Marketing Plan for a Furniture Shop - 1626 Words

BOITHOK, an exclusive furniture and show piece outlet is ready to introduce living room furnishers and show pieces that will bring an antique and traditional look and create an artistic environment. BOITHOK occupies a specific niche within the furniture market. Its furniture’s offerings focus on traditional and old Bangladeshi look furniture products and show pieces that are exclusive in craftsmanship materials. Its market segments include the people who are highly elegant, have good interior sense and want to decorate their living room in a different way. BOTHOK does not provide comparable products for mass market .The Company wishes to target those customers who seek quality products with exclusive design and traditional look. BOITHOK†¦show more content†¦Opportunities: âž ¢ Competition is low as it involves with totally new type of product and defined customers group âž ¢ Opportunity for capturing market share through product differentiation âž ¢ New channe ls of distribution âž ¢ Specific Niche; people are ready to pay premium price as our company maintain â€Å"aura of exclusivity†. Threats: âž ¢ Growth will invite competition âž ¢ As a new start up business it lacks knowledge and experience than other companies âž ¢ It will take huge time to create brand awareness and image. 3. Objectives: BOITHOK’s financial objectives are to: ââ€" ª Earn an annual rate of return investment of 20% after taxes over five years. ââ€" ª Produce net profit of 552000 BDT next year ââ€" ª Achieve first year total sales revenue 5152000 BDT BOITHOK’s marketing objectives are to: ââ€" ª Strategically BOITHOK assumes that they need to go into specialty channels to address their target customer s needs. BOITHOK position as the highest quality, offering status and prestige levels of purchase. ââ€" ª Achieve a first-year projected market share 5 percent ââ€" ª Increased second year share to 10 percent ââ€" ª Generate 30 percent Brand awareness within the target market. 4. Marketing Strategy: BOITHOK wants to be successful in defining its value to the potential customer andShow MoreRelatedIkeas Supply Chain Management1706 Words   |  7 PagesSupply Chain Management in Ikea Ikea is a renowned global furniture retail shop that was established by Kampard Ingvar in 1943(Bartlett, 2006). The business began as a grocery and stationery of mail order and later turned into furniture as its main business. Currently, it has over 292 branches in 34 countries globally. Ikea has been operating on the motto â€Å"better life for everyone†. Ikea focuses basically on good quality of household furniture and low prices of goods. 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