BFA701 Assignment Sample - Enterprise and Entrepreneurship (Semester 2)

BFA701 Assignment Sample – Enterprise and Entrepreneurship (Semester 2) 2022

Introduction

The company, Avalon Guitars is located in Newtownards, Northern Ireland is a British/Irish musical instrument, and manufacturer. The steel-string acoustic guitar, the one from the game is available in a wide range of styles. Due to the limitations of Lowden Guitars in the design of the licensing agreement, or the company, the makers have the right to submit their design ideas to the company, the development of a product (Pelkonen, 2021).

In order to solve this problem, the company is Located in the Album’s brand of the year 2000, and early in the design of the feedback from a group of companies with the most talented guitar manufacturers have at the moment. In 2002, in the Award’s Gold series, a new line is put in place.

As a result of the advances in the technology of industrial, mass-market-development-in-the guitars, the production is to be achieved. Located in the Silver series, which is produced in Korea, it was introduced and marketed as a general release. The company has been in the United Kingdom and the republic of Ireland is a leading manufacturer of premium custom-made shoes, boots, and a combination of innovative design with top-quality materials, and strict, traditional crafts and trades.

We need to create a guitar that is both technically and musically excellent. This is what is well-known for their love of quality and craftsmanship, craftsmanship, the finest materials, from the inspiring to the voice of each and every guitar to the company. When it comes to the expansion of the business owners are often limited in terms of resources. In order to be successful, the company will have to pay for the costs of small companies, who are working in a small industry in order to meet the demands of the consumer (Juntunen, 2021).

The development of a company depends on whether or not there are sufficient funds to cover the increased costs of operation, such as the Avalon Album, it has never been used in a company of this size, and they are going to be organized in order to cater to the needs of the customer, to be happy and to find a new and better tool

The origins of the acoustic guitar may be traced back to an etching on a tiny round cylinder from the Uruk era (3500-3200 BC). The etching, which dates from the Mesopotamia area of Iraq, portrays a lady playing the oud, a fretless, short-necked, plucked lute prevalent in Arabic culture at the period. After that many lovers of guitars came to vision and slowly this instrument modernized and now the modern guitar are made.

Guitars are really great instruments to play and the quality of guitar the company sells produces sweet sound which is loved by all. Those advancements, together with the advent of the electro-acoustic guitar, went a long way toward resolving the acoustic guitar’s loudness difficulties in live performance. Electric guitars began to gain popularity.

Task 1

Among the many aspects of the success of a business, organising structure is one of the most vital aspects of a business to be a successful one or not. Among the many effective aspects of an organisation like a potent mission or vision statement, righteous leadership and impeccable managerial skills the model of the organisation structure is very vital in attaining the goals set by the organisation.

If any of these key elements are not up to the mark, this can hamper accomplishing the goals of the company which is not at all legitimate for the company (Morrison, 2021). Each type of business is set up by keeping certain goals and accomplishments in mind. All businesses, small or large, national or multinational needs to have a soundproof organisational model or structure to thrive in future.

There are many types of organisational structure, followed by the companies depending on their need, workforce and type of products they’re dealing with. Even though all organisational structures are potent in their form, but all of them has their pros and cons towards the subject. All types of organisations have a customer persona and a customer journey map (Wright et al., 2017).

Customer Persona

Avalon Guitars maintains a concise customer persona. A customer persona is the collective details of the customers of the company. This gives a brief and concise idea about the customers who buy or visits the company. The customer persona is generated by taking interviews, surveying and taking feedback from their customers.

Avalon also maintains a definite guide of products bought by the customers. The customer persona is made mostly by demographic studies and analysis of the customers and taking note of their preferences. Customer persona also aids in creating a customer journey map. Avalon maintains a draft of the customers and their preferences regarding guitars which can aid in targeted marketing (Kalambet, 2018).

