon guitars. Within the group, there are some various segments, to novices and hobbyists, to semi-professionals and ranging professionals. It is so difficult to remake the demographic single profile for the typical musician for the musical industry, as within every client or instrument type, this figure for income and age will change drastically. The total population is supposed to increase of around 40% in the coming time as there is demand.
They aim to crack all target musical semi-professionals, hobbyists and novices. These groups involve the biggest percentage of customers, with the highest amount of excessive income.
Figure 5: Data analysis
(Sources: Purcărea, 2018, p.23)
They have to choose but not to create professional musicians for those several reasons. The industry clearly call for professional musicians. This needs to be identified that the musicians needs to be catered through a better input analysis. Therefor it is quite evident that they offer a more peaceful and exclusive range of shopping environments for all those novice consumers.
Their target client that though varied, could be approached in all the same manner. Their most major market needs such as Value, Service, Lessons and Selections.
Product service Business Analysis:
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Local musical product Instrument retailers:
These retailers commonly carry all different main brands and offer some mix of accessories and instruments.
2.Superstores and chain stores:
All this takes into account main chains such as this guitar center. These stores were always larger than other stores and offer a bigger selection of the instruments (Purcărea, 2018, p.23). These stores provide sub-standard walk-in and quality service and usually attract the customers who look for stylized looks in their guitars. This accounts to a better analysis of demand.
3.Mail Order:
The product companies like Avalon Guitars serve the consumers through email ordering businesses which offer exclusive pricing range of box products. For those all purely the price-driven buyer, who are buying boxes with an expectation of no service, that can be so much attractive. These retailers also give as a technique or educational tool through displaying items which most of the dealers don’t stock.
Principle of business management:
Principles of business Management centers on the responsibilities and roles of managers of the company as well as the challenges and opportunities of ethically leading in an enterprise system freely. This principle covers a variety of management concepts that are based on management theory accepted traditionally and present practical techniques that managers usually use to face objectives and organizational challenges.
Students would be introduced to many different possible situations which managers continuously handle using those variety of techniques including oral presentations, projects, case studies, simulations and cooperative learning.
Conclusion
Avalon guitars have been highly accepted by different people who already have used the guitars. The stunning looks, amazing design and perfect sound quality of the guitars impressed the current customer base. The customer base of the guitar brand can be noticed growing in a rapid manner along with time which is going to help the organization to generate a higher amount of revenue within a limited amount of time. The designs are going to attract a high amount of youth as not only acoustic guitars but also the bass guitars as well as electric guitars have been made with proper materials that provide sharp edge cuts and futuristic designs.
The typical futuristic design and light weight of the guitars are making Avalon guitars accepted within the people in a high manner. The new designs and new materials which are used within the guitars are impacting within the customer base. It has been noticed that the company has prioritized resin to make transparent guitars, new designs like different materials within resin are being mixed in order to produce dolly satisfying guitar bodies for the bae guitars.
The market is required to be analyzed by Avalon so that they can understand the prime demand regarding quality of the guitars by the customers so that they can deliver required products. Inventive thoughts are required to be kept within the mentality of Avalon management and it is required to be made sure that the existing customers do not get bored by monotonous designs of the guitars. Innovation regarding design of the guitar is required to be portrayed in order to increase the overall sales of the guitars.
Contemporary companies currently do not provide guitars with high quality in a relatively lower price range and this is one of the core reasons why Avalon is being picked by people as they are providing really high quality products within a limited price range that is helping the young people to avail guitars and play it. Currently the revenue which is being generated by the company is really high and increased at least 30% in compared to last year’s profit. It can be concluded that the Avalon guitars are required to implement an online portal so that people from all over the world can look into their products and can buy them.
Recommendations
Avalon guitars mainly require working on their sales strategy in order to increase overall revenue generation as well as acceptance within the people. Local retailers are required to be contacted and contracted so that a high amount of Avalon guitars can be portrayed within the local guitar shops. This is going to increase the availability of the Avalon guitars within the people and offline market can be captured by the company.
Avalon is required to contact different online portals to portray their guitars so that a higher number of people can look into Avalon products in online platforms. Avalon is required to launch their own online portal as well so that people can purchase guitars directly from them helping the company to generate a high amount of revenue.
References
Vakulenko, Y., Shams, P., Hellström, D. and Hjort, K., 2019. Service innovation in e-commerce last mile delivery: Mapping the e-customer journey. Journal of Business Research, 101, pp.461-468.
Micheaux, A. and Bosio, B., 2019. Customer journey mapping as a new way to teach data-driven marketing as a service. Journal of Marketing Education, 41(2), pp.127-140.
Berendes, C.I., Bartelheimer, C., Betzing, J.H. and Beverungen, D., 2018. Data-driven customer journey mapping in local high streets: a domain-specific modeling language.
Mucz, D. and Gareau-Brennan, C., 2019. Evaluating Customer Experience through Customer Journey Mapping and Service Blueprinting at Edmonton Public Library: An Exploratory Study. Partnership: The Canadian Journal of Library and Information Practice and Research, 14(1).
Clinehens, J.L., 2019. CX that sings: An introduction to customer journey mapping. Jennifer Clinehens.
Dirsehan, T., 2019. Mapping smart mobility technologies at Istanbul New Airport using the customer journey. Smart urban development, pp.109-119.
Purcărea, T., 2018. Developing marketing capabilities by mapping customer journey and employer journey, considering the blurring of boundaries between marketing, technology and management. Holistic Marketing Management Journal, 8(1), pp.22-44.
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