Azza Fahmy has a relatively good relationship with the consumers given that consumers are able to relate with the product. The unique designs that are relative to the Middle Eastern culture make its products relatively popular with consumers in the Middle East. Providing consumers with products that address their needs, wants and preferences successfully results in the overall success of the product (Gutsatz, & Auguste, 2013). In addition, as the entity progresses there are opportunities to develop products that are appealing to international consumers as a means of diversification of revenue sources. New product designs would ensure that the entity is able to diversify its sources of revenue given the harsh economic conditions in the country (Gutsatz, & Auguste, 2013).
The entity should gradually seek to find new international markets given that they promise extensive sources of revenue for the entity. This can be achieved with new products for both domestic and international consumers. In addition, addressing consumer preferences with respect to the diverse market segments in the luxury products market would ensure that the entity is able to achieve diversified revenue sources. Furthermore, the entity could strengthen its product line with higher quality products. As a brand, the entity has numerous opportunities to venture into new products and markets through differentiation of product designs and exceptional service (Gutsatz, & Auguste, 2013).
Consumers are usually attracted to exceptional services and products that provide a lasting impression as well ensuring maximum satisfaction of individual needs and wants. Moreover, the entity should adjust towards innovation and new technology as a means of enhancing product and service quality to its customers. This would result in high levels of efficiency in service and product development and at the same time achieving high levels of consumer satisfaction (Gutsatz, & Auguste, 2013).
Gutsatz, M., & Auguste, G. (2013). Luxury talent management: Leading and managing a luxury brand. Houndmills, Basingstoke, Hampshire: Palgrave Macmillan.