The proposed project aims to develop an online store for Elegant Oysters, a home-based company that produces sculpted candles from oyster shells. The company advertises its goods on social media platforms but needs a suitable setting where clients can contact it. The suggested remedy is to build a website enabling people to sign up as members, browse all products, order, pay for them, and schedule necessary deliveries without fuss. Community forums will promote constructive customer engagement and offer news and articles about the company and sector. The suggested approach attempts to boost productivity, enhance data tracking and analysis, boost income, and enhance the client experience. The project will go through several stages, including planning and requirements gathering, analysis, design, development, testing, evaluation, and review.
An internet retailer called Elegant Oysters specializes in providing consumers from all around the world with premium oysters. They offer a vast selection of oysters, all with distinctive flavours and textures and are supplied by the top oyster farms in the world. The business has been around for a while and has established a reputation for providing consumers with fresh and delectable oysters. Elegant Oysters intends to implement new tactics to improve customer experience, raise sales, and strengthen its brand recognition to uphold its reputation and stay up with the expanding competition in the online market. The strategy for achieving these goals and giving Elegant Oysters’ consumers a better online purchasing experience is described in this project proposal.
Customers from all over the world can purchase exquisite oysters from Elegant Oysters’ online store. Numerous issues the store has been having affect sales and customer happiness.
The website’s user interface and user experience are among the primary problems. Customers need help locating the things they desire on the website since navigating it is tough. Additionally, the checkout procedure is challenging, which raises the probability of cart abandonment. The website’s lengthy loading times frequently annoy customers, detracting from their buying experience.
The quality of the provided oysters is another problem. Oysters that are not fresh or are of poorer quality than advertised have been delivered, according to customers. Customer satisfaction and repeat business have decreased as a result of this.
Additionally, the shop is up against stiff competition from other online seafood retailers who provide comparable goods for less money. The store’s sales and profitability have suffered due to its inability to compete.
Last but not least, the store needs a better social media presence, which hinders its ability to reach out to new customers and market its goods.
When a website or application’s user interface could be more user-friendly and intuitive, it can be challenging or confusing for users to navigate or carry out tasks. This is referred to as improper interactivity.
Users may need help to locate what they’re looking for or complete a transaction, for instance, if the Elegant Oysters online store has a disorganized or
cluttered layout. Alternatively, if the checkout procedure is complex or involves too many steps, users may leave their carts empty without making a purchase.
Inadequate interaction can also relate to problems like long load times, broken links, or error messages that don’t provide any assistance or information. These problems may cause an unpleasant customer experience, ultimately costing the online store sales and money.
The user experience and sales of an e-commerce website can be enhanced using the right messaging. Here are some pointers for writing persuasively:
- Use primary, direct language to ensure that the user fully understands your words.
- Personalization: To provide a personalized experience, refer to the user by name or login.
- Informative: Offer the user-relevant information they need, like product descriptions, costs, and shipping choices.
- Create a sense of urgency using phrases like “while supplies last” or “limited time offer” to compel consumers to act.
- Encouraging: Use “buy now” or “add to cart” to encourage customers to purchase.
- Responsive: Whether the user is using a desktop computer, tablet, or mobile device, make sure the messaging is responsive and adjusts to the user’s device.
- Consistency: Keep your messaging consistent throughout the page to provide users with a seamless and memorable experience.
Elegant Oysters may enhance their messaging and produce a more enjoyable and valuable user experience by implementing these suggestions.
Any business, even an internet retailer like Elegant Oysters, must prioritize providing excellent customer service. Effective customer service encourages client loyalty and repeats business, which can result in excellent word-of-mouth recommendations.
The following are some essential components of solid customer service for an online retailer:
- Quick responses to customer inquiries: Whether customers contact Elegant Oysters via phone, email, or chatbot, it’s critical to do so promptly. This can help address clients’ complaints or worries while also ensuring that they feel heard and respected.
- Clear explanations of products and services should be provided to customers, along with any pertinent terms and conditions (such as return guidelines, shipping details, etc.) that may apply. Customers should easily access this information on the website and understand it.
- Individualized care: Although an online store might not be able to offer in-person encounters, there are still ways to give customers personalized care. This might include personalized follow-up communications following a transaction or recommendations based on their browsing or purchasing patterns.
- Resolution of Problems: It is inevitable that consumers will occasionally experience problems with their orders or have other issues. Elegant Oysters must have a defined procedure for handling such complaints and collaborate with clients to reach a satisfying conclusion.
Providing excellent customer service entails treating clients with respect and empathy and going above and beyond to ensure they enjoy doing business with Elegant Oysters.
Here are some suggested remedies by the problem description you provided:
- Enhance website design and user interface: Redesigning the website and creating a more user-friendly interface is the first step in addressing the issue of poor interactivity. Customers will be able to browse the website easily and find what they require as a result.
- Use a chatbot: A chatbot is a computer program created to mimic user communication. Elegant Oysters may offer 24/7 customer care, respond to frequently asked inquiries, and assist consumers with any problems they might be experiencing by using a chatbot.
- Introduce a customer loyalty program: A loyalty program might be implemented to entice people to shop at Elegant Oysters and promote repeat business. This could involve benefits like savings, free shipping, or special deals.
4, Offer a way to receive consumer feedback: Elegant Oysters may set up a system on their website to let customers comment on their buying experiences. This would assist the business in identifying areas for advancement and implementing the necessary adjustments.
- Finally, Elegant Oysters should enhance customer service by giving customers various ways to contact them, including live chat, email, and phone. A better customer experience can also be achieved by teaching customer service professionals about the goods and services the business offers.
The business value of your proposed solution
The suggested improvement to the messaging and interaction of the Elegant Oysters online store can have several positive effects on business, including:
- Increased customer satisfaction:
Customer satisfaction can rise due to your suggested solution, which includes introducing a chatbot and enhancing customer support. Customers won’t have to wait on hold or negotiate a challenging phone system to swiftly and conveniently get the required assistance. The chatbot can offer tailored suggestions and support based on the customer’s browsing and purchase history to make shopping more effective and pleasurable.
