mktg plan-368

Download mktg plan-368

Post on 07-Sep-2014

107 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

Marketing Plan- Artistic Furniture

Management Summary

Furniture business has been identified as one of the booming industries now a day as both the growth and expansion rate of companies operating in this very industry is increasing at a fast rate. In this circumstance, we have decided to make an entry in this industry with unique and eyecatching water hyacinth furniture that are economically viable, environment friendly, financially low risky. As cheap labors and the raw materials which we will be using in the production line are available in Bangladesh, we believe there is a strong chance of our success. We have targeted both household and business organizations as our customer. Though the product line would be same for both the target segments the way of approaching would be different. Unlike traditional distribution channel, we would be following a direct channel to customers. It means we will be collecting our raw materials, building furniture in own factory, selling the furniture directly to the customers from our own showrooms. But for the business organizations we will be employing third party marketers. Their main work would be to induce the organizations to buy our products, they might send them e-mails, go physically to their office to let them know our products attribute and special promotional offers. We believe that by targeting the medium and high-end market, we can successfully occupy a promising niche. Our analysis has proven the growing sales and profit of our business throughout this plan. Build to serve, Serves long is our vision and we strongly believe that Customers are the king of our business. However, besides distribution we would also be also undertaking some promotional activities seriously for example, putting billboard ads, giving away leaflets, brochures, putting ads on newspapers, ads on radio channels and to some extent to television. With the implementation of the new marketing distribution policy and promotional activities outlined in this project, we will try our best to position our product as the high-quality, endurable, elegant; alternative to conventional furniture found in other places. We believe, our ability to integrate emerging technologies in our own design will certainly help us to establish our brand as a very strong, reputed and preferred by the all potential customers.

1

Marketing Plan- Artistic Furniture

Economic Outlook

Country Forecast Overview (3 Year)

Key Indicators Real GDP Growth (%) Consumer Price Inflation (av;%) Budget Balance (% of GDP) Current-Account Balance (% of GDP) Exchange Rate US$: Euro (av) Exchange Rate US$: Euro (year-end)

2007 4.60 9.12

2008 3.70 8.90

2009 4.30 5.10

-4.40 -5.00 -4.30 1.10 .20 .20

68.87 68.79 69.73 68.58 68.90 70.50

The political environment can affect the economy badly in this year. The political scene will remain unsettled during the early part. The biggest risk to political stability centers on the timing of the next general election. Given the huge task of compiling a voter list, which will include taking photographs of some 80m people, there are concerns that this part of the preparations may not be completed in time for a general election to be held in late 2008. A sustained campaign of violence by any of the numerous militant groups in Bangladesh would constitute another threat to political stability. Although the leading figures in two of the country's four main banned militant groups have been executed, huge networks of full- and part-time activists

2

Marketing Plan- Artistic Furniture

remain intact. In recent years number of FDI in Bangladesh is increasing, the rate of literacy in increasing, the branch of MNCs in Dhaka city is also increasing, which means the number of employment opportunity is also increasing. So there is a possibility that the personal income of our potential clients in the high status areas like Gulshan, Banani, and Dhanmondi will also increase. So we are expecting that the factors discussed above might affect the business of Artistic Furniture.

In last 3 years we have spent 1850000.00 taka for promotional purpose. We are hoping that in this year we will spend the highest amount of money for promotional purpose.

London-based Economist Intelligence Unit (EIU) has revised down its forecast on Bangladesh's economic growth to 5.7 per cent in 2007-08 in their latest revision of country report on Bangladesh. It fears inflation in the country to entrench further.

The above figure shows the continuous economic growth of Bangladesh. But there is a threat of inflation in this year, which can affect the business negatively. The EIU report said the upward price pressures - particularly those resulting from rising food costs - are expected to persist throughout the forecast period.

3

Marketing Plan- Artistic Furniture

The Market - Qualitative

The customer or end user Our target market is a person who wants to have very fine furniture with the latest in technology, different design and efficient: This person can be a home user, small business or big hotel. The common bond is the appreciation of quality, and the lack of price restrictions. The key 4 furniture huddles of Dhaka are our potential target markets: located at Mirpur, Gulshan, Panthapath, and Elephant Road . Demographic: Income range will be our main factor while we are targeting our customers based on demographic characteristics. Our basic target customers are those who earn monthly BDT 20000 or above. Geographic: Our target market consists of whole Bangladesh. However, we may extend our business to foreign countries based on the performance of the business in future. Psychographic: Social class is our main determinant for psychographic segmentation which includes people from upper class or middles class. On the basis of value, we also have defined our customers, that is, people who are very concerned about environment, we will target them. We will let them know that we make our furniture using such ingredients which are environmental friendly.

4

Marketing Plan- Artistic Furniture

Developing a marketing plan with 4P's

4P (Product,Price,Place & Promotion): We will try to position our brand Artistic Furniture in the customers minds as a brand that which has a pay off line , Build to serve, Serves long. Our identity and promotional activity both will be helping us to ensure long term growth in both their market share and profits. In order to achieve maximum positioning we will be dividing our target customer segments into

two divisions: Household (where we need to implement B2C strategy) and Business Organizations (where we need to implement B2B strategy). The offers or promotional activities will also be different as they are two completely different entities having huge difference in choice or preference. We will be letting the customers know our identity first, then our product ingredients and styles. Getting the most stylish environmentally friendly furniture in a very economical rate is everyones desire and hence we will be concentrating all our efforts to set this statement in our audiences mind.

However, we have chosen umbrella strategy as the means of positioning our products. We will be formulating and implementing the following strategies in positioning our furniture:

As we are totally new in this industry the first thing we need to do is to create awareness. It is require letting the customers know our offered furniture, with what ingredients the furniture is built with, what are the benefits that the customers would if they buy our furniture. The furniture which will be offered will be extensively promoted in order to tell others clearly what these products actually are, how they are better than other brands offered furniture. This will help to attract a large number of interested audiences and create a sales potential environment. 5

Marketing Plan- Artistic Furniture

A message has to be passed on to the target segments through a variety of methods such as website, print media (professional magazines, newspapers, leaflets, catalogs, etc.), broadcast media such as TV, and other forms of support media (point of purchase displays, billboards, and others). For instance in the point of purchase displays in the retail outlets there will be specific markers on the products which will indicate their features there will be two forms of the same product. One of them will be for the households or Consumer segment (B2C), while the other will be for the Business Organizations (B2B).

We have decided to devote most of the allocated advertising cost to print media. Besides we are also interested in distributing leaflets, putting ads on billboards and newspapers.

However, we have observed that now a day radio advertisements carry huge significance as the radio stations turn out to be very popular. However, for the benefit of the potential customer, all the necessary detailed information and promotional offers regarding our product will be placed in our website.

We prefer point of purchase demonstrations in the showrooms and retail outlets where the sales people will be responsible for educating the customers about the ingredients, benefits, placements regarding various furniture that are offered. We believe all these information will help the customers to buy their desired furniture. Also this will ensure both quality of their purchases and will definitely help largely to increase the reliability of our brand.

6

Marketing Plan- Artistic Furniture

Positioning Build to serve, Serves long

Umbrella Strategy (Bringing new and existing buyer and seller)

Product Strategy Tactics required 1. Product bundling 2. Sell individual product