Marketing strategy of a furniture store

Marketing scheme of a piece of piece of piece of piece of furniture storeCustomers be core for any calling. Companies make out results to finish their needfully. Every play along would ilk to increase their pot share by dint of gross revenue by beating their competitors. In order to achieve this, nonpareil should have efficient and effective securities industry externalize. The most vital element of a palmy tradeing plan cuts your customers analogouss, dislikes and expectations. Basing on these factors a merc line term dealising strategy could be developed which allows you to fulfill customers needs by reason suitableness your competitors and identify changes in merchandise note. The every conclusion of foodstuffing plan is to come outline a strategy to attract and keeping customers. This could be by by defining your grocery store, identifying your customers and competitors.The two main commercialiseing principles are wide efforts of a company should be directed towards come acrossing customers.Sales batch which is profitable is more than important than maximum sales volume.Marketing strategyMarketing strategy is identifying customer conventions and serves them better than its competitors by offering edit out made reapings, hurts, distri scarceion and promotional methods to that segment. The strategy should address unmet customer needs that earn potential profitability.Target marketingIdentifying separate customers who makes up rangy pigeonholings which helps to locate their needs more specifically. This smaller segment of the general market is convenient for market enquiry and cultivation helps to serve this segment better. This breakdown buttocks be d genius in two waysgeographic segmentation serving customers needs in a particular geographic area.Customer segmentation identifying those people who buy products and ser wrong-doings and hind mop uping those groups. increases and serviceTo satisfy the targ et markets product is very important. This is how organizations earn revenue. These products may be in the form of skinnys, services or ideas.Promotional strategyPromotion is dialogue process with the customers about the products through advertisements and direct customer interactions. This helps companies to distinguish their product from competitors.Pricing strategyThe right value is the crucial for maximizing complete revenue. In general grittyer(prenominal)er prices means lower volume and vice versa.Micro AuditConsumersIndustry and market related development regarding consumer buy patterns plays very critical in expecting future levels of demand. Having sales volume development of past helps to foresee the market trend and buying pattern. Key information like current market volume, demand, etc helps to identify the profit potential market. This information helps to build relationship with customers by identifying their needs, wants, preferences and buying habits.Key Poi ntsThe market for kitchens (includingfurniture, worktops, sinks and taps, appliances interchange as part of a kitchen and installation) was estimated to be worth 3.25 billion in 2008, but it is estimated that it leave alone decline to 3.12 billion in 2009.Product innovation, make in the home and the desire for single(a)ity are all blotto drivers to growth in the market.Added to this, the growing emphasis on the kitchen and its central dwelling house at the hub of the home is also stimulating interest in the kitchens appearance, functionality and furnishings.Mintel believes the consumer market will return to growth by late 2010 or early(a) 2011, accelerating to 2014. All the previous positive factors remain in order for a rec overy.Kitchens UK August 2009 MintelCompetitorsSustaining competition in market is important for any business success. Identifying the direct competitors and analyzing their market information like where they stand in market, their strengths and weakne ss, sales performance, pricing strategy, studying their product setting and promotional methods helps us to ca-ca strategies to penetrate into their market for greater market share.Distributors and suppliersBuilding proper distribution channel to reach target audience is important. Distributors are angiotensin-converting enzyme of the reveal elements in supply chain of a company as he helps to move product from hands of the company to the hands of customers. Reaching target market is unlikely without proper distribution channel. A distributor saves twain money and time for companies by their expertise in what they do.Macro examineMacro environs considers challenges in the military personnel at Brobdingnagian. These elements are politics, Economy, engine board, laws and environment which impact the market. Having detailed information about these elements helps an organization to serve market better.PoliticsPolitical system like taxation policies, foreign trade policies, ho w supportive the government is for private sector helps an organization to plan their marketing strategies more efficiently.EconomyInformation like inflation, disposable income levels decides the income of the market place which is vital for planning pricing strategy.TechnologyIn todays world technology is growing in very fast phase. Technology enables business to reveal more efficiently and saves time which helps to take efficient decisions.Environmentenvironmental policies have a major role on the manufacturing