Increased client loyalty, repeat business, and good word-of-mouth referrals to others can all result in better customer satisfaction. This could result in more excellent sales and earnings for the Elegant Oysters online shop. Additionally, Elegant Oysters may use the information gathered from consumer feedback and data collected by the chatbot to enhance their product offerings and customer service continually.
- Better customer engagement:
The suggested solution can improve customer engagement by offering a more dynamic and personalized buying experience. Customers who connect with a brand and have a good experience are more inclined to frequent a business and make subsequent purchases. The Elegant Oysters online business can build a closer relationship with its customers through improved messaging and customer care, which leads to higher loyalty and retention. This can then result in increased repeat business and favourable word-of-mouth recommendations from pleased clients, which can be very beneficial for the expansion and success of the company.
- Competitive advantage:
The suggested solution can give Elegant Oysters a competitive advantage by enhancing the online store’s interaction and customer service. The business may set itself apart from rivals by providing a more frictionless and pleasurable online purchase experience. Increased customer loyalty and favourable word-of-mouth can result from this, drawing in additional clients and bringing in more money. Additionally, the increased customer participation may offer insightful information about consumer preferences and behaviour, enabling Elegant Oysters to customize their goods and services better to fit the demands of their clients.
- Enhancing brand reputation:
Elegant Oysters’ brand reputation can be enhanced by implementing the suggested remedy. Customers are likelier to submit favourable reviews and recommend the online store to others if you offer excellent customer care and assistance. As a result, there may be a rise in brand loyalty and a positive brand perception, which may draw in more clients and boost sales. Additionally, timely and competent customer service can lessen the risk of unfavourable customer feedback and reputational harm to the business.
- Increased income:
There are various ways that the suggested approach could boost Elegant Oysters’ income:
- More recurring business and good word-of-mouth referrals can result in higher customer satisfaction and attract new clients.
- To provide targeted promotions and individualized product recommendations, it may be helpful to determine the needs and preferences of customers.
- Faster order fulfillment and fewer errors can lessen customer complaints and return requests. These factors can be improved with better inventory management and order processing.
- Expanding the online store’s audience and increasing brand recognition resulting from integrating social media and other marketing channels may boost sales.
Overall, Elegant Oysters can improve the online buying experience to win over new clients, retain existing ones, and increase sales.
The activities, checkpoints, and dates for implementing a project are described in a project plan. Here is a general strategy for putting the suggested remedy into practice for the online store of Elegant Oysters:
- Establish requirements and goals: After carefully examining the present state of customer service, establish the needs and objectives for the new system.
- Choose a messaging platform: Determine and pick one that satisfies the objectives and requirements. Compare various solutions based on their features, cost, integration ease, and scalability.
- Integrate the messaging platform: Connect the messaging platform to the infrastructure of the online store, such as the payment gateway, customer database, and inventory management system.
- Create a chatbot: Create and implement a chatbot that can respond to frequent consumer questions about order progress, shipping estimates, and product details.
- Train the chatbot: Train it using past data and consumer interactions to increase its accuracy and responsiveness.
- Develop and implement an escalation process for more complicated customer situations requiring human intervention.
- Train the customer care staff: Introduce the new message platform and escalation procedure to the customer service team.
- Introduce a new customer service system: Introduce the new customer service system and assess its efficiency.
- Gather feedback: To find areas for improvement and further develop the system, gather feedback from customers and the customer support team.
- Continuous improvement: Based on client feedback and changing business requirements, continuously update the message system, chatbot, and escalation process.
This plan can be further elaborated with tasks, deadlines, and responsible parties. It is only a high-level overview.
The term “software process” describes a collection of tasks, procedures, and methodologies applied in software creation. Software development can be divided into several stages, including planning, gathering requirements, designing, implementing, testing, deploying, and maintaining.
The project’s scope, goals, and objectives are defined during the planning phase. It is critical to have a precise understanding of the software’s goals and its targeted audience. The project plan, which specifies the project schedule, resource needs, and budget, is created using this information.
Collecting and documenting the software’s functional and non-functional requirements are part of the requirements-gathering step. Because it lays the groundwork for the software’s design and implementation, this phase is crucial to the project’s success.
The design phase includes thoroughly specifying the software’s functionality and architecture. Based on the requirements acquired in the previous stage, the design should consider performance, scalability, and maintainability.
The actual software code is written during the implementation phase. The implementation should closely adhere to the design to make it easier for future maintenance and changes.
Verifying that the software complies with the requirements and specifications outlined in the preceding stages is part of the testing stage. Unit testing, integration testing, and system testing are just a few of the different layers of testing that are possible.
Release of the software to users is part of the deployment phase. This phase should be carefully prepared to ensure that the program is correctly installed, configured, and used by the users.
The software is updated and modified during the maintenance stage as necessary to keep it operating correctly and handle any issues. For the duration of the software product, this stage will be continuous.
The general phases of a software development project are as follows:
- Planning: During this phase, the project’s goals, requirements, and restrictions are determined and recorded. The project team must be specified, the budget and deadline must be established, and a project plan must be developed.
- Analysis: The requirements of the project, user requirements, and technical specifications are all thoroughly gathered and analyzed at this stage. The aim is to find the essential features and functionality needed for the software solution.
- Design: The software solution’s architecture, data structures, user interface, and overall system design are all created during this stage. A prototype or mock-up of the system is also made to aid stakeholders in visualizing the finished product.
- Implementation: The software solution is created and programmed at this step in accordance with the design requirements. This involves developing the database structure, writing and testing the code, and fusing every part of the system.
- Testing: During the testing phase, it is confirmed that the software solution satisfies both user and project criteria. This covers acceptability testing, system testing, integration testing, and unit testing.
- Deployment: The software solution is prepared for deployment after completing all testing and quality assurance procedures. This entails setting up the system on the server used for production, making any necessary configurations, and giving users user training.
- Maintenance: The software solution is continuously supported and maintained during maintenance. This involves bug fixes, updates, and enhancements for the system to continue to satisfy the evolving demands of the users and the business.
