Group Name: Velocity Consultancy

Group Number: 3
Group Members:
 Rhodalyn Mapanao
 Simran Sidhu
 Dhaval Lagdhir
 Arun Reghu
 Sonali Mishra
Prepared For: VISIONS ELECTRONICS, LONDON, ONTARIO
Course: MGMT-6142 Integrated Business Consultancy

TABLE OF CONTENTS

1
 Title Page No.

Executive Summary 3

Introduction to Consulting 4-5

Team

Client Organization 6-7

Profile/Overview

Key Issues and Secondary 8-9

Issues

Internal Analysis 10-18

External Analysis 18-26

Decision Criteria and Potential 26-31

Alternatives

Assessment of Alternatives 32-42

Recommended Alternative and 42-45

Prediction of Outcome

Implementation/Action Plan 45-51

Conclusion 51-52

Bibliography and Appendices 52

Back Page 53

EXECUTIVE SUMMARY

2
A thorough analysis of Visions Electronics, a well-known Canadian
electronics retailer founded in 1981, is provided in this report. Visions
Electronics, which has 43 locations across Canada, including one in
London, Ontario, has established a solid reputation for providing a wide
variety of electronic products, such as cell phones, televisions, and data
plans.

Limited advertising efforts and unclear annual sales projections are two of
the company's major problems, according to the analysis. There is not
enough information available on product profitability and sales
distribution, even though current sales are estimated to be $25,000 per
week. According to management interviews, cell phones and televisions
are two of the most profitable product categories; however, strategic
decision-making is hampered by the lack of comprehensive sales turnover
data.
Strengths like a wide variety of products and high gross profit margins are
revealed by an internal analysis, while weaknesses include the
requirement for improved marketing techniques. The electronics market is
highly competitive, according to the external analysis using Porter's Five
Forces framework, which calls for a proactive strategy to preserve market
share.

The study highlights the significance of enhancing advertising campaigns

and acquiring deeper insights into sales data while outlining viable
solutions for resolving these issues. Implementing focused marketing
campaigns, improving online visibility, and regularly analyzing sales data
to determine top-selling items are all part of the suggested action plan.

In conclusion, Visions Electronics can improve its market position and

promote sustainable growth in the cutthroat electronics industry by
resolving the weaknesses that have been identified and utilizing its
strengths.

3
 TEAM
Arun has four years of experience in sales, product
OVERVIEW-
management, and customer relations, and he has an
Indian Bachelor of Arts degree in literature. He
started out as a customer relations manager at
Builders Plast Private Limited before moving on to
South Indian Bank as a relationship manager. He was
particularly good at managing accounts and
promoting products. Later, he worked at HDFC Bank
as a Product Manager, where he was primarily
responsible for product development and portfolio
management. Arun is currently enrolled in Fanshawe
College's Post-Graduate Certificate in Business
Management program and works part-time at Tim
Hortons.
INTRODUCTION TO THE CONSULTING TEAM

ARUN REGHU

Dhaval has a bachelor's degree in corporate

accounting from India and is presently enrolled in
Fanshawe College's Post-Graduate Certificate in
Business Management program in London, Ontario.
He obtains hands-on experience in business
operations and customer service while working part-
time as a cashier at Petro-Canada. Dhaval is
dedicated to using his education and practical
experience to have a big influence in the business
sector.

4
DHAVAL LAGDHIR

Rhodalyn has a bachelor's degree in business

RHODALYN administration from the Philippines. She has
MAPANAO worked in the advertising and finance divisions of
Pilipino Star Ngayon for a long time. She gained
expertise in office reporting, marketing research,
and administrative tasks. Rhodalyn is
currently enrolled in Fanshawe College's Post
Graduate Certificate in Business Management
program in London, Ontario, and works part-time
as a retail associate and keyholder at Scholar's
Choice.

SIMRAN SIDHU
Simran holds a Bachelor of Arts in Economics
degree from India. As an operations executive for
Quiet Edge Pvt. Ltd. and G. R. Overseas in India,
she managed payroll coordination, conducted
interviews, and assisted with administrative tasks.
Simran is a dedicated and ambitious professional.
She works part-time as a cashier at Dollar Tree
and is currently enrolled in Fanshawe College's
Post-Graduate Certificate in Business
Management program in London, Ontario.

5
SONALI MISHRA Sonali holds a Bachelor of Commerce degree from
India. She is a young professional with two years
of experience working as an accountant at Seven
Steps School in India. She is strong and self-
reliant. In the future, she hopes to contribute a
distinct viewpoint to her academic and
professional endeavors. Sonali works part-time as
a cashier at University Hospital and is currently
enrolled in Fanshawe College's Post-Graduate
Certificate in Business Management program in
London, Ontario.

CLIENT PROFILE AND OVERVIEW

Inspired by the idea of connecting with a customer base looking for a

more personal and customer-oriented service, Visions Electronics is a
proud Canadian electronics company founded in 1981 by Richard Stewart
and his wife Jean Stewart, with headquarters in Calgary, Alberta. It began
with a single store in Calgary with two employees and has since grown to
43 locations across Canada, including one in London, Ontario, with over a
thousand employees. Visions Electronics is proud to own retail stores in
Ontario, Manitoba, Saskatchewan, British Columbia, and Alberta, where it
all began.

6
Aside from its retail operations, Visions Electronics is also engaged in the
wholesale business segment under the name Visions.

Visions Electronics' guiding principles emphasize a holistic approach to

business, with customers, employees, suppliers, and corporate
responsibility as top priorities. By committing to understanding and
exceeding customer expectations, the company builds loyalty and trust,
which improves the overall customer experience. Recognizing employees
as the foundation of the business, Visions Electronics prioritizes employee
development, team support, and recognition to foster a motivated
workforce. In addition, the company forms long-term, trustworthy
partnerships with suppliers to ensure a dependable supply chain and
mutual success. Finally, maintaining integrity and positively contributing
to the community demonstrates a commitment to ethical behavior and
social accountability. Together, these principles form a sustainable and
responsible business model that promotes growth and success for all
stakeholders.

Visions Electronics distinguishes itself from its competitors by offering

highest quality service combined with knowledgeable staff, a diverse
product line ranging from home appliances to large flat screen televisions,
and strong ties to the local community.

Visions Electronics continues to follow the path that it began, while also
looking for ways to improve and grow, adhering to certain principles that
the company believes will result in a win-win situation for all stakeholders.

Ten years from now, Visions Electronics aspires to be a dynamic tech hub
with a diverse range of cutting-edge products and brands, while also
achieving dual objectives with a single action in its brick-and-mortar retail
setup with an aim to have a competitive advantage in e-commerce
against its larger competitors.

