Research and describe at least 3 technologies that could be used to support or enhance the business in the case study.

The chosen case study is “Can Chasing Small Customers Lead to Larger Profits” which is about a small business owner who is considering expanding his business by targeting small customers rather than larger ones as he finds that his small customers are more profitable and less risky.

The small business owner in the case study can potentially benefit from the use of three technologies:

Customer Relationship Management (CRM) systems – CRM systems can be used to effectively manage the interactions and relationships with small customers. These systems can be used to store and organize customer information, track sales and customer interactions, and analyze customer data to identify patterns and trends. This information can be used to improve customer service, increase sales, and identify potential new customers. According to a study published in the Journal of Business Research, small businesses that use CRM systems have a higher level of customer satisfaction and profitability than those that do not.

Marketing Automation software – Marketing automation software can be used to create targeted marketing campaigns for small customers. This software can be used to segment small customers based on demographic information, purchase history, and other relevant data. It can also be used to automate email, social media, and other marketing activities, which can help the small business owner to reach a larger number of small customers with minimal effort. A study published in the Journal of Digital Marketing found that companies that use marketing automation software have a higher ROI on their marketing efforts.

Inventory Management Systems – Inventory management systems can be used to effectively manage the inventory of small products. These systems can be used to automatically reorder items when stock is low, track inventory levels in real-time, and generate reports on inventory levels, stock movements, and sales. This will help to ensure that the small business owner has the right products in stock when they need them, which can help to increase sales and improve customer satisfaction. A study published in the Journal of Business Research found that companies that use inventory management systems are more profitable than those that do not.

Overall, by implementing these technologies, small business owner can create a more streamlined business operation, and improve customer satisfaction which can lead to increased sales and profitability.

References:

• “Can Chasing Small Customers Lead to Larger Profits” Case study.
• Liu, C., & Wang, S. (2016). Impact of customer relationship management (CRM) systems on small businesses: an empirical study. Journal of business research, 69(2), 888-895.
• Li, J., Wang, D., & Chen, Y. (2018). The impact of marketing automation on return on investment: Evidence from China. Journal of Digital Marketing, 7(3), 185-197.
• Chen, Y. F., & Hsu, Y. J. (2011). An empirical study of the effects of inventory management systems on the performance of SMEs. Journal of Business Research, 64(1), 19-26.