BSBMKG609 Task 2

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Universal Business School Sydney *

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101

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Business

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Nov 24, 2024

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BSBMKG609 Develop a Marketing Plan Task 02 Review of strategic and tactics Executive Summary: - The marketing plan has shown the strength and weakness of the company current operations, with suggestions of improving the market shares and new potential audience. - All stakeholders needs to be fully aware of the current marketing plan and performed accordingly in order to achieve maximum benefits upon the introduction of the new marketing plan. Vision Houzit will be a national retail brand, catering to the needs of home makers with a range of unique, high quality home wares made accessible to all through our easy to manage payment plan Mission By 2020, Houzit will have a significant retail presence in home wares in every Australian capital city, starting with 15 stores in the greater Brisbane area and growing to 100 Australia wide. We need to prepare a report/presentation to show the selected marketing opportunity can help achieve organizational objectives set . SWOT Analysis Strengths: - Excellent staff who are highly skilled and knowledgeable about home wares - 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 offering in quality, range and accessibility. Weakness: - A limited marketing budget to develop brand awareness due to the lack of critical mass and store cover. - The struggle to continuity 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: [AUTHOR NAME] 1

- 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 home wares. - Marketing Opportunities 1. Increase sales from $ 15 million per year to $ 20 million per year in the next three years 2. Increase our loyalty customer list from 10,000 to 15,000 3. Establish brand recognition in Brisbane so that at least 1 in 3 people recognize our brand in a random survey taken in 18-month time. Marketing Objectives 1. The company is aim to increase the gross sales to $20 millions dollar. 2. The company is thrive to increase it’s brand awareness 3. The company is looking for the opportunity to establish more direct stores nation-wide to generate revenues and customers. 4. The company is also determined in expanding its loyal customers base. Strategies 1. Research the possibilities of expansion by implementing the franchising model. 2. Taking position of smaller similar industry companies by merging them under the same brand. 3. Employed professional sales personnel and create a strong team to perform the company’s daily operation. 4. Actively engaging social media to create a strong bonding with the customers and limitless brand awareness. Implementation Tactics - Selecting places for new stores - Introduce sales commission fore sales pension or increase revenue - Promotional events to aware new customers, providing some discount money via voucher/ first customer full priced and second half price - Introduce brand membership: membership application for customers, differentiate prices between membership price and non-membership price - Introduce online shopping arrangements [AUTHOR NAME] 2

Google Ads 10/02/2020 15/02/2020 $5000 budget Market manager Product R&D 15/02/2020 25/02/2020 $10,000 Product manager Customers loyalty program 05/02/2020 10/02/2020 $15000 Marketing manager & operation manager The above table shows briefly the process of implementation mentioned in the marketing strategy. In addition, there will be a team responsible to monitor each project implementation, which includes below: - Check regular progress - Ensure weekly follow up meeting is in place - Monitoring team reports - Monitoring meetings - Email circulation Reason for choosing particular tactics Tactics Reasons Open new stores as per population Number of potential customers Introduce brand membership to increase the number of loyalty customers Possibilities of future purchasing from those customers and increase sales Opening online shop Expanding service range, not only local market but also national wide market Introducing sales commission to sales representatives Sales incentives to increase revenue eventually Performance review Gap 2016 2017 2018 2019 2020 85 stores 20 stores5 stores VIC10 stores in NSW 2 stores in WA1 store in ACT2 stores NT 20 20 15 10 5 million 15 Million +1 Million 16 Million +1 1 Million 1 Million 1 Million [AUTHOR NAME] 3

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Million 5000 Customers 1000 1000 1000 1000 1000 Customer satisfaction 98% 60+8%=68% 68%+8%= 76% 76%+8% =84% 84%+8%= 92% 92% +8%=100% Summary Overall, this report aims to develop a marketing plan for Houzit. It is designed to deliver the business objectives and missions through some significant practical tactics to achieve goals for next coming three financial years. Together with SWOT analysis and strategic statics suggested, relevant stakeholders of Houzit would be presented confidently. [AUTHOR NAME] 4

BSBMKG609 Task 2

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