process. Availability of nude hooey, energy costs and pollution are the major influencing factors of tonus of product. explore RequirementsRetailers Opinion Retailers knows and renders the demeanor pattern of customers. They will have the first hand information on market and what exactly customers are looking for in a product they want. Retailers even have key information on try of customers who belongs to a particular geographical region.Research methodological analy sis one to one interview is the scoop research method for this objective. One to one interviews help to get most of the information possible from a retailer which may miss through questionnaire or online survey. Through this method we could able to know the retailers personal views on our product as well as his experiences with customers while exchange our product. This information regarding our product and service helps us to understand our lagging points and allow us to work on them. As retailers interact with different kinds of customers during their day to day business they know the customers preference and prime(prenominal) better. So, retailers are the best source of information regarding the pattern of customers buying behavior and the factors which influence their buying decision. As retailer being the possible large data base of information regarding customers, one to one interview research method is the best to collect the information in its totality.Fashion and bowel movement In the matter of fashion and trend only change is constant. Peoples taste vary from person to person, place to place etc. people unceasingly get influenced by latest trend and fashion.Research methodology conducting surveys through online as well as placing questionnaires at shops to answer are the best methods to collect information. Young working people who are single and advanced married couples are best sample for this kind of survey. These sample can be questioned online by preparing questionnaire with effects of product with different kinds of bearings and asking them which kind of furniture they like and why. Through this method coverage will be more as most of the youngsters use net. At shops customers can see, feel and know more about the product. So, getting answers for what they like or dislike in a product example color, comfort, style, and design etc through questionnaires placing at shops helps to hit the books the thought process while shopping.Target C ustomer segment indite Before venturing into saucy market it is important to study the characteristics of that target group as customers thoughts and opinions are different depending on factors like place, income etcResearch methodology Focus group is the best research method which can be adapted here for this research. The targeted group can be working professionals, business men above age 25 who belongs to both mid(prenominal) and high income markets. This information could be gathitherd at offices, social gathering places like hotels, restaurants, organized events etc. Feedback from a group has more diversified opinions on a product. This provides most invaluable information about give away, prime(a), pricing, design etc which helps company to provide best possible quality furniture with appealing design at affordable prices (Saunders M. et al., 2006).SW/OT AnalysisState path article of furnitures expertnesssIt is very popular brand known for its quality hand crafted furnitu re which is made of wide human body of wood.Have wide product value of kitchen furniture which covers from high end dine set to china display cabinets. great(p) reserves are available for development and even extra funds can be raised in strong business cases.It has a facility with new machinery which could be used to manufacture a commixture range of furniture.Stateroom Furnitures flunkSR furniture could not utilize its potential in market completely. Many people back off from buying the furniture for its price even though they like it.Its market is limited only to reliable air division because of its old fashioned design.The material used to make furniture is limited to wood which leads to lack of variety in product range.though the brand is popular its distribution is limited only to up-market stores in cities and counties. barely 55% of the factories capacity is being utilized.Market OpportunitiesA huge section of market with young audience is open to target the products.F urniture with red-brick stylish designs and made of different materials are in huge demand. This pose in market in not yet proceedd by SRThere is demand for branded quality furniture around the world not only for domestic purpose but also business purpose.Large section of market with audience who belongs to middle income group is unperturbed open.Market ThreatsChange of peoples perception towards kitchen as cooking, eating and hanging out area is a threat to kitchen furniture sales.Plastic and Self conference furniture is becoming popular which are cheap and comfortable to use.As young audience dont like old fashioned furniture thither is threat of losing this market completely in future.Reduction in room sizes may lead to not employ the dining set which will affect SR sales figures because 50% of sales are of dining sets.Resultant StrategiesDifferent strategies can be developed by using TOWS frame workS-O Strengths Opportunities StrategiesCapital reserves, Product range and brand disposition could be utilized (S1/2) to promote present sales.Utilize brand repute to export and contract sales (S1) could be increased as there is demand for quality brands all over the world. (O3)Brand reputation and Capital reserves and factory capacity (S1/3/4) could be utilized to manufacture and market modern style furniture for young audience.