- Here’s an example of how you could present the project stages in a table format:
|Planning||Define project goals and scope, identify stakeholders, and create a plan.||Project plan document||Two weeks|
|Design||Create user interface designs and wireframes, define database schema and application architecture.||UI designs, wireframes, database schema||Four weeks|
|Development||Build and code application features, integrate with payment gateway and customer service tools||Functioning application with payment integration and customer service integration||10 weeks|
|Testing||Test application features and functionality, identify and fix bugs||Bug reports, revised code||3 weeks|
|Deployment||Deploy the application to the production server, configure server and application settings, and ensure the site is fully functional||Deployed application on the production server||1 week|
|Maintenance||Monitor site performance, address technical issues, and implement necessary updates and improvements.||Regular site maintenance and updates||Ongoing|
Of course, the specific stages and timeframes will depend on the project scope and requirements.
Risks involved with the project
Every undertaking has a certain amount of risk. Here are several dangers that could be related to the project as proposed:
- Technical Risks
- Financial Risks
- Timeline Risks
- User Acceptance Risks
- Privacy and Security Risks
It’s critical to identify potential risks at the outset of a project and create a strategy to reduce and manage them throughout the project.
During the project’s development, testing, and deployment phases, issues may be technically related. The following are a few examples of technological risks that could be connected to the project for the Elegant Oysters online store:
- Integration problems: The new messaging function might need to be fixed with the current website, which could generate issues that cause the project to be delayed or disrupted.
- Security flaws: The addition of a new feature to the website could lead to security flaws that expose user data to online dangers.
- Problems with compatibility: The texting feature might only work correctly on some devices and browsers, which would make for a bad user experience.
- Performance issues: The messaging function could tax the website’s resources, resulting in sluggish load times and subpar performance.
- Data loss: During the project’s development or deployment phases, client data can be lost.
Before launching the new messaging function, the project team must conduct extensive testing and quality assurance to reduce these technological risks. They will also need to engage closely with the IT team to guarantee that the feature seamlessly interacts with the current website and does not introduce any security flaws.
The following financial risks connected to this project may exist:
- Cost Overruns: Due to unforeseen events or changes in the project’s scope, the project may cost more than initially planned. This can put the business under pressure financially and affect the project’s overall profitability.
- Revenue Predictions: There is a chance that the project’s revenue predictions will be false. This could occur as a result of a number of things, like heightened competition or a decline in demand for the offered goods or services. This can affect the project’s overall financial sustainability.
- Return on Investment (ROI): The project’s ROI might need to meet stakeholders’ expectations. This might result from several things, like cost overruns or lower-than-expected revenue. This may impact the ability of the business to fund upcoming endeavours.
- Exchange rate variations could affect the project’s capacity to remain financially viable if it involves transactions in different currencies. The company can suffer unanticipated losses as a result of this.
The project team should carry out a comprehensive financial analysis and ensure sufficient contingency planning to manage any unforeseen economic issues that may emerge throughout the project to reduce these risks.
A timeline risk is when the project won’t be finished by the deadline. This could happen for several reasons, including unforeseen delays, resource limitations, or unforeseen circumstances.
The project team should: reduce timeline risks.
- Create a project timeline that is reasonable, doable, and considers all project requirements and limitations.
- Maintain regular progress comparisons with the project schedule and make required modifications.
- To reduce their effect on the project timeframe, identify any obstacles or delays early on and take appropriate action.
- Ascertain that each project team member is aware of their duties and has the tools necessary to finish their assignments on time.
- Maintain continuous communication with stakeholders to keep them updated on the project status and any schedule changes.
User Acceptance Risks:
These possible issues with how successfully the project’s target users accept and use the new system are called user acceptance risks. Examples of user acceptance risks for this project include the following:
- Users may be reluctant to adopt the new system because they are afraid of change or worried about picking up new technologies.
- Lack of user involvement: Users may only have their requirements and preferences taken into account sufficiently if they are adequately involved in the project, which will likely result in low user approval.
- Poor user interface design: If the user interface is simple to use and intuitive, users may become satisfied and have a high level of acceptability for the system.
- Insufficient training: If users are given more instruction on using the new system, they may find it easier to embrace it, which will cause low user acceptability.
- Cultural variations may affect how the target users accept and use the system if they come from various cultures or backgrounds. Lower user acceptance rates in particular areas or among specific groups could be the outcome.
The project team should prioritize user interaction throughout the project and continuously solicit user feedback in order to reduce these risks. Additionally, they should spend money on user interface design and give consumers the necessary instruction and assistance. Before launching the system, they should test user acceptance to find and fix any faults.
Privacy and Security Risks:
Privacy and security risks are a constant worry when working with client data. The suggested remedy is gathering and keeping track of consumer data like name, address, and payment details. It is crucial to ensure that sensitive data is treated carefully and shielded against misuse or access by unauthorized parties.
The project team should adhere to best practices for data security, such as encrypting sensitive data, putting strict access controls in place, and routinely evaluating the system for any potential vulnerabilities to reduce these risks. In order to guarantee that consumer data is gathered and processed legally and openly, it’s also crucial to abide by pertinent data privacy laws like the GDPR and CCPA.
Why did we choose Agile?
Agile methodology is a well-liked strategy for developing software that emphasizes adaptability, teamwork, and constant improvement. We opted for the Agile technique for the construction of the Elegant Oysters online store for several reasons.
First of all, Agile methodology promotes increased adaptability and response to shifting demands or client requirements. Adopting new trends and technology quickly is crucial in the continuously changing world of e-commerce.
Second, the Agile technique promotes regular team member communication and collaboration, which can result in more excellent results and higher-quality work.
Last but not least, the Agile methodology enables a more iterative approach to development, with regular testing and feedback, which can aid in identifying and resolving difficulties early in the development process. In the end, this might lead to a project that is more effective and successful.
The suggested improvement to Elegant Oysters’ online store through better messaging, engagement, and customer service can have a number of positive effects on the company. The company may accomplish its objectives and succeed by raising customer satisfaction, attention, and brand reputation, producing more income, and giving it a competitive advantage. Project risks include those related to the project’s technical, financial, timing, user acceptance, privacy, and security. These risks must be controlled and reduced to guarantee the project’s success. The Elegant Oysters online business may increase its performance and give its consumers a better shopping experience with a well-planned project strategy and diligent risk management.
