Analysis and Adjustment of the Marketing Mix for Temple & Webster

This report provides a comprehensive analysis of the marketing mix for Temple & Webster, an Australian furniture and homeware business. It begins with an introduction to the concept of the marketing mix and its importance in influencing consumer behavior and achieving a competitive edge. The report then delves into Temple & Webster's strategic management plan, outlining its mission, vision, and values, along with its business objectives and marketing strategies. A detailed examination of the company's products, pricing policies, and distribution channels is presented, followed by an analysis of the marketing mix components, including pricing, distribution, advertising, promotion, and customer service. The report also explores external factors influencing the business and the relationship between marketing mix and business objectives. Finally, the report offers recommendations for improving Temple & Webster's marketing strategies, such as introducing installment payment options, optimizing distribution channels, and enhancing customer service through digital platforms.

Establish and Adjust
Marketing Mix

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1: Evaluation and understanding of marketing mix.............................................................3
TASK 2: Monitor and Adjust the Marketing mix............................................................................8
CONCLUSION..............................................................................................................................12
.......................................................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing mix is a quite broad term which was incorporated or coined by Neil Bordan in
the year 1949. It basically involves a number of factors as well as actions that lend a controlling
hand over a business concern which further helps consumers so that they can further purchase
their products and services. These tools and techniques help a company in promoting its name
and brand in competitive market thereby providing it a strategic edge. This report has been
framed based on an Australian business entity Temple and Webster which had been incorporated
in the year 2011. It has its headquarters in Sydney and deals in furniture as well as other home
ware products. This report focusses on various marketing components and tools which help in
building a marketing mix. Also the vision mission of a company has been stated in this report
(Jindal and et.al., 2018).
TASK 1: Evaluation and understanding of marketing mix.
Executive summary This report focusses on marketing mix of a company which
helps in increasing sales and profitability of a business. Various
promotional tools and techniques can also be used in this report
so as to achieve better results (Dost and et.al., 2019).
Strategic Management plan Temple and Webster is an Australian business concern which
operates in retail sector and specialises in home wares and
furniture as well.
Mission: Mission of the company is to provide excellent quality
goods and services to its customers at a quite nominal and
affordable prices.
Vision: Vision of Temple and Webster is to enhance its sales
ratio and customer base by adopting nominal pricing strategies.
Values: Values are basically guiding tools for employees. In
context of Temple and Webster they follow customer oriented
approach and consider certain values such as punctuality, cost
effectiveness etc.

Introductory information I have been appointed as a marketing manager in Temple and
Webster. My managers have further asked me to critically
evaluate and examine various marketing strategies and develop
a marketing mix which is useful in context home ware products.
Business objectives and
strategies
For developing or setting objectives managers of Temple and
Webster have adopted SMART tool and hence objectives of
Temple and Webster have been found to be:
 Enhancement in number of loyalty customers from
10000 to 15000 in 3 months.
 Establish or set a well developed brand image in south
east Queensland and make it so popular that every 1 out
of 3 people are aware about the company within a year.
Financial objectives:
Other than this managers have also set up certain financial
objectives which have been stated as under:
 Increasing their overall profit percentage by 10 % in
coming 3 months.
 Enhancement in the liquidity ratio by 15% in 2 months.
Marketing strategies of Temple and Webster: In context of
Temple and Webster marketing managers have adopted various
marketing policies as per their set budget such as advertisements
over local news channels, social media advertisements, free visit
coupons attached inside local journals and magazines. Also
managers of Temple and Webster have decided that they will
keep a furniture and handicrafts export show for 2-3 days. All
these will greatly improve their sales margin and increase their
overall customer base as well ((Bowie and et.al., 2016).
Key characteristic features of
products and services
Temple and Webster is an Australian business venture which
deals in furniture and home ware accessories such as bed linens,

curtains, laundry baskets, antique show pieces etc. All these are
specially designed and manufactured under expert guidance.
These products are a combined mix of modern art as well as
classical hand made artefacts. These products further are
consumer friendly and cause no harm to skin. Managers of
Temple and Webster have further kept nominal prices for their
products which every customer can easily afford.
Pricing policy Policies or ways which a company undertakes for setting up
prices of a specific good or service in a competitive market is
referred to as pricing policy. In context of Temple and Webster
it has been examined that managers have adopted one price
policy for all its customers where they products at similar prices
to each customer ( Bowie and et.al., 2016).
Analysis of marketing mix
components
Marketing mix is a combined term which states a combination
of factors which are in absolute control of a business concern.
These factors also have the power that they can influence
consumers for purchasing their goods. In context of Temple
and Webster, marketing mix comprises of a number of
approaches such as pricing, distribution, advertising along with
customer service and promotion. All these tools have further
been explained as under:
Pricing: Temple and Webster has adopted one pricing policy
for enhancing its customer base. This proves to be a great tool
as there are no chances of errors or fraud.
Distribution: Distribution is an important element of
marketing mix which is basically a process by which business
concern provide goods and services to their customers as and
when they require. Temple and Webster uses indirect channels
such as distributors and intermediaries for providing goods and
services.

