The organization under analysis is Kitchen Fashionable Furniture (KFF) company which is focused on selling kitchen furniture, accessories, and other staff produced by fashionable brands to customers. The company is registered in New York, the USA and it is headed by John Smith, who also acts as its main promoter. It was organized to provide customers with an opportunity to buy fashionable goods. The majority of products sold by KFF could be related to the sphere of cooking. These are furniture, accessories, books, crockery, etc. It also uses the Internet shop to distribute its goods. Exploring these very practices, the company managed to achieve a certain success and become a prosperous brand that aims at further growth and evolution.
Analyzing