BSBMKG609 Develop a Marketing Plan Assessment Task 2

BSBMKG609 Develop a Marketing Plan

Assessment Task 2

1. For the organisation outlined in the case study materials from Assessment Task 1, and using the strategies and tactics developed in Assessment Task 1, you will need to prepare a marketing plan using the headings below.
2. Executive summary

A marketing plan is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

Houzit is a chain of homewares stores in Brisbane that specialise in bathroom fittings, bedroom fittings, mirrors and decorative items. They currently have 15 stores spread across the greater Brisbane area, with all stores being managed and coordinated from their head office in Milton.

I have recently been appointed as the marketing manager and must now review the organisation and devise marketing strategies that will move Houzit towards its strategic goals.

The CEO has also asked you to consider some marketing opportunities that may assist Houzit in reaching its goals, and provide him with brief summary evaluating two alternatives, including the benefits and risks associated with each option, and making a recommendation for the opportunity most likely to produce results.

Houzit is close to entering its fifth year of operation; offering a wide range of home-ware items on easy-to-manage payment terms and supplies a three year guarantee on every item sold.

The typical target customers have the following characteristics:

sophisticated people who are house proud

shoppers who will drive to an easy-to-access store

customers who require payment plans to spread their commitment over an extended period

renovators and new home builders

20–50 year olds.

Houzit recognises the following trends and focuses its efforts on them.

Quality – Preference for high quality items is increasing as customers are learning to appreciate differences in quality.

Unique items – Customers want homewares that stand out from mass-produced, low quality items.

Selection – People are demanding a larger selection of choices, they are no longer accepting a limited selection of homewares.

1. SWOT analysis

Strengths:

• Excellent staff who are highly skilled and knowledgeable about homewares.
• Great retail space that is bright, functional and efficient for a commercial urban district.
• High customer loyalty among repeat customers.
• Assortment of offerings that exceed competitors’ offerings in quality, range and accessibility.

Weaknesses:

• A limited marketing budget to develop brand awareness due to the lack of critical mass and store cover.
• The struggle to continually fund the growing long-term repayment plans taken out by our customers.

Opportunities:

• A growing market in a high growth area with a significant percentage of the target market still not aware of Houzit’s offer.
• Increasing sales opportunities outside of our target area – greater Brisbane.

Threats:

• Competition from local independent retailers can drive down prices, as owner operators have lover overhead costs than our staff-run stores.
• Competition from national chains moving into the Brisbane market.
• A slump in the economy reducing customer's disposable income spent on homewares.

1. Marketing objectives
2. Increase sales from $15million per year to $20million per year in the next three years.
3. Increase our loyalty customers list from 10,000 to 15,000.
4. Establish brand recognition in Brisbane so that at least 1 in 3 people recognise our brand in a random survey taken in 18 months time.

1. Strategies

Before you start making changes, it's a good idea to make sure you have a full understanding of the factors affecting your business success.

These may include your current business practices, market trends or changes to the wider environment in which you operate.

Tools which can help you assess your business's situation include:

• SWOT analysis- helps you identify your business's strengths, weaknesses, opportunities and threats.
• Benchmarking- measures your business's performance against similar-sized businesses in your industry.
• Market research- investigates your business's market and industry to identify trends, changes and customer or client demands.
• Trend analysis- uses business data collected over time to identify consistent results or trends.

Set clear goals

Business goals can be as broad or as specific as you want them to be. Writing down your goals clearly will make it easier for you to achieve them. Make sure your goals are:

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