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Exploratory Study Of The Role Played By Digital Marketing In The Global Market Sample Paper
Digital marketing is a crucial tool for firms to interact with their clients in the worldwide market. The way that businesses interact with their target audience has undergone a considerable change as a result of the increasing usage of the internet and social media platforms. Digital marketing, according to Chaffey et al. (2019), is the practice of promoting goods and services using digital channels including search engines, social media, email, and mobile applications. The efficiency of digital marketing in the worldwide market has come under scrutiny due to its growing prominence. Consequently, the purpose of this research proposal is to carry out an exploratory study to comprehend the impact that digital marketing has on the worldwide market. This research will look into how different companies interact with their clients and how digital marketing affects how well enterprises succeed. The obstacles and possibilities related to the usage of digital marketing in the worldwide market will also be examined in this study.
Due to the development of digital technology, there has been a noticeable change in how businesses engage with their clients recently. The number of internet users globally has topped 4.9 billion, while the number of people using social media has surpassed 4.2 billion, according to research by We Are Social and Hootsuite (2021). Businesses must use digital marketing tactics to connect with their clients as the internet and social media become more widely used. According to De Vries et al. (2020), digital marketing has grown to be an essential part of the marketing mix for the majority of companies since it allows them to interact with clients in real time and offer tailored services. However, even though digital marketing is becoming more and more significant, little is known about how successful it is in the worldwide market. By undertaking an exploratory investigation of the function that digital marketing serves in the global market, the research proposal under consideration seeks to fill this vacuum in the literature. We hope to learn more about the various digital marketing techniques employed by companies and how they affect their operations through this study. Businesses will be able to better their overall performance in the global market and optimise their digital marketing tactics with the aid of this information. The results of this study will add to the body of knowledge on digital marketing and provide companies with tips on how to improve their digital marketing plans.
Research Aims and Objectives
The research proposal aims to conduct an exploratory study to understand the role played by digital marketing in the global market. Through this study, the aim is to learn more about the numerous digital marketing tactics employed by companies, their effects on financial performance, and the opportunities and difficulties related to their usage in the worldwide market. The results of this study will add to the body of knowledge on digital marketing and provide companies with advice on how to improve their digital marketing plans. The following are the research aims of the proposal:
- To examine the different digital marketing strategies used by businesses in the global market.
- To assess the impact of digital marketing on business performance in the global market.
- To identify the challenges faced by businesses in implementing digital marketing strategies in the global market.
- To explore the opportunities presented by digital marketing for businesses in the global market.
- To provide recommendations for businesses on how to optimize their digital marketing strategies in the global market.
The research questions of the proposal are as follows:
- What are the different digital marketing strategies used by businesses in the global market?
- How does digital marketing impact business performance in the global market?
- What are the challenges faced by businesses in implementing digital marketing strategies in the global market?
- What are the opportunities presented by digital marketing for businesses in the global market?
- How can businesses optimize their digital marketing strategies in the global market?
Studies examining the function of digital marketing in the global economy have shown several recurrent patterns. The significance of social media in digital marketing is one such issue. Alalwan et al. (2017) pointed out that social media sites like Facebook, Twitter, and Instagram are crucial tools for businesses to interact with their clients and advertise their goods and services. The effect of digital marketing on customer behaviour is another recurring subject. According to a study by Pappas (2020), digital marketing has the power to affect consumer purchase decisions, because it informs consumers about goods and services and forges an emotional bond with the brand. The difficulties firms experience when putting global digital marketing strategy into practise is a third recurrent subject. Businesses frequently struggle to adjust their digital marketing strategies to various cultural and linguistic settings and to measure the success of their digital marketing initiatives, according to De Vries et al. (2020). The prospects provided by digital marketing for companies operating on the international market are the final major subject. Digital marketing helps firms to access a worldwide audience, personalise their marketing messages, and create engaging experiences for their clients, as mentioned by Chaffey et al. (2019).
Importance of Social Media in Digital Marketing
For businesses, social media has evolved into a crucial instrument for their digital marketing efforts. Alalwan et al. (2017) assert that social media websites like Facebook, Twitter, and Instagram give companies the chance to interact with their clients and market their goods and services in a time- and money-saving way. Businesses may use social media to develop brand recognition and customer loyalty by producing and sharing content that appeals to their target audience. Additionally, social media networks include a variety of ad options that let companies target their ads at particular demographics, interests, and behaviours. These options include promoted tweets, sponsored posts, and social media influencers. Brand postings on Facebook fan pages that were sponsored or promoted generated more engagement and reach than organic posts, according to research by De Vries et al. (2020). The capacity of social media to enhance website traffic and conversion rates is a further advantage of social media in digital marketing. Social media referrals have a greater conversion rate than other types of online referrals, per a study by Krasnova et al. (2018). This is due to the increased likelihood that users of social media would believe suggestions and referrals made by their friends and social networks.
The Impact of Digital Marketing on Consumer Behaviour
Digital marketing has given companies new ways to connect with and interact with their target markets. Businesses may engage with their clients and advertise their goods and services through a variety of digital marketing platforms, including email, social media, and search engine optimization (Chaffey et al., 2019). These channels enable companies to segment their target markets, develop messages that are relevant to them, and assess the success of their marketing initiatives. The emergence of social media is one of the biggest effects of digital marketing on consumer behaviour. Social media platforms provide companies with the chance to interact with their clients and create lasting relationships. Additionally, they enable users to discuss their ideas and experiences with goods and services, which may have an impact on the purchase choices of those in their social networks. According to research by Alalwan et al. (2017), social media advertising elements including sponsored posts and social media influencers can dramatically affect consumers’ intentions to make purchases. Digital marketing does affect customer behaviour, but not necessarily in a good manner. Digital marketing may also result in information overload, which makes it difficult for customers to make wise judgements about their purchases. Additionally, customers can be leery of companies that gather and utilise their data for marketing purposes.