7
 KEY ISSUES

Adaptability is critical in today's fast-paced and ever-changing

technological world, where customer preferences and behaviour are
constantly changing. The introduction of social media and other digital
platforms necessitates significant changes in how businesses approach
their operations. We identified some critical issues that have not been
adequately addressed. As consultants, we will assist in unraveling these
challenges and identifying solutions that will benefit the business.
Since they are currently having the biggest impact on Visions Electronics,
we will be going over the three main issues in detail. For the store to fulfill
its business commitments, we aim to address them with the highest level
of scrutiny.

 Online Presence: The relatively small size of their social media following
clearly suggests that they are not drawing in a sufficient number of
customers.

 Promotions: Marketing collateral such as flyers, posters, brochures, and

catalogs are still underutilized.

 In-store service issues: Absence of one-on-one consultations, setup and

installation services, and extended warranties on all their products—not
just the top-selling ones.

8
 SECONDARY ISSUES

The following issues also require attention:

1. Lack of Product Availability: Often, products sold online may not be

available in-store at the time of pickup.
2. Competition from large retailers: Because of their extensive product
offerings and strong brand recognition, chain retailers like Best Buy,
Staples, and Walmart pose a significant threat.

3. Financial risk from e-commerce platforms: Visions Electronics finds it

difficult to compete with online retailers' lower prices and gifting
programs, such as offering a gift to customers who spend $500 or more,
because of higher opportunity costs.

4. Operating hours: Visions Electronics limits working class customers'

purchasing hours by operating from 10 a.m. to 6 p.m. on Saturdays and
from 11 a.m. to 7 p.m. on Sundays through Fridays.

5. Risk of breach of confidentiality: Customers' personal information is at risk

due to their website's lack of a privacy policy.

6. Unattractive website design: The website's design needs to be further

improved, as evidenced by its plain white background and lack of
compelling features or attributes that would draw in customers looking to
buy.

7. Conveyance: The closest bus stop is more than a kilometer away, making
it unappealing to public transit riders.

8. Delay in Account Orders: Customers are facing delays particularly for

orders that were processed on or before April 29, 2024.

9
 VISIONS ELECTRONICS: INTERNAL ANALYSIS

SWOT ANALYSIS

Strengths Weaknesses

 Customer service  Lack of advertising

 Diverse product range  Limited brand awareness
 Value Added Service  Insufficient product line
 Local engagement & options
sponsorships  Lack of after-sales service
 Revenue growth & financial
stability
 Social media

Opportunities Threats

 Expand Market Share  Intense competition

 Constant Update in  E-commerce competition
Technology  Cybersecurity threats
 Favorable Outlook in the
growth of Electronics

10
 Consumers

STRENGTHS

Strength 1: Customer service

Customers are given priority by Visions Electronics, which cultivates close
personal ties with them. This sets them apart from bigger retailers. As a
result, eight out of ten clients will remain consistent and faithful over time
(as per the interview with the manager).

Strength 2: Diverse product range

The store provides the greatest options for customers by carrying a wide
variety of electronics, from tiny items like memory cards to large items
like flat-screen TVs.

Strength 3: Value added service

Services like extended warranties and installation assistance are provided
by Visions Electronics. The customer experience is improved, and repeat
business is encouraged by these value-added services.

Strength 4: Local engagement

11
Building a strong relationship by supporting local teams fosters customer
loyalty and brand reputation.

Strength 5: Revenue Growth and Financial stability

The company's steady financial health is demonstrated by its 6.2%
revenue growth and 24% gross profit margin. It can continue to be
profitable while paying for operating costs.

Strength 6: Social media

Regularly posting about different deals and offering discounts to new
customers on social media platforms like Facebook, Instagram, and Twitter
increases sales.

Here are four visualizations based on the provided data:

1. Customer Retention Pie Chart – Shows the high percentage of
consistent and loyal customers.
2. Diverse Product Range Pie Chart – Illustrates the variety in product
categories (small, medium, and large electronics).
3. Revenue Growth Line Graph – Depicts the steady revenue growth over
several years.
4. Financial Profitability Bar Graph – Highlights the company’s strong
gross profit margin.

12
WEAKNESSES
Weakness 1: Lack of advertising
Advertising for Vision's Electronics is limited. Offering customers discounts
and deals at reasonable prices is just one of the many things available to
offer. Their current online advertising does not inform customers about the
store, the goods it sells, or the services it provides.

Weakness 2: Limited brand awareness

The store finds it difficult to compete with bigger retailers like Best Buy
that have strong marketing strategies because it is having trouble

13
creating a recognizable brand. The introduction of new products results in
lost opportunities to draw in more clients because their brand is not as
well-known as that of their rivals.

Weakness 3: Insufficient product line options

The absence of alternative options for a specific product may have an
impact on the company's sales. For instance, Visions Electronics sells
iPhones but lacks Apple accessories like chargers, tablets, and earphones,
which would have allowed customers to shop at the store all in one place.

Weakness 4: Lack of after-sales service

Like inadequate in-store service, post-purchase care is essential for
retaining customers, particularly in the electronics industry. As a result,
customers may be deterred from making a purchase and seek out another
establishment that provides a greater selection of goods or services.

Source: Visions Electronics Reviews | Read Customer Service Reviews of visions.ca (trustpilot.com)

OPPORTUNITIES

14
Opportunity 1: Expand Market Share

In expanding market share, Visions Electronics first has to identify its

existing market in order to begin tapping the potential market. They can
develop a strategy to create brand recognition as a retail store by making
it a household name among electronics consumers. One possible way of
making Visions Electronics a household name is to target a wider audience
by intensifying its marketing and advertising campaign. Ontario as the
largest province in Canada by population, there’s certainly a big
opportunity to expand market share of Visions Electronics.

Below graph shows that among the provinces across Canada, Ontario as
the most populated province has also the biggest share of growth in the
electronics businesses.

15
Source: https://my-ibisworld-com.fanshawe.idm.oclc.org/ca/en/industry/44314CA/geographic-
breakdown

Opportunity 2: Constant Update in Technology

There is a growing consumer interest in smart home products and

personal electronics that paves the way for a broadening market for
Visions Electronics. An article entitled Smart Home Trends in 2024 states
that “…households in this generation just keeps getting smarter. With the
presence of innovative technology in lighting, appliances, energy
consumption, among others, smart home devices change the way people
live.”
Source: https://www.legrand.ca/ideas/blogs/smart-home-trends-2024

Trends in technology means electronics business is advancing in a

continuous pace, and so is the way people do things. Hence, Visions
Electronics has an incredible opportunity to offer consumers technological
products that provide a way of simplifying things, giving comfort and ease
to consumers, among others. Visions Electronics has to ensure that they
are constantly up to date with the latest technology.

