Discuss about the Marketing Planning and Strategy Performance.
Houzit is a chain of home ware stores located in Brisbane. The company specializes in bathroom fittings, bedroom fittings, mirror and decorative objects. At Present they have 15 store located in the greater Brisbane area. All the stores are well operated from their head office located in Milton. Houzit is entering into the fifth year of operations and offering a wide range of home ware products. There customer list includes sophisticated people who are house proud, those shoppers who wish to access an easy store, customers who wants to spread their commitment over the extended period. Renovators and builders form an essential part of the customers. There target market includes age group in between 20-50 years. They are currently focusing on managing the quality by introducing a unique range of items. The customers are consistently looking for a larger selection of choices whereas they have a limited range of goods. The report includes the marketing strategies that are essential for an organization to develop in the coming years in order to create a competitive edge over the other business organizations. The report suggests the changes that are required in a business organization so that the company can create a competitive edge over the other.
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Strength · They have an excellent staff who is aware about the home ware product range. · The firm is build on a fully efficient space with a commercial urban district. · They have a high rate of loyal customers who are consistently buying goods from their firm. · They have an assortment of offering that is effective enough on the parameter of quality, range and accessibility. |
Weakness · They have a very limited marketing budget in order to develop brand awareness. This is due to lack of critical mass and store cover. · They have to struggle hard in order to manage the fund that is growing due to non-payment by the customers |
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Opportunities · The home ware market is developing at a fast pace developing atmosphere. There is still a large significant market area that people are unaware about. · There is growth in the sales opportunities growing outside Brisbane |
Threat · There is a huge competition from the local independent retailer. These retailers are causing a slowdown in the profits. · The owner run stores has a lower overhead cost compared to the staff run staff. · There is a lot of competition from the international market · There is a slump in the economy that is affecting the overall disposable income of the customers |
The company needs to develop marketing objective in order to sustain against the given situation. It is seen in the current market scenario that various competitors in the market causing a serious threat to the company. Under such a condition it is advisable that the company need to focus of adopting a diversified business plan that will help in attaining significant growth in coming years. The company is currently facing the issue with the quality of goods it is providing. With the current gap in the quality the company can face serious threats from the local as well as international competitors (Jain and Haley, 2009). In today’s diversified market condition it is necessary that the company need to develop strategies in order to create a competitive advantage. At present the company is only serving to the regular customers but now with an increase in the market share it is necessary that the company should expand its portfolio. Increasing the portfolio will help in acquiring the market (Baker, 2014; Boone and Kurtz, 2013). It is essential to understand that the current company is selling only the limited products. Under the current scenario it is necessary for the company to find out the most efficient and effective way to diversify into the market. Instead of selling a single product in the market they should develop multifold objectives that will help in accomplishing the mission of the organization (Doole and Lowe, 2008).
At present there are only 20 stores located in all over Brisbane. In order to realize the business opportunity they should expand the business operations in other cities as well. This will help the company to attain the market requirements. This is necessary for a company that wants to expand its business functions. Growth is necessary for every company apart from revenue. This is only possible if the company set out the marketing objectives prior to the implementation of policies (Armstrong, Kotler, Harker and Brennan, 2012).
At present the company is making a very less investment on the branding and product development. These are the two most important factors that affect the future sale of a product. The company needs to find out the most appropriate way to derive the marketing objectives so that they can sustain competition. At present there are various international brands that are posing a serious threat on the company. It needs to make people aware regarding the different offers provided by the company. The customers are unaware about the market offer provided by the company. This has lowered the market competencies for the company (Solomon, 2014; Cateora, 2008).
In order to develop in the diversified market firstly it is essential to develop as a brand. Brand effectiveness is necessary for a company in order to grow in the market. Brand awareness plays an important role in order to attain a significant market share. At present the company is facing a serious issue due to local brand. Creating awareness among the customers will help in strengthening the brand image. It is necessary to develop the brand image in a diversified atmosphere. This is necessary for a company to develop the strategies in an effective manner. Employee training plays an important role in meeting the objectives in an organization. This is however the responsibility of the organization to create a proper linkage in between the customer and the brand so that the customers do not switch to another band (Graham, 2008)
Secondly the brand is selling the contemporary goods among the consumers. The global competition has created a critical market situation where majority of market players are already posing a serious threat on the other brands. In order to sustain in the market it is necessary to be the first mover. This will however help the brand to grow effectively. Branding and promotional activity is essential for the brand at this point of time. It will help in creating brand awareness among the consumers. They have a high rate of loyal customers who are consistently buying goods from them. But in order to meet the needs it is required to form effective policies so that the consumer can make easy purchases (Fifield, 2012)
Thirdly, it is necessary to expand the business operations in the other cities. Currently there are only 20 stores located in all over Brisbane. In order to realize the business opportunity they should expand the business operations in other cities as well. They need to slowly and gradually build policies that are consumer centric. The organizational policies will help the organization in meeting the day today objectives. Expanding the brand name to the other cities will help in creating brand awareness (Lamberti and Noci, 2010). This will however help the brand in earning profits. Expansion is the most appropriate strategies adopted by majority of business organization in order to grow. In the current competitive business environment business expansion plays a critical role where it has become important for the business unit to expand the business function to realize revenue. The major objective of the organization is to earn profit. The profit can only be earned if the business opportunities increase at a fast pace (Freng Svendsen, Haugland, Grønhaug and Hammervoll, 2011).