Challenges Faced By Businesses in Implementing Digital Marketing Strategies in the Global Market
Implementing digital marketing strategies in the global market can be challenging for businesses due to various factors. The cultural and linguistic variety of the global market is one of the biggest challenges for organisations, forcing them to adapt their marketing messages and content to many locales and tongues (Kumar & Mirchandani, 2018). To guarantee that their marketing tactics are effective with their target audience, firms must spend on market research and localization efforts, which can be a time-consuming and expensive process. A further difficulty is the quickly changing nature of digital marketing technology, which necessitates organisations to keep abreast of the most recent trends and best practises (Larson & O’Brien, 2019). For firms that lack the resources or knowledge necessary to keep up with the rapidly evolving digital world, this can be challenging.
Concerns over data security and privacy are also major obstacles for companies implementing digital marketing tactics in the worldwide market. Businesses must get express authorization from customers before collecting and using their data for marketing purposes, according to the General Data Protection Regulation (GDPR) and other data privacy laws (Bhatia & Jain, 2018). Significant fines and reputational harm may arise from a company’s failure to adhere to these requirements. Lastly, organisations employing digital marketing tactics in the global market may encounter difficulties due to linguistic and cultural boundaries. Due to cultural variations that might affect how consumers perceive and react to marketing messages, these issues may reduce the efficacy of marketing initiatives (Al-Saggaf & Al-shehri, 2018).
Opportunities Presented By Digital Marketing for Businesses in the Global Market
Businesses have a lot of chances in the worldwide market thanks to digital marketing. Reaching a larger audience through different digital channels, such as social media, email, search engines, and mobile devices, is one of the main advantages (Grewal et al., 2020). Businesses may be able to grow their consumer base and raise their brand awareness in new markets thanks to this expanded reach. The capacity to gather and examine information on customer behaviour and preferences is another possibility provided by digital marketing (Chaffey & Smith, 2017). This information may be used to create personalised content that appeals to certain customers and targeted marketing efforts.
Additionally, digital marketing helps companies to design more interactive and captivating marketing experiences for customers (Lipsman et al., 2012). Gamification techniques and interactive social media campaigns, for instance, can boost customer loyalty and improve consumer engagement. Digital marketing also gives companies more freedom and control over their marketing initiatives (Rahman et al., 2019). In contrast to conventional marketing strategies, digital marketing enables companies to swiftly and simply modify their campaigns in response to shifting market circumstances or customer preferences. Last but not least, digital marketing offers organisations more affordable marketing options than conventional marketing strategies (Seyedghorban et al., 2018). When done well, digital marketing efforts may be established with little financial outlay and yield big returns.
The Research Onion model developed by Saunders et al. (2018), which is a step-by-step procedure for planning and carrying out research, would serve as the basis for the research technique for the proposed study. The six layers of the Research Onion model include research philosophy, methodology, strategy, time horizon, data gathering techniques, and data analysis techniques. Interpretivism, which emphasises the value of comprehending subjective meanings and interpretations of human behaviour, will serve as the research philosophy for this study (Saunders et al., 2018). This study will have a cross-sectional time frame, which entails gathering information at a specific moment in time (Saunders et al., 2018). Online surveys and in-depth interviews will be two of the data-gathering techniques used. The in-depth interviews will be performed through video conference, while the online survey will be carried out utilising a web-based platform. Both statistical analysis and thematic analysis will be used as data analysis techniques. While the data from the interviews will be analysed using thematic analysis to uncover the many themes and patterns that emerge, the data from the survey will be statistically analysed to identify patterns and correlations among variables.
Interpretivism is the research methodology employed in this proposal. The necessity of comprehending subjective meanings and interpretations of human behaviour is emphasised by the research philosophy known as interpretivism (Saunders et al., 2018). In other words, rather than only measuring or forecasting people’s behaviour, interpretivism aims to understand how individuals interpret their experiences. Interpretivism is suited for this suggested study since it aims to comprehend the function of digital marketing in the global market from the viewpoint of companies that have used digital marketing techniques. The study uses interpretivism to better comprehend these companies’ experiences, viewpoints, and attitudes as well as how they have interpreted and understood the opportunities and difficulties given by digital marketing in the global marketplace. Interpretivism is frequently linked to qualitative research techniques, which are excellent for examining varying interpretations and meanings (Saunders et al., 2018).
The research approach used in this proposed study also includes an inductive research approach. Inductive research is a type of research that involves developing theories or understanding from the data collected through the research process (Bryman, 2016). The qualitative portion of the proposed study would employ the inductive research technique, especially for the analysis of in-depth interviews with firms. Instead of constructing a theory or knowledge of the function played by digital marketing in the global market from scratch, the research will enable the themes and patterns that appear in the data to serve as a guide. This suggested study is suited for using an inductive research technique since it enables the examination of fresh concepts and viewpoints that might not have been previously addressed. By starting with the data, the study can capture the experiences and perceptions of businesses towards digital marketing in the global market, which may lead to new insights and understandings.
The research strategy used in the proposed study is a case study approach. A case study is an in-depth investigation of a specific phenomenon or event in a real-life context (Yin, 2014). The case study method will be employed in this proposed study to examine the function of digital marketing in the global economy from the viewpoint of enterprises. The research will concentrate on several case studies of companies that have used digital marketing techniques in the international market. The research can capture the complexity and subtleties of organisations’ experiences with and views of digital marketing in the global market by employing a case study technique. A case study technique is ideal for this suggested study because it enables a thorough and in-depth examination of the research topic in a real-world setting (Yin, 2014). By focusing on multiple cases, the study can also capture the diversity and variability of businesses’ experiences with digital marketing in the global market.
The temporal horizon, which is a layer of the research onion, refers to the period that the study will span. A cross-sectional temporal horizon will be employed in this suggested investigation. Data collection takes place throughout a cross-sectional time horizon at a particular moment in time (Saunders et al., 2018). Data collection for this planned study will take place over a predetermined period, which will be decided based on participant availability and the viability of data collection. To investigate the role performed by digital marketing in the worldwide market from the perspective of enterprises at a particular period, a cross-sectional temporal horizon is appropriate for the proposed study. The study aims to capture the current experiences and perceptions of businesses toward digital marketing in the global market.
