Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
The industrial revolution economic impact
Industrial revolution affects the economy
Economic Impacts Of Industrial Revolution
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: The industrial revolution economic impact
1.0 Executive Summary
Home Decor Furniture is a furniture company that is located at the Jalan Kuchai Lama and they offered high quality workmanship furnitures to the higher income as well as the middle income of customers. In addition, the environmental factor that influences the company the most is the suppliers and technological factors. The sales target of the Home Decor Furniture company is basically based on demographic and psychographic factors such as the income and social class of the customers. Furthermore, the primary objective of the marketing plan is to increase the sales of the furniture to high-end residential customers segment. Apart from that, the marketing strategy suggested that can be use in positioning such as competitive
…show more content…
• Growing in number of online users.
• New technologies in E-commerce.
• Loyalty to premium brands.
Threats
• Large number of indirect competitors in the market.
• Government regulation.
• Economic factors will indirectly affect the purchasing power of the buyers.
• Industry is overtaking carpentry which may result in losing of hand carving skills.
4.0 Marketing Objectives
Home Decor Furniture company would like to achieve their target within 1 years by hitting 60% of sales to high-end residential customer segment as for the remaining 40% of sales will aims to mid-range residential customer segment. According to the company long term objectives, they want to be a top cabinet supplier to luxury home owners as well as extend its business in Klang and Puchong by providing additional shop front within 3 years.
5.0 Marketing Strategy
5.1 Positioning
The Home Decor Furniture company might utilize competitive positioning strategies. The main purpose of competitive strategy is to reposition the way of consumer's mind thinking, according to Quick MBA. The company can use comparative advertising to demonstrate its brand and proved that their products are better than other competitors. For instance, a furniture company claims that their materials for manufacturing a sofa was imported from the certain country and the supplier promise those materials were only provided for their
…show more content…
New home movers would find Home Decor Furniture as a convenience place to shop for furniture where it is close to neighbourhood. Furthermore, Home Decor Furniture may focus in cities under new development. There would be an increasing demand for new furnitures in new developed properties. Home Decor Furniture could share this grooming market by providing its unique product that capture customers attention.
In addition, Home Decor Furniture company should aims to create online platform to sell company’s product. To attract potential buyers, company would provide user friendly online interface, friendly customer service, fast delivery service and guaranteed 30 days return service if the product is not satisfied. Customers can through the website straight purchases the furniture they interest with. For those who spent RM5000 on online purchase will get a chance to win a voucher that is worth RM500 by participating Home Decor Furniture’s lucky draw which held twice a year. Moreover, customer who purchase by online platform would not spend much times walk in to buy the
Retailers rely on product positioning to bolster the value of their products. Determining product positioning requires the analysis of target customers, the market competition, the definition of competitive advantages, and the communications needed to deliver the chosen position to the consumer. Kohl’s is an example of a department store that has successfully deployed a pricing a retail strategy, which evaluates and incorporates price, place, product, and promotion.
...ir advantage. Franchises such as Walmart, manipulate product advertising and put items in specific places to increase chance of sales.
The positioning strategy that I think would be advantageous is using the marketing mix tools effectively. I think having an integrated and coordinated strategy for product, price, place, and promotion. Marketers can use this to maximize customers’ experiences and complete their process of positioning by outshining customer’s expectations in each area that is prominent to them. Fashion consumers want to change and seek what is new and exciting. A certain fashion doesn’t remain popular forever, so marketers need to anticipate and prepare for changes in consumer tastes.
A brand is utilized by a company to differentiate its products from others in the market. Some techniques for accomplishing this are through the use of distinguishing logos, names, color schemes, and slogans. An effective branding strategy is one of the most important components for gaining a significant advantage in a progressive market. Basically, a company brand is its promise to its customers about what can be expected from its product and how it differentiates from the competitors. The branding strategy is the part of the marketing plan that explains how and to whom the company proposes on conveying its brand messages. It will also explain where the company plans to advertise and what it will publicize both visually and verbally (Williams, 2013). Home Depot’s marketing plan will contain domestic and global branding strategies and will be a collaboration of brand messages from both Home Depot and Reach the Top®.