BFA701 Assignment Sample - Enterprise and Entrepreneurship (Semester 2)

Customer Journey Map

The customer journey map is a visual representation of the customer’s preferences about Avon Guitar Company. The customer journey map is linked with customer persona which thereby helps the company in understanding their customer and their needs better. The customer journey map is visual data where Avalon can monitor how their customer react to various aspects and products of the company.

For example, for a customer whose customer persona suggests that the person is more into acoustic music, the customer journey map shows that the person has more affinity towards acoustic guitars than electric and bass guitars (McColl, M.D., 2019). The person is more likely to invest in new models of acoustic guitars than other models of guitar. This also forms a shred of collective evidence about the products which the customers like the most and vice versa.

Apart from the products of Avalon, the company can monitor other aspects of the managerial infrastructure of the company via the feedback of the customers.

Importance of Customer Journey Map

The customer journey map is an excellent tool to understand the customer of a company. They are

  • Inbound Marketing

With a customer journey map, Avalon can execute inbound marketing strategies, i.e. understand their customers and target them in a better way for more desired products other than outbound marketing that is inefficient, costly and the results are not up to the mark.

The online platform is best for inbound marketing as it gives the idea about the customer and their buying needs. Like which items, are mostly placed in a cart by the customers for an online purchase, etc. (Logan, 2020).

  • Target Customer Base

By monitoring the activities of the customers of Avalon, both online and offline, the company can get a better idea about the likings, preferences and dislikes of their customers. If a customer purchases and invests inexpensive guitars, the company can suggest the person with more high end and premium guitars.

A person who likes mostly acoustic music, then Avalon cam suggest the person with a wide range of acoustic guitars. This form of the target customer base is more efficient and reliable and the customers prefer it too (Pelkonen, 2021).

  • A Firm Customer Base

With the aid of a customer survey map, the company can increase personal relations with their customers and suggest products according to their preferences. This also lets Avalon check on their loyal customers and serve them with discounts and incentives to encourage them with new purchases. The survey map also aids in letting the company know their customer value, and how many customers moved out or got introduced.

A survey suggests that most people change the brand after a bitter experience, however, with the survey the company has a full idea about the customer’s needs and can always suggest the right product they’re searching for (Komara, 2018).

Task 2

The company wants to introduce a new type of guitar that is Ovation Guitar. This type of guitars are popular from the ancient times and produce a beautiful sound that will mesmerize the listeners. The basic guitar is beautifully build for the guitar professionals to get the best out of the guitar (Świąder and Marczewska, 2021).

The company keeping in mind the quality and the brand reputation wants to introduce this product in the market (Marion and Fixson, 2021). There are many thinks that are to be kept in mind while introducing a new product in the market:

  • Competition- The Company needs to keep in mind about various competitors in the market who sells the same products. The competition is the first item to consider. Study of the websites to learn how the other companies did things and how this can help things better.
  • Customer Preferences- The Company should be aware of who their consumers are. It ultimately boils down to what the consumers want. The company should give them a product they’ll be willing to invest in and enjoy, and then market or debut it in a way that will grab the audience’s attention.
  • Precise Information- Customers like short and easy description of the product and not a whole lot of papers for the product. The description must be attractive and describing the product adequately.
  • Social Media- Social media is one of the most widely used channels for advertising, and what more is a launch than the greatest advertisement of all? The company must publicise the event in advance on social media sites such as Facebook and Twitter, and generate a buzz among the audience.

Among the many aspects of the success of a business, organising structure is one of the most vital aspects of a business to be a successful one or not. Among the many effective aspects of an organisation like a potent mission or vision statement, righteous leadership and impeccable managerial skills the model of the organisation structure is very vital in attaining the goals set by the organisation.

BFA701 Assignment Sample - Enterprise and Entrepreneurship (Semester 2)

If any of these key elements are not up to the mark, this can hamper accomplishing the goals of the company which is not at all legitimate for the company (Morrison, 2021). Each type of business is set up by keeping certain goals and accomplishments in mind. All businesses, small or large, national or multinational needs to have a soundproof organisational model or structure to thrive in future.

