Assignment

Part C: Marketing Plan

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Introduction

From the feedback on part B, it is evident that the marketing plan is well prepared for Jewel Furniture Palace. This is characterized by the good Branding strategy that provides the name, logo, and slogan of this company, which is essential in taming customer behavior towards the business. The target market is relevant and has both the primary and secondary targets. The perceptual map indicates the position of the firm in a competitive environment. The positioning statement is clearly formulated. The following is a continuation of the marketing plan focusing on the pricing and distribution strategies and its integrated communication strategy.

Pricing and Distribution Strategy

Pricing is a vital aspect of any business to ensure that it does not run on low-profit margins. These profit margins are also affected by the distribution strategy. Pricing and distribution strategies have to be well outlined to make the profits bigger because it is the main income that keeps the business running (Baker et al., 2017). It is a very significant and challenging decision to make when determining the price of commodities. This is because the prices should be appealing to the customers while bringing enough profit to the firm.

The decisions that guide the pricing and distribution strategy of this company are driven by two pillars, which are price matching and value-based pricing (Winer, 2017)

Price matching

This is a strategy that sets prices relating to the current prices in the market. Some company products are at a level of equilibrium due to being in the market for an extended period. Therefore, their prices have to be aligned with those of the competitors (Baker et al., 2017). These price matching can be done by lowering the prices, using the same prices or higher than those of competitors. When deciding to raise the prices, the company can add some features to the furniture, such as gold-coating to add attraction and elegance. The decision to offer lower pricing, which may lead to a potential loss, is arrived at if the customer is willing to buy additional products from the company (Winer, 2017). For some products that the company targets a large audience, the prices are set at the same level as the competitors.

Value-based pricing

This is the company's strategy in many instances since the company deals with products that mark important to the lifestyles of the customers. The company's furniture is classy and, therefore, attractive to people with luxurious lives and will pay as much as it takes to acquire the goods they need. The company applies price segmentation, which can capture more customers based on analyzing their willingness to pay the set price (Baker et al., 2017).

Communication plan

How the company communicates to the customers and the message sent to customers is essential to its success and growth. Effectively communicating can only be achieved if the target audience is understood, the unique selling proposition should, and branding elements should be properly defined. Similarly, communication channels need to be identified and set success metrics before executing the plan. This company has used branding alignment, customer alignment, and budget alignment to govern the marketing communication strategy (Spinoglio, 2020).

Brand alignment

The company has contacted television channels that feature lifestyle documentaries and magazines that advertise furniture and household goods. These are the points where the target market can easily access the information, unlike using the local dairies or news channels that won't offer the direct market needed. These communication platforms should share the company's perception of furniture and luxury as a brand (Spinoglio, 2020).

The brand identity should be made in a way that is easily remembered by using technological tools such as graphical edits that make them appealing to the customers from the first sight. The advertisement images should be of the best quality and use user-friendly websites to encourage customers to be glued to them.

Customer alignment

This strategy dictates that the company should focus its advertisements on areas where its target customers are actively involved. Given that this company's primary target is young couples and singles who are most probably young, they are very active on social media platforms. This makes Jewels Furniture Palace focus its marketing through social sites such as Facebook, Instagram, and others to attract more customers.

Budget alignment

Budgeting should always be in the mind of every organization. The marketing communication plan should not lead the company to incur unreasonable costs that might result in loss. Jewel Furniture Palace, having grown from a small business stature, the firm depends on social media advertisements, magazines, and television ads that are cost-friendly to the organization.

Message strategy

The marketing message is responsible for informing the audience on the kind of business a firm is offering and why the products are beneficial to the customer. This message aims to convince the buyer that this particular company is the right place to purchase the commodities and not from the competitors.

This is the message that is used in all communication platforms to market the company. Jewel Furniture Palace uses the phrase Where your Needs Meet Elegance, which is the company slogan. This message indicates the difference the organization offers from others.

Public Relations

The company needs to have and maintain a positive image in public to remain competitive in the market. The company strives to be appealing, exhibit control over its products, and offer credibility. To enhance positive public relations, the company holds online events and television advertisements that give the company information in detail describing how to reach the company.