Advertising and promotion: Advertising basically refers to a
strategy that has been incorporated by any organisation so as to
promote and enhance value of its goods and services. Promotion
on the other hand is designed so that customers can be
influenced and persuaded for buying a specific good or service.
In this context, Temple and Webster uses a number of
promotional tools such as advertising through online platforms
and social media channels such as Facebook, Twitter etc.
Customer Service: It is fourth most important tool of marketing
mix which focusses on serving customers in an effective
manner. Managers of Temple and Webster uses effective tools
and techniques so that they can further customers as per their
standards set. Also managers of Temple and Webster believe
that they should do whatever possible in order to keep their
customers satisfied (Becker and Helseth, 2018).
Success factor Success factor is a keyword which is used to explain a certain
element that raises competitive image of a firm in market. In
this context, success factor for Temple and Webster happens to
be its site selection which are further affected by a number of
elements such as there should be substantial parking facility
along with easy access to transport and competitive prices as
well.
Examination of marketing
mix
Pricing: The current pricing strategy of Temple and Webster is
effective and does not require any major changes. However, if
the company introduces an option whereby customers can pay
the price in instalment. This would provide an ease to huge
number of customers. Further, this feature would attract new
buyers in large number.
Distribution: Temple and Webster can adopt a direct channel
also, particularly, online, whereby, customers can place their

orders. The company can create its warehouse in major cities
from where it can deliver the product at doorstep. This will
reduce transportation costs. This will help it surviving in
competitive market.
Advertising and promotion: The current practice of advertising
its products through online platform is very successful as large
of people can view the existing as well as newly launched
products. However, to influence more people, it can make
celebrities endorse its products. This will leave a strong
impression in the minds of people, when they will see their
favourite actor/actress with Temple and Webster products.
Along with this, it can provide discounts as a promotional tool
also, a discount of a certain percentage on bulk purchasing
would be great option.
Customer service: Temple and Webster must use new
techniques to empower and foster customer service to for future
growth and success. It can make its own mobile app which can
be downloaded and used by its both current and prospective
customers. Along with this, it can make a separate page on
Facebook, dedicated solely to company, where its buyer can
place their queries or complaints as well as anyone can ask
about its products in order to get a clear information.
External factors Factors that are present outside the controlling of a business are
known as external factors. In context of Temple and Webster it
has been examined that various external factors have impacted
overall functioning of a business furniture market in Queensland
is suffering a quite high rise along with disposable income of
individuals. Hence in this case managers have analysed that
income and unemployment rates will be quite similar (Bahadir,
Bharadwaj and Srivastava, 2015).

Customer preferences Customer is the king of today's market and they always compare
prices of various goods and services before purchasing
something. Hence managers of Temple and Webster have
further taken survey from random people to find out if
customers are satisfied with their services.
Marketing mix and its
relationship
Marketing mix always involves achievement of various
objectives such as customer satisfaction objectives, financial
objectives etc. In context of Temple and Webster various
objectives have been mentioned as under:
Strategic objectives: Temple and Webster will only be able to
achieve its goals and objectives if it considers its strategic
objectives that are effective engagement between customers by
adoption of research and promotional tools. Also managers will
have to build brand image of their firm by products excellent
quality goods and services to their customers (Stead and
Hastings, 2018).
Financial objectives: Financial objectives of Temple and
Webster include various elements such as they aim towards a
double digit rise in growth rate every coming year. Also the
company expects to reduce their overhead expenses by adopting
effective management strategies. Lastly they also are working
towards a steady rise in their gross profit margins.
Recommendations It has been recommended that Temple and Webster should
adopt ethical and sound business practices that do not hamper
environmental balance as laid down by WHS laws. Also they
should adopt various statutory rules prevailing in Australia such
as privacy act, 1988, anti discrimination act 1991, Australian
securities commission act, 2001 etc.