Opportunity 3: Favourable Outlook in the Growth of Electronics

Consumers

As smart home devices growing popularity continue with the integration of

technology into consumer’s daily life, retail electronics business will be
able to continue expanding. my-ibisworld.com states that the number of
Canadians aged 20-64 will rise marginally in the coming years. This age
bracket is considered as the main purchasers of consumer electronics.
While younger consumers are more inclined to shop online, older
consumers on the other hand are more comfortable going to physical
stores for their needs.”
Source: https://my-ibisworld-com.fanshawe.idm.oclc.org/ca/en/industry/44314CA/products-and-
markets

16
THREATS

Threat 1: Intense Competition

Vision Electronics encounters strong competition from large dealers such
as Best Buy and The Source. These competitors often supply larger
product selections, more competitive prices, and more strong marketing
techniques.

Threat 2: E-commerce Competition

Online Businesses are currently competing with physical stores, which
frequently provide lower rates and quicker deliveries, as more people
purchase online. We can observe the trends in online product purchases
over the past decade through the graph, highlighting significant growth
and shifts in consumer behaviour in the digital marketplace.

Source: https://www.drip.com/blog/online-shopping-statistics

17
Threat 3: Cybersecurity Threats
Cybersecurity threats refer to a variety of malicious activities aimed at
damaging or disrupting computer systems, networks, or data. For
companies in the retail sector, such as Visions Electronics, these threats
can manifest in different ways, impacting both the organization and its
customers.
The chart below shows the increasing frequency of cyberattacks,
highlighting the growing threat to organizations and the need for stronger

cybersecurity measure.
Source:https://www.tanium.com/blog/5-charts-that-show-why-it-pays-to-prevent-a-cyberattack-
rather-than-fight-one/

Missing Information
Sales Projection: We are still unaware of the annual sales estimate. Sales
are estimated at $25,000 per week, but we still don't know how turnover
is divided, that is, which product is the most profitable and where the
highest sales originate from. We are still unaware of the annual sales
turnover.

Assumptions
We had to assume because we don't know which of their products is the
best seller. According to the manager's interview televisions, cell phones
as well as data plans are typically the most lucrative sector. We observed
that there is an entire wall dedicated to televisions when we visited the
store. Moreover, the website mentions a two-year bonus warranty that is
exclusive to televisions, we have assumed that televisions are their best-
selling products.

18
 VISIONS ELECTRONICS: EXTERNAL ANALYSIS
PORTER’S 5 FORCES

Source: porter-five-forces-model-and-analysis-to-analyze-your-businesses-vector.jpg (1920×1536)

Competitive Rivalry (High)

Visions Electronics is facing intense competition with direct competitors in

the consumer electronics retail business such as Best Buy and Staples. It
is also competing with retail giants offering electronics and appliances
products such as Walmart, Costco and Amazon.

Canada Major Player’s in the Consumer Electronics Retail

In the industry report by Statista in March 2024, Visions Electronics is

featured in the 26% "Other" category, alongside other small players in the
industry. The graph shows that the biggest market share has been
occupied by Apple with 23%. Best Buy and Staples which are direct
competitors of Visions Electronics have 14% and 3% market share,

19
respectively. Costco and Walmart, two retail giants with an electronics and
appliances division, have a combined 9% market share. Amazon, an e-
commerce company has 12% share in the market.

Source: https://www-statista-com.fanshawe.idm.oclc.org/outlook/emo/electronics/consumer-
electronics/canada?currency=CAD&locale=en#key-players

On a local level, Visions Electronics, London is competing directly with

several electronics stores such as Best Buy, The Source and Staples.

Business comparison of Vision Electronics with local direct competitors

Business Name
Visions Best Buy The Source Staples
Electronics https:// rebranded as https://
https:// www.bestbuy.ca/ Best Buy www.staples.ca
www.visions.ca en-ca Express /
/ https://www.theso
urce.ca/en-ca
Company Logo

20
 (Formerly The
Source)
Year Established
1981 1966 1970’s 1991
Product Range Offered
home home appliances, home appliances, Mobile phones,
appliances, computers, computers, computers,
audio, and tablets, mobile tablets, mobile office
video, mobile phones and phones and machines and
phones and accessories, accessories, audio supplies,
accessories audio and video and video furniture

Social Media Platforms

Facebook Facebook Facebook Linked IN
Instagram Instagram Instagram Facebook
Twitter Linked in Linked in Twitter (X)
TikTok Pinterest Pinterest YouTube
YouTube Twitter Twitter Instagram
Linked in YouTube YouTube
Store Locations

21
 Southdale/  Wellington  White Oaks Mall  Wonderland
Wonderland Road across  Masonville Mall Road South
Road White Oaks  Argyle Mall  Dundas
Mall/ Street East
Fanshawe  Richmond
College, Street
London South  Wellington
Campus Road
 Masonville
Mall
 North London

Visions Electronics also competes with retail stores offering electronics

and appliances such as Walmart and Costco. Walmart is known for its low
prices offering price-sensitive customers looking for more product
availability and options for affordability. Costco is also a retail store like
Walmart, but it is membership-based. With Costco's membership model,
buyers pay a one-year membership fee to gain access to stores that sell
lower-priced electronics and home appliances. Amazon representing
many sellers is operating on an e-commerce platform. With its wide
catalog of products including electronics and appliances, Amazon provides
its customers with many choices specifically in the electronics segment.

Threat of Substitution (High)

The possibility that consumers will move to different goods or services

that meet the same need is known as the threat of substitution. This
threat to Visions Electronics is caused by several factors:

1. E-commerce Platforms: With the added convenience of home delivery,

online merchants such as Amazon and Best Buy offer a huge assortment

22
 of electronics, frequently at reduced costs. Customers may be lured away
from physical stores by this.
2. Direct Sales by Manufacturers: Many electronics companies, like Apple
and Samsung, sell directly to customers via their websites or retail
locations. Bypassing retailers completely, this provides customers with
exclusive products and competitive pricing.
3. The Second-Hand Market: Used electronics marketplaces like eBay and
local classified ads provide consumers with affordable options, particularly
for those on a tight budget.
4. Developments in Technology: Rapid technological advancements have the
potential to quickly render current products obsolete. Consumers may
decide to switch outdated products for more recent models from rival
companies or other brands.
5. Other Product Types: As consumer tastes change, they may choose items
from different categories that fulfill the same function, like smart home
appliances, which can lessen the need for conventional electronics.
6. Changes in Consumer Behavior: The demand for Visions Electronics’ wide
range of products may be impacted by trends toward sustainability or
minimalism, which may lead consumers to seek out fewer, higher-quality
products rather than buying several inferior ones.