The company researches customers’ perceptions of quality, including getting feedback from the customers. This enables the company to know its strengths and weaknesses and improve on them. The social platforms being the main target market, the company has employed online marketers who work to enhance online presence where customers can interact with them at any time.

The company uses a clear language that can attract more people to visit the company. These include using terms that create curiosity and value of the products. The company has to maintain the luxurious element of the furniture, and therefore it uses content that explains the luxury aspects.

Sales Promotion

These are strategies used to increase the number of sales in the organization and lead to its growth, which is its main aim (Genchev & Todorova, 2017). These measures can be done in different ways to encourage more customers and more sales. Jewel Furniture Palace deploys the following sales promotion techniques.

The first technique is the use of open house shows where customers and the public are open to tour. In these shows, the furniture is designed to act as a prototype of real use in the form of a home. These arrangements are set to attract the buyers' eyes and, therefore, will influence them to make orders. This is a great way to get in touch with young couples and single groups who love adventure and observing new and luxurious trends (Genchev & Todorova, 2017).

Organizing raffles and giveaways in the shop is another sale promotion technique that best suits this furniture shop. Through social media platforms and magazines, the firm advertises raffles and giveaways to the target market. The giveaways can be taken from furniture that has been in the store for a long time. Through this event, the company can showcase its inventory, and in return, more customers are exposed to them, increasing their sales (Genchev & Todorova, 2017).

The company conducts an annual appreciation event for its customers with refreshments. This is aimed at thanking the customers for their continued support and involvement in the firm. This can also be advertised online or sent to individual customers. Every human-like being recognized and appreciated. This improves the customers' willingness to continue shopping, and they will refer other customers to get the same recognition. Which every human value.

While advertising, the company indicates a state of the goods' urgency to show that the stock may last soon. This can include a time frame like one week or a month to inspire the target customers to purchase goods early. The ads should imply that missing the chance to buy the goods is a lifetime opportunity (Genchev & Todorova, 2017).

Online and Direct Marketing Plan

Digital marketing is the new normal in the business world, with most of the worlds' population accepting it. Most of the target consumers in this company are frequent users of technology, and therefore this is the best place to get them to know the firm and the products it offers (Kingsnorth, 2019). The following are properly implemented in the company. First, social media platforms are used intensively to advertise goods compellingly and attractively. All the events are posted regularly to the consumers and keep them up to date with the organization's activities (Ismail et al., 2017).

The use of virtual reality is another emerging trend that the company uses to make the customers have a virtual experience in the company. Through virtual reality platforms, the customers can feel the furniture remotely, like being in a luxurious room before purchasing (Ismail et al., 2017).

Augmented reality is another technology that resembles virtual reality but gives some experience of the actual world through a computer or smartphone. This creates a real image for the customer, which helps them have more information on the furniture apart from just the photo and pricing (Kingsnorth, 2019).

Always updating the websites for advertising and purchasing goods online is a key strategy. This includes changing the user interface to a more user-friendly one and adding new features. By doing this, current customers have a new experience and need to check the site for new products (Ismail et al., 2017). Lack of updating the website may make it boring, and the customers' interest is lowered. The company also includes the word ‘New’ on the updates to capture the attention easily.

Through online platforms, the company posts videos that have the contents of the organization. This includes a home tour series that shows the furniture available for sale. These videos bring out the luxury feeling that will attract the target market. These videos offer convenience to customers instead of physical visits (Ismail et al., 2017).

The payment methods for online shopping are being made easy and common among customers. PayPal and credit cards are good examples of more straightforward methods that will make customers comfortable in their online transactions (Kingsnorth, 2019).

Social responsibility marketing plan

Social responsibility or cause-related marketing strategy is a perfect avenue to market the furniture and encourage new customers. This company engages in different social events in the community that is not aimed at making a profit. An example of such initiatives is supporting awareness campaigns such as disease awareness runs by providing water that has the company brand. Sponsoring entertainment events such as theatres where the target market is likely to visit with mutual benefit between the event owners and the company (Hahn & Kim, 2016).