There are many types of organisational structure, followed by the companies depending on their need, workforce and type of products they’re dealing with. Even though all organisational structures are potent in their form, but all of them has their pros and cons towards the subject. All types of organisations have a customer persona and a customer journey map (Wright et al., 2017).

The buyer’s preferences, tastes, and needs are constantly changing.  As a result, every company has to present new products in the market all the time to survive in the competitiveness of the market.  Just as a company can make a profit by inventing and marketing new products in the right way, so a business can be at a loss if it cannot innovate according to the needs of the buyer.

  1. To differentiate products from competitors – The product should be differentiated from the competing product and the quality of the product should be improved and the features should be different from competitor’s products and existing products The product must be attractive and appealing.
  2. Provides Product and Brand Information: Various information related to new products and brands should be presented to the public through advertisements. We need to keep an eye on whether the products and brands are being presented through advertisements such as verification of usage and usability, ease of use, availability of products, price, design or change of frog, or introduction of new products or brands.
  3. Influencing on product usage – New products need to be presented through advertisements. One of the purposes of advertising to increase sales is to use eye-catching designs, attractive colors, and catchy language to persuade potential buyers to buy the product and also to make the new product more attractive and complete with new features than the previous product which will be attractive to the buyers.
  4. Identifying customer needs gap and filling their need gap – Understand the needs of the buyer and how to meet those needs and to look at that, we have to look at both. Firstly

Point of priority – Here we can understand how buyers are accepting our product, our brand and how much they like and need our product in their eyes, why they prefer our products for certain features (Wood et al ,. 2021).  We need to keep an eye on why our products are different from other brands and what makes our products special, and why our products are on the preferred list (Chenet et al ,. 2021).

We need to look at what the buyers need, what they like, what new features they want that will be of higher quality than other products and will be readily available to the buyers.

Point of differentiation – Buyers need to understand why the demand for our brand’s product is higher than other brands’ products.  Such Avalon brand guitar has gained a lot of popularity and fame due to its melodious sound.

  1. Search engine optimization (SE0):- We can highlight our product first to customers through search engine optimization and through which buyers will know more about our products.
  2. 4p Framework:- 4 PS included in Marketing products, prices, places, and promotions. This is the main ingredient that effectively encourages and promotes the unique value of a brand and it will help to stand from the competition. So our product is priced and the product should be kept in the product where and what type of product and product is and how it is promoted.

Task 3

According to some research done by the researcher, 64 per cent of marketers think that better data is needed for recruiting, and 67 per cent say that client acquisition is more difficult than retaining customers (Cao and Tian, 2020). Businesses like Avalon guitars understand that gaining a new client may cost thousands of dollars. As a result, the company is looking for solutions inside insights to guide their customer retention strategy to maximize their marketing expenditure.

Data enables teams to get a wider and deeper understanding of their customers. As per the researcher, we monitor a person’s future shopping cart, merchandise use habits, and social media activity with more precision. Understanding my consumers’ wants and requirements offers you new possibilities for customizing brand messages and tweaking value propositions. Using data-driven methods to take action gives you a competitive edge in the market.

The Employee wants to discover correlations of activity that indicate candidate receptivity throughout the client acquisition process. Customer segmentation and targeted content assessment are often prioritized by businesses. While workers try to develop better campaigns on the front end, they make some mistakes on the back end.

Existing company rules may obstruct company consumers’ digital experiences. We can no longer work in silos (Lim, 2020). Selling calls must be known and understood by marketing firms. Salespeople should get a better understanding of manufacturing costs

Companies like them may use analytics to improve their bottom lines by using data. Organizations may analyze customer behaviour, predict future occurrences, and acquire fresh insights to create meaningful connections by linking data to action. Trial with several methods to discover company go-to tactics. Track response rates by engaging buyers with various targeted advertisements.

