History of the Pandora organisation and its industry
For each department, research and identify indicators to assess its performance and relevance to the overall business
Analyse how each indicator would be measured, what information is needed to measure and how to collect such information
Explain how management could use each indicator for business & staff performance
Suggest strategies to correct eventual weaknesses of failures of such indicators
The History of Pandora
Pandora is one of the international Danish jewelry manufacturer and the retailer founded it in 1982. Pandora organization includes customized charm bracelet with the different designer rings, necklace and the watches. The company has the production site in Thailand and the market for its product is more than in 100 countries in 6 continents with more than 7800 points of sale. The history of Pandora relates to the owner Danish goldsmith who worked on the small scale with importing jewelry from Thailand and then selling them to the customers. The lower cost of production with efficient supply chain requires to provide an affordable and hand-finished jewelry for the mass market (Wedel & Kannan, 2016). The collection tends to grow which includes the ring assortment and the earrings etc. The history also highlights about world’s third largest jewelry when it is related to the sales of Pandora, the first being Cartier and second is Tiffany & Co. The shift is mainly to focus on the higher end designs that is alienated for the core customers. The performance is recovered after there is a return to a much better affordable market mass with the group reporting revenue and a net profit of 3 billion in 2014.
Sales: The sales of Pandora brand began in Europe and then they entered into North America. Pandora products are not sold in more than 100 countries and their online sales in Europe in 2011 have begun to work on expansion of e-commerce with the majority of markets including Australia as well (Chen, Ho & Wu, 2016). Here, the growth in DKK has been variant by 36% where the wholesale growth is -3% and the 3rd party distribution is 18%. The company is working on the revenues through proper advertisements that are set by providing the innovative affordable jewelry to cater for the diversity among the different customers (Thomas, 2015).
Marketing: Pandora is able to work on improving and increasing the frequency to sell with new products. The consumer needs to navigate across different channels through the online and offline medium for a better personal experience. One needs to strive towards using data to recognize the consumers for the online and offline and then remember the purchase history as well. The use of the traditional printing is through moving further into digital one-to-one marketing. The pursuing of growth helps in continued formation with providing an inspiring and the personal in-store experience (Gilfoil, Aukers & Jobs, 2015). The expansions of the company helps in attaining a secured customer journey and experience for the in-store and across channels.
Sales of Pandora
Sustainability: The sustainability performance indicators help in measuring the company performance through the economic, social and the environmental performance. This includes the company turnover, profit and the products sold. The social factors include the labor practices and the broader issues Pandora is facing. Hence, to maintain the quality, there is a need to employ a strict quality testing process with higher quality raw materials that take into account different aspects from the costs through sustainable sourcing and business ethics.
The sales could be analyzed through focusing on expanding the product collection beyond the charms and bracelets. The collection will include the collaboration with Walt Disney Company where the revenues are set for making up 26% of the revenue with the year compared to 23% in 2016. The financial performance and the expanding production capacity could be analyzed through the image:
The sales could be determined with earnings that are for the effective tax rate that is at 24.8% for 2017 when compared to the initial guidance of 21%. The sales are for handling the underlying tax rate which is seen to be approximately 21%.
Pandora marketing is done with the teams to gather the plan of the year. Here, the evaluation is done on the previous collections through using input from the regions and the franchises as well. The marketing standards are set for the product development phase where each new piece is drawn in 3D at the innovation center of Pandora in Bangkok. Considering the marketing standards, there are consumer traffic where one engage with the consumers through wider variety of channels that are from TV advertisements and through the stores and websites. The interactions are mainly to work and handle the needs and desires of the customers, with giving them best in-class service across the different touch points (Choi, Ko, Medlin & Chen, 2018). The elements are based on creating a unique brand experience that will set the competitors apart.
The sustainability is considered as an effective way to add the increased value for the consumers. The operations are performed at the full value chain where the factors are related to different aspects of business model. The business practices help in designing phases with the choice of materials and suppliers. The integrated business model includes the control of majority of value chain for incorporating the sustainability for different aspects of operations (Corrigan, Cracium & Powell, 2014). The approach includes gaining valuable insights for the critical factors that shape the business environment and sustainability performance like the industry dynamics, mining practices and the marketing ethics effectively. The companies tend to prioritize the development with analyzing whether the product is genuine for usage, and the strategy or profit generation does not need to be mutually exclusive (Geiger & Kelly, 2014).
Marketing of Pandora
Sales: Pandora organization has been always involved in communicating vision so that the employees and consumers are connected properly. The sales leader need to step outside the desires for helping the team for pushing and increasing the sales. This needs to have a close loop between pushing sales people for performance metrics and then encouraging the development for meeting a particular goal. The expression of gratitude is to handle the long way towards increasing the performance of sales.
Marketing: The marketing management strategies are for defining and communicating the different company goals or objectives where the employees do not come for asking the different follow up questions. The goals are defined through goal tracking software which helps in managing the distribution of the flyer through the office and holding the meetings as well. The utilization of performance management software with lower employee engagement can streamline the performance. There are other performance feedback with using peer reviews that affirms the employees to work and shape it effectively. The communication of company and individual goals needs to be achieved with using peer reviews and focusing on preemptive management and recognition (Subramanian, 2017). This includes how the employees are working towards building a better communication with assessment to improvement themselves by watching their colleagues and how they work.
Sustainability: Pandora can work on improving the sustainability through working on incorporating the aggressive environmental and societal goals. There is a need to spell out the economic case for sustainability where the research is about how to improve the business for better profitability. The creation of sustainable knowledge and competency is important for one to invest in educating the employees about sustainability along with creating systems and processes to integrate sustainability for business decisions. One needs to make employee a sustainability champion with leadership that is considered to be a key for embedding the sustainable business model. The cultivation at different levels can bring co-creative sustainable practices with employees. There are ways where companies are able to get the better ideas. Pandora needs to work on encouraging the healthy competition among the employees with the new set of goals and fostering spirit through company with creating a culture of health competition.
- The sales need to be checked and the response of the customers for the product. This will help in improving and learning about what strategy works best.
- The failure celebration have to be done with sharing stories about the worst perspectives as well. There is a need to overthink the failures and then coordinate with the team who is involved in selling and managing the sales to a greater level (Roberts, Geho, & Hall Webb, 2016).
- The overfilling of the leads funnel could be an effective way to handle the undervalued skills in sales with the ability to have consistency.
For the correction of the failing marketing strategy, it is important to focus on:
- Giving more time and then acknowledge the problems is the best method to handle the marketing strategy.
- Differentiate the problems, where there is a need to focus on improving the sales.
- Making a more valuable offer which can bring an awakening in customers.
- Retargeting to fit the audience.
- The segmentation of strategy
- Alignment needs to be done with different individual practices.
- Trying a new strategy and then scaling it up with total success. The experiments can help in different approaches when modifying existing marketing strategies.
For the sustainable consumer, the ethical living is considered an influential mega trend in 2017, where more consumers are generally aware and interested in the production standards and the company transparency. The empowerment by the digital technology can help the consumers to have a better access of information and choices before, leading to a change in shopping behavior and the expectations as well (Choi et al., 2018).
- One has to be original where the focus is on making specific references to the principle of change for leaders to see their organizations.
- Be forward looking and transformation depending upon the requirements. It will help in improving the cases with effective change that includes more attractive options.
- The collaborative options help in attaining the sustainability initiatives with the unintended consequences or the trade-offs. The goal is to mitigate the risks and drive innovation or improve the engagement of employees.
- The value driven factor is considered important with change that has been set to tackle the problems of risk management with the expansion of vision to consider about the material issues.
Chen, Y.H., Ho, M.C. and Wu, H.C., 2016, May. Adding value by semi-automatic craft with thai sense of quality and aesthetics: Foundation of PANDORA charms. In Applied System Innovation (ICASI), 2016 International Conference on(pp. 1-4). IEEE.
Choi, H.S., Ko, M.S., Medlin, D. and Chen, C., 2018. The effect of intrinsic and extrinsic quality cues of digital video games on sales: An empirical investigation. Decision Support Systems, 106, pp.86-96.
Corrigan, H.B., Craciun, G. and Powell, A.M., 2014. How does target know so much about its customers? Utilizing customer analytics to make marketing decisions. Marketing Education Review, 24(2), pp.159-166.
Geiger, S. and Kelly, S., 2014. Sales-as-practice: an introduction and methodological outline. Journal of Personal Selling & Sales Management, 34(3), pp.223-231.
Gilfoil, D.M., Aukers, S.M. and Jobs, C.G., 2015. Developing and Implementing a Social Media Program While Optimizing Return on Investment--An MBA Program Case Study. American Journal of Business Education, 8(1), pp.31-48.
Roberts, S.J., Geho, P.R. and Hall Webb, S., 2016. Which social media channels are most frequently used by small businesses and does the choice reflect the age of the business?. Journal of Digital & Social Media Marketing, 4(1), pp.70-81.
Subramanian, K.R., 2017. Marketing and Promotion of a Single Product in Different Regions. International Journal of Engineering and Management Research (IJEMR), 7(4), pp.183-190.
Thomas, B.J., 2015. Book Review: The Big Data-Driven Business: How to Use Big Data to WinCustomers, Beat Competitors and Boost Profits. Rajagiri Management Journal, 9(1), pp.64-86.
Wedel, M. and Kannan, P.K., 2016. Marketing analytics for data-rich environments. Journal of Marketing, 80(6), pp.97-121.
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