In addition to supporting the community, it is the company's responsibility to educate and empower its staff by equipping them with relevant skills and paying them well. Gender and minority groups should not be discriminated against in any form. These include women, persons with disabilities, and children. The company has preserved opportunities for all these groups and provides a convenient working environment (Hahn & Kim, 2016). Jewel furniture Palace carries out a tree planting initiative that is aimed at conserving the environment. Using renewable sources of energy and recycling to prevent pollution of the environment is considered.

Sustainability and Monitoring plan

Sustainability and monitoring policies are essential for any company's growth as they reduce the risk of incurring losses. Several practices in the furniture shop can be used to enhance sustainable approaches (Barbaritano, 2019). Encouraging recycling and reusing resources that are assumed to be waste will prevent environmental pollution and reduce the costs of acquiring new materials. Reducing the number of raw materials per product is essential to reduce wastage. Use of renewable sources of energy in the shop which is relatively cheaper compared to non-renewable sources. Cleaning materials for equipment, packaging material, and surplus material should be reused in applicable areas (Barbaritano, 2019).

Given that the company deals with wood and cotton as the main raw materials, adherence to forest conservation measures is a sustainable policy. The company supports cotton farming by tracing back to the farms that grow the cotton and ensure a sustainable supply. The need for cotton products is reduced by using blends of equal and greater quality of cotton.

For monitoring these sustainable policies, the wood suppliers should have certificates that indicate their compliance with the conservation values. The company has created plans that review pricing, communication, and sustainability strategies to make necessary changes. Also, ensure that workers participate in environmental-friendly activities such as reuse, recycling, and reduction (Abrahamsson & Gavriilidou, 2018).

Conclusion

A marketing plan is only effective if it has a pricing plan, distribution strategy, excellent public relations, and improved sales promotion techniques all integrated into the plan. Jewel Furniture Palace has developed pricing and distribution strategies that enable the company to attract its target market. These pricing strategies are not rigid because of the changing market needs and competition.

Public relations are equally important because the customers are attracted by what they see and their experience from the outside. The company maintains a positive image by being true and credible in the products sold. Social media platforms are intensively explored to promote the products by applying emerging technology trends such as virtual reality, among others. The promotion is done in a compelling way to attract customers.

Jewel Furniture Palace is involved in community activities as a social responsibility by sponsoring events and marketing its brand. All the processes have to be done sustainably. Therefore, the plan outlines sustainability policies and monitoring strategies that make the marketing plan effective.

References

Abrahamsson, J., & Gavriilidou, N. (2018). Measured and managed-Energy Monitoring Systems within IKEA Industry.

Baker, T., Collier, D., & Jayaraman, V. (2017). A new pricing strategy evaluation model. International Journal of Operational Research, 29(3), 295-316.

Barbaritano, M., Bravi, L., & Savelli, E. (2019). Sustainability and quality management in the Italian luxury furniture sector: A circular economy perspective. Sustainability, 11(11), 3089.

Genchev, E., & Todorova, G. (2017). Sales Promotion Activities–Effective Tool of Marketing Communication Mix. Available at SSRN 3089894.

Hahn, Y., & Kim, D. (2016). Corporate social responsibility: A comparison analysis. The Journal of Business Economics and Environmental Studies, 6(4), 13-17.

Ismail, S., Rahman, A. A. A., Ismail, A. R., Daud, K. A. M., & Khidzir, N. Z. (2017). Internet marketing strategy for furniture industry: a research-based ergonomics sofa. In Advances in Human Factors, Business Management, Training and Education (pp. 571-579). Springer, Cham.

Kingsnorth, S. (2019). Digital marketing strategy: an integrated approach to online marketing. Kogan Page Publishers.

Spinoglio, M. A. (2020). Market Communication Strategy: A case study of IKEA.

Winer, R. S. (2017). Online pricing strategies: Implications for luxury consumers. Luxury, 4(1), 7-29.