Data Collection Methods
As a secondary data-gathering technique for this proposed study, a systematic examination of pertinent academic literature and industry reports on digital marketing in the international market will be employed. A systematic review, according to Booth, Sutton, and Papaioannou (2016), is a method for gathering and evaluating published research that is thorough and well-structured. The objective of a systematic review is to locate, evaluate, and synthesise all available research data on a certain subject. It entails a thorough screening and selection procedure to find pertinent research to include in the review, which is followed by a comprehensive search of electronic databases, including academic journals, books, conference proceedings, and other pertinent sources. In this study, the systematic review will be used to identify and analyse the existing literature on the role played by digital marketing in the global market. The review will provide a comprehensive understanding of the existing knowledge on the topic, identify any gaps in the literature that the proposed study can address, and help to develop research questions and objectives.
Following defined procedures and principles for conducting systematic reviews will assure the review process’ rigour. These include the Cochrane Handbook for Systematic Reviews of Interventions, which offers instructions on conducting systematic reviews in the field of medicine, and the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, which offer a framework for reporting systematic reviews and meta-analyses. In this proposed study, the systematic review is a crucial secondary data collecting approach since it will give a thorough and rigorous examination of the body of literature already available on digital marketing in the worldwide market, which will be utilised to guide the gathering and analysis of primary data.
Data Analysis Methods
A qualitative data analysis method called thematic analysis is used to find, examine, and present themes or patterns in data (Braun & Clarke, 2006). Thematic analysis will be employed in this study project to examine the information gathered from the corporate executives and digital marketing professionals who participated in focus groups and interviews. The process of doing a thematic analysis entails several processes, including becoming familiar with the data, creating preliminary codes, looking for themes, reviewing and defining themes, and writing a report of the themes found (Braun & Clarke, 2016). To fully comprehend the data, the researchers will read and reread the transcripts of the focus group discussions and interviews throughout the familiarisation phase. The researchers will then create preliminary codes by locating and labelling the significant portions of the data.
The researchers will group codes that pertain to comparable topics after creating the first codes to look for patterns. After that, the themes will be examined and defined by being made sure they align with all of the codes and data. After summarising and interpreting the data in light of the study questions, the researchers will ultimately provide a report on the themes found. A popular and adaptable method, a thematic analysis may be utilised with a variety of study contexts and data sources (Braun & Clarke, 2021). It permits a thorough examination of the data and helps researchers to spot both anticipated and unanticipated results.
To preserve the rights and welfare of participants and to foster confidence in the research process, it is essential to ensure ethical concerns in research (Bryman, 2016). In this study proposal, ethical issues will be considered at all levels of the investigation.
Firstly, before any data is collected, participants will all have given their informed consent. The study’s objective, their part in it, and their rights to confidentiality and anonymity will all be explained to participants. They will also be told that participation in the study is completely optional and that they are free to revoke their consent at any moment.
Second, during the whole study procedure, confidentiality and anonymity will be upheld. All data will be maintained in a safe area accessible only to the researchers, and participants will be given unique IDs to protect their identities.
Thirdly, participants will be protected from any possible risk. After the data collection, the researchers will give participants the chance to ask questions or seek out further information. The researchers will make sure that no tasks or queries are stressful. Last but not least, the researchers will adhere to the moral standards and laws established by their organisation and pertinent professional associations, such as the American Psychological Association and the British Psychological Society. Personal information would not be collected throughout the data collection process to protect respondents’ privacy (Byrne, 2016). To verify responses, the author would gather email addresses that would likewise not be made public. Additionally, interviewees would obtain formal guarantees about the protection of their confidence, which is crucial. While the research would ensure that the facts were evaluated objectively, it would also ensure that any instances where subjective judgements were drawn were adequately identified and supported. The research will confirm that the required ethical permission has been given before starting data collection.
Dissertation Report Structure
The culmination of this research project will be a 15,000-word dissertation report. Five chapters make up the dissertation report’s organisational structure. A summary of the main aspects of the dissertation report is provided in chapter one, along with an introduction to the report. The literature review is covered in full in Chapter 2, with a focus on how this research study relates to earlier works of literature. The research technique that will be used is described in depth in chapter three. In Chapter 4, which details the findings, analysis, and conclusions, the study questions are discussed as well as the ramifications of the findings are provided. Chapter 5 will include a summary of the findings as well as suggestions for further research.
Significance of Research
For several reasons, the suggested study on the function of digital marketing in the world market is important. First and foremost, the study will advance our understanding of how digital marketing is used in the global economy. Businesses are increasingly utilising digital marketing tactics to reach a broader audience and increase their market share as a result of the fast evolution of digital technology. The success of these techniques in the global market, however, is not well covered in the literature. By examining the function of digital marketing in the global market and highlighting the opportunities and difficulties that firms encounter when applying these tactics, this study will close this gap.
Second, the study will advance knowledge of how digital marketing affects customer behaviour. Businesses must comprehend how digital marketing techniques affect customer behaviour as consumers utilise digital platforms to make purchases more frequently. This study will shed light on how consumer behaviour is impacted by digital marketing and assist companies in adjusting their marketing plans to more effectively target their target market. Finally, the study will have real-world applications for companies doing business internationally. Businesses will be better prepared to build and implement efficient digital marketing strategies that may help them flourish in a highly competitive global market by recognising the potential and difficulties of digital marketing in the market. This research is significant because it will provide valuable insights into the role of digital marketing in the global market and its impact on consumer behavior, thereby contributing to both theoretical and practical understanding of digital marketing in the global context.