TASK 2: Monitor and Adjust the Marketing mix
Executive summary: This report focusses on marketing mix of a company which
helps in increasing sales and profitability of a business. Various
promotional tools and techniques can also be used in this report
so as to achieve better results.
Introductory information I have been appointed as a marketing manager in Temple and
Webster. My managers have further asked me to critically
evaluate and examine various marketing strategies and develop
a marketing mix which is useful in context of home ware
products (Wongleedee, 2015).
Temple and Webster is an Australian business concern which
operates in retail sector and specialises in home wares and
furniture as well.
Mission: Mission of the company is to provide excellent quality
goods and services to its customers at a quite nominal and
affordable prices.
Vision: Vision of Temple and Webster is to enhance its sales
ratio and customer base by adopting nominal pricing strategies.
Values: Values are basically guiding tools for employees. In
context of Temple and Webster they follow customer oriented
approach and consider certain values such as punctuality, cost
effectiveness etc (Wu and Li, 2018).
Performance of marketing
mix
For evaluating performance of their marketing mix and its
components managers of Temple and Webster have adopted
conducting a survey on a random people and have examined
that their marketing mix has been going as per their plan. Also
managers will have to adopt certain changes in advertising and
promotional strategies as they keep modifying from time to

time.
Pricing: Price is the value of the product. It is generally decided
after analysing the overall cost of the product. Sometimes
company need to lower their price to stay in the competitive
market. Price of a product can change terms and conditions of a
company. By raising their prices, company can loose their
customers as well as market share.
Distribution: it is the most important part of a companies
marketing policy. Distribution is a process in which goods and
services are being transported to the customers. If the company
distributes its products faster and wider range it increases their
profitability and market share at the market place.
Customer service: Personal interaction with the customers can
be done via online portal, email, telephone and so on. Providing
services to their customers can make them satisfied. Services to
customers can be provide at the time of purchase, before
purchase and after purchase product. Some organisations
provide training sessions to their employees to satisfy their
customers needs and met their expectations. Customer service
helps in increasing the goodwill and brand image of the
company (Lim and De Run, 2018).
Advertising and promotion: Out of all above stated
promotional tools and strategies it has been examined that most
successful strategy was the local tv advertisements and coupons
that were attached in books and journals. These promotions
form a quite effective medium of in store entertainment. Also
customers get attracted with extra curricular games and treasure
hunts at handicraft expo. Also it has been analysed that social
media was not as successful as it was expected to be.
Customer service: Customer service is a quite important
element of marketing mix which focusses on providing

excellent quality goods and services to their customers.
Proposed changes After conduction of market surveys it has been evaluated that
pricing strategies will have to modified as lower income groups
are not able to pay similar prices as compared to other income
groups. Also a number of customer satisfying tools need to
undertaken by managers of Temple and Webster which will
provide them a strategic edge.
Impact of changes on
marketing and organisational
budgets
It has been analysed that Temple and Webster have modified
their prices which will help them by providing a competitive
edge against other rival firms. Also they will have to train their
staff members so that they can adopt effective CSR activities.
Other than this there is a quite strong pressure that managers of
Temple and Webster should adopt sound ethical and effective
business practices which help in its growth. Also they will have
to abide by all regulations of Australian government to trade in
a free and fair manner (Ahmed and Rahman, 2015).
Monitoring strategies Marketing mix has further been monitored and adjusted so that
Temple and Webster will be easily able to achieve their overall
organisational objectives as well. In context of strategic
organisational objectives, managers will have to align or
combine their activities and directly relate them with various
elements of marketing such as price, promotion, distribution,
advertising, customer service etc. This will be quite useful for
the company and help them in enhancing their productivity and
profitability as well.
Risk factors Risk is an inevitable part of every business concern as without
the presence of risk no company will be able to function in an
effective manner. Various risks identified or observed in context

of Temple and Webster are:
 Managers failed to identify changes or modifications in
external market which further hampered their strategy
formulation.
 Also managers were not able to train and develop skills
of their employees as per their marketing strategies.
 Another risk which is feared by managers of Temple and
Webster are failure of modifying business operations
and resources as per requirements of business. Along
with this managers of Templer and Webster also have a
fear that they may not be able to hire ample of skilled
and expert staff as there is a high amount of competition
prevailing in south east zone of Queensland.
Final recommendations Earlier the company and managers were recommended that they
should adopt ethical and sound business practices which help in
growth and profitability of a business. Also managers were
suggested that they should adopt all laws and legislations that
are prevailing in Australia such as privacy act, anti
discrimination act and so on (Kucuk, 2017).
Now as per updated marketing plan managers of Temple and
Webster have been advised that they should use the baseline
that has been set up while conducting any business process.
Also they should follow and achieve milestones effectively one
after the other and should not rush towards them. Furthermore,
every activity should be converted into small portions and
always check the budget accordingly. For example the budget of
Temple and Webster for marketing plan is $ 60000 and they do
expenses worth $ 70000 which is not practically possible.