BUSINESS GROWTH
STRATEGIC REPORT
R. Campbell & Sons Limited
ADVANCE PRACTICE (GROUP ALPHA)
STUDENT NAME & NO: OKAKOSO ANITA (A0044923)
OGUNDIPE RONKE (A0232562)
SONALINI NAIDU PALAMUKA (W9496072)
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Table of Contents
INTRODUCTION……………………………………………………………………………………………………………………… 2
Scope ………………………………………………………………………………………………………………………………………… 3
FAMILY BUSINESS THEORIES ……………………………………………………………………………………………… 4
Family and Business ………………………………………………………………………………………………………………… 4
SITUATIONAL ANALYSIS ……………………………………………………………………………………………………… 5
R. Campbell & Sons Ltd Structure …………………………………………………………………………………………….. 5
FINANCIAL ANALYSIS…………………………………………………………………………………………………………… 6
Retained Earnings ……………………………………………………………………………………………………………………. 6
COVID 19 PANDEMIC …………………………………………………………………………………………………………….. 7
Covid 19 Impact (R. Campbell & Sons Ltd) ……………………………………………………………………………….. 7
STRATEGIC ANALYSIS………………………………………………………………………………………………………….. 8
EXTERNAL ENVIRONMENT ANALYSIS ………………………………………………………………………………. 9
PESTEL Analysis ……………………………………………………………………………………………………………………. 9
Political factors: …………………………………………………………………………………………………………………… 9
Economic factors: ………………………………………………………………………………………………………………… 9
Social factors:……………………………………………………………………………………………………………………..10
Technological factors…………………………………………………………………………………………………………..11
INTERNAL ENVIRONMENT ANALYSIS ………………………………………………………………………………11
VRIO Analysis…………………………………………………………………………………………………………………………..11
SWOT Analysis …………………………………………………………………………………………………………………………12
SUCCESSION THEORY………………………………………………………………………………………………………….15
Succession Structure (R.Campbell &Sons Limited)…………………………………………………………………….15
RECOMMENDATIONS…………………………………………………………………………………………………………..16
Future Strategy …………………………………………………………………………………………………………………….16
Succession Essentials …………………………………………………………………………………………………………….17
COST ANALYSIS ……………………………………………………………………………………………………………………18
Cost Categories ………………………………………………………………………………………………………………………18
CONCLUSION ………………………………………………………………………………………………………………………..20
REFERENCES ………………………………………………………………………………………………………………………….21
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INTRODUCTION
In recent times family businesses have become a trend in most countries, more specifically in the
United Kingdom and have not entirely been doing bad in terms of profit and sustainability.
According to research its success is majorly attributed to the ability to create value for stakeholders
as well as flexibility, quality of service/product, employee care, trust, commitment, and customer
focus (Poza, 2013) Whilst a great extent of study has proven that most family business principle
enhance efficiency and performance, however the question of whether family business is an
effective business structure remains largely unknown (Lee, 2006).
Today’s business world continues to demand that businesses strive to gain competitive advantage
if they want to continue to satisfy customers and experience sustainability amongst existing global
challenges. According to (Casadesus-Masanell and Joan Enric Ricart, 2010) If organisations are
to achieve improvements in their social environment and economy, improved business models and
strategies have to be practiced.
It is argued by scholars that processes and implementation of strategies are mostly influenced by
family ownership and management which is attributed to close connection between the family and
their business firm, the visible, dominant, and active owners, the involvement of several
generations of owners and family members in the business, the speedy decision-making, and the
long-term orientation and stability in ownership and management (Nordqvist and Melin, 2010)
Amongst a range of business challenges, most recently businesses have now been faced with
COVID 19 pandemic. (De Massis and Rondi, 2020) the dramatic changes caused by COVID 19
has also brought along implications of which businesses are expected to manage accordingly.
This report shall focus on the Family business entity – R Campbell & Sons Limited which is
situated in Dales Yorkshire, United Kingdom.
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Scope
R. Campbell & Sons Limited is a privately owned family retail supermarket based in Dales,
Yorkshire United Kingdom, the company is said to have existed over a period of 155 years
primarily from one location and has been doing well in terms of turnover, profit and passing the
baton to the next in line for family succession.