23
 Source: https://www.canva.com/design/DAGUCJyt1t8/wXtPg0WE-oTKRuyBygFnCQ/edit?
utm_content=DAGUCJyt1t8&utm_campaign=designshare&utm_medium=link2&utm_source=share
button

Bargaining Power of Suppliers (Moderate)

Supplier Concentration

 Massive, Dominant Brands: Apple, Samsung, Sony, and LG are just a

few of the well-known electronics manufacturers that supply a large
portion of Visions Electronics' inventory. These big businesses have a lot of
power over retailers because they manage the supply of goods that are in
high demand. For instance, because Apple and Samsung dominate the
market, Visions Electronics has little power to bargain with them for better
financial terms or lower costs.
 Small Suppliers: Visions also collaborates with smaller or specialized
electronics manufacturers, because they depend more on Visions

24
 Electronics for sales, suppliers may have a smaller influence in such
circumstances, which allowed Visions to negotiate for better rates.

Product Differentiation

 Standardized Products: Most consumer electronics have been

standardized; for example, the same iPhone is offered by multiple sellers.
This reduces Visions Electronics’ bargaining power because there is no
unique product that would attract customers to come to their store.
 Limited Differentiation: Since the same popular products are available
at competitors like Best Buy and Amazon, suppliers don’t need to offer
unique terms to Visions. Consequently, Visions has little control on the
cost or delivery schedules of these common products.
 Supplier Dependency: Suppliers of major electronics understand that
retailers cannot afford to discontinue their products, such as those from
Apple or Google, thereby limiting Visions' ability to negotiate better deals.

Switching Costs

 Low Switching Costs: Visions typically confronts modest switching costs

if it decides to swap suppliers for generic or less well-known items. For
example, switching providers for accessories like phone cases may not be
expensive.
Supplier Profitability

 Supplier Profit Margin: Large suppliers usually determine their own

prices and profit margins. Visions and other retailers have little
negotiating power unless they place significant orders or provide exclusive
offers. Because they buy in bulk, larger stores like Walmart and Best Buy
tend to negotiate lower pricing, but Visions Electronics has 43 stores and
might not always have the same negotiating power.

25
 Bargaining Power of Customers (High)

Customers have moderate to high bargaining power due to several factors

mentioned below.

1. Variety in Choices: Large retailers like Best Buy, Staples, Canada

Computers and the Source offer a variety of products in various
categories, at competitive prices. Customers can easily switch between
these retailers based on product availability, price, and convenience. This
broad selection makes it difficult for Visions to retain customers, especially
if it doesn’t match or exceed competitors in offering variety or value.
2. Information Accessibility: With the rise of online reviews and comparison
tools, customers are more empowered than ever. They can research
products, compare prices across different platforms, and make more
informed choices. This increased transparency means that customers may
decide to go for the best deals.
3. Lack of Brand Awareness at Visions Electronics: Unlike major competitors,
Visions Electronics may struggle with brand visibility on a national level,
limiting its reach and ability to attract new customers. Larger, well-known
retailers have the advantage of extensive marketing campaigns,
established reputations, and broader customer bases.

Threat of New Entrants for Visions Electronics (High)

1. Loss of market share: The new stores may attract customers away from
the existing store, leading to a decline in market share and sales revenue.
2. Price wars: New entrants may adopt aggressive pricing strategies to gain
market share, potentially leading to price wars that erode profit margins
for all competitors.
3. Customer Loyalty: By offering individualized care and a positive shopping
experience, Visions Electronics has gained the respect and allegiance of
its clients. This protective barrier of loyalty makes it difficult for new

26
 businesses to draw in these clients unless they have something truly
unique to offer.
4. Growing Market: Electronics are in greater demand, which draws in new
companies. These competitors might employ tactics like price reductions
or aggressive marketing to lure away Visions Electronics clients.
5. Competition: Novel items or distinctive services from new competitors
could detract from Visions Electronics. This means that to be competitive,
Visions must constantly upgrade and enhance its selection of products
and customer support.

VISIONS ELECTRONICS DECISION CRITERIA

Introduction
The precise standards or benchmarks used to assess possibilities and
make decisions during decision-making procedures are known as decision
criteria. These standards assist companies in evaluating the possible
results of various options, pointing them in the direction of the best choice
given their objectives and top priorities.

27
1. Ease of Modification or Flexibility: Considering ease of
modification or flexibility is essential especially in a rapidly changing
environment such as electronics industry to ensure that plans and
programs can quickly adapt to market shifts or customer needs.

2. Impact on Sales: In business, sales are one of the core criteria in

decision-making. Sales drive profitability and directly influence growth and
market positioning. Sales figures provide a clear, quantifiable measure of
success, making it easier to assess the effectiveness of different
strategies or initiatives.

3. Customer Satisfaction: Customer satisfaction evaluates how the

choice impacts end users or customers and is crucial for projects involving
clients. By concentrating on a few areas that cater to common consumer
goals, such as product quality, in-store experience, customer assistance,
and competitive pricing, Visions Electronics can increase customer
happiness.

4. Quantifiable outcomes: Quantifiable outcomes are clear,

measurable results (e.g., cost savings, customer satisfaction scores) that
show if a solution meets its goals. They allow business owners to track
progress objectively, adjust as needed, and prove the solution’s value to
clients.

5. Labor cost: One of a company's biggest costs is labor. Visions

Electronics must take labor costs into account because providing
customer service necessitates hiring or training staff, both of which have
an impact on labor costs. Putting money into labor can improve customer
satisfaction and increase sales, which raises a company's earnings. In the
end, efficient labor cost management enables the store to strike a balance

28
between providing exceptional customer service and long-term financial
viability.

ASSESSMENT OF ALTERNATIVE

Key Issue # 1: Online Presence

Boosting your business’s online presence can drive more traffic, attract
potential customers, and grow your brand's visibility. To increase sales and
reach more clients, Visions Electronics requires a more robust web
presence. Visibility and customer involvement will increase with website
enhancements, social media promotion, and the addition of tools like live
chat and product reviews.

POTENTIAL ALTERNATIVES

Alternative #1: Optimize Website

Visions’ Electronics should make the website easy to use/user-friendly. To
raise the website's search engine ranking, they should make use of
pertinent keywords, descriptions, and images. Visions’ Electronics should
assign a specific individual to answer client questions in a timely manner.
The website should continue publishing interesting and educational
content that benefits the audience.

Alternative #2: Enhancing Brand Reputation and E-Commerce

Growth
Along with proactive communication and first-rate customer service, an
active social media presence and robust community involvement are
crucial. Giving sustainability and social responsibility top priority will

29
appeal to ethical customers and using data analytics for ongoing
development will guarantee that Visions’ Electronics is adjusting to
changing consumer demands. This makeover will also improve the
consumer experience by improving accessibility and navigation, which will
raise conversion rates and customer satisfaction.

