Developing a Marketing Plan for Freedom Furniture
Added on 2020-10-22
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Freedom Furniture Individual Report
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1MARKETING OBJECTIVES.........................................................................................................11.1 Sales objectives......................................................................................................................11.2 Objective 1.............................................................................................................................21.3 objective 2..............................................................................................................................21.4 objective 3..............................................................................................................................2TARGET MARKET........................................................................................................................3Segmentation...............................................................................................................................3Target market...............................................................................................................................3Positioning...................................................................................................................................3STRATEGIES.................................................................................................................................4RECOMMENDATIONS.................................................................................................................5REFERENCES................................................................................................................................7
EXECUTIVE SUMMARY This report will discuss about the various issues which are being faced by Freedomfurniture. It shows poor trade relations between customers and business. Due to this they are notable to provide high quality services as well as products to Y generation customers. By analyzingthe situation, three issues are described below :-Tough competition caused by innovative start-up stores with cheaper and more tailoredofferings.Gen Y Consumers – tackling a different product/market fit and different costingschedule.Weak levels of trade with Generation Y market.It has been evaluated that Freedom furniture is facings some issues in digital technologyand trade. This has affected on their sales and profits. Also, it has allowed new start ups to enterin market. They are providing products at cheap cost. Due to this, there is decline in revenue ofcompany. There are certain strategies developed by company which is discussed. Implementation of IT infrastructureDifferentiating market segmentsImproving communication processAt last there are some recommendations discussed that includes Investing in digitaltechnology, Developing marketing plan and Monitoring. MARKETING OBJECTIVES Freedom furniture needs to develop products that will enable them to attract newcustomers. Also, they should increase sales by implementing concept of B2C. the company hasdeveloped goals of each quarter starting from January 2019. It is as follows :1.1 Sales objectivesThe first and foremost objective of Freedom furniture is to increase sales by 25% bytargeting Y generation customers. This goal has to be attained in first quarter. It is expected thattill end of 2019 more than 500000 units of furniture will be sold (Wolfe and et.al., 2014). Also,due to advancement in technology more innovative products can be developed. It will be a greatopportunity for Freedom furniture to expand their market and attract new customers. Throughthis, profits can be increased and company will be able to sustain for long term. There are manystart ups emerged which are providing latest products at cheap prices. 1
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