Mission:
Bring the latest products, games and gift ideas to market ahead of mainstream retailers.
Vision:
1.Being the number one online gift retailer.
2.Diversification of products in order to attract a wide range of customers.
Recommended projects
Firebox could use lot of new options to improve their customer experience and market exposure of the company. Following are a few to name.
Wider Reach without loosing uniqueness: The main selling point of the Firebox is selling unique products. However, it will only attract fewer customers in the market as they tend to cost more. To tackle this, when a customer Identifies a product from firebox.com, company could show similar (less unique)products with a cheaper price. This will ensure prospective customers wont leave site only because of the price factor.
Involving customers : Firebox can provide a suggestion board or organize an annual competition for new product design (C2B).
Rating system for new products: As soon as firebox has a new unique product, they can publish pictures of product to loyal customers and collect feedback. This will help firebox to find which products are more attractive. It will also reduces the cost for producing more unappealing products.
RSS feeds & Search engine optimization: Firebox currently concentrate on search engine listing but search keywords usually used by prospective customers are not included in search optimization (eg: unique gifts, gift ideas, unusual gifts etc..).Really Simple Syndication feeds are very useful for companies like Firebox. Company could use its small news feeds to deliver new product details and updates to customers.
Visibility: They could sponsor prizes for sporting events or weekly news paper competitions to increase visibility.
New Markets: Firebox should open more localized websites to increase exposure in new markets.This also help customers to tackle language barrier.
Wider Reach without loosing uniqueness (A case analysis)
Technology: Build a product database which will allow customers to quickly search similar products with a lower price. Ideal option will be showing cheaper products under the recommended products. Customers who are not willing to pay for the unique and quirky factor will have an option of buying cheaper product. Re designing of firebox website interface is required to add this new function.
Cost:
- re-designing website:
- supplier management system (A better supply management system will be required as number suppliers will increase substantially)
- Warehouse (Storage) - More storage space will be required to store cheaper fast moving items. Total items in inventory will also increase substantially.
- marketing & promotion
Time: Re-designing time for website and associated technical requirements will be nominal. However a longer time period required for arranging supply, logistics and warehouse management details. Estimated minimum time required is 3 months.
Structure:
Effect to the Mission & Vision
1.Launching an updated site will help firefox to increase market share by diversifying more products and by being relevant to a larger audience. At the same time current core customers will be retained through the unique and quirky product offering which will get better visibility in website than general products.
Two factors from SLEPT
- Economic: lowing cost by creating economies of scale
- Technological: Providing new way to trading, increasing the market share and adding value to business.
Well defined strategies and a project, so that one can see where the company is going.
ReplyDeleteHow about the costings of your project? You could have estimated some of the activities, even if this implied finding similar activities in other projects or making rough calculations.
I like your attempt to linking the project with the mission / vision of the company.
The diagram is impressive, as said before, you could explain bit more what this means for the customer, leaving the technical details for later.
Regards,
JR
Hi guys,
ReplyDeletethanks for including some considerations about costs of the solutions.
I see you also propose a technology solution to help the company look for new products to sell. Interesting too.
Could you check of the last three posts align with each other, in other words, if the mission, vision and strategies of the company fit with the new solution proposed, and if the costs respond to making the solution happen within what the company decides to do?
You can be creative here, even if the company is not thinking of what you are proposing. Time to be creative!
Thanks for updating the blog, we can talk about it this afternoon :p
Regards,
JR