Developing a Marketing Business Plan for VictoriaPlum Business

This report analyzes the VictoriaPlum online bathroom products business, evaluating its marketing strategies and business fundamentals. It includes a SWOT analysis, a PEST analysis of the external environment, and a summary of market research, including segmentation, targeting, and positioning (STP). The report discusses the competitive landscape, identifying key competitors like Bathstore, Plumbworld, and Tilestyle, and suggests strategies for VictoriaPlum to differentiate itself. Finally, it provides a viable suggestion for the target market, focusing on customers aged 30-60, to enhance the company's growth and development. Desklib offers a variety of study tools, including past papers and solved assignments, to support students.

Starting a Business and
Fundamentals of Marketing
Business Plan
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Table of contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Overview of the proposed business idea.....................................................................................3
SWOT Analysis...........................................................................................................................3
An evaluation of external environment (PEST)..........................................................................4
Summary of market research and results.....................................................................................5
Discussion of competition...........................................................................................................7
A viable suggestion for target market..........................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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INTRODUCTION
Marketing business helps in knowing that how the business is to be launched and framed in
the market (Grubor and et,al., 2018). VictoriaPlum is the online website business which delivers
and sells the products and services such as bathtub, bath furniture and bath lightning to the
customers effectively.
Thus, the report will analyse VictoriaPlum business and how it has been able to successfully
deliver the products and services to the customers with the help of SWOT analysis, external
environment PEST analysis. This will also include the market research to be conducted for the
VictoriaPlum business to know and analyse the market. Along with this, the competitors of the
business will also be described and their role in market. A viable suggestion for the target market
will also be described and provided for the business to seek growth and development.
MAIN BODY
Assessment 1
Overview of the proposed business idea
VictoriaPlum is the online retailer of bathroom products and services by providing the
customers services such as bathroom furniture, baths, bathroom lightning etc. The company
traded under the name Victoria Plumb and started from scratch (Casali and et.al., 2018). The
business also has online website and is providing the products and services to the customers at
reasonable cost. The business is started in UK and is providing the scale of how large the
customer base can be. This has helped the business in growing and expanding to other large
scales. The company trades basically on the online platform. The products and services of the
business are developed at large scale and this helps in knowing the basis through which the
business has been outgrowing and is grabbing more amount of customer base. The main aim of
the business is that it helps in providing the scale through which online website is being made.
SWOT Analysis
SWOT analysis is being framed and proposed for the VictoriaPlum business which helps in
analyzing and evaluating the Strengths, Weaknesses, Opportunity and Threats. The SWOT
analysis is being defined as below –
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Strengths – The strengths which VictoriaPlum holds is that it serves the products and services to
large customer scale and helps them find their needs and requirements at large scale. The
company has also launched a revamped version of its website optimized for mobile browsing,
and has provided the customers both on the online and offline stores as per needs and
requirements of the customers (GURL, 2017).
Weaknesses – Weakness which this trade business holds is that VictoriaPlum has not set up its
offline business which is viable through stores. This is the major weakness which company and
business holds and this helps in knowing that what and how much improvements are to be
required in the business so that the stores are being set up for the providence of products and
services which VictoriaPlum has to provide to customers.
Opportunities – There are various opportunities for VictoriaPlum in the market which helps in
creating value for products and services at large scale. The main aim of business will be achieved
when the business will be successfully delivering the products and services in the market through
the stores as well (Teoli and et.al., 2019). The expansion of business will also be created by
framing strategies for the business at large scale. With the help of expansion, more customers
will be targeted and this will help in knowing that how effectively and in appropriate manner the
business will seek growth and development by acknowledgment of market structure and
analyzing the basis as to how effectively business can reach the customers.
Threats – The major threats are from the competitors which have been increasing for
VictoriaPlum. This has created negative impact on business of VictoriaPlum and apart from this
the main aim of business has been taken into consideration at large scale. The competitors are
scaling up with the same products and services as that of VictoriaPlum which has created major
threat for business on how it expands and concentrates on the business.
This is how SWOT analysis for VictoriaPlum has been created and framed for analyzing
and evaluating Strengths, Weaknesses, Opportunities and Threats (Vlados, 2019). With the help
of this, all major aspects and areas of improvement are also known which helps in knowing how
effectively business can grow and expand the variety of products and services to be made
available in the market.