This research project will last for three months, however, it is a cross-sectional study rather than a longitudinal one. The timetable for data collection and analysis is shown in Table 1. While the delivery schedule for the dissertation report is described in Table 2.
|Structured Literature Review||
|Data Collection – Interview
|Interview Transcript Development|
|Chapter 1: Introduction||
|Chapter 2: Literature Review|
|Chapter 3: Research
|Chapter 4: Results, Analysis and
|Chapter 5: Conclusion,||
|Dissertation Draft Compilation|
|Dissertation Draft Review|
Note: Review sessions are undertaken with the project supervisor
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Bryman, A. 2016. Social research methods. Oxford University Press.
Yin, R. K. 2014. Case study research: Design and methods. Sage publications.
Financial And Economic Analysis Sample Essay
The war in Ukraine and its outcomes are generating new fears of an impending global recession. Omega Enterprise, a wholesaler that has traded in lorry tires for more than 35 years, and has in recent years, been mulling over market diversification. There are two project proposals: the food and beverage industry and the clothing and apparel industry. Market diversification can be an alternative risk-reduction approach that Omega Enterprises can use to expand into a new industry and achieve higher rates of profitability. However, the company’s executives should evaluate the economic climate and sources of financing to consider the viability of the project.
Businesses thrive in stable economic climates because of a higher demand for goods and services and a lower cost of production. Typically, a stable economy is associated with higher consumer demand for products, whereas a weaker economy results in reduced consumer spending. Also, the economic environment affects the business through competition in industry because intense competition is often apparent during strong economic conditions and less during weaker economic environments.
II. Economic Climate
A recession refers to the slowdown of the economy. During a recession, the general economic activities of firms and households’ general dwindle. The last recession to hit the UK was caused by the Covid-19 pandemic. In Q1 and Q2 of 2020, the UK’s economy receded by 2.6 percent and 18.8 percent, respectively (Partington, 2022; Elliott, 2022). The Covid-19 pandemic contributed to severe economic disruption and extensive shortages of supplies magnified by nationwide shutdowns.
The thought of an economy entering a recession is not a positive one for firms and individuals. However, recessionary periods do not automatically have to be painful, provided that business owners can prepare for them. A recession is a period of an economic slump and is often defined as when two quarters experience negative growth when adjusted for the economy’s real national income. A recession can last for just a few months, and in certain scenarios, they make years for an economy to turn around. In the last two decades, the 2008/2009 recession was the longest one to be experienced in the UK because it lasted 5 quarters beginning with the second quarter of 2008 until the second quarter of 2009 (Allen, 2010). The business might suffer from declining profits because as the economic growth stunts, competitors and consumers become wary when it comes to spending. It means that the business might find it more difficult to generate sales, and it will be forced to cut costs to meet the things that are needed. Lenders tighten their belts during recessionary periods, and this makes it a challenge for the business to access their typical lines of credit. Subsequently, interest rates often increase during an economic slowdown, while covenants are often known to increase while the lender requirements often become stricter.
Vendors and customers can find it a challenge to make payments on time during a deep recessionary period. The business will be forced to spend more time chasing payment due, and this in essence will delay the firm’s payments to their suppliers and creditors. Such a situation might be challenging in particular for businesses that are sorely focused on business-to-business arrangements. If a customer goes under, then their bills become a bad debt (Cowling, Liu, Ledger, & Zhang, 2015). In addition, recessionary periods are associated with stock market crunch. This means that the values of companies being publicly traded often suffer a hit when a recession happens. The fall in cash flows and profits ultimately makes its way to the official financial reports of the business. Profit warnings and reduced financial performance mean reduced dividends and lower value estimates of the company.
The finance officer is justified to be concerned about the implication of trend inflation and interest rates on the business and how the war between Russia and Ukraine could impact the business. When inflation increases by a certain rate, it cause wage and raw materials price increase. In addition, inflation is related to interest rates. Credit providers often set prices on loans and funds based on the expected rate of inflation over the expected life of credit. The war between Russia and Ukraine could aggravate supply chain disruptions that suffered massively from the Covid-19 pandemic. Disruptions and rerouting of trade routes because of the war would lead to massive costs being transferred to consumers from respective point in the distribution system.
III. Sources of Finance
The major sources of capital that the company can seek to finance either of the two projects are divided into equity and debt. The decision between the two sources resolves around the potential size of opportunity, the company’s need for control and revenue. Speaking broadly, equity finance is for ideal for opportunities that have the potential for a very large exit while debt financing is for more modest opportunities. Equity is very risky for the investor and they need the potential for a ten times or greater return of their investment to justify the risks involved. Debt is less risky, and hence ideal for either of the two projects. In addition, debt does not require a huge exit to justify the investment.
The company’s need for control is also a major issue when choosing between debt and equity. When the company sells equity to finance either of the project, it will be selling ownership of the business. Equity money normally comes with board members who will represent the investors in the business. However, debt financing typically requires the business to have revenue now. Often, the re-payment of the loan is realized either monthly, yearly or at the end of a specified time frame of the loan. Monthly is the most common format for most debt. Excluding convertible notes, which is really equity financing dressed up like debt. Usually the interest is paid monthly, yearly or in one instalment at the end of the loan, however, most lenders prefer monthly payment of interest.
IV. Industry Comparisons
The industry financial ratios refer to the aggregate measure of the performance of an entire industry. In this exercise, the two industries are compared using leverage ratios, liquidity ratios, and profitability ratios. The debt-to-equity ratio for both industries demonstrates the clothing and apparel industry has a larger appetite for debt compared to the food and beverage industry (Appendix 1). In 2022, the former is nearly in as much as one and a half times in debt than its equity, while the latter’s debt was nearly on par with its equity. The business has the option to leverage on debt to help it grow its businesses. However, the enterprise also must avoid taking on too much debt and which can lead to the possibility of default.
While the clothing and apparel industry is highly leveraged compared to the food and beverage industry, the latter appears to be lightly capable of meeting its short-term obligations (Appendix 2). Theoretically, both industries have demonstrated a healthy ability to meet their short-term obligations using their current assets. However, this fails to materialize if one considers illiquid current assets with the quick ratio for the two industries being less than one for the three financial periods. It is important to note that the food and beverage industry appears to be slightly better at meeting its short-term obligations compared to the clothing and apparel industry.