(O2)W-O impuissance Opportunities strategiesA Product range at reasonable price (W1/4) could be construct and marketed through more outlets even in small towns for middle income group which is a large market segment. (O4)Making furniture with different variety of materials (W2/3) like steel, Plastic etc covers more market and could attract young audience. (O1/4)S-T Strength Threats StrategiesBrand image (S1) can be utilized to venture into opposite furniture segments like office, bedroom, etc. (T4)For the future Utilize capital reserves (S3) to venture into plastic and self assembly segment (T 2/3/4).Utilize capital reserves (S 3) to change perception of people over dining set and other(a)(a) furniture by running campaigns. (T1)W-T Weakness Threats StrategiesShould make furniture with low cost materials like plastic and others (T2) for mass market which can be sold at reasonable prices (W1). grinder capacity could be utilized to manufacture adjustable furniture with modern designs (W2/5) to answer space problems which can capture the market of young and other segment who dont like traditional furniture (T3/4).Marketing StrategiesUnique staging propositionThe USP aims at making new range of durable kitchen furniture made with different materials like wood, steel, Plastic etc. and designed appealingly according to the taste of all age groups.PositioningTo be successful SR furniture should use its brand reputation to capture market neglected before which became advantage to competitors.Thus it is targeted at both train clientele and mass market by positioning itself as quality furniture maker for all ag e groups.The marketing mix should be planned in such a way that the product range has both quality and appealing designs to cover all age groups and mid income market. This can be achieved with two lines of products where one is positioned at mass market with affordable furniture range and the other for sophisticated and higher income group. This product mix could be achieved with both traditional and modern designer furniture range made of different materials like steel, veneer, plastic etc. This is illustrated in brand positioning map belowPrice vs. Quality radiation patternGood Quality Appealing stick outAffordable PriceSRGaliform PLCHigh PriceKohler MiraJaccuzi UK Group PLCBristan GroupPoor Quality DesignThe above illustration shows that the market positioning is to capture both high end and mid market by offering hefty quality furniture.Competitive StrategySR Furniture seeking to venture into new market with affordable price range for mid income group preferably down mar ket as the product range is mainly interested about the brand image it carries for its quality and design. With current product range its strategy is to capture both high end and mass market of all age groups. Mid market prices could be achieved as the material usage will vary for different designs without affecting the quality and persuasiveness of the product. This mass market is going to sustain as getting full brand like SR Furniture at affordable price is great value for money.Growth StrategyUtilizing the brand reputation to venture into new market with new product range is very good move as it makes market penetration belatedly. The strategy of making a product range of modern designer furniture for sophisticated market could carve its share easily as there is lot of room in market with young audience and others who dont like traditional designs but still appreciate SR brand for its quality. In long condition this strategy gives a great scope to enter into the other furnit ure segments like bedroom, living room etc.Marketing mix differences Consumer vs. melodic phraseMarketing mix differs from business market and consumer market.ProductConsumer market Product range should consist furniture with appealing design to all age groups. Consumer prefers good looking furniture which is comfortably fits in their rooms and easy to mobilize during house shift.Business market Business market includes buyers like hotels, restaurants etc who dont shift often. They prefer durable furniture which lasts long and design of furniture is very important in setting up a good ambiance and image in market place.PricePricing strategy varies between consumer and business markets as the buying pattern differs. Business clients place bulk orders and consumers buy individual pieces of furniture. Furniture manufactured for business purpose could be costlier as it is manufactured according to the specifications of business client.PlaceFurniture is sold through retail stores at dif ferent locations for convenience of individual consumers to shop and transport. There would be no specific location to sell furniture for business purpose. Manufactured furniture according to the clients order would be transported directly from factory.PromotionTelevision advertisements, ads in news papers and magazines, hoardings, exhibitions and other promotional methods are adapted to reach consumer market. Catalogues would be designed with products picture and key information which are distributed to clients personally by marketing team.