Eureka.com: Moving From Start-up to Scale-up Case Study Solution
The key success factors of Eureka mainly involved its strategic approach to shift its business operations from start-up to scale-up for the expansion of sales and business network and bring significant improvement in the brand recognition.One of the keycompetitive advantage that the company holds, mainly includesits product customization, which allows buyers to gift items designed as per their choice. This is what makes the organization unique in its services, beingoffered to the potential consumer base. On the other hand, anincreased sales generation from the individual shoppers demonstrated the consumer loyalty,which mainly includes women of age ranging from 18-35. The teen and young generations represent more of their interests in such activities that allow the organization to gain benefit from their interests and improve its sales in different product segments.
One of the important and foremost success factor of the organization mainly includes its skilled management and staff. This is due to the reason that they significantly demonstrated the capability to analyze the success and failure of strategic approach. As evidenced by the fact that failure of Kioskimade the management to realize that they needed to conduct market research before launching any new product or expanding services to forecast the demand. Thus, this approach pointed out the need of organic growth and strengthened the supply chain, for which the organization has already made an investment.
Recommendation:
Considering the business operations of the organization, Eureka being an e-commerce platform is required to develop its social media presence. As social media platforms are known to bring significant improvement in the brand recognition at international level. (Cole, 2019)The business promotions at international level would significantly expand its consumer base in foreign countries,leading to an increased sales and an entrance in new markets, such as: emerging economies. The expansion in the emerging economies would assist the organization in better determination of its target consumer base. (Spotlight, 2019)
Similarly, building inventory policy is required for the effective management of the inventory. This significantly assists the organization in improved business operations through bringing reduction in the complexity in the business. Additionally, it would provide the organization with tracked material cost utilized for the production of products and provision of services. As a result, it would introducean increased efficiency in the business operation through cost and time saving. In this manner, the organization will benefit itself with an uninterrupted production and reduced lead time, bringing improvement in the logistics operations.
Furthermore, target marketing provides flexibility in choosing the target audience depending on their age, gender, income and many other factors. It ensures that the message of the organization product is delivered to its consumer base through promoting its products on different advertising platforms, such as: Instagram and Facebook. It is known to maximize the return on investment from minimum and declined investment.
Conclusion:
The business model of Eureka changed through the addition of a physical channel supported by the opening of kioski in top leading shopping malls across Istanbul. But, the failure of kioski ledthe management to realize that they needed to conduct market research before launching any new product or expanding services to forecast the demand.Thus, the organization is recommended to follow three strategic approaches to move from start-up to scale-up business i.e. social media presence, build inventory policy, and change target market....................................
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