Marketing Management for Risks and Benefits - myassignmenthelp

Question: Discuss about theMarketing Management for Risks and Benefits. Answer: Organizational overview Houzit is a homeware stores that is situated in Brisbane that specializes in bedroom, washroom and decorative items as well. The objectives of the organization are to increase their sales in the next few years along with increase in the list of the loyal customers. Furthermore, the objective is to establish proper recognition of brand as this will help in recognizing the company easily in the future. The strategic direction adapted by Houzit is they are entering into fifth year of the operations and planning to manage the different terms of payment (Kim et al. 2014). The current size of the organization is 1000-1500 m2 and the number of employees working is more than 15 working full time and several casual employees as well. The strengths are they have excellent staff members who are highly skilled and it is good retail space in the urban district. They provide high loyalty to the customers as well and offering are huge in nature in terms of range as well as accessibility. The weaknesses are the budget of the marketing is limited and awareness of brand is low as well. There is struggle in the continually funding those customers for the long term repayments (Baker and Saren 2016). The gaps that has been found in the objectives are that proper establishment of the brand recognition has to be done by the respective store not only in Brisbane but also in other countries as this will help them in gaining more popularity. Opportunities The two marketing opportunities are digital marketing and pricing strategies that are penetrative in nature. Evaluation of risks and benefits Digital marketing changes with the changing environment and this can change with huge competition as well. The benefit associated is digital marketing has major types and 100% measurability is the great advantage as well. Penetrative strategies of pricing have risk that the customer may leave the service at any point of time and the products prices are more than competitors. The benefit is maximization of the volume of sales (Wertenbroch 2015). Houzit can emphasize on the demography as while designing the different products and services, it should focus on the lifestyle of the individuals as well as other demographic factors. The customers can stratify their needs buying those products and these are designed based on the life as well (Malhotra 2016). To increase the percentage of sales, Houzit could implement proper marketing mix strategy of 4Ps. This is the strategy that covers the major parts of the business wherein organization must develop and design products aligning to the lifestyle of the individuals. Similarly, in order to increase the share in market Houzit should lower the prices and design products effectively. Proper promotion is essential wherein Houzit needs to pay attention on direct and personal selling. Lastly, Houzit can introduce online marketing as this will help them in attracting customers (Yoo and Bai 2013). The strategies mentioned above are related to the organizational objectives and goals. The strategy of entering into the entire global market is aligned with strategy that will increase the sales volume. Detailed marketing performance Houzit needs to differentiate the products and services from competitors. It will help in promotion of brand store and maximize the visibility of prices. The competitor of Houzit is IKEA but Houzit has its presence in the entire world and it helped in gaining reputation as well (Rafaeli et al. 2017). Figure 2: Life cycle model Metrics for measuring performance of market Brand awareness wherein Houzit needs to pay proper attention on increasing the awareness among customers. Loyalty of customers wherein the company has to provide some tangible and intangible benefits Acquisition of customers wherein in order to increase the sales volume, it is essential to attract more customers towards their services and products Tactics Scheduling for marketing activities Costing is essential in order to increase their business globally, the company requires huge amount of capital Key Performance Indicators as this will help Houzit in accessing the success of the organization in which they operate Legal and ethical requirements The selected tactics will help in both legal as well as ethical aspects of business. For instance- When the organization is properly following the ethics it helps in gaining reputation in the business If the company understands the social value, the customers will be attracted towards it These tactics will help in increasing the sale volumes of the company and expand their business in other areas as well. Tactics fitting within organizational resources The tactics that are mentioned above are quite effective in nature and this will help in attaining proper objectives in the organization as well. With limited budgets, the organization needs to emphasize on the objective of increasing the sales. By implementation of digital marketing, the company can target huge range of customers. Conclusion Therefore, it can be inferred that Houzit can face challenges from their competitors and proper strategies has to be implemented in order to maintain competitive position in the entire market. Proper implementation of strategies is essential in order to remain competitive in the entire market. References Baker, M.J. and Saren, M. eds., 2016.Marketing theory: a student text. Sage. Kim, K., Hayes, J.L., Avant, J.A. and Reid, L.N., 2014. Trends in advertising research: A longitudinal analysis of leading advertising, marketing, and communication journals, 1980 to 2010.Journal of advertising,43(3), pp.296-316. Malhotra, N.K., 2016.Marketing in and for a Sustainable Society. Emerald Group Publishing. Rafaeli, A., Altman, D., Gremler, D.D., Huang, M.H., Grewal, D., Iyer, B., Parasuraman, A. and de Ruyter, K., 2017. The future of frontline research: Invited commentaries.Journal of Service Research,20(1), pp.91-99. Wertenbroch, K., 2015. From the Editor: An Opportunity for More Relevance from Broadening Behavioral Research in Marketing.Journal of Marketing Behavior,1(1), pp.1-7. Yoo, M. and Bai, B., 2013. Customer loyalty marketing research: A comparative approach between hospitality and business journals.International Journal of Hospitality Management,33, pp.166-177.