Competitive Positioning is defined as how you will differentiate your products or services thereby creating a value for in the market. A good positioning is influenced by market profile, customer segments, competitive analysis and methods of delivering value. (Marketingmo, 2014)
Another example of IKEA’s international strategy in building good relationships with suppliers is in Asia, especially in Vietnam, where IKEA expanded its own supply base. Vietnam manufacturers offers low cost labor force and not expensive raw materials, while IKEA provides the view of creating a long-term, high-volume business relationship, and advice on finding the best according to the price raw materials, setting up and bulding factories, choosing what machines, equipments
When analyzing an organization’s target market, the first step is to understand the business and what they hope to achieve through their marketing strategies. Targeting and positioning strategies consist of analyzing and identifying segments within a given product-market, choosing which segment or segments to target, and developing and implementing a positioning strategy for each targeted segment (Cravens & Piercy, 2009). The company’s target market determines what customer group or groups the company wants to serve (Cravens & Piercy, 2009). Analyzing IKEA’s target market allows the company to determine if their marketing strategies have successfully targeted their intended customer group or groups. Discussing the company’s positioning strategy helps determine if the strategy is effective or if the company must make improvements strengthen their positioning strategy. The company must determine if their targeting and positioning strategies may be lacking. If the company’s targeting and positioning strategies are lacking, the company must determine what they must do to strengthen their targeting and positioning strategies.
The world is developing every day and we continue to discover new and innovative ways to better our quality of life. A trend that everyone seems to be focused on is saving the environment, which is also known as sustainable living. Not only does this apply to our lifestyle and environment, but it also translates into design. Sustainable living is becoming more popular around the world and is a lifestyle using skillful and sensitive design. It eliminates negative environmental impact and requires renewable resources. We each have decided to research different furniture companies to broaden our knowledge of the innovative practices used in each company. Throughout our paper we will introduce each of our companies and the products and practices they use to produce sustainable furniture. Our research will show that sustainable furniture design is beneficial to consumers by allowing them to live a more environmentally friendly lifestyle as their manufacturers develop innovative ways to make renewable furniture.
In order to understand the context of what type of positioning a company can take as part of its competitive strategies this paper below will examine how Prada fits in to Porters’ concepts of generic strategies and competitive position as well as Treacy and Wie...
The high rate depreciation of furniture is a challenge to the industry. The children would grow year by year and the new toys may attracted them. The time aspect is hard to foresee, it could be a few years, months, weeks or days. Therefore, the space for playing would becomes overload. The parents have to consider about purchasing the suitable toys for their kids. Base on this research, P’kolino Company took the benefit to develop their product to fulfill the customer demand.
In order to evaluate the website, the first aspect to be evaluated is in terms of the content. All the content intended appear in the website such as the details for each product. The product that being displayed on website is not slightly different than the real one; what you look is what you will see or get. The purpose of why this website is created had been stated in the IKEA Privacy Policy page. The IKEA website provides a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. Even there are tonnes of pictures of product in some pages, but yet still can be considered that the content of the webpage is properly organized. People can just simply click on the item that they want to look out, as the image has been arranged in a grid and not jumbled up. Besides that, the customer also can download the IKEA catalogue and IKEA Home Planner software to view the product better. By using IKEA catalogue, it enables users to zoom in the product itself.
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
As a result of an existing dynamic environment, the repositioning of a brand rep-resents a given advanced development of its positioning, according to Homburg and Krohmer (2006). As identified by Roosdorp (1998) repositioning is considered as the second phase of the positioning strategy itself (cf. Homburg/Krohmer 2006,
Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. It involves identifying and determining points of similarity and difference to ascertain the right brand identity and to create a proper brand image. A significant differential advantage can lead customers to focus on product benefits other than price. Brand Positioning is the key of marketing strategy. A strong brand positioning directs marketing strategy by explaining the brand details, the uniqueness of brand and it’s similarity with the competitive brands, as well as the reasons for buying and using that specific brand. Positioning is the base for developing and increasing the required knowledge and perceptions of the customers. It is the single
Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. It involves identifying and determining points of similarity and difference to ascertain the right brand identity and to create a proper brand image. A significant differential advantage can lead customers to focus on product benefits other than price. Brand Positioning is the key of marketing strategy. A strong brand positioning directs marketing strategy by explaining the brand details, the uniqueness of brand and it’s similarity with the competitive brands, as well as the reasons for buying and using that specific brand. Positioning is the base for developing and increasing the required knowledge and perceptions of the customers. It is the single feature that sets your service apart from your competitors.