To test which variant provides the best results, change the title or the location of the call-to-action button. Diversity in company acquired marketing may help you reduce the risks in company tests.

Consumers may take advantage of company product offers while also having the option to share them with others, resulting in more prospective consumers at a lower cost. The business will benefit from a variety of strategies for attracting new paying customers. Big data and analytics may help a business anticipate consumer behaviour, improve overall decision-making, and calculate the rate of return of its marketing efforts.

If these problems were effectively handled, the business would not only be able to protect its market position, but also expand into other sectors. Industry experts of Avalon guitars gather quantitative and qualitative data from separate business technologies and store it in a database using a variety of communication tools. To make better choices, analysts will be able to study and evaluate the data.

As per Sisson, 2021, the majority of businesses use a combination of business analytics software, such as data analysis, pattern classification, and information retrieval software. These technology consulting software solutions provide companies with a comprehensive picture of important data that help them increase speed, creativity, and prosperity.

Even when client acquisition is justified as the primary goal, customer acquisition is critical. It has been estimated that 25% or more of consumers will need to be replaced each year. Consumers may leave a designated demographic or their circumstances may shift, causing them to no longer see value in a product in an enterprise setting (Yerpude, 2020).

Corporate clients may be lost in a business-to-business environment owing to purchase by another company with well-established supplier inclinations, or discontinuing production of the products and operations for which the input was required, or by terminating trade. Brand loyalty and advancement are meaningless without a well-developed, targeted, and effective content delivery strategy.

For its unique characteristics, such as proprietary technology and in-memory computation, QlikView is one of the most popular tools for data analytics in the Avalon Guitar. This allows for the presentation of ultra-fast data analytics presentations. QlikView, one of the finest data scientist solutions, helps to record data connections using particular colours for based and non-data, with current source preserved regularly and reduced to 10% of their original size.

Following this previously mentioned tool, they also use Splunk as it is one of the most frequently utilized digital marketing platforms in both small and medium-sized businesses (Liu et al., 2020).

Splunk was originally designed to analyze equipment log file data, but it has since grown to include several advanced capabilities, such as a user-friendly proxy server and a variety of visualization choices.

Summary and Recommendations

Avalon is one of the oldest companies in the UK which deals with making state of the art guitars. All people who are associated with music have visited Avalon. With the right tools, setup and strategies, Avalon had made a lot of ground in the musical world. However, researchers suggest that the future of music is going to very much different from the present time.

With more online platforms to share and create music, the music sector will grow more in the upcoming years. Avalon has introduced many types of a guitar which has revolutionised the musical taste in people. Music now is not only confined to just playlists or movies, now music is used in all types of videos and visual arts. One of the major aspects is gaming.

The gaming industry is increasing at a vast rate and more and more games are coming up with extraordinary game soundtracks. Many video games are noted only for their mesmerising music scores rather than the game. This proves that music is extremely infectious. Avalon Guitars can work their way into diverging music across all sectors of people, not only to their regular customers or musicians but to the other people who are not into much of music.

The researchers suggest that the expansion of music is ever longing and Avalon has the most appropriate time to increase their connectivity and take the business to the next level.

Reference

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Hao, Y., Ba, N., Ren, S. and Wu, H., 2021. How does international technology spillover affect China’s carbon emissions? A new perspective through intellectual property protection. Sustainable Production and Consumption25, pp.577-590.

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Kalambet, Y.І., 2018. Артурівський дискурс: динаміка концептуалізації прецедентних топонімів і хрематонімів. PRECARPATHIAN BULLETIN OF THE SHEVCHENKO SCIENTIFIC SOCIETY Word, (4 (48)), pp.46-59.

Kalambet, Y.І., 2018. Артурівський дискурс: динаміка концептуалізації прецедентних топонімів і хрематонімів. PRECARPATHIAN BULLETIN OF THE SHEVCHENKO SCIENTIFIC SOCIETY Word, (4 (48)), pp.46-59.

