Academy of Marketing Science Plan

Question: Discuss about the Academy of Marketing Science Plan. Answer: Introduction: Houzit is the organization selected for this report. Houzit primarily deals in house ware products such as bedroom furnishings, bathroom fittings, mirrors, lighting fixtures and decorative outcomes. The business structure is formed of a chain of house ware stores and the stores of Houzit are administered with the supervision of headquarters of the organization. The stores of Houzit are in Brisbane and the organizations headquarters are in Milton (Calvert, 2013). Five years have been concluded in the operations of Houzit which reflects on the increasing scope for business growth. The following marketing plan is intended to achieve a formidable retail presence of the organization all over Australia SWOT analysis: Prior to formulation of a marketing plan, the necessity of a micro environmental analysis is observed in case of Houzit. The lucid interpretation of SWOT would provide viable options for accomplishing marketing plan objectives. Strengths Weaknesses Existing loyal customer base of 10,000 Unique items which are superior in quality to mass-produced house ware Appeasing store designs Flexible payment plans Houzit faces troubles in catering the long term payment plans Limited marketing budget Opportunities Threats The prospects for increasing loyal customer base with the help of loyalty programs for first time customers Increasing preferences of customers for high-quality products The provision of long term flexible payment plans could increase association of customers for longer periods of time Limited budget for marketing strategy Increasing competition from local independent retailers and national chains of house ware products Depression in economy could lead to reduction in disposable income of customers thereby leading to minimal expenditures in house ware purchases Marketing objectives: The short term goals of Houzit include establishment of brand recognition and increasing the loyalty customers from 10,000 to 15,000. The long term goals could be specified as increasing the retail presence of the organization in all Australian capital cities and increase the annual sales of the organization from $15 million to $20 million within the period of three years (Good Hassay, 2015). The marketing opportunities which could be apprehended by Houzit include mobility business and provision of unique products. The prospects for development of mobile businesses are directed towards creation of mobile apps, websites and desktop applications and web pages. Some critical gaps which could be noticed in the case of this marketing opportunity refer to lack of online presence of Houzit and limited options for generating business from online sources (Krpti, 2013). The other opportunity which could be considered in case of Houzit refers to the provision of unique products as compared to those provided by competitors (Lewis Ling, 2015). The target market for Houzit could be observed in the people concerned for maintaining their house, aged within 20 to 50 years, customers requiring feasible payment plans, home builders and renovators (McDonald Wilson, 2016). They are most likely to buy products from Houzit due to distinct advantages such as payment flexibility and choice of first time customers for decorative items and mirrors which also involves benefits of loyalty program to customers. Marketing strategy: The marketing strategy of Houzit is inclined towards the prominent elements of quality, selection and unique items. Increasing the number of stores from 15 to 100 all over Australia is a profound strategic initiative of Houzit which could support its marketing strategy. The formulation of a marketing strategy could be enhanced with the help of marketing objectives such as increasing market shares and sales. The strategies which could be implemented in such scenario refer to the marketing mix strategy which could address compatibility with objectives, capabilities and organizational resources (Meredith Meredith, 2016). The marketing mix strategy for Houzit comprises of product, place, price and promotion. The product quality of Houzit provides competitive advantage over products from rivals which are notable elements in the marketing mix to attract customers (Bingham, 2015). The place aspect in the marketing strategy of Houzit refers to the appeasing stores as well as the preferences for increasing mobile based service provision facilities. Price of the products provided by Houzit is accountable for influence by the long term payment plans offered by the company to its customers. Promotion of the organization has to be improvised with the inclusion of online promotion of the brand (Lewis, 2013). The products of Houzit fit among the market segment comprising of homemakers, renovators, builders. The products could be considered as the budget category. As compared to competitors, the products of Houzit are unique and depict considerable superiority than the mass-produced goods of competitors. Implementation: The marketing activities such as magazine advertising, in-store promotions, and advertising visuals and public relations strategies are included in Houzits marketing plan. Web based promotion of the mirrors and bathroom fittings alongside realization of season based demands would be the profound marketing activities for the organization. Costing of the strategy would be based on the niche marketing strategies preferred by the organization. The different performance indicators which could be noticed in case of Houzits marketing plan are marketing cost for customer acquisition and the market share of the organization (McDonald Wilson, 2016). The prominent accountabilities and responsibilities which are observed in the organization refer to the position of marketing manager, search engine optimization personnel, webpage designers and PR as well as advertising personnel. Furthermore, independent consultants have to fulfil the responsibilities of marketing research and audits. The processes which are prominently associated with the performance and monitoring activities refer to goal setting, feedback, incentives and collaboration (Meredith Meredith, 2016). Establishment of precise goals would enable the employees to accomplish objectives without altering productivity in workplace. Feedback and collaboration are necessary for engagement of employees in the marketing plan activities. References Bingham, F. G. (2015). An Enrollment Marketing Plan for Institutions of Higher Learning. In Proceedings of the 1987 Academy of Marketing Science (AMS) Annual Conference (pp. 402-407). Springer International Publishing. Calvert, P. 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Meredith, L., Meredith, L. (2016). Multiple marketing plans: an analytical template.Journal of Business Industrial Marketing,31(4), 519-530.