Functions of Business Case Study-BDV

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Mohawk College *

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20934

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Marketing

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Feb 20, 2024

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Functions of Business Case Study The Digital Dilemma at XYZ Streetwear Boutique Background: XYZ Streetwear Boutique, a local fashion store operated by a group of Grade 12 entrepreneurs, has been utilizing digital marketing to enhance their streetwear brand. Over the past year, they invested $5,000 in social media campaigns, $2,000 in influencer collaborations, and allocated $1,500 for email newsletters. However, they're encountering challenges in understanding which digital strategies are translating into actual sales. Key Challenges: Tracking Sales: Despite the investments, the team lacks clarity on which online efforts are directly contributing to tangible in-store and online sales. They want to know if the $5,000 spent on Instagram posts, the $2,000 on influencer collaborations, or the $1,500 on email newsletters is generating the most revenue. Budgeting Woes: Operating on a tight budget, the entrepreneurs are concerned about investing their limited funds wisely. They seek to maximize their return on investment (ROI), especially with the upcoming launch of a new collection. The new collection launch is allocated a budget of $3,000 for digital marketing. Connecting with Peers: The team aims to expand their customer base among high school and college students. They're uncertain if their current digital strategies effectively resonate with their peers, and they want to see a 20% increase in sales to this demographic. Entrepreneurial Dilemma: Excited about their venture, the Grade 12 entrepreneurs must decide how to address these digital marketing challenges. Should they rely on an external marketing team, or should the entire group collectively brainstorm solutions? (BIG Picture Question 1)

Proposed Questions for Grade 12 Entrepreneurs with Data and Analytics Focus: Team Ownership: How can data and analytics tools be employed to identify the most effective digital marketing channels in terms of ROI? Should the responsibility for utilizing these tools lie with a designated data analyst, or should it be a collaborative effort within the team? (1) Measuring Success: What specific key performance indicators (KPIs) can be tracked using analytics to determine the success of digital marketing efforts? For example, if the goal is a 20% increase in sales to the target demographic, how can analytics help measure progress and identify areas for improvement? (2) Adapting Strategies: How can analytics inform adjustments to digital marketing strategies to better connect with the target demographic? For instance, if Instagram posts are not driving the expected sales increase, how can data guide the team to modify their content or explore new platforms? (3) Team Collaboration: How can data-driven insights foster collaboration within the group? Should regular data reviews be integrated into team meetings to collectively analyze results, share insights, and brainstorm new ideas based on the performance data? (4) Your Tasks 1) Answer the BIG Picture and Questions 1 to 4 above as a group. a) Team collaboration is the best way for grade 12 entrepreneurs to address the digital marketing challenges. The team’s age group allows them to make informative decisions as the knowledge of current trends is something all 17-18- year-olds are aware of. Team collaboration brings in diverse ideas and utilizes the quick adaptation of young teenage minds. It also supports effective decision-making through knowledge sharing, maximizing unique insights, and operating the business efficiently, while maintaining a strong team. b) To measure the success of the streetwear boutique and increase sales to the target audience, the entrepreneurs can focus on monitoring overall sales, website traffic, and customer engagement on social media. Analyzing demographics for each marketing platform. Looking at abandoned cart rates as swell as click-through rates provide insights on what the business can do to improve customer attraction. Regularly checking such analytics helps make informed decisions, optimize strategies, and work towards achieving a sales goal within the target. c) To improve how XYZ Streetwear Boutique connects with its target audience through digital marketing, they can use analytics to make smarter adjustments. If Instagram posts aren’t boosting sales as expected, they can check the engagement data (through those social media platforms) and understand who their target audience is, and see where people lose interest through the buying process. They can test new content and explore new platforms, while also

looking at competitors and gathering feedback through surveys to refine their strategies. d) Regular data reviews in team meetings can help create a chance for the team to talk about the results, share ideas, and find new opportunities to improve their business. This encourages open communication and accountability, as the team can collectively make decisions based on what the data shows. By involving everyone in these discussions, the team has more responsibility for the business’s success and it becomes a learning opportunity for the team. 2) What human resources and technological resources would be needed to solve these issues? List them and explain the purpose of each. a) Human resources: i) Data analyst: interprets and extracts insights from the collected data. They can identify patterns, trends, and areas for improvement to help the team make better-informed decisions based on the data. ii) Marketing strategist: they understand the business goals and alignes them with data-driven insights. They can put together marketing plans and strategies to ensure that the digital efforts effectively target the desired audience and maximize ROI. iii) Content Creator: adapts digital marketing content based on data insights. They can modify visuals/messaging and content elements to resonate better with the target audience and address specifically identified needs and issues. b) Technological resources: i) Analytics tools: platforms like Google Analytics, social media analytics tools and customer relationship management systems can contribute to collecting and analyzing data regarding the sales from the target market. They provide insights to website traffic, social media engagement, customer behaviour, and other relevant data. ii) Customer feedback “software”: These implement tools for collecting customer feedback such as surveys/feedback forms that help gather qualitative data which is valuable for understanding customer behavior and preferences towards areas that require improvement. iii) Competitor analysis tools: these allow for competitor analysis, aiding in industry trends, successful tactics used by competitors, and areas where the business can differentiate itself from competitors. 3) Data and analytics are important in 2024. Do you feel like your group is equipped with the skills to interpret data as an entrepreneur? Or do you feel like another “human resource” or “technical resource” is needed? a) In 2024, the Grade 12 entrepreneurial group needs to check if they have the skills to understand data for their business. They should see if anyone in the group already knows about data analysis or if they need more training. The group must have a mindset that is open to learning and making decisions based on data. They can consider getting extra help, like hiring someone who knows about data analysis or using external resources. Access to the right technology is also key. The group should work together, share what they know, and explore training options to boost their data skills. Post your responses in the Dropbox named “Functions of Business Case Study”

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