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Hans-Made Watches is a business that designs and hand-makes European-style watches with a lifetime warranty - HSC - SSCE Business Studies - Question 25 - 2024 - Paper 1
Question 25
Hans-Made Watches is a business that designs and hand-makes European-style watches with a lifetime warranty. Features of the business include: - family run busines... show full transcript
Worked Solution & Example Answer:Hans-Made Watches is a business that designs and hand-makes European-style watches with a lifetime warranty - HSC - SSCE Business Studies - Question 25 - 2024 - Paper 1
Step 1
describe the product differentiation strategy for this business
Answer
The product differentiation strategy for Hans-Made Watches focuses on the unique features and craftsmanship of their European-style watches. By emphasizing the handmade quality, timeless design, and customization options, the business can effectively distinguish itself from larger, mass-produced watch brands. Additionally, targeting local customers promotes a sense of community and loyalty, as consumers often prefer to support local artisans. The lifetime warranty adds further value, setting the product apart by assuring quality and longevity.
Step 2
discuss the current acquisition process of this business
Answer
Currently, the acquisition of customers for Hans-Made Watches appears to be informal and reliant on personal connections and community presence. The business may utilize word-of-mouth marketing and local events to attract customers, but lacks structured marketing strategies. To enhance this process, the business could explore online marketing channels, social media engagement, and partnerships with local businesses to broaden its reach. Establishing a customer database for follow-ups and feedback could also improve acquisition efforts.
Step 3
recommend appropriate human resource strategies for this business
Answer
To improve human resource strategies at Hans-Made Watches, several recommendations can be made:
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Training and Development: Providing training programs for employees will enhance their skills in customer service and product knowledge, which is essential for maintaining quality and service standards.
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Employee Engagement: Involving employees in business decisions can bolster morale and foster a team-oriented culture, especially in a family-run business environment.
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Flexible Work Hours: Offering flexible work schedules can increase job satisfaction and productivity, particularly as the business operates long hours.
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Performance Incentives: Establishing a rewards system based on performance can motivate employees to meet sales targets and improve customer interaction.
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Recruitment Strategies: As the business expands, creating clear job descriptions and a structured recruitment process will help attract skilled candidates.