MNM2615 Assignment 3 Portfolio 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)...........
Section 1: Background of SME/SMME
Provide a summary on the background of your chosen SME/SMME. In the ba...
MNM2615
ASSIGNMENT 3 PORTFOLIO 2024
UNIQUE NO.
DUE DATE: 2024
,MNM2615 MARKETING IN AFRICA
ASSIGNMENT 3 PORTFOLIO
(MNM2615)
Date of submission :
2024-06-08
,DECLARATION BY STATEMENT
I ……student number …….……. understand the consequences of plagiarism and
collusion and hereby declare that the work submitted for this report for MNM2615 is
my own work.
,Table of Contents
1. Background of SME/SMME
2. Assignments 01 Corrections and Suggestions
3. Answers to Assignment 03 Questions
- Industries Needed in Africa
- Marketing Environment Factors
- Challenges of Doing Business in Africa
4. Recommendations for XYZ Handcrafted Goods
- Expand Digital Marketing Efforts
- Enhance E-commerce Capabilities
- Strengthen Supply Chain and Inventory Management
- Invest in Employee Training and Development
- Expand Product Lines and Seasonal Collections
References
,Introduction:
XYZ Handcrafted Goods, a Johannesburg-based SME, specializes in eco-friendly, handcrafted
products. This report provides a comprehensive analysis of the company's background, marketing
environment, and challenges, followed by practical recommendations to enhance its operations and
growth.
,Section 1: Background of SME/SMME
Company Overview:
XYZ Handcrafted Goods is a small to medium-sized enterprise (SME) located in Johannesburg,
South Africa. Established in 2015, the company specializes in producing and selling a range of
handcrafted, eco-friendly products, including home decor, jewelry, and personal accessories. The
mission of XYZ Handcrafted Goods is to create unique, high-quality products that promote
sustainable living and support local artisans.
Products and Services:
XYZ Handcrafted Goods offers a diverse array of products, each meticulously crafted by skilled
artisans. Their product line includes:
Home Decor: Items such as handmade cushions, throws, wall hangings, and pottery.
Jewelry: A collection of handmade necklaces, bracelets, and earrings using sustainable materials
like recycled metals and natural stones.
Personal Accessories: Items such as handbags, wallets, and scarves, all made with eco-friendly
materials.
Location:
The company operates out of a boutique workshop and retail space in the trendy neighborhood of
Maboneng, a cultural and creative hub in Johannesburg. This location is ideal for attracting both
local and international customers who are interested in unique, artisanal products.
Customer Base:
XYZ Handcrafted Goods primarily serves a niche market of environmentally conscious consumers
who value sustainability and craftsmanship. Their customers include:
Local Residents: Middle to upper-middle-class individuals who appreciate artisanal products.
Tourists: Visitors to Johannesburg looking for unique souvenirs and gifts.
Online Shoppers: A growing segment of customers who purchase products through the company’s
e-commerce platform, which ships internationally.
Company Vision and Values:
XYZ Handcrafted Goods is committed to promoting sustainability and supporting the local economy.
They prioritize using eco-friendly materials and processes in their production. Additionally, the
company works closely with local artisans, providing them with fair wages and helping to preserve
traditional crafting techniques.
,This SME’s focus on quality, sustainability, and local craftsmanship sets it apart in the marketplace,
allowing it to build a loyal customer base and steadily grow its brand presence both locally and
internationally.
Understanding the background of XYZ Handcrafted Goods provides a foundation for exploring
deeper aspects of the business, such as the impact of social media, their marketing strategies, and
how their social class influences their operations. These insights will be crucial for developing a
comprehensive analysis in Assignment 03.
Section 2: Assignments 01 Corrections and Suggestions
Below is the revised content for Assignments 01, incorporating the corrections and suggestions
provided by the instructor. This section addresses all feedback and ensures that the previous
mistakes are rectified to improve the overall quality of the assignment.
1. Introduction to XYZ Handcrafted Goods
Original Feedback:
Provide more detailed information about the company’s history and founding vision.
Clarify the unique selling propositions (USPs) of the SME.
Revised Content:
XYZ Handcrafted Goods was founded in 2015 by Sarah Johnson, a local artisan passionate about
sustainable living and traditional crafting techniques. The company was established with the vision
of creating high-quality, handcrafted products that promote eco-friendly practices and support local
artisans. The unique selling propositions (USPs) of XYZ Handcrafted Goods include:
Sustainability: Use of eco-friendly materials and sustainable production methods.
Local Craftsmanship: Products are made by skilled local artisans, preserving traditional techniques.
Quality and Uniqueness: Each product is handmade, ensuring high quality and uniqueness.
2. Product and Service Offerings
Original Feedback:
Provide specific examples of products to illustrate the range and diversity.
Highlight any special collections or seasonal products.
,Revised Content:
XYZ Handcrafted Goods offers a wide range of products, including:
Home Decor: Examples include handmade macramé wall hangings, ceramic vases, and organic
cotton throws.