Alternative #3: Elevating Brand Visibility

The social media engagement strategy will aim to assist business goals by
expanding brand awareness and reaching a larger audience. While
creative marketing techniques like segmented email campaigns will
improve customer retention, putting into practice efficient SEO (Search
Engine Optimization) strategies will raise online visibility. It will also
enhance customer experience by encouraging participation and fostering
a sense of community, which will make customers feel valued and
included.

https://yoast.com/what-is-seo/

Key Issue #2: In-Store Advertising and Promotions

There’s a need for Visions Electronics to emphasize advertising at the
storefront to attract customers by using advertising collaterals and to
entice the customers who are passing by to come inside the store or
further engage the customers who are already inside. Sometimes people
walk into the store with few specific items in mind, the goal of Visions
Electronics is to persuade these customers to purchase.

POTENTIAL ALTERNATIVES

Alternative #1: Flyers and Posters

Posters and flyers have long been effective, versatile tools in marketing
that can possibly reach a wider audience, particularly for local businesses
like Visions Electronics. It is also cost-effective as compared with other
forms of advertising such as digital or billboards. Flyers and posters can

30
speak for the business with a clear and concise message in a visually
appealing way.

Alternative #2: Putting up of Outdoor Signboard

Outdoor signboards can be a valuable component of Visions Electronics
marketing tools. It is effective because it can boost visibility, foot traffic,
and ultimately, sales. Like flyers, it is also cost-effective since it does not
require costly maintenance. It can be considered a long-term investment
because it can last for many years.

Alternative #3: In-Store Retail Events

In-store retail events can also be an effective marketing tool because it
creates memorable experiences for customers. It can make way for
enhanced customer engagement, gives opportunity to have enough time
to promote the business or introduce a product.

Key Issue #3: In-Store Service

Establishing an in-store service in a business can be a great way to
enhance customer experience, build brand loyalty, and increase sales. For
Visions Electronics, in-store service is a concern; enhancing employee
education and product expertise can improve interactions with customers.
The entire shopping experience can also be greatly improved by putting in
place a system for collecting client feedback and providing individualized
help.

POTENTIAL ALTERNATIVES

Alternative #1: Customer Feedback System

Implementing a customer feedback system is a practical way to enhance
in-store service at Visions Electronics. The business may pinpoint certain
problems and opportunities for development by actively collecting and
evaluating customer feedback. This will allow them to make well-informed
adjustments that will improve the buying experience.

31
 For Example:
 Use QR Codes on Receipts: Vision Electronics can create a link to a short
feedback survey with incentives (e.g., a small discount) to encourage
responses.
 Install Feedback Kiosks: Place kiosks at store exits for quick surveys,
asking customers about their experience.

Alternative #2: Devoted Tech Experts

Assigning specialized employees who can offer in-depth advice and
support on complicated items will guarantee that clients receive
knowledgeable direction.
For Example:
Visions Electronics can help older customers set up their televisions and
internet connection by offering in-house setup, easy-to-read guides, a
dedicated support hotline, and friendly in-store workshops. This way,
seniors get the support they need to enjoy their tech hassle-free.

Alternative #3: Increasing In-Store Visits and Brand Loyalty

Through Engaging In-Store Events
Visions Electronics can boost in-store visits and brand loyalty by hosting
engaging events like themed promotions, hands-on workshops, and
exclusive product launches. Interactive tech demos and contests will
attract customers, while special discounts for loyalty members encourage
purchases. Collaborating with local businesses and utilizing London Transit
for promotions can enhance community engagement. Gathering customer
feedback will also strengthen relationships and make each visit
memorable.

Alternative #4: Staff Training

Limited staff availability may prevent employees from greeting customers
at Visions Electronics. To improve this, Visions Electronics should consider
the use of self-service kiosks or signage to welcome shoppers, train staff
to proactively engage with customers when available and encourage

32
customers to reach out for assistance via mobile or in-store notifications.
Efficient staff training focused on product knowledge and customer
service skills can further enhance the overall shopping experience.

VISIONS ELECTRONICS DETAILED ASSESSMENT OF

ALTERNATIVES

Key Issue # 1: Online Presence

33
Alternative #1: Optimize Website

Make the Website User-Friendly and Accessible

 Goal: Ensure easy navigation, mobile compatibility, and optimized

content to enhance user experience and search engine ranking.

 Implementation
a. Optimize mobile compatibility to ensure usability on smartphones and
tablets.
b. Use relevant keywords and images to improve SEO and increase
organic traffic.

34
 Cost Estimate
a. Initial Website Optimization: $1000 - $10,000 for design updates and
mobile compatibility improvements.
b. Ongoing Maintenance and Updates: $500 - $1,000 per month.

Customer Engagement and Content Strategy

 Goal: Provide immediate customer support and regularly publish

valuable content to engage the audience.

 Implementation
a. Hire a dedicated customer support person to handle inquiries via live
chat and email, ensuring prompt responses.
b. Post informative and engaging content, including product tips, industry
insights, and FAQs.

 Cost Estimate
a. Customer Support Specialist: Salary of $2,000 - $4,000 per month
(depending on experience and location).
b. Content Creation and Management: Estimated $500 - $1,500 per
month for content development.

Alternative #2: Enhancing Brand Reputation and E-Commerce

Growth

Redesign with a User-Centric Focus

 Goal: Enhance brand reputation and boost e-commerce performance

by prioritizing accessibility, navigation, and visual appeal.

 Implementation
a. Complete website redesign focusing on user experience (UX) principles.

35
b. Improve accessibility features, such as ADA compliance and responsive
design.
c. Update navigation to help users find products and information
effortlessly, increasing conversion rates.

 Cost Estimate
a. Comprehensive Redesign: $1500 - $5000 for a full website redesign.
b. Ongoing Maintenance and Upgrades: $500 - $1,000 monthly.

Alternative #3: Elevating Brand Visibility

Develop a Social Media Strategy

 Goal: Increase brand awareness and connect with a wider audience

through active and engaging social media content.

 Implementation
a. Create a social media calendar and consistently post content to
showcase products, highlight promotions, and share user-generated
content.
b. Run campaigns that encourage community interaction, like polls,
contests, or customer spotlight posts.
c. Engage with followers by responding to comments, inquiries, and
messages in a timely manner.
 Cost Estimate
a. Social Media Management: $1,500 - $3,000 monthly for a dedicated
social media manager or agency.
b. Paid Advertising: $500 - $2,000 monthly for social media ad
campaigns.