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An evaluation of external environment (PEST)
The evaluation of external environment for Victoria Plum business is done to analyze the
political, economic, social and technology factors in significant and proper manner. The PEST
analysis is done to ensure the business runs in effective manner. It is therefore explained below –
Political – The political factors such as tax policies, labour laws, tariffs and trade restrictions are
the major concern for VictoriaPlum as the business seeks to grow and develop in the parts where
the products and services are unable to reach (LEYVA and et.al., 2018). The trade restrictions
are the major concern for VictoriaPlum as the products and services are to be exported to other
parts of the world and this affects the business while distribution of such services and products to
reach to the customers.
Economic – The major factors under which economy of the country lies is the Economic Growth
Rates, interest rates, inflation, exchange rates etc. The major changes within the economy are
being crated and this helps in knowing the basis through which the products and services of
VictoriaPlum are being served by evaluating the economic stability aspect. The business also
suffers when there is economic instability and this requires analysing and identifying the aspect
such as high interest rates and exchange rates within the economy.
Social – The social factor consist of aspects such as health consciousness among customers,
population growth rates, cultural aspects, career attitudes etc (Cavaliere, 2020). These major
aspects helps in knowing the basis through which VictoriaPlum considers all these factors and
ensures that how effectively the products are being served the customers at large scale. The
changes in the perception of customers affect the VictoriaPlum business and this creates
difficulty in expanding the scale of business. Therefore, social factors impact the business at
large scale and this helps in knowing about the cultural and social structure of UK.
Technology – The technological factors also impacts the VictoriaPlum as there are these major
key areas which are to be concern of which are – automation, incentives which are there in
technology, research and development activities which are to be taken place. These are major
changes as to how products and services of VictoriaPlum are taken into consideration. The
technological changes and up gradation on regular intervals affects the business as to how
effectively and in appropriate manner the changes are to be taken place (Hagstrum and et.al.,
2018).
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Therefore, with the help of PEST framework the external environment is analyzed and
evaluated. Various aspects are also known which are considered as how the business is being
impacted.
Summary of market research and results
The market research is being done for products and services to be launched and reached to
customers in effective and significant manner. The business which VictoriaPlum is serving
customers has ensured that products and services which are bathroom lightning, bathroom
furniture, bathtubs etc (Mooi and et.al., 2017). The major changes are observed and are framed
for creating value for brand and ensuring that all the products and services are being served in
profitable manner. There are these major steps which are considered for market research and
how effectively the results are being gained through research which has been done. The market
research includes these major steps which are to be followed for knowing and analyzing market
structure for products and services of VictoriaPlum to be launched. These steps are described as
follows –
Defining the research objective – The firsts step in the market research process is to define the
objective for the fulfilment of it.
The objective of VictoriaPlum is – To enhance the products and services to be able to reach to
customers through stores.
Gathering market information – The major changes are done when the market information has
been gathered and this helps in knowing the market trends which have been taken place in the
due course of time. According to the market information which has been gathered, the products
and services of VictoriaPlum are being made available to the customers and are within their
reach (Fisher and et.al., 2019).
Making decisions – The decision of how the stores are to be created and made for the customers
to reach the products and services apart from grabbing the products from online websites. This
helps in making and framing the decision according to the changes which have been observed at
large scale within the market.
Along from this, market research is also done which helps in knowing aspects as to how
effectively and in appropriate manner market research is being done with help of STP Analysis.
This includes segmentation, targeting and positioning poof the product of VictoriaPlum.
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Segmentation – The segmentation factor includes demographic attributes which for the
VictoriaPlum are the products and services are to be provided to all gender types. This will help
in increasing the scale of business.
Targeting – The customers who are targeted are where there is higher profitability of the market
which are ranging between the age of 30 – 60 and this helps in knowing the measures as to how
effectively and in appropriate manner the targeting of customers is being done (Lopatin and
et.al., 2019).
Positioning – The targeted customers are being positioned in the market which helps in knowing
that the scale of age group of 30 - 60 are engaged in buying the products and services of
VictoriaPlum which are designed in taking concern as to how effectively the products and
service are to be designed as per the needs and requirements of the customers in the market.