Jewelry: Special collections such as the “Eco-Elegance” line feature recycled metal and ethically
sourced stones.
Personal Accessories: Seasonal products like summer beach bags made from recycled plastic and
winter wool scarves.
These products not only cater to regular customers but also attract new clients through seasonal
collections and limited-edition items.
3. Market Analysis
Original Feedback:
Include more detailed analysis on market segmentation and target demographics.
Provide data or statistics to support the analysis.
Revised Content:
XYZ Handcrafted Goods targets a niche market of environmentally conscious consumers who value
sustainability and craftsmanship. The primary market segments include:
Local Residents: Middle to upper-middle-class individuals aged 25-45, with an interest in eco-
friendly products and supporting local artisans.
Tourists: Visitors to Johannesburg, particularly those from Europe and North America, looking for
unique, handcrafted souvenirs.
Online Shoppers: International customers who shop through the e-commerce platform. This
segment has seen a growth of 20% year-on-year, particularly among consumers aged 30-50.
According to market research, 65% of XYZ’s customers prioritize sustainability when making
purchase decisions, highlighting the importance of the company’s eco-friendly practices.
4. Marketing and Communication Strategies
Original Feedback:
Expand on the digital marketing strategies used by the company.
Discuss the effectiveness of social media platforms.
Revised Content:
XYZ Handcrafted Goods employs a robust digital marketing strategy to reach its target audience.
Key components include:
Social Media Marketing: Utilizing platforms like Instagram, Facebook, and Pinterest to showcase
products, share behind-the-scenes content, and engage with customers.
,Instagram is particularly effective, with a follower growth rate of 15% per month and a high
engagement rate on posts featuring new product launches.
Content Marketing: Publishing blog posts on sustainable living, DIY crafts, and the stories behind
their products. This approach drives traffic to their website and enhances brand credibility.
Email Marketing: Regular newsletters to inform customers about new collections, promotions, and
events. The email open rate stands at 30%, above the industry average.
These strategies have significantly boosted brand visibility and customer engagement.
5. Operational Management
Original Feedback:
Provide more details on the supply chain and inventory management practices.
Address any challenges faced in operations and how they are mitigated.
Revised Content:
XYZ Handcrafted Goods manages its supply chain by sourcing materials from certified eco-friendly
suppliers and local markets. Inventory management is streamlined using software that tracks stock
levels in real-time, ensuring timely restocking of popular items.
Challenges:
Supply Chain Disruptions: Occasional delays in raw material supply. Mitigation strategies include
maintaining a buffer stock and diversifying suppliers.
Inventory Management: Managing handcrafted inventory can be challenging due to variations in
product availability. Implementing just-in-time (JIT) inventory systems helps in maintaining optimal
stock levels.
6. Financial Performance
Original Feedback:
Provide a clearer picture of the financial health of the company.
Include key financial metrics and growth indicators.
Revised Content:
XYZ Handcrafted Goods has shown steady financial growth since its inception. Key financial metrics
include:
Annual Revenue: $500,000 in the latest fiscal year, representing a 10% increase from the previous
year.
Profit Margin: Maintained at 15%, attributed to efficient cost management and premium pricing for
handcrafted goods.
Growth Indicators: A 20% increase in online sales and a 30% rise in repeat customer purchases
over the past year.
, These metrics indicate a healthy financial position and positive growth trajectory for the company.
7. Impact of Social Media
Original Feedback:
Elaborate on the role of social media in brand building and customer acquisition.
Provide examples of successful social media campaigns.
Revised Content:
Social media plays a crucial role in XYZ’s marketing strategy. Notable campaigns include:
#EcoFriendlyLiving: A campaign promoting sustainable lifestyle tips, which increased engagement
by 25%.
Customer Stories: Sharing user-generated content where customers showcase how they use XYZ
products in their homes. This campaign led to a 30% increase in organic reach and new followers.
Through these campaigns, XYZ has successfully built a strong online community and enhanced
brand loyalty.
8. Social Class and Consumer Behavior
Original Feedback:
Provide a more detailed analysis of how social class influences purchasing decisions.
Incorporate relevant consumer behavior theories.
Revised Content:
The primary customers of XYZ Handcrafted Goods belong to the middle to upper-middle social
class. This demographic tends to have higher disposable income and values ethical consumption.
According to Maslow’s Hierarchy of Needs, these consumers are motivated by esteem needs,
seeking products that reflect their values and social status. XYZ’s emphasis on sustainability and
craftsmanship appeals to these intrinsic motivations, influencing their purchasing decisions.
9. Marketing Communication Model
Original Feedback:
Detail the specific marketing communication model used by the company.
Explain how the model is applied in their strategies.
Revised Content:
XYZ Handcrafted Goods uses the AIDA (Attention, Interest, Desire, Action) model in its marketing
communications:
Attention: Capturing the audience's attention through visually appealing social media posts and
targeted advertisements.
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