In the pursuit to reach out and satisfy its customers needs, the company has stuck to the provision
of the following services: Groceries, Butchery services, spirit and wine retailing, fresh fruits and
vegetables as well as increasing their social media presence. However, it is worth mentioning that
although the company has an online presence, it is yet to explore making sales through online
platforms. The customer’s age profile is targeted at 45 plus and purchases from the store are limited
to friends, family, community, and tourists. The company is also well known for its provision
quality and unique products/services. R. Campbell & Sons Limited is known to have a good range
of wines and spirits in the region as well as its own wine club, where tasting events are done.
This study shall aim to address the underlisted questions about the family business as well as
analyse the business current situation whilst proposing growth strategy for the future.
Questions
What happens to the business after Covid, will sales reduce, and can actions be taken to maintain
current levels?
How can the business develop and what strategic directions do they need to take to ensure the
future of the business?
Does the succession of sons and daughter continue and keep the business in the family for even
longer, does the owner sell up in what is a bit of a buyer’s market in the supermarket trade at the
moment?
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FAMILY BUSINESS THEORIES
According to research, 80%-98% of the world’s free economy business constitute of families
(Poza, 2013). A distinguishing factor for family business is the multiple roles that each member of
the family may play in the organization, such role diversity, ownership and structure requires a
distinctive approach to remain sustainable structures that enhance cohesion and shared visions
within the family, while at the same time reducing harmful conflicts. Due to the diverse nature of
families, with members having different interests and goals which most times lead to contradictory
interests in turn affecting firm performance. (Sharmaet al. 1997).
The goal of most family firms revolves around passing the business to the future generation and
indulging in long-term investments (Gallo and Vilaseca 1996; McConaughy and Philipps 1999).
According to (Siebels and zu Knyphausen-Aufseß, 2011) Family businesses tend to choose
stability of the business over rapid growth and risky investments
Family and Business
Research has shown that family businesses can achieve competitive advantage over non family
businesses which has been attributed to social capital and customer orientation (Siebels and zu
Knyphausen-Aufseß, 2011). Another factor pointed out is the capacity of moral value that
motivates individuals to perform their roles without expectation of external reward. Looking at it
from an economic perspective, this concept known as altruism suggests that the utility function of
an individual positively links one’s own welfare to the welfare of others.
Yet, it is also argued that the lack of professional management practice encourages nepotism and
therefore causes underperformance (Rutherford, Kuratko and Holt, 2008) which is since
performance is not usually measured.
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SITUATIONAL ANALYSIS
R. Campbell & Sons Ltd Structure
The family business has existed for a remarkable number of 155 years of which the business is
still retained by the family. Most recently it is being managed by the wife – Campbell Kathleen.
See below organogram.
According to the family’s business consultant, Mr Taylor the business is being managed by the
Wife – Kathleen and her two kids 22 and 18 years of age respectively who work as a team in the
groceries section of the store.
There is also a manager responsible for the distribution and purchase channel for over 2 years. In
total, between the grocery store, butchery, and winery the business has a total of 20 staff members.
We shall attempt to provide a holistical view of the company using the following analysis to further
support our observation and aid strategic recommendations for the future.
• Financial Analysis
• Pestel Analysis
• VRIO Analysis
• Swot Analysis
OWNER
Husband/Wife
PARTNERS
Sons and Daughter
EMPLOYEES
Family members and people outside the family
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FINANCIAL ANALYSIS
Studies have shown that through financial reporting, one is able to evaluate a company’s financial
performance (Friedlob and Schleifer, 2003) which inturn aids decision making. In the case of
R.Campbell’s and sons, in order for us to ascertain the company’s performance we shall be
analysing the company’s accounts.
It is important to know that at the time of this report, very limited account information was
available. However, we shall attempt to analyse the company’s growth between 2019 to 2021 using
retained earnings.
Retained earnings is said to comprise of the accumulated total earnings the firm generated over its
history less accumulated dividend distributions. When deflated by market values, earnings likely
share common economic determinants with expected returns (Ball et al., 2019).
