Detailed Marketing Plan Report for Fortune Furniture in UK Market

This report provides a comprehensive marketing plan for Fortune Furniture, a new furniture company launching in the UK market. It begins with an overview of the company's background, including its sourcing strategy from China and its product offerings encompassing home, office, and cabinetry furniture. The report then delves into a SWOT analysis, highlighting the company's strengths, such as market research and stylish designs, while also acknowledging weaknesses like its new market presence and limited financial resources. Opportunities, including online marketing and cost reduction, are examined alongside threats like competition and environmental regulations. A PESTLE analysis assesses the impact of political, economic, social, technological, legal, and environmental factors on the company's operations. The report outlines SMART objectives for marketing, including creating customer awareness, and discusses the STP (Segmentation, Targeting, Positioning) process. A marketing mix comparison between Fortune Furniture and IKEA is included, followed by a detailed marketing plan, including an executive summary, vision, objectives, and an in-depth analysis of the PESTLE and SWOT factors. The marketing mix elements – product, price, promotion, and place – are also thoroughly examined, along with segmentation strategies for the UK market.

MARKETING
ESSENTIALS

Background of the furniture
 The furniture company named as Fortune Furniture is going to start services in home
furniture, office furniture and in cabinetry in UK.
 To accomplish this furniture will be purchased from China at low cost while
maintaining the quality of the products and trading will be done with China.
 Then after purchasing, the services of furniture product will be provided to the UK
clients and customers.
 The furniture products of the highest quality, made of woods, brass, metal, glass/fibre
and plastic will be purchased and sold out to UK clients.
 The company will provide good quality of product and services according to the
specifications to its clients in UK which can result in the success of the new business

SWOT ANALYSIS
Strengths
 Fortune Furniture performed market research to know its customers need that is
specifications, designs and type, customer want for their home or office furniture.
 This activity increases the customers satisfaction.
 The company makes stylish and well designed new products which will not only good in
physical appearance but also contains quality inside.
 Products of the company are easy to transport and assemble.
 Company maintains cost effectiveness which keeps the customers coming back each time
they need furniture services.

Cont..
 Weakness
 Fortune Furniture is a new company in a the furniture market so it doesn't have past
record of delivering the product and services at low cost and high value, company
doesn't have brand image or all to attract the customer's.
 Company doesn't have financial aid so that it can use in excessive amount in
marketing, advertising and branding also the company can maintain the inventory
according to requirements because the company doesn't have past records of great sale
due to new in this market.

Cont..
Opportunity
Using online mode more efficiently and opening the company stores will be beneficial for the
company to increase its business.
Fortune Furniture can decrease transportation cost because of low shipping prices.
This will give opportunity to the company either to give benefits to its clients or increase its
profit margin.
New technology and innovation in the product and by using different cost reduction strategies
to enable its customer's with proper service and benefits, company can grow its business

Cont..
Threats
 New technology and innovation which is costlier to adapt,
developed by the competitors which are giant in this industry
in UK will be the serious threat to the company.
 New environmental regulations, growing strength of local
distributors will be threats to the company.
 Along with the entrance of brand companies like Walmart, etc
will be serious threat also.

PESTLE ANALYSIS
In this analysis, the impact of political, economic, social, technological, legal and environmental factors
over company is discussed which is as follows-
 Political: political stability of the country gives stability to the business because rules and
regulation of the unstable political country can create problem for the company. In this case UK is
political stable and china is also political stable country and both have a good business relation with
India. So, it will be easy for Fortune Furniture to do business under the country's rules and
regulations.
 Economic: Although there is a effect of recession all over the world but people need stylish
furniture and they are ready to pay. The company is providing its UK clients and customers the
stylish and innovative furniture at low cost as possible. So, factors like interest rates, exchange
rates, unemployment and growth rate in the country has less effect on the company overall business.

 Social: Demographic status, class, education level, gender, social beliefs and attitude of the
people affects the company business in front of the UK customer's but the company manage
them in a efficient way to win the customer's attraction and satisfaction.
 Technological: As technology is improving day by day. So company is trying to adopt the
new trends and innovation to draw the customer's attention while maintaining the cost
effectiveness.
 Environmental: Company works according to environmental norms within the country
along with maintaining the low cost and high quality product to its clients. Company uses
recycling and waste management techniques and believes in green environment. Company
always contribute towards ecological products and has a attitude to assist renewable energy.

SMART OBJECTIVES
In order to succeed the company, marketing objectives must be set in order to achieve them in the set period of time.
On the best marketing objective which can be set by the company is by using SMART objectives for the company.
Specific: “To create a comprehensive marketing strategy for generating high customer awareness in UK”
 As the company is new in the UK market so it becomes essential for the company to make a marketing strategies
in such a way that it creates awareness among the customer's. Thus, the marketing objectives of the company is
very specific and there is no need for further interpretation to describe it.
Measurable:
 The marketing objective of the Fortune Furniture can be measures using social sites. The customer's awareness
about the company can be measured based on it customer's likes, dislikes and followers. Customers feedback on
social sites for the company will ensure about the awareness of the product and services of the company in the
UK market. So the question like How much awareness can be answered.

Actionable:
 The marketing objective of the company is actionable that
is using a comprehensive marketing strategies like proper
marketing the product in the print as well as electronic and
social media, the awareness of the company 's furniture
product and services among the customers can be achieved
because of new entry in the furniture market industry in
UK. And increasing awareness among customers will create
sales of the company product and service and finally
establish the company in UK market.

STP
Segmentation
 In the segmentation process of marketing company has to identify its potential
customer based in the market.
 Company identify all its current customer base and also look at the new potential
customer for its product in segmentation.
 Fortune Furniture also have to identify all the need and demands of its customer to
attract them towards the company.
 Segmentation is all about making the right people aware about the products of the
company

Targeting
 In the process of targeting based on the outcome of the segmentation process
company will make a strategy to target all its potential customer base.
 Targeting is a further process of segmentation through which company make a
plane to reach all the target all the potential customers to make a profitable
business.
 All the furniture enthusiasts who are looking for multiple products in furniture
segment will be a part of targeting.