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Key Issue #2: In-Store Advertising and Promotions

Alternative #1: Flyers and Posters

For a brick-and-mortar store, Visions Electronics should consider
maximizing the potential benefits of physical copies of flyers to be
displayed in the store’s conspicuous spaces such as checkout counter and
entrance and exit points of customers. Apart from flyers, Visions
Electronics needs a little makeover at the storefront as currently the store
does not have any relevant posters that would attract more customers to
come and check the products inside the store.
Copies of flyers and posters of Visions Electronics are currently in digital
format which can be found on their website as shown in the images.

37
Image #1: Sample digital poster Image #2: Clickable
link to see the actual flyer

https://www.visions.ca/

Image #3: Image of actual flyer which can be generated by typing in a

postal code to direct the customers to the nearest store location.

https://www.visions.ca/

The factors involved in this alternative are the following:

Design
Flyer specifications such as paper and ink quality and folding styles are
usually provided by printing services for Visions Electronics to choose
from. For the specific design, Visions Electronics can hire a store associate
that has a talent for design and layout and can include in his job
description.

38
 Sample Printing Cost

Supplier Specifications Cost

Conquest Graphics Size: One-Sided:
https://www.conquestgraphics
8.5 x 11 inches (letter $199/1,000 copies
.com
size) = .20 cents per copy
Quantity:
1,000 copies (can also Double-Sided
avail of bulk mail $240/1,000 copies
discounts for flyer = .24 cents per copy
mailing)

Solutions in Print Size: One-Sided:

https://solutionsinprint.ca
8.5 x 11 inches (letter $199/1,000 copies
size) = .20 cents per copy
Quantity:
1,000 copies Double-sided:
$225/1,000 copies
= .22 cents per copy

Distribution
 Flyers can be displayed in noticeable spots in the store such as checkout
counters or can be put up a table near the entrance/exit door.
 Printing services such as Conquest Graphics, there’s an option to bundle
up with flyer mailing services at a discounted deal.

Alternative #2: Putting up of Outdoor Signboard

Visions Electronics is located along Wonderland Road inside a commercial
space along with other businesses such as Healthy Planet and Ashley
Furnitures. The exact spot is still a one-to-two-minute walk from the main
road where Bus number 12 is passing. Putting up an outdoor signboard

39
along the sidewalk is highly recommended for people passing by to easily
notice the store.

The images shown below are the actual road along Wonderland Road
where Visions Electronics is located.

The factors involved in this alternative are the following:

Design
Like flyers and posters, Visions Electronics can hire a store associate that
has talent for design and layout and can include in his job description.

Cost
The initial investment in outdoor signboards is more costly than flyers and
posters. However, outdoor signboards if maintained properly is durable
and can withstand the test of time. Unlike digital signboards, it does not
require electricity and generally requires minimal maintenance cost once
installed.
There are many different types of outdoor signboard Visions Electronics
can choose such from. Vista Print ( https://www.vistaprint.ca) foldable signboards
approximately cost around for $130.00 to $260.00.

40
Alternative #3: In-Store Retail Events
In-store retail events are excellent way to build a community around your
business as well as to engage with customers. In-store events can create
a sense of excitement and community, encouraging customers to visit
your store and engage with your brand on a personal level.

Product Demonstrations: Visions electronics can showcase to the

customer how to use a certain product, launching of new products with a
bit of fanfare, snacks or giveaways to customer. It is a good way to
showcase your products to a group of like-minded consumers.
Meetups and Social Events: Organize meetups for customers with
similar interests in gadgets and technology. This can help Visions
Electronics helps build a community around the brand they are selling and
can encourage repeat visits.

41
 The factors involved in this alternative are the following:

Cost
 Manpower – Depending on the type and length of the event, including
preparation, there’s a possibility of requiring to extra one to two hours for
part-time employees ($17.00 per hour)
 Store set-up and supplies – Visions Electronics can minimize cost by
reusing some store supplies such as tables, chairs, pen, paper, among
others.

Key Issue #3: In-Store Service

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Alternative # 1: Customer Feedback System Digital Forms
Using online tools like SurveyMonkey can be a low-cost or free option,
depending on the features needed. SurveyMonkey offers plans that start
at $30 per month and go up to $85 per month, with more advanced
features and customization options available at higher tiers. If Visions
Electronics hire a graphic designer or developer, it can cost from $23 to $
35 per hour, depending on their expertise and Visions Electronics’
location.
https://www.surveymonkey.com/pricing/
https://ca.indeed.com/career/graphic-designer/salaries

Alternative #2: Staff Training

Training can be expensive according to edume.com. Companies with 10-
19 employees spent only 1.5% of labour costs on training and Visions
Electronics comes into the same bracket.
Here’s how we will calculate it:
1. Estimate Total Labor Costs: Determine the approximate annual labor
costs for Visions Electronics. If the average annual salary is known,
multiply it by the number of employees.
2. Calculate Training Costs: Multiply the total labor costs by 1.5% to get
the estimated annual training budget.
For example, if Visions Electronics’ labor costs total $500,000 per year,
the annual training cost would be approximately:
500,000 * 0.015 % = $ 7,500
Thus, the estimated training budget would be around $7,500 annually.
This figure could be adjusted based on actual labor costs or further broken
down to a per-session cost if training is conducted periodically.

Alternative #3: Devoted Tech Experts

Hiring a service technician at Visions Electronics is estimated to cost
around $29 per hour, translating to an approximate annual wage of
$60,320 for a full-time schedule. Additionally, hiring expenses—covering
recruiting fees, onboarding, and administrative costs—are estimated at

43
$4,000. Altogether, the estimated initial cost for each technician would be
approximately $64,320 for the first year. These costs can be covered by
more sales, as services encourage customers to buy. Better support also
means fewer returns and happy customers, saving money.
https://ca.indeed.com/career/service-technician/salaries
https://toggl.com/blog/cost-of-hiring-an-employee

RECOMMENDATION AND PREDICTION OF OUTCOME

Key Issue # 1: Online Presence

Visions Electronics is required to improve its online presence to attract and

retain customers. Increasing brand awareness and increasing organic
traffic requires an effective website and engaged social media
involvement. The business can expand its audience and create loyal
customers by improving SEO and implementing effective online
advertising tactics through social media engagement and segmented
email campaigns.

Recommendation for Alternative #3: Elevating Brand Visibility

By focusing on its brand recognition, Visions Electronics can boost the
growth of e-commerce. Key strategies include engaging with customers on
social media, encouraging welcoming customer ratings, and providing
outstanding customer service.
The business can reach a larger audience while creating a more engaging
brand experience through using social media influence. A solid reputation
will encourage repeat business, increase client loyalty, boost revenue, and
broaden the company's market reach.

