Executive Briefing 2

docx

School

Miami Dade College, Miami *

*We aren’t endorsed by this school

Course

2604

Subject

Business

Date

Apr 3, 2024

Type

docx

Pages

Uploaded by KidGorillaPerson1750

Executive Briefing #1(Q4) Name of your company: Pedal Planet Date: 3/17/24 Scarlett Alvarez – VP Internet Marketing and VP Advertising 1. What changes did/didn’t you make in this quarter? I made changes to the three ads that were already created. The most significant change was made on the work ad. I also added more local media placements. And I added 1 media placement for regional medias. I included pay-per-click options. I activated social media networking as well. 2. Why did you do that? What is the justification for that decision? I made these changes for the following reasons: One of the top concerns for this quarter was the private report from the International Advertising Federation. It negatively impacted our demand, so I decided to look back at the competition’s ads to see what it was that we did wrong for this quarter. Our top two priorities are recreation and work, knowing this our ad placement/designs are super important to reach out to the target segments. Our work ad had a rating of 62 and our recreation ad had a rating of 74. I wanted to improve on both of these ads so I designed a whole new ad, changing the ad name and all the benefits that were listed from 1-7. I compared our work ad to the competition’s highest ratings which were C.D. Bikes and SavvySpin Cycles. For both of our work and recreation ads, I copied the same format they had and added more flair to our name. I did the same comparison for our Mountain Bike ad. I made sure to compare the ratings based off the regions to attract to all market segments for the next quarter. I also noticed that SavvySpin Cycles had 75 local media placements which gave them an advantage to advertise more to these markets. We were not advertising as frequently to our priority targets so for the next quarter we have 165 media placements, which are scattered as much as possible to all of the regions. For this next quarter, I’m trying out the regional media placements for our comfort cycle and easy commuter ad to the top two medias for our target segments. These were for leisure & entertainment and health & fitness magazines. I used our average maximum industry bid to add keywords to our work and recreation segments. I figured this would attract our customers even more considering we should make better ad judgments. And for now, I added 1 active social media networking for NORAM to see how much of a difference it makes so we can advertise to our other regions as well. Since it takes a few quarters to get our social media to a level of efficiency, we hope to do better with our advertising for this next quarter. Deanna Fortier – VP Business Analytics and VP Brand Management 1. What changes did/didn’t you make in this quarter? The changes that were made in Brand Management were mostly based on the Customer Union scores of lower than 70 on all of our brands except for the StarSpeeder 2.0 which performed at the level of Acceptable 70-77. Four new brands were created, and four were discontinued. The only brand that remains the same is StarSpeeder 2.0. The new brands are StarStrider 3.0 (Recreation), CityStarcycle (Work), StarMount 3.0 (Mountain), and StarYouth (Kids). 2. Why did you do that? What is the justification for that decision? The concern from the previous quarter is that two of our bikes did not meet the CU’s requirements for Work and Recreation, and all bikes except the StarSpeeder 2.0 fell to less than 70 in the CU. We fell from leading the competition in Q4, to falling behind or barely competing in Q5. This was a major concern for our company in such a short time. We realized that some of the errors that we made were based on modifying the brands instead of discontinuing them and creating a new one, not paying attention to market pricing and strategy, and specifically not meeting the needs of the customers with our brand. The brands have all been recreated this quarter instead of redesigned. We hope this will increase sales, profitability, customer satisfaction, CU requirements, and better success. Ashley Pages – VP Finance

1. What changes did/didn’t you make in this quarter? Pricing: We strategically revamped our pricing strategy to enhance its effectiveness. Acknowledging the necessity for adaptation, we meticulously adjusted the selling prices across all our bicycle models to better align with market demands and customer preferences. Additionally, we made thoughtful adjustments to the branding and model names to further optimize our product offerings . ● StarStrider 3.0: Previously priced at $999, it is now available at a more competitive rate of $875. ● CityStarcycle: Previously priced at $850, it is now available at a more competitive rate of $675. ● StarMount 3.0: Previously priced at $1,099, it is now available at a more competitive rate of $1,075. ● StarSpeeder 2.0: Previously priced at $1,299, it is now available at a more competitive rate of $1,108. ● StarYouth: Previously priced at $799, it is now available at a more competitive rate of $625. Percent Forecasted Demand: In addition, I made the decision to set the projected demand at 150%, anticipating significantly higher sales due to the lowered prices on our models. This adjustment aimed to capitalize on the increased affordability and attractiveness of our bicycles to potential customers. 2. Why did you do that? What is the justification for that decision? Pricing: The decision to adjust the prices of our various bicycle models stemmed from the analysis of our last quarter's results, which fell short of our initial optimistic projections. Despite our high expectations, the reality of the market demand did not align as anticipated. Recognizing this discrepancy, we swiftly took action to recalibrate our pricing strategy to better accommodate the existing demand landscape. By revising the prices of our models, we aimed to strike a balance between profitability and market responsiveness, ensuring that our offerings remained attractive and competitive. This adjustment served as a proactive measure to realign our approach in light of the actual market conditions, enabling us to adapt and thrive in an ever-evolving business environment. Percent Forecasted Demand: We decided to set the projected demand at 150% as a strategic move aimed at maximizing sales potential. Our rationale behind this decision was twofold: firstly, we anticipated that by lowering the prices of our models, we would stimulate significantly higher sales volumes. Secondly, we believed that the enhancements made to our models would attract a broader customer base, thereby further driving up sales. Opting for an optimistic projected demand was deliberate, as it underscored the confidence we had in the transformative changes we implemented across our pricing structure and product offerings. By setting a higher demand projection, we aimed to signal to both our team and stakeholders the ambitious yet achievable goals we were striving to attain. Alis Egued – VP Sales Management and President

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Executive Briefing 2

Related Documents