Big Skinny IT Assignment
Summary Statement: In 2010, Big Skinny CEO Kiril Alexandrov wanted to transcend from retail distribution and print advertising into online marketing. In order to achieve this, it is recommended that Big Skinny implement a social media marketing campaign within the next 2 months at a cost of $19,000.
Problem identification:
Despite successful in-person sales campaigns, Big Skinny struggled to find an effective online marketing platform that would grow and connect them to their consumer base. Big Skinny also ran into negative consequences with their current online marketing campaigns that brought unwanted negative attention and resentment towards the company.
When Big Skinny transcended into the world of online marketing, it had to develop a way to attract visitors to the website while attempting to convince these visitors to buy wallets. Since most of their wallets were being sold at trade shows or retail stores that centered on a straight-forward approach regarding impulse and value, the translation of this strategy to the internet proved to be difficult.
Big Skinny looked at various means of advertising such as display ads, algorithmic search, sponsored search, A/B Testing and social media.
Evaluative criteria:
1. Improve (or at least maintain) profitability: The primary goal of any business is to increase profitability as without profitability a business will not survive in the long run. This increase would be through increasing sales, thereby increasing revenues, and maintaining current fixed costs.
2. Increase market share: Market share is the portion of a market controlled by a particular company or product. With higher market share, economies of scale can be attained so there is a cost advantage. Market leaders have clout that they can use to their advantage and they have more bargaining power as a larger player will have more of an advantage in negotiations with suppliers and channel members. Market share can be determined as Big Skinny’s sales
Problem identification:
Despite successful in-person sales campaigns, Big Skinny struggled to find an effective online marketing platform that would grow and connect them to their consumer base. Big Skinny also ran into negative consequences with their current online marketing campaigns that brought unwanted negative attention and resentment towards the company.
When Big Skinny transcended into the world of online marketing, it had to develop a way to attract visitors to the website while attempting to convince these visitors to buy wallets. Since most of their wallets were being sold at trade shows or retail stores that centered on a straight-forward approach regarding impulse and value, the translation of this strategy to the internet proved to be difficult.
Big Skinny looked at various means of advertising such as display ads, algorithmic search, sponsored search, A/B Testing and social media.
Evaluative criteria:
1. Improve (or at least maintain) profitability: The primary goal of any business is to increase profitability as without profitability a business will not survive in the long run. This increase would be through increasing sales, thereby increasing revenues, and maintaining current fixed costs.
2. Increase market share: Market share is the portion of a market controlled by a particular company or product. With higher market share, economies of scale can be attained so there is a cost advantage. Market leaders have clout that they can use to their advantage and they have more bargaining power as a larger player will have more of an advantage in negotiations with suppliers and channel members. Market share can be determined as Big Skinny’s sales