Hatch's Caskets

Regarding our business revolving around graveyard plots, our priority regarding customers will be guided by the Pareto Principle, where we focus on identifying the top 20% of customers, which would be those who purchase larger plots, premium servers or expensive pre-need arrangements, who evidently generate 80% of the revenue. By prioritising customers who contribute the most revenue, we can increase their loyalty and experience, allowing the potential for these individuals to refer their connections who have similar wealth to us, or even purchase more plots from us, allowing for an increased profit. Whilst doing this, we still regard the 80% of the other consumers, in which we ensure they receive quality service without the need of extensively throwing resources away, ultimately maximising our profitability without losing the number of our customers

Since our business revolves around sensitive end-of-life services, a significant Corporate Social Responsibility (CSR) issue that can come up is the ethical practices regarding human rights. These ethical considerations have to ensure that regardless of background, our customers are treated with respect by us, which includes transparent pricing and fair treatment without exploitation during vulnerable times such as the death of a loved one. Without adhering to these considerations, we will face major consequences, firstly our customers will lose the trust they have with us, something vital for such a sensitive service, evidently damaging our reputation and a decline in business because of a reduced amount of sales. In addition, we could be fined or even receive lawsuits if we violated either consumer or burial laws, which may also result in negative media coverage leading to customers being deterred.

In response to the accusations of underpaying our international workers by 10%, we will first identify the key public groups, such as the affected employees, customers who may be deterred from buying, and the most important the news media. By identifying these key groups, we can promptly inform them about our situation, evidently demonstrating how we will be transparent and not hide what occurred to try to renew the situation swiftly without making excuses. Afterwards, we will investigate the issue hard, evidently reviewing our wage records and employment contracts to ensure that wages were not cut short, and to make sure the information we release is accurate and prevents any miscommunications which could potentially cause a loss of reputation for lack of honesty. Finally, we will communicate regular updates through social media and news outlets, informing the public of our ongoing corrective actions, such as compensating or revising policies. Ultimately restoring as much trust with our customer base as possible in such a situation in the desire to not lose sales to the point of going bankrupt.

In the Introduction Stage of the Product Life Cycle (PLC), we will focus on promotion, primarily by launching targeted campaigns to raise awareness of our cemetery plot rental services, after as we move into the Growth Stage , we will expand our strategy by partnering with local funeral homes and retirement communities to both reach a broader audience and to make sales that will 100% occur. During the Maturity Stage, we will adjust our prices by offering tiered pricing options, such as standard,premium and bundled to maintain competitiveness and to figure out who our best selling customers are so we can apply the Pareto Principle. Finally, to achieve extension instead of declining, we will innovate our products ny introducing eco-friendly burial options and additional products with customisation to meet the changing consumer preference in pursuit of extending the product’s life cycle

The changes within our marketing plan will positively impact business objectives by increasing sales, expanding market reach whilst maintaining profitability. Within the introduction Stage, promotions will boost awareness, while the Growth Stage will allow us to capture a larger market share. By using Tiered Pricing in the Maturity Stage, we can maximise revenue, and lastly by innovating our products within the Extension Stage, we can prevent decline