Prediction of Outcome
If Visions Electronics invests in this strategy, with better SEO and social
media marketing, it will result in more organic traffic and brand

44
awareness. Building a community through regular email and social media
interaction will promote referrals and repeat business.
This will eventually increase revenue and reduce the need for sponsored
advertisements, making it a solid option for long-term growth and better
brand recognition. For Instance, currently sales are $3000-$5000 per day
which can go higher up to $6000-$7000 per day approximately. Also,
highest value sales are $12000 which will increase after improving their
online website.

Key Issue #2: In-Store Advertising and Promotions

In this age of technology, competition among electronics businesses

operating as a brick-and-mortar store is very high. The use of non-digital
marketing collaterals such as physical copies of flyers and posters is still
effective as it takes advantage of the situation when a customer is
engaged and ready to shop.

Recommendation for Alternative #1: Flyers and Posters

After careful consideration of several decision criteria explained in the
previous section, Velocity Consultancy recommends employing extensive
use of flyers and posters as part of in-store advertising and promotions
marketing plan of Visions Electronics. Currently, you can only find one
flyer displayed at the checkout counter and no posters anywhere in the
store.
Visions Electronics can maximize the benefits of flyers and posters by
producing additional printouts to be displayed in strategic spots in the
store where customers will easily notice such as checkout counters and
entry and exit doors. These marketing collaterals should be regularly
updated in terms of product information, latest discounts offered, marked
down prices, promos such as Black Friday Sale and Boxing Day.

Prediction of Outcome

45
Traditional as it is, the use of flyers and posters can significantly affect
sales especially for businesses such as Visions Electronics targeting local
market. The use of flyers and posters as marketing tool can increase sales
by way of elevating its brand awareness among customers and its
tangible presence where people tend to remember items that they have
seen or held. It can also increase foot traffic by placing posters or flyers at
the storefront, Visions Electronics can attract passersby who might not
otherwise intend to drop by or enter the store.

Estimate on Sales Impact

Based on the interview with the store manager, number of customers
coming to the store ranging from 15 to 20 daily basis. Average daily sales
ranging from $3,000 to $5,000. Highest value sale is around $12,000.

Vision’s Electronics current transaction value:

$3,000 average daily sales / 15 customers = $200 daily sales per
customer
Estimate impact on sales increase by using flyer and posters in the store:
20% increase in sales
$200 (daily sales per customer) x 3 customer (increase in customer count)
= $600 increase in daily sales

Key Issue #3: In-Store Service

In-store service is key for Visions Electronics, impacting customer

satisfaction and loyalty. Training staff to assist customers well and
ensuring smooth checkouts enhances the shopping experience, helping to
retain customers. Options to improve service include a Customer
Feedback system, tech experts, and staff training. The Customer
Feedback system is the best choice, providing direct insights from
customers for continuous improvement.

Recommendation for Alternative #1: Customer Feedback System

46
Implement a Customer Feedback System at Visions Electronics to gather
real-time insights directly from customers. This solution will make it
simpler to effectively meet consumer requests by assisting in identifying
areas where the in-store experience needs to be improved. Visions
Electronics can improve service quality, increase customer happiness, and
fortify loyalty by consistently gathering and evaluating customer
feedback.

Prediction of Outcome
Implementing a Customer Feedback System at Visions Electronics is
essential for identifying and addressing common customer concerns, such
as product availability, to enhance satisfaction and loyalty.

Example
Identify Issue: Based on data from the Customer Feedback System, 20%
of consumers find frequent product stockouts frustrating.
Action Taken: In response, Visions Electronics implements a mechanism to
alert customers when products are restocked and modifies inventory
levels for popular items.
Outcome: In six months, there is a 50% decrease in consumer complaints
regarding out-of-stock items. As a result, clients are more likely to
discover what they need in-store, which increases customer satisfaction
by 20% and is expected to improve repeat business by 10%.

IMPLEMENTATION PLAN

Elevating Brand Visibility

To establish a successful brand and drive customer engagement for Vision
Electronics, this implementation plan focuses on optimizing the website,
enhancing engagement, and boosting conversions.

47
1. Objective Definition
 Goal: Increase online visibility, improve user experience, boost
engagement, and drive conversions.
 Target Audience: Define customer profiles (e.g., having knowledge of
modern technology, budget conscious buyers) etc.

2. Website Optimization
 Search Engine Optimization (SEO) Strategy: Use high-traffic keywords,
optimize on-page elements (meta tags, descriptions), enhance loading
speed, and ensure mobile-friendliness. Create content such as blogs
and guides to establish authority.
 User Experience (UX) Improvements: Streamline navigation, add a
strong search function, optimize product pages with detailed
descriptions, and ensure a responsive design.

3. Customer Engagement Strategy

 Content Marketing: Publish blogs, tutorials, and video demos, engage
on social media, and send targeted emails.
 Customer Feedback & Reviews: Encourage reviews, provide live
support, and showcase feedback on product pages.
 Promotions & Loyalty Programs: Run exclusive offers, seasonal
discounts, and a loyalty program to foster long-term engagement.

4. Performance Tracking and Analytics

 Web Analytics: Use tools like Google Analytics to monitor traffic,
conversions, and user behaviour.
 Customer Feedback: Collect and analyze surveys to improve user
experience.

Implementation Timeline

48
 Action Plan Week Week Week Week
1 2 3 4
1.Audience analysis and objective
definition
2.SEO, and UX setup

3.Content creation and social media

setup
4. Launch promotions and loyalty
programs

Estimated Cost
Phase 1: $0
Phase 2: $30 - $150
Phase 3: $0 - $80
Phase 4: $50 - $150
One-Time Cost: $80 - $380
Monthly Ongoing Cost: $0 - $100

Flyer and Poster Marketing

Implementing extensive use of in-store flyer and poster marketing can be
a highly effective strategy to promote Visions Electronics. It offers a
tangible way of personally connecting with customers.
The process involved in the implementation are the following:

1. Preparation
Visions Electronics must clearly define what they specifically want to
achieve with the display of flyers and posters in the store such as
promoting a sale or new product offers. It must also understand and
identify the target audience so that it can tailor the message and content
or design of the print collaterals that is appealing to customers.
Actions under this implementation stage must include the following:
 The store manager must prepare a recommendation report to the
business owner.

49
 Meeting with the business owner and securing his written approval to
proceed with the implementation.

2. Design and Print

Visions Electronics does not need to hire a separate design artist for the
layout of the flyers and posters. They can hire a part-time retail associate
that has a talent for creativity and design that can be included in his role.
The manager or the business owner must approve the design and content
of the flyers and posters before it pushes through the printing job. Flyers
should be updated at most every quarter of the year so that its
information must be tailored to the current season such back to school,
Christmas or holiday sale events such as Black Friday and Boxing Day.
Actions under this implementation stage must include the following:
 Post a hiring sign on the front door of the store or ask for referrals from
the current store employees then schedule a job interview and select
from applicants fit for the role.
 The store manager must orient the new hire of his duties as store
associate that must include the design and layout of print collaterals
for the store.
 The new hire must immediately start coming up with flyer and poster
designs and must be subject to approval of the manager or business
owner.