Retained Earnings
Analysing R Campbell’s growth in the reserve (retained earnings) before and after the Covid 19
pandemic years in focus are 2019 and 2021. The percentage growth in retained earnings was 10%
from 2019 to 2021 despite the pandemic. This suggest that the company’s current position is quite
stable and should only be improved on.
| Pounds | Pounds | |
| Percentage growth in retained earnings |
=2,227,875 – 1,824,836/4,052,711*100 |
403,039/4,052,711*100 |
| =9.94 | ||
| Approx. 10% |
AssignmentTutorOnline
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COVID 19 PANDEMIC
The Covid 19 pandemic, imposed restrictions in all sectors and industries, which aimed at the
protection of the health and wellbeing of global citizens. This brought about economic implications
for all businesses (Panzone, Larcom and She 2021). Research has shown that due to COVID-19,
business such as construction, personal services, hotels, restaurants, transportation, travel &
tourism had the worst hit from the pandemic.
Covid 19 Impact (R. Campbell & Sons Ltd)
The covid19 pandemic came with imposed lockdowns and restrictions and as a result, some sectors
gained, and others lost. Panic buying is a common response at times of fear and uncertainty, and
can be seen as rational, which in the case of covid permitted stockpiling essential goods.
According to (Panzone, Larcom and She, 2021) the food stores and non-store retailers showed
considerable flexibility by adjusting to the pandemic, with an increase in sales over £4 billion
within the period of March -August 2020.
The need for food products during the pandemic shifted from restaurants to supermarkets. The
ability to keep physical stores open provided an advantage to food retailers; while non-store
retailers were able to use their existing capabilities to reach their customers remotely, without
having to change their operations (Kalogiannidis, 2020)
.
As the impact of the Pandemic dies down in real-time across the world, it has become a highly
important question as to how businesses like the retail supermarket run and keep up with rising
demand along with challenges that have been developed as a consequence of the COVID-19 virus
spread in the long-term (Sayyida et al. 2021).
In the case of R. Campbell & Sons Limited, the impact of restrictions led to a rise in sales
demographics for the company. In view of this report there was room for higher sale increase
which wasn’t achieved. The transition of traditional advertising to the use of digital platforms like
website which has thrived greatly during the pandemic is a great idea as this might have helped
them in retaining or even gain more in revenue.
In other to continue to grow and maintain their level of sales / revenue in the future, It is
recommendable that they expand the use of their social medium platform beyond just advertising
through a website page as not all the demographics of their customers might use the website
platform and in turn cause them to miss out on some sales (opportunity cost).
It remains evident that people will continue to make purchases in line with their individual taste
preferences, habits, and health beliefs, however consumers will be spending less time in-store than
usual, key brands and products will need to be immediately visible to consumers and be marketed
outside of the point-of-sale environment (Martin-Neuninger and Ruby, 2020).
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STRATEGIC ANALYSIS
It is no longer news that existing businesses need competitive advantage and to retain such
advantage it is necessary to apply certain strategy. According to (dave chaffey, 1999) Strategic
analysis of an organization is an essential factor for planning and optimizing your marketing
strategy. With the help of strategic planning, you can align and achieve your marketing objectives
with your business’ overall vision. Strategic analysis assumes that the projection of a company’s
future performance can be measured. (Jack Boutchard; Christos Mitsis, 2021) suggest that strategy
is an iterative process where strategic planning and strategic implementation interact with each
other on a daily basis. Steps to strategy involves planning, redefining and implementation.
In the case of R. Campbell and sons, we shall identify both the internal and external factors
influencing the business growth in the hope to view the business present picture and the
environment it operates as well as propose strategies to encourage growth for the future.
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EXTERNAL ENVIRONMENT ANALYSIS
PESTEL Analysis
Research has shown that PESTEL analysis helps managers to identify ways in which their business
can position itself to guarantee survival in a competitive environment by scanning external market
environments that often cannot be easily influenced by the organization (Nandonde, 2019). The
below analysis in Figure 1 is based on R. Campbell & Sons Ltd.