Komara, E., 2018. Skip James. Worried Blues/Bukka White. Worried Blues/RL Burnside. Worried Blues/Mississippi John Hurt. Worried Blues/Furry Lewis. Worried Blues/Honey Boy Edwards. Worried Blues/Houston Stackhouse. Worried Blues/Reverend Gary Davis. Worried Blues/Reverend Robert Wilkins. Worried Blues/Little Brother Montgomery. Worried Blues. ARSC Journal.49(1), pp.104-122.

Komara, E., 2018. Skip James. Worried Blues/Bukka White. Worried Blues/RL Burnside. Worried Blues/Mississippi John Hurt. Worried Blues/Furry Lewis. Worried Blues/Honey Boy Edwards. Worried Blues/Houston Stackhouse. Worried Blues/Reverend Gary Davis. Worried Blues/Reverend Robert Wilkins. Worried Blues/Little Brother Montgomery. Worried Blues. ARSC Journal.49(1), pp.104-122.

Lim, T., 2020, May. Applying Survival Analysis for Customer Retention: A US Regional Mobile Service Operator. In 2020 Zooming Innovation in Consumer Technologies Conference (ZINC) (pp. 338-342). IEEE.

Liu, Y., Soroka, A., Han, L., Jian, J. and Tang, M., 2020. Cloud-based big data analytics for customer insight-driven design innovation in SMEs. International Journal of Information Management, 51, p.102034.

Logan, P.E., 2020. Recording the Classical Guitar: A Documentation and Sound Analysis of Great Classical Guitar Recordings with a Guide for Sonic Emulation (Doctoral dissertation, The Florida State University).

Logan, P.E., 2020. Recording the Classical Guitar: A Documentation and Sound Analysis of Great Classical Guitar Recordings with a Guide for Sonic Emulation (Doctoral dissertation, The Florida State University).

Marion, T.J. and Fixson, S.K., 2021. The Transformation of the Innovation Process: How Digital Tools are Changing Work, Collaboration, and Organizations in New Product Development. Journal of Product Innovation Management38(1), pp.192-215.

McColl, M.D., 2019. Compositions for Guitar Quartet: Suite For 24 Strings The Canadian Landmarks Suite.

McColl, M.D., 2019. Compositions for Guitar Quartet: Suite For 24 Strings The Canadian Landmarks Suite.

Morrison, S.A., 2021. Roxy Music’s Avalon. Bloomsbury Publishing USA.

Morrison, S.A., 2021. Roxy Music’s Avalon. Bloomsbury Publishing USA.

Pelkonen, V., 2021. Engineering contemporary metal music with natural sound sources.

Pelkonen, V., 2021. Engineering contemporary metal music with natural sound sources.

Pelkonen, V., 2021. Engineering contemporary metal music with natural sound sources.

Sisson, P.J., 2021. Advanced Data Mining Analytics in Telecommunication Customer Acquisition and Retention Strategy Development (Doctoral dissertation, Northcentral University).

Świąder, K. and Marczewska, M., 2021. Trends of Using Sensory Evaluation in New Product Development in the Food Industry in Countries That Belong to the EIT Regional Innovation Scheme. Foods10(2), p.446.

Wood, B., Williams, O., Nagarajan, V. and Sacks, G., 2021. Market strategies used by processed food manufacturers to increase and consolidate their power: a systematic review and document analysis. Globalization and health17(1), pp.1-23.

Wright, T., Hibbard, M., Skelton, S., Miller, M. and Patton, M., 2017. Faculty Recital: Trey Wright, guitar,” Some of my Best Friends are Saxophonists”.

Wright, T., Hibbard, M., Skelton, S., Miller, M. and Patton, M., 2017. Faculty Recital: Trey Wright, guitar,” Some of my Best Friends are Saxophonists”.

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