Business
then sent to Australia several weeks later by sea and then a truck are hired to pick up and deliver the container from the port. At delivered time, the employees of the business unload the container with all the furniture and stock them inside the warehouse. The stock is assembled, repaired if damaged, and refined if desired. A person then prices all the furniture as they please. When furniture is purchased, the delivery is also made by the business.
How the products will be distributed
The products are ordered by phone, fax, and email or in person and then a scheduled date and time is made for delivery of the product by truck. Sometimes when able, the customers take the product themselves to avoid delivery charges
Market Analysis:
Target Market:
The industry, in which this business is in, has a target market of adults, working men and women, usually with families. Ocean Wide Trading takes a step further in targeting medium to higher income earners and also directs its product to the 40 years and over market due to jokingly reasons that “ younger people, and mid-aged adults have no money!”
Size of each target market
The size of each target market has not been noticed, though the description above would hold about 60% of the marketable customers.
Competitors:
Competitor’s Name: Corinthian Furniture (name unclassified)
Market Share: Unknown, though rapid increase in recognition may change that.
Strengths: As above question, the company produces well thought out designs and have a numerous amount of employees that deal with all the aspects in the maturity phase of the business. The company manufactures and sells the product in Australia and has recent marketing strategies that have given a positive appraisal to the company.
Products: Are similar to Ocean Wide Trading’s products, in its furniture and doors.
Competitor analysis
Company Name Estimated Size (Approx.) Marketing Strategies Marketing Image
Hume DoorsCorinthian FurnitureBaltic Furniture 20 employeesBetween 20-50 employees20 Employees Magazine AdvertisementsLocal newspaper advertisements, pamphlets.Pamphlets and newspaper advertisements. Reliable quick and easily obtained.Good designs at reasonably low prices. Reliable, quality furniture.
SWOT analysis of the business
Strengths
- Furniture still in great demand
- Uniqueness of products
- Hospitable service and has created regular customers
- Efficient business with minimum employees
Weaknesses
- Marketing of product is weak
- Product price is of high standards
- Target market is too restricted
Opportunities
- Expansion of business
- New desirable designs in production
- Ability to broaden market
Threats
- Economic downfall
- Fact that timber will run out
- Increase in ‘modern furniture’
- New materials replacing the old
Promotional activity:
Most of the furniture can be seen in the pamphlets or advertising in newspapers and furniture magazines. Each product directly viewed at the actual warehouse and displays of most of the products that can be inspected. The promotional strategy of word-of-mouth is also highly advantageous due to the type of market the business is directed at.
Projected expenditure on promotion
Approximately $250, 000 yearly.
Marketing Plan
Customers
The Target market is stated in the above questions though a more [next page]