Documente Academic
Documente Profesional
Documente Cultură
Vivian Cheung
6662131
April 1, 2016
Professor Barbara Orser
New Venture Creation
ADM3313N
need to be made. As for the inventory issue of over and under stocked items, promoting online
sales could reduce wastage and customer dissatisfaction for not finding their desired product on
their time of convenience. Online shopping would allow the company to better organize and
analyze the inventory data entries. These data entries could help create a more accurate
production plan by determining which product is in high demand during which season and to
have a more accurate knowledge of the number of existing inventory. Online shopping offers
many advantages for the company, such as providing more convenience for consumers,
appealing to the newer generation, and including the reasons stated previously.
3.0 Primary recommendations
There are many opportunities for Charles chocolates to grow, but the company should
grow in a direction that would appeal to consumers through primary market research. The most
effective way to gain the most accurate data in determining what consumers seek would be
validating company ideas through surveys, interviews and samples. This way, it would allow the
company to better understand which marketing strategies to select. For an example, Charles
chocolates should conduct a mass survey to existing and new consumers in regards to what
packaging appearance they desire - whether it be a completely new style, or the same heritage
themed style or a combination. By receiving confirmation from the consumers, Charles
chocolates would lower the risk of their strategies failing.
Another growth plan the company should focus on would be to adapt to current trends.
For an example, because our market is shifting to a more technology based society, Charles
chocolates should grow their online business. More and more consumers are enjoying the
convenience of shopping from home. As stated in the previous section, by implementing more
online sales, it would bring many benefits to the company such as increasing revenues and
having more accurate inventory data. Currently, Charles' online business only offers free
shipping for orders over $500, but successful businesses such as Amazon and Ebay often offer
free shipping to appeal to more consumers. Another trend that Charles chocolates could follow
would be the healthy eating and the social awareness trend. Charles chocolates could advertise
their health benefits and social responsibility to appeal to a new market. There are many different
ways Charles chocolates could adapt to the market's needs, but the company needs to follow
more recent trends to appeal to more consumers by keeping up with their constant changing
needs.