Marketing Strategy and Plan for Houzit Homeware - myassignmenthelp

Question: Discuss about theMarketing Strategy and Plan for Houzit Homeware. Answer: SWOT Analysis Strength Houzit homeware furnishing store has gained specialization in manufacturing bedroom, washrooms, and decorative items in their organization. Being limited to a certain brand gives them the advantage to gain specialization in the products which they produce. Apart from that being situated in Brisbane gives an advantage to the company to gain the loyalty of customers by providing them efficient services and fulfilling their entire requirement. Recognition of the brand is created in the target market which them advantage to attract more and more customers (McDonald, and Wilson 2016). The customer relationship management of the company also helped them to gain competitive advantage in the market the company also provides efficient after sale services due to which goodwill is maintained in the market. Weakness One of the weaknesses noticed in the company is lack of skilled management in the organization. There are only 15 fixed employees and other are casual employee based on the work. This shows that when there is requirement of high skilled employees the company hires them, otherwise they work with their existing employees only. This acts as a weakness for the company because they do not have skilled management in their management due to which many times the company faces difficulty in manufacturing products. So, if an emergency occurring in the company then it becomes difficult for them to fix because there is lack of employee who is adequately skilled to solve the issue (Wertenbroch 2015). Opportunities The opportunities which the company has is that they engage pricing penetration scheme in their management due to which many customers get attracted to buy the furniture of the company. Pricing penetration strategy refers to the strategy to marking different prices for the difference according to the will of the company. So, in this case, the company set prices according to the demand of the product in the market and the price of competitors as well. Also, the company is focusing on optimizing the digital marketing strategy which gives them the advantage to expand the customer base beyond their geographical boundaries (Malhotra 2016). Threats The opportunities of the company can also act as a threat to them. As the company is focusing on using the price penetration and market penetration strategies so it shall be noted that price penetration can raise issue in the mind of customers of the company. If the company marks fewer prices on the product than other competitors then the customers might feel that they provide low-quality products. Due to this process, the identified mage of the company can change into a company producing low quality products. Apart from that digital marketing leads to increase in competition as well. Houzit is small firm emerging in the global market so digital marketing can act as a threat for the company (Westwood 2016). Marketing objective The marketing objective which Houzit shall target is to increase the demand for their customized product in the target market. For the same purpose, the company shall implement adequate strategies to achieve the objective. Strategies The below mentioned are the strategies which the company shall implement in their business so as to fulfill the marketing objective: Pricing strategy: as discussed in the above mentioned statements Houzit Company aims to use the pricing strategy in the management so as to gain the competitive edge in the market. Pricing strategy will help the organization to target all the segment of the market. All the lower, middle and high income class people can purchase the furniture from the company. Promotional strategy: the strategy of the company is to use the available digital services and advertise their furnishing brand in the market. They aim to advertise the company through social media (Strauss 2016). Implementation Houzit Company implemented the following step in order to gain the marketing strategies: The initial step is to analyze the market and evaluate the taste and preference of customer present in the market. Apart from that the managers of the company also need to analyze the marketing strategy of the competitors present in the market. Further, they shall aim to form a marketing plan which shall assist them to fulfill the objective. In accordance to that the management shall group their product according to the segment of customers present in the market. Like the low price and high price, products shall be segregate differently. Lastly social media promotional tools like Facebook, Instagram etc. shall be used by the management so as to gain competence in the global market. They shall promote their product with specifications so as to gain the interest of customers (Ryan 2016). References Malhotra, N.K., 2016. Marketing in and for a Sustainable Society. Emerald Group Publishing. McDonald, M. and Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley Sons. Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers. Strauss, J., 2016. E-marketing. Routledge. Wertenbroch, K., 2015. From the Editor: An Opportunity for More Relevance from Broadening Behavioral Research in Marketing. Journal of Marketing Behavior, 1(1), pp.1-7. Westwood, J., 2016. How to write a marketing plan. Kogan Page Publishers.