Discussion of competition
Competition is the term which has explains that how the products and services of
VictoriaPlum survive in the market and how effectively the changes are being taken at large
scale within the market. There are various changes which are to be considered by following the
market rules and regulations which also help in knowing that there is high competition in the
market (Guizzardi and et.al., 2019). The major competitors of VictoriaPlum are – Bathstore,
Plumbworld and Tilestyle. These are major competitors which are selling products and services
to the customers in the market similar to the products which are being sold by VictoriaPlum in
the market. This helps in knowing the basis as to how effectively there should be framing of
strategies so that the products and services differ from as that being served by other competitors.
This will help in creating value for the business which VictoriaPlum is running in the
market by delivering the products and services such as bath tubs, bath lightning, bath furniture at
large scale and that too in appropriate manner by evaluating and analyzing the scales of business
within market (Chang and et.al., 2019). This will also help in knowing the basis of how the
framework of strategies are to be implemented so that the competitors are being removed from
the market and better facilities and services are being served by VictoriaPlum. The competitors
are the major part of the business and how effectively and in appropriate manner they take
concern of the services which olds the market value within which the customers are also engaged
and are considered as important part for increasing the profitability and sales of business.
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Competition in the market also leads to having the impact at business value and standards as to
what changes are to be continuously made for serving better to the customers.
Competitors are the major concern as to how the business is being evaluated and the
changes which are made for the growth and development at large scale. Competitors also follow
the strategy of providing the services and products to the customers by valuing the products
reasonably and evaluating the measures as to how effectively and in appropriate manner the
changes are to be made (Guizzardi and et.al., 2019). Consumers seek the best prices which up
scales the business of competitors which are in competition to VictoriaPlum. This helps in
knowing the strategy which they are following in keeping engaged the customers and grabbing
the profitable markets at large scale.
A viable suggestion for target market
The target market is being approached by the strategy which is by framing in and knowing
that how the changes are to be taken place (Uotila, 2018). The viable suggestion for the target
market is that VictoriaPlum apart from online website should also open stores for providing the
services and products to customers which will also help in expansion of the business at large
scale. Therefore, this strategy will help the business in running effectively and in proper manner.
This will also engage the customers who are adequately taking the services and products of
VictoriaPlum.
CONCLUSION
Thus, it is concluded from the above report that VictoriaPlum has been able to successfully
deliver the products and services to the customers with the help of SWOT analysis, external
environment PEST analysis. This also included the market research which was being conducted
for the VictoriaPlum business to know and analyse the market. Along with this, the competitors
of the business were also described and their role in market. A viable suggestion for the target
market was also been described and provided for the business to seek growth and development.
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REFERENCES
Books and journals
Casali, G.L. and et.al., 2018. How business idea fit affects sustainability and creates
opportunities for value co-creation in nascent firms. Sustainability. 10(1). p.189.
Cavaliere, M.L.P.L., 2020. The growing impact of technologies in PEST analyses.
Chang, H.Y. and et.al., 2019. Market power, competition and earnings management: accrual-
based activities. Journal of Financial Economic Policy.
Fisher, N.I. and et.al., 2019. Good and bad market research: A critical review of Net Promoter
Score. Applied Stochastic Models in Business and Industry. 35(1). pp.138-151.
Grubor, A. and et,al., 2018. Internet marketing as a business necessity. Interdisciplinary
Description of Complex Systems: INDECS. 16(2). pp.265-274.
Guizzardi, A. and et.al., 2019. Competition patterns, spatial and advance booking effects in the
accommodation market online. Tourism Management. 71. pp.476-489.
GURL, E., 2017. SWOT analysis: A theoretical review.
Hagstrum, D.W. and et.al., 2018. Integrated pest management. In Integrated management of
insects in stored products (pp. 399-407). CRC Press.
LEYVA, M. and et.al., 2018. A framework for PEST analysis based on fuzzy decision
maps. Revista espacios. 39(16).
Lopatin, V.A. and et.al., 2019. Increasing the level of STP in information
processing. International Journal of Engineering and Technology Innovation. 8(7).
pp.583-588.
Mooi, E. and et.al., 2017. Market research: The process, data, and methods using Stata.
Springer.
Teoli, D. and et.al., 2019. SWOT analysis.
Uotila, H., 2018. Suggestion of Digital Marketing Channels for XXXXXOy.
Vlados, C., 2019. On a correlative and evolutionary SWOT analysis. Journal of Strategy and
Management.
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