Figure 1: Pest analysis
Political factors:
• The government-imposed lockdown on the hospitality industry in 2020 affected the sales of wine
in restaurants and bars but also increased the consumption of wine at home which led to increase
in sales at R Campbell and sons by 20%. Also, government allowed stores that sell food essentials
and groceries to remain open to the public thus giving R Campbell and sons leverage in their
business when most businesses in other industries were put on hold and made little or no income,
in conclusion this predicament allowed R. Campbell and sons are not just to maintain their business
and clients but also increase their profit margin.
Economic factors:
• Due to the Covid 19 pandemic, it became evident that people spent more time in their homes. This
meant general consumption of groceries, wines and household items skyrocketed and this
improved sales within the retail industry. The economic impact was huge as demand exceeded
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supply in most outlets. With the lockdown phase over, the buying pattern of consumers have been
greatly influenced as bulk buying became attractive as well as delivery service. At the same time
there seem to be an increase in numbers of new retailers. In the light of this, companies need to
think of alternatives to maintain current sales scale or increase by another 10% within the next 3
years.
Social factors:
• The pandemic also influenced a new lifestyle, as a growing number of people also opted for a
healthy lifestyle which involved less or no consumption of alcohol. 1 in 3 of 18–24-year-olds are
drinking less alcohol, 1 in 3 are switching to no or low options, 79% would opt for a non-alcoholic
drink. (SIBA-British-craft-beer report 2020)
• Health related issues and danger of alcohol misuse were far more widely understood and were
changing social habits in the UK.
• The total amount of wine consumed at home exceeded that consumed in the restaurants and bars.
This switch from people drinking in bars and restaurants to drinking from their homes due to
lockdown restrictions and an end to that will cause a change in their sales and marketing strategy.
Figure 2: UK Alcohol consumption during the lockdown
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Technological factors
• Invest in research methods and technology that will lead to a successful production of nonalcoholic drinks.
• Introduction of apps and websites to aid delivery services
• Development of certain self-service to increase comfort in customer product experience
INTERNAL ENVIRONMENT ANALYSIS
To establish the internal factors affecting the business, R. Campbell &Sons Ltd. We shall make
use of SWOT and VRIO Analysis.
VRIO Analysis
VRIO framework is used for evaluating a company’s internal capital and skills to see how they can
be a means of long-term competitive advantage. The firm’s strategy is to build and deploy a mix
of valuable and unusual capital that rivals can’t copy, replace, or buy directly (Barney,1991). To
perform a resource-based study of an enterprise, (Barney,1991) recommends a systematic
approach based on determining whether a resource is useful, rare, and imitable, as well as whether
the organization is using the resources. See Figure 3
| RESOURCE | VALUABLE | RARITY | INIMITABILITY | ORGANISATION | COMPETIVE IMPLICATION |
| Supply channel distribution |
YES | YES | NO | NO | Temporary competitive advantages |
| Differentiation of taste and quality |
YES | YES | YES | NO | Unused competitive advantage |
| Product line | YES | YES | YES | YES | Sustained competitive advantage |
| Good Will | YES | YES | NO | YES | Sustained competitive advantage |
Valuable
• R Campbell & sons resource is valuable because it can be used to increase market share.
• R Campbell and sons also have been providing value to the customers for years through different
products developing good will
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Rarity
• R Campbell and sons resources are rare to competitors because it’s not readily available to their
competitors.
• R Campbell and sons have patented their products so it’s rare to their competitors
SWOT Analysis
SWOT analysis collects information from the environment and further interpret its findings into
internal issues (strengths and weaknesses) and external issues (opportunities and threats). Upon
analysis one is able to assist the firm in achieving its objectives through strength or opportunity,
as well as minimize obstacle to achieve desired results using the firm’s weakness or threat (Danca,
2013)
| SWOT ANALYSIS | ||
| INTERNAL ANALYSIS | STRENGTH: • Location • Close connections with Customers • Multi brand portfolio |
WEAKNESS • Limited scale of operations • Market expansion |
| EXTERNAL ANALYSIS | OPPORTUNITY: • Market promotion • Market/audience expansion by collaboration • E commerce marketing |
THREATS • Increase awareness of health-related issues. • Competitors • Rising wages in the UK • Changing consumers preferences |
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STRENGTHS
• Location
R Campbell and sons are a family-owned business that has been deeply rooted in their location for
about 155 years and already made a name for themselves both locally and internationally as it’s
also a place for tourist visiting the town just for their wine and cheese. This is evidently a valuable
strength that has earned them a loyal customer base and good reputation. That goes a long way to
show that they are doing something right.
