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Plan of Action

A board meeting is scheduledon Wednesday to discuss the reason behind a potential decline in sales and the number of customervisits to the stores. The decline in saleshas represented an uncertainty regarding the organization’s significant future growth. The 2-digit decline in sales is leading to a sharp reduction in revenue growth. Due to this reason, there is a requirement of developing an action plan to ensure the sustainability of business operations, ensuring an increase in sales and profit generation. (Marr, 2017)Although the fashion industry has been experiencing consistent changes,followed by the changes in consumer needs and demands. Thus, the development of the action plan would be based on controlled responding approachi.e. a thorough analysis of the information to influence the board of directors to make decisions. (Cialdini, 2009)

Development of trained consultant team:

Becausenot every consultanthasefficient predictive powers;bringing training consultants would assist in predicting the market and consumer trends.The consultants would provide realistic proposals to efficiently deal with the gaps regarding the issue being faced by the organization, designing and delivery of training and development services to the workforce, in orderto bring a significant improvement in the operational services.

Identification of potential consumer segment:

The identification of potential consumer segments is considered to be important for the determination of the cause behind the decreased purchasing power of consumers. It is important because it would assist in understanding the wants, needs and behavior of the customers towards a particular product,because the reciprocity ruleenforces uninvited debtsi.e. providing customers a product based on their expected return. Additional efforts to make the product extra efficient and super-quality would not return the same to the organization and  the organization would have to pay more unnecessarily. (Cialdini, Reciprocation: The Old Give and Take … and Take , 2009)

Introduce Changes in the product:

Based on the data collected during the identification of potential customer segment, particular changes would be introduced in the product such as a change in raw-material used i.e. cloth type, its texture, color, and comfort and flexibility. Similarly, a change in packaging would make sure that the product is attractive and indicate its high-quality. The updated product would be re-launched in the market,to grab the interest of customers again because,a product with new features serves as a source of attraction for customers. Also, the product relaunchwould be based on differentiated target marketsto increase the probability of successful sales and product growth………………………………

 

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