Fourthly, it is necessary to diversify the business functions by developing more consumer centric goods. This practice will help the organization in understanding the growing requirements. The overall home ware business is developing at a fast rate under such a situation it needs to focus on developing those products that are consumer centric. The goods need to be produced as per the need of the customer (Papadopoulos and Heslop, 2014). This is a long lasting practice carried out by the business organization in order to grow in multifaceted culture. At present they are only selling those products that are contemporary in nature whereas there are other business organizations that are selling goods that are selling fresh and quality products it is however important for a business organization to look for the most appropriate business opportunity that will help the business organization to grow (Sheth and Sisodia, 2015).
Lastly there is a need to provide a well equipped training to the customers which will help in assuring effective sale. Trained employees give more yields as compared to the untrained employees. There is serious necessity that the organization needs to develop long term desirable objectives by imbibing the goal in the mind of the employees. Moreover it is necessary to invest in the current structure of the organization. This is important to notice that the current structure requires renovation which will help in attainment of various objectives. The organization can only earn multiple goals if it develops policies that are consumer centric. In an effective manner it is necessary to implement the strategies made to draw the attention of the customers (Baker and Hart, 2008). Waste management is an issue that requires attention. The company needs to develop an effective strategy that involves less wastage.
Implementation is the most important stage in acquiring the organizational objectives. It is necessary for a business organization to derive those policies that need to be implemented in an effective manner. All the policies in the organization need to be implemented in accordance with the organizational objectives. The objectives can only be earned if the company plans out the manner in which the goals need to be focused upon. Firstly it needs to find out the most appropriate manner to draw the attention of various consumers. The consumer centric approach is essential for a brand (Malhotra, 2008). It is known as an old brand that has different objectives which require focus. The policies are implemented by the owner in order to gain attention of the public. In a competitive business atmosphere it is the duty of the business organization to develop the most appropriate procedure through which the goals can be attained (Wood, 2008). The company needs to deploy the various objectives in an effective manner so that long term sustainability can be attained. Expansion is the most appropriate strategies adopted by majority of business organization in order to grow. In the current competitive business environment business expansion plays a critical role where it has become important for the business unit to expand the business function to realize revenue the procedure related to expansion of the business unit is only appropriate if the organization focus on developing an effective plan (McDonald and Wilson, 2011). The planning and deployment of the objectives is essential for a business organization t earn sustainable growth. More the less organization is following the cohesive strategy that is helping them to grow effectively. Large sized business organizations are deploying the objectives by accomplishing the mission by effective policy making. . In order to realize the business opportunity they should expand the business operations in other cities as well. They need to slowly and gradually build policies that are consumer centric. The organizational policies will help the organization in meeting the day today objectives (Pride, 2008)
Conclusion
Marketing strategies and objective plan need to be strategically implemented so that the plan can be achieved. Houzit is a chain of home ware stores located in Brisbane. The company specializes in bathroom fittings, bedroom fittings, mirror and decorative objects. It requires cohesive business plan that will help in attaining long term sustainable goal. The company requires a cohesive marketing objective that will help the business to develop efficiently currently there are only 20 stores located in all over Brisbane. In order to realize the business opportunity they should expand the business operations in other cities as well. The report consists of various business plans that need to be implemented in order to attain long-term objectives.
References
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2012. Marketing: an introduction. Pearson Prentice-Hall, London.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Baker, M. and Hart, S., 2008. The marketing book. Routledge.
Boone, L.E. and Kurtz, D.L., 2013. Contemporary marketing. Cengage learning.
Cateora, P.R., 2008. International Marketing 13E (Sie). Tata McGraw-Hill Education.
Doole, I. and Lowe, R., 2008. International marketing strategy: analysis, development and implementation. Cengage Learning EMEA.
Fifield, P., 2012. Marketing strategy. Routledge.
Freng Svendsen, M., Haugland, S.A., Grønhaug, K. and Hammervoll, T., 2011. Marketing strategy and customer involvement in product development. European Journal of Marketing, 45(4), pp.513-530.
Graham, H., 2008. Marketing strategy and competitive positioning. Pearson Education India.
Jain, S.C. and Haley, G.T., 2009. Marketing planning and strategy. Cincinnati South-Western Publishing Company 1985..
Lamberti, L. and Noci, G., 2010. Marketing strategy and marketing performance measurement system: Exploring the relationship. European Management Journal, 28(2), pp.139-152.
Malhotra, N.K., 2008. Marketing research: An applied orientation, 5/e. Pearson Education India.
McDonald, M. and Wilson, H., 2011. Marketing plans: How to prepare them, how to use them. John Wiley & Sons.
Papadopoulos, N. and Heslop, L.A., 2014. Product-country images: Impact and role in international marketing. Routledge.
Pride, W., 2008. Marketing. Cengage Learning.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Engelwood Cliffs, NJ: Prentice Hall.
Wood, M.B., 2008. The marketing plan handbook. Pearson Prentice Hall.
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