The total cost of goods sold consumes a large proportion of the revenues for firms operating in the clothing industry compared to those operating in the food and beverage industry. Equally, the food and beverage industry demonstrated greater net margins and better return on assets except for the financial year 2021, when the industry reported a net loss.
V. Project Appraisal
The two projects require different initial capital investments. In addition, they are expected to generate different cash flows. Capital project appraisal informs analysts about the economic viability of projects. The techniques of appraising projects allow analysts to consider if the net cash flows generate returns that can be expected from an investment and then compared them with alternative investment projects. Essentially, the alternative investment is an opportunity for the company to forego the forecasted profits (Lavrynenko, et al., 2020). It means that if there is a choice between an investment in the food and beverage industry and an investment in the clothing and apparel industry, the best option to be selected should be one that generates the greatest return, after considering risk. Remember that risk is a broad area of analysis.
The appraisal exercise undertaken concerning the two projects is majorly considered with the evaluation of the expected costs and anticipated revenues linked to the cash inflows and outflows of each investment and over the expected life of the two projects. In this exercise, both projects are expected to last at least ten years. The expected life of the projects is the tie period that analysts consider to be relevant for the appraisal of the projects’ expected cash flows. The feasibility of the project investments is evaluated using the payback period, accounting rate of return (ARR), the net present value (NPV), and the IRR and Profitability Index (PI). These methods are associated with their strengths and weaknesses.
i. Payback Period
The payback period approach only considers the time when the initial capital invested in the business will be recouped. Under a project to invest money and resources in a business operating in the food and beverage industry, the initial capital of £ 151650 will be recouped in just under seven years and six months period, while the £56280 to be invested in a business operating in the clothing and apparel industry will be recouped in about 6 years and five months. The task in this exercise is to select which of the two possible investments results in the greater benefit. This approach simply suggests that choosing a project provides faster recouping of capital investment. Given these periods and using the Payback Period, the project on the clothing and apparel industry would be chosen. The Payback method is simple and it focuses on the speed of investment recovery, which is certainly important when looking at risks and liquidity. However, the method avoids having to forecast cash flows that extend past the date of the payback. In addition, the method ignores the time value of money, which means that the expected net cash flows during later periods in the life cycle of the project are treated the same as those that are received or spent at the earlier part of the project’s life.
The ARR is the ratio of the average net cash flows generated during the life of the project divided by its initial investment. The ARR is often expressed as a percentage. Here, the decision rule is that the project with the highest average profit return is considered over those with a lower profit return. A project focusing on the food and beverage industry has an ARR of 24.1 percent, while the investment in the clothing and apparel industry will generate an ARR of 23.1 percent, which demonstrates that the latter is superior and hence based on the ARR should be selected over the latter.
The IRR can be described as a rate when applied to the cash flows of a project results in a zero net present value. The decision rule is that a project should be accepted if it has a larger IRR than other projects, and when the IRR is greater than the cost of capital. An investment in a business operating in the food and beverage industry will generate an IRR of 11.6%, while one in the clothing and apparel industry will generate an IRR of 14.0%. Given the use of the IRR technique, the latter appears to be superior.
The NPV is the total sum of all the expected cash flows over the life of a project and discounted using the discount rate, and then the resulting amount is summed up with the negative cash flow spent during year zero. The analyst needs to reiterate that this method measures the absolute addition of the net cash flows of the business in terms of their current values. A project with a positive NPV would be preferred and when two projects are competing the project with the largest NPV will be selected. The selection of the project with the highest NPV is ideal because it maximizes shareholder value compared to others that have lower NPV. Projects with positive NPVs generate greater returns compared to the cost of capital and hence they are generally better placed at increasing the wealth of the company. Projects with negative NPV mean that the firm is better at investing in alternative investments than subjecting their capital to such a project. Accordingly, the NPV is the appropriate measure for evaluating the impact of an investment on shareholder value. The NPV considers the time value of money as well the entire span of the project.
Using a discount rate of 6.75%, which consists of the 1.75% August 2022 Bank of England Base Rate and the 5% adjusting rate, the present values and NPV of the two projects have been presented in Appendix 4 below. In general, the company should expect an NPV of £ 64299 and £ 27838 from an investment in the food and beverage industry and one in the clothing and apparel industry, respectively. If the company has limited finance and can only be invested in either of the two projects, then according to the NPV method, the business should only invest in a project in the food and beverage industry. However, if the company can amass other cash toward the second project, then it should not be off the table, because an investment in the clothing and apparel industry would still generate a positive NPV.
The two projects are mutually exclusive and they are competing in such a way that if the project on food and beverage is accepted then it will block the acceptance of the one on clothing and apparel. This has generated an expected situation where the NPV and the IRR conflict. The NPV may lead the company to accept the project in the food and beverage industry, while the IRR shows that the project in the clothing and apparel industry appears to provide greater viability. The conflict between the two measures can be traced to the fact that the two projects require substantially different amounts of initial capital. In addition, the conflict between the two exists because of the dissimilar cash flow timing and the patterns of Project A and Project B proposals in their expected lengths. When faced with a conflict between the two methods, a rule of thumb is to choose a project with the largest NPV. To reiterate, the objective of any capital investment is to maximize shareholder value, and the logic suggests that the best way this can be achieved is through a project with the largest NPV. Hence an investment in the food and beverage industry will exert a positive effect on the value of the business and through the principle of transitivity, the net result will be the growth in the wealth of shareholders. Besides, the NPV provides a more reliable approach compared to the IRR, and it is the better technique when ranking proposed investments that are mutually exclusive. Most analysts consider the NPV to be the best approach to be used when ranking investment projects.
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Appendix 1 Leverage Ratio
Appendix 2: Liquidity Ratios
Appendix 3: Profitability Ratios
Table 1: Cash Flows, PV of Cash flows and Appraisal Measures
|Year||Food and Beverage||PV (Food and Beverage)||Clothing and Apparel||PV (Clothing and Apparel)|
|Payback||7 years and 6 months||6 years and 5 months|
Table 2: Discount rate
|August 2022 Bank of England Base Rate||1.75%|
|Plus 5% points||5%|