3. Display and Distribution

The manager must be the one in-charge of all the communications with
the printing services such as quotation, design, costing and bargain for
lower price. He must closely monitor that printing specifications are
strictly followed and must ensure of quality printouts of flyers and posters.
Assign retail associates to place posters and flyers in strategic spaces in
the store where it can be easily noticed by the customers. For flyer
mailing, store manager must identify the strategic locations to distribute
flyers through direct mail such as residential locations and local
businesses.

50
Actions under this implementation stage must include the following:
 For in-store displays, it must be done by the store immediately upon
delivery.
 For mailing, locations must be identified based on the existing store
data and assign store staff to prepare flyers for mailing and coordinate
with couriers such as FedEx or Canada Post.
 If flyer mailing is bundled with printing, Visions Electronics must
provide the correct mailing details to the printing services.

Implementation Timeline
Initially, Velocity Consultancy recommends a 4-week timeline for the
preparation, design, print and distribution of flyers and posters. Target
implementation date is December 2024.

Action Plan Week Week Week Week

1 2 3 4
Preparation
 Prepare recommendation report
 Meeting with business owner,
secure approval
Design and Print
 Hiring and orientation of new
employee (week 2)
 Design and approval for printing
(week 3)
Display and Distribution
 In-store display
 Mailing

Customer feedback system

Visions Electronics will be able to gather important information to improve
in-store services and customer satisfaction by putting in place a customer
feedback system. The steps to take for setting up and maintaining a
digital feedback tool are outlined in this approach.

1. Preparation

51
Visions Electronics must choose a suitable platform and define the
objectives of the feedback system (e.g., SurveyMonkey). The focus will be
on gathering customer satisfaction data to enhance services.
Actions:
 Define feedback objectives (e.g., service, product satisfaction).
 Choose a platform like SurveyMonkey (starting at $30/month).
 Assign a staff member to manage the system

2. Tool Setup
Create a feedback survey that is easy to understand and test it. Make sure
the survey is user-friendly for customers by designing it using a platform
like as SurveyMonkey.
Actions:
 Create and test the survey.
 Set up incentives (e.g., discounts or prizes) to encourage participation.

3. Promotion
Promote the online and in-store feedback system. Direct customers to the
survey by using QR codes on displays and receipts. Encourage employees
to let customers know about the feedback system.
Actions:
 Display QR codes in-store and online.
 Train staff to promote the feedback system to customers.

4. Information Gathering and Evaluation

Regularly monitor and assess feedback. Determine trends and potential
areas for development. To make the required changes, discuss
observations with the team.

Implementation Timeline

Action Plan Week Week Week Week

1 2 3 4

52
 1. Preparation

2. Tool Setup

3. Promotion

4. Information Gathering and

Evaluation

Budget Considerations
 Survey Tool: $30/month (SurveyMonkey Basic Plan).
 Incentives: Approx. $1000 for rewards.
Expected Outcomes
 Improved customer service based on feedback.
 Enhanced customer satisfaction and loyalty.
 Data-driven improvements in store services and offerings.

CONCLUSION

The management of a company’s social media accounts must strike a

balance between brand promotion and engagement. Developing a
comprehensive social media policy and ensuring that all team members
receive training on best practices is essential. Both offline promotions and
social media marketing strategies can effectively engage and connect
with the target audience. Successful deployment requires a strategic
approach, flexibility, and ongoing improvement.
To calculate Visions Electronics’ training budget as 1.5% of labour costs
offers a strategic and cost-effective approach to staff development. This
approach ensures predictable budgeting, scalability, and focused training
investment, enhancing employee engagement, retention, and
productivity. It also fosters innovation and compliance with industry

53
standards, balancing cost control with empowering employees, ultimately
supporting long-term business success and growth.
Visions Electronics can conduct surveys and obtain insightful feedback at
a reasonable cost by utilizing low-cost online tools such as SurveyMonkey.
Plans that start at just $30 per month provide the business with basic
features, while more expensive options enable customization as required.
Employing a graphic designer or developer at rates between $23 and $35
per hour guarantees that the business can customize surveys to match
specific needs without incurring a significant investment, should more
design or technical expertise be required.
In conclusion, this approach enables Visions Electronics to obtain valuable
insights and enhance decision-making in an economical manner by
offering flexibility and scalability in addition to cost control. Hiring a
service technician at Visions Electronics, with an initial cost of
approximately $64,320 for the first year, represents a strategic
investment that can be recouped through increased sales. Providing
exceptional customer service not only encourages repeat purchases but
also improves overall customer satisfaction, reducing returns and
fostering loyalty. Better customer support ultimately leads to cost savings
and long-term business growth. This approach will help Visions Electronics
build stronger customer relationships, boost revenue, and enhance
operational efficiency, making it a financially viable decision for the
company’s continued success.

BIBLIOGRAPHY AND APPENDICES

1. Visions Electronics Reviews | Read Customer Service Reviews of
visions.ca (trustpilot.com)
2. https://my-ibisworld-com.fanshawe.idm.oclc.org/ca/en/industry/
44314CA/geographic-breakdown
3. https://www.legrand.ca/ideas/blogs/smart-home-trends-2024
4. https://my-ibisworld-com.fanshawe.idm.oclc.org/ca/en/industry/
44314CA/products-and-markets
5. https://www.drip.com/blog/online-shopping-statistics

54
6. https://www.tanium.com/blog/5-charts-that-show-why-it-pays-to-
prevent-a-cyberattack-rather-than-fight-one/
7. porter-five-forces-model-and-analysis-to-analyze-your-businesses-
vector.jpg (1920×1536)
8. https://www-statista-com.fanshawe.idm.oclc.org/outlook/emo/
electronics/consumer-electronics/canada?
currency=CAD&locale=en#key-players
9. https://www.canva.com/design/DAGUCJyt1t8/wXtPg0WE-
oTKRuyBygFnCQ/edit?
utm_content=DAGUCJyt1t8&utm_campaign=designshare&utm_mediu
m=link2&utm_source=sharebutton
10. https://yoast.com/what-is-seo/
11. https://www.visions.ca/
12. https://www.conquestgraphics.com
13. https://solutionsinprint.ca
14. https://www.vistaprint.ca
15. https://www.surveymonkey.com/pricing/
16. https://ca.indeed.com/career/graphic-designer/salaries
17. https://ca.indeed.com/career/service-technician/salaries
18. https://toggl.com/blog/cost-of-hiring-an-employee
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