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MKTG3000 Strategic Marketing Management: Strategic Roadmap

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 What is the strategic roadmap for getting to your desired strategic destination/position?


Answer:

Strategic Roadmap:

Industry Life Cycle:

Objective comes with the companies in terms of improving and advancing the financial performance. There are other business segments of the objectives such as strengthening of competitive position in the market, maintenance of the sustainable competitive advantage. The present industry has reached to its declining level as the demand for the furniture in the country has declined in comparison with its former market demand(Abs.gov.au 2017)..

Fig: Industry Life Cycle

Portfolio Analysis:

Bydezign’s portfolio can be assessed to establish the attractiveness of the products it offers. With the involvement in the market, the company has strengthened its market reputation. Bydezign is one of the leading furniture retailers in the country. Providing the furniture as per the customer need and the living condition, the company has always been supportive in the market(Business.gov.au 2017). Starting from bedroom designing to other in-house décors, Bydezign offers the customer with dimensions of products in association with cheaper price. Apart from the sales, the company also looks into post-sales service provision to the customers.  

Strategic Thrust:

Strategic thrust refers to the strategies which companies use to thrust or push their products deep into a market. They can penetrate the market more by increasing the circulation of the products, develop the products in the market, develop the market or enter new markets. Sustaining a spirited advantage is a key for a strategy of product focusing on the segment of niche. In terms of Bydezign, sustaining competitive advantage, the company must need to attract the greater number of customers as it has to be somehow devised with the help of creating proper market competition thus eradicating the rivals from the strongly competitive market. Bydezign must focus on niche marketing in order to penetrate the market. The new product combing a sofa, a bed and a table will be a product that would mostly attract the sophisticated customers. The company must use niche market as its competitive thrust strategy to cater to the sophisticated customers(Australian Retailers Association 2017).

The strategic approach structures a competitive advantage by providing the basic change with lessening the production cost. Incorporation of different features on the furniture helps the product become innovative in the market. The product does not only work as a bed, it also works as a sofa and a coffee table. Hence, it ensures multi dimensional usage and utility of the product. This urge for multi dimensional utility would focus into the customers’ want for different product criteria at a single use. Sofa cum bed has been available in the market for a long period of time. However, the addition of the coffee table has added facilitative extension to the product that has the possibility to outdo the market rivals of the company. The strategic thrust of niche marketing will help the company attract customers who seek pieces of furniture which are capable of serving several purposes simultaneously. The product can also set example of the company’s innovative power to products by combining several products into one multi utility product.

Marketing Mix:

Product:

The company looks forward to sell furniture that acts as a sofa cum bed cum coffee table. This is a tangible product. The core product is the benefit of multi dimensional usage of it. The actual product would be the improvised fashion that would address the people with a different choice for product colours and designs. There are different colours available in the market. In terms of the augmented product, the company would ensure the customers about on time customer service in need. On the other hand, the company shall provide the customers with product warranty and finance on purchase. The product with a bed, a sofa and a coffee table, all roled into one multi dimensional product shows the company’s power of bundling products. The sofa cum bed cum coffee table is an innovative product because it will allow the customers to enjoy several benefits at the same time. The customers will be able to sleep on it, watch television sitting on it and enjoy coffee on the table which forms a part of it. This product will help the customers to save their room space and give their rooms a more luxurious and sophisticated look.

Place:

The furniture is going to be marketed in the shopping outlets and different stores of Bydezign. The advertising of the new product would be performed in the places where there is a rush of the customers.  The new product a sofa, a bed and a coffee table all rolled into one can be marketed at the commercial fairs like furniture shows and export trades. This will attract the attention of both the buyers and the sellers like retail furniture sellers alike. This will help the company to obtain a strong distribution chain to carry out niche marketing in the various areas. Bydezign can use this newly established chain to get access to the customers who seek multi utility pieces of furniture.

Price:

The price of the product has been set as AU$1000. The price range has been set in order to target greater number of the customers from middle class to the higher class so that they could easily afford to buy the product as their choice. Bydezign should opt for premium pricing strategy because the product is an innovative premium product. This pricing strategy will give the company the advantage of positioning the product differentially in the market and attract customers who have the lifestyle and financial capability to purchase premium products. The pricing strategy will help the company to strengthen its position itself in the market as a premium furniture manufacturer.

Promotion:

The product would be promoted with the help of advertisement, IMC, POP and social media optimisation. The furniture retail must promote its new product as an innovative product which combines a sofa, a bed and a coffee table. The new product should be advertised on the print media like magazines and journals to capture attention of the sophisticated customers. The company must advertise its products on the ecommerce websites which will help it to accede to overseas markets as well. It will open doors for future business expansion of the company and maximise its revenue.

Conclusion:

The study reveals that Bydezign has a high position in the retail furniture market in Australia. The company must concentrate on introducing the new product combining a sofa, a bed and a coffee table. The retailer has the market position to price its product to attract the upper class of the society. The innovative product must be promoted through print and digital media. The company should promote its products aggressive both on the physical market and the digital market places to get access to a large customer base.

References:

Business.gov.au. (2017). Retail & wholesale trade industry fact sheet. [online] Available at: https://www.business.gov.au/info/plan-and-start/develop-your-business-plans/industry-research/retail-and-wholesale-trade-industry-fact-sheets#finance [Accessed 6 Jun. 2017].

Australian Retailers Association. (2017). Policy & advocacy - Australian Retailers Association. [online] Available at: https://retail.org.au/policy-advocacy/ [Accessed 6 Jun. 2017].

By Dezign. (2017). Furniture and Homewares - Sydney furniture store in Auburn and Artarmon | By Dezign | living - lounge - dining - office - bedroom. [online] Available at: https://www.bydezign.com.au/ [Accessed 6 Jun. 2017].

Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.

Price, R., Bailey, J. and Pyman, A., 2014. Varieties of collaboration: the case of an Australian retail union. The International Journal of Human Resource Management, 25(6), pp.748-761.

Yin, S., Zhu, X. and Kaynak, O., 2015. Improved PLS focused on key-performance-indicator-related fault diagnosis. IEEE Transactions on Industrial Electronics, 62(3), pp.1651-1658.

Pantano, E., 2014. Innovation drivers in retail industry. International Journal of Information Management, 34(3), pp.344-350.

Abs.gov.au. (2017). 8501.0 - Retail Trade, Australia, Apr 2017. [online] Available at: https://www.abs.gov.au/ausstats/[email protected]/exnote/8501.0 [Accessed 6 Jun. 2017].

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