• Multi-Brand portfolio
R Campbell and sons offers a range of wines, vodka, gin, whiskey, spirits, cheese and a butcher
that have been in business for years with the probably the largest range of wine that has been
sourced both locally and internationally. The company has a diverse brand that makes it easy and
accessible to penetrate the various sectors in the alcohol market. Multiple-brand portfolio
diminishes operational risks and helps the company to increase sector penetration
(Marketline,20200).
• Close connections to customers
Most locals already consider them as family and go to for daily essentials. Also, R Campbell and
sons are one of the few companies in the area the residents will depend on to create job
opportunities. They also own wine clubs which give the customers close assess to the business and
encourage interactions and feedbacks which would help them in future improvements.
WEAKNESS
• Limited scale of operations
Scale of operation simply means the size of the company’s operation which is limited due to them
owning just one location and don’t have a big social media presence.
• Market expansion
The process of offering products and services on a larger scale in an existing market or creating a
new market is referred to as market expansion. As related to R Campbell and sons, they are not
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ready to take on new markets or even expanding their existing market given the fact that they have
been around for over 100 years.
OPPORTUNITIES
• Market promotions
Market promotions like creating a referral program which is basically turning your customers into
marketers by adding incentives like discounts, free gifts and bonuses. If incentives are good
enough, it will get customers talking therefore converting word of mouth to sales and bringing new
customers on board.
• E commerce marketing
Social media e.g., Instagram and Facebook are home to some of the most powerful advertising and
targeting tools in the marketing game.
With thousands of users, the right advertisement tool will direct customers and convert to sales.
THREATS
• Increase awareness of health-related issues.
According to NHS (2019) evidence around the health dangers from regular drinking has been
discovered in recent years. Better knowledge of the relationship between drinking and some
ailments, including cancer has been discovered.
• Change in consumers preference
A high percentage of individuals are switching towards a healthier lifestyle including not eating
meat (vegetarians). Plant based foods (vegans) is also a new trend of healthy lifestyle which will
leave meat and cheese which are some of the popular products from R Campbell and sons a threat
to them.
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SUCCESSION THEORY
(Eisenberg, 2019) According to Forbes, the 2016 family business survey by the National Bureau
of Economic Research Family Business Alliance found that 43% of family-owned businesses
don’t have a succession plan. Yet roughly three quarters of the enterprises plan to pass ownership
to the next generation.
It is said that family business owners fail to recognize the need of managing the business future,
instead they prefer the comfort of past vision and safety of old routines instead of risking new
plans, purpose or review.
Succession Structure (R.Campbell &Sons Limited)
Family business inheritance patterns have changed over the years, during our research it was
revealed that the business R.campbell does not have any structure or succession process to aid
exit and continuity. It basically runs a more automatic presumption that allows the next in line of
the family to assume ownership.
it is important to note that at the time of this evaluation, it was unclear if the owner has
communicated with the children on succession plan and is aware of their interest. In order to
ascertain if succession is likely to continue, we shall attempt to observe and seek clarity on the
company’s succession structure as well as the children’s interest in the company using the below
questions.
| QUESTIONS | ANSWER |
| Does company have a vision or mission statement to explain the company’s values or expectation to its consumers or successor |
No |
| Does a succession structure Exist | No |
| Are the Children interested in taking over the business |
Not sure, maybe son, Doubtful about daughter |
| Do the children participate in the business and how |
Yes, work on the shop floor ie; filling shelves |
| Has the current business owner communicated with the next inline on expectations and interest in running the company |
No. Doubt it |
| Has any other person outside the family shown interest in running the business |
Possibly but not sure |
| Does the company have investors | No |
.
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RECOMMENDATIONS
Analysis has shown that the family business R. Campbell and sons has actually done well to keep
their current customer. They have also retained a degree of goodwill for the number years the
business has retained its location in Dales.
In accordance with this research, we have been able to deduce the company’s current business
state which includes its strength as well as its weakness, opportunities, and threats. Using data
gathered, we shall attempt to propose recommendations for the future as well as processes to
improve on current procedures and strategies used in the company.
Future Strategy
It is evident that the stores present location can be seen as a strength as it has attracted large
numbers of tourists over the years. However, our analysis shows that the company’s growth is
limited and has yet to tap into opportunities regardless of having just one outlet. R.Campbell &
Sons should not be limited by its physical location and can expand virtually by taking on the
following initiatives:
Online Sales and Delivery
With the availability of high-quality products, and generations worth of business experience,
indulging in new venture channels through the medium of online sales, inclusive of buy online,
which can be done by optimizing already existing website pickup-at-store (BOPIS) facilities can
be highly beneficial for the organization. Through online presence, the company’s user group can
be targeted more prominently and in turn increase sales.
The organization can integrate partnerships with fast-delivery channels to dive into the booming
grocery and poultry delivery market through modern trade methods to upscale its potential of
becoming a market leader in the future
This option will aid bridging the user age gap and open new customer experience. Which will
provide additional competitive edge in the market. According to (Iglesias-Pradas, Acquila-Natale
and Del-Río-Carazo 2021) with a defined establishment of a significant online presence, providing
ease of using service to individuals from all age groups would give the company an additional
competitive edge in the market, built upon its brand image and effective transitions into new modes
of conducting business (Iglesias-Pradas, Acquila-Natale and Del-Río-Carazo 2021).
Collaboration/Influencing
The organization can integrate methods of online competitions and other engagement tools
through the help of social media to boost sales online upfront, Today the use of social media
platforms such as Instagram and Tiktok can be used where the company can advertise its
products by partnering with chefs, fitness coaches and other influencers.
Posing it as a marketing campaign for their omnichannel efforts to provide an idea regarding the
brand’s image to potential new customers, while updating past consumers about changes being
made in the working systems of the organization (Colicev, Malshe and Pauwels 2018).
Product Development and Expansion
In the next five years, R Campbell and sons will need to focus on the younger generations and
introduce recipes on e.g., cocktails that will appeal with them. They are expected to grow, and
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they are the most prolific alcohol drinkers, preferring gin and vodka. Also need to venture into
non-alcoholic drinks to appeal to the age groups (ages 14-18) whose alcohol numbers are
declining. (Mintel 2020)
Market Expansion/Location
The option of expanding the business beyond its known area remains an untapped benefit if
properly managed. This is highly subject to available capital or investment.
Research and Methodology
The company should give investing in research a chance as solutions to problems can easily be at
reach. These methods and technology may include ways to constantly improve and add innovation
to the business.
Succession Essentials
According to this report, R.Campbell & Sons is yet to tap into areas of succession that may prove
advantageous to the company now and in the future. Below are some essentials we have
proposed to aid a smooth succession and hopefully a good management.
Vision and Mission
R. Campbell & Sons Limited can also transition through re-branding into a new vision for the
company to integrate their business motto and the notion through which they are perceived in the
market with their brand name in alliance. The company would be able to deliver and deploy their
message of the future of retail through their services and will be a solidifying factor for their
ambition and existing and potential audience (Nana et al. 2019)
Discuss the future of the company
The core values and vision of any organisation remain relevant regardless of size or type.
Assumptions and uncertainty can cause confusion amongst family members and even staff.
Decision made by companies should support their value and mission, it gives a sense of direction.
Propose talent development plan
Once the interested parties are established, it will be of advantage to practice an onboarding process
that helps clarify expectation of the role. It will also be of advantage to engage successors in
training or coaching towards achieving a greater experience of management
Formalize succession plan
This will allow one track the progress of individual family members whilst communicating plans
for the future across the organization. Formalization also creates room for non-family members to
have high positions based on merit and contribution to the company
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Raise the bar
In most family business, non-family members (employees) have the perception that family
members have less accountability and responsibility compared to the non-family members, it is
therefore the responsibility of the leader to demonstrate competence and model accountability.
COST ANALYSIS
Every project aimed towards implementation requires finance to fulfil and this goes a long way to
determine the feasibility of the project. According to (Zerbe and Bellas, 2006) during cost analysis
it is important to note that some projects are roughly quantifiable, however such projects are to be
weighed carefully.
In the case of R. Campbell & Sons, we shall attempt to provide costing for proposed strategies as
written in this report. It is our hope that this cost analysis will create awareness of specific elements
required to fulfil the proposed recommendations such as required labour and overhead whilst
giving an opportunity to prioritize and make informed decisions (Katsanos, n.d.),
Cost Categories
| • Online Sales and Delivery | Estimated Cost | Notes |
| Elements include – Partnership with delivery companies |
This will be determined by kg and how fast delivery will be. Estimated at £3.95 per kg for next day and as low as £1.99 per kg for 3-5 days delivery. However, customers are liable for shipping fee. |
DPD, UPS and YODEL are prime examples with good reputation of partnering with small business and makes delivery part of business easy. |
| Optimizing already existing website | Standard mailchimp subscription will cost about £15 per month while premium cost about £250 per month |
|
| • Collaboration/influencing | ||
| Elements include – Social media Platforms (Instagram and Tiltok) |
Instagram, Facebook and tiktok are usually free to join. |
|
| Social Media Manager (Staff) | Average salary is between £2000 -£3000 per month with expected turnover of about 35% in its first year of implementation |
A social media manager can work for a period and can be on contract basis. I.e., once the company hits its target market there is |
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| little or no use for them and an existing member of staff can always take up from there. |
||
| – Instagram Influencers | Free products and/or product discounts which would cost about £50- £150 per month for each influencer partnership |
– Amount of social media following would determine how much product or discounts a social media influencer gets. |
| – Instagram Page Sponsorship Adverts |
– Instagram ads will cost an average of £300 per month and would reach about 100,000 followers. |
– Both Instagram and Facebook Ads does not have a fixed price but to reach a certain number of audiences, this amount is just about right |
| – | – | – |
| • Product Development/Expansion | ||
| Elements include – Cocktail Staff | £10 per hour | |
| Cocktail Ingredients | £20 – 50 | |
| Non-Alcoholic stock | £200 – £500 | |
| • Market Expansion/Location | ||
| Elements include – New store | – | This is dependent on location and store size |
| Stock | – | This is dependent on stock size and variety |
| • Research/Methodology | ||
| Elements include – Consultant retainership | £50 – £300 per hour | |
| Market Survey | – | This is dependent on period of survey and the type |
| • Succession Essentials | ||
| Elements include – Training and Mentorship | £500 – £3000 Annually | This can be done by current successor or employing a professional and can be done periodically through out the year. |
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CONCLUSION
In line with the analysis drawn from this report, it is evident that R. Campbell & Sons have
undoubtedly created a niche for themselves in running their family business for over 100years. In
terms of strategic effort on making profit, retaining customers and maintaining goodwill, the
company has been achieving its goals.
However, then came the COVID pandemic with its challenges and opportunity of which R.
Campbell & Sons were able to increase their profit as sales were seen to be on the rise. With
consideration of the opportunity that came with the pandemic, it is our believe that the company
tapped only 20 -30% of the opportunity.
Further analysis reveals processes and recommendation if enacted by the company will allow them
tap into more than 50% of the revenue opportunity. Another gap recognised during our analysis
was the existing succession procedure.
The succession procedure is quite basic with no structure or formality and that can be impactful to
the business future existence. We have provided certain essential guide to assist future succession
plan.
In conclusion, it is worth noting that in other to continue making profit from a competitive
perspective, it is necessary for the company to keep up with upcoming trends and not become a
late adopter as seen in the situation of social media presence in the past. By educating working
individuals and team members in this regard, an advantage can be gained by the organization in
the market through which it can improve its brand image made on the building blocks of tradition
and translate those values into future endeavours (Xu 2018). In this context, the company and its
future successors shall also work with sentiment in terms of indicating profoundly the desires of
the owner, who had passed away a few years ago to contribute to brand personality and pay
adequate tributes whilst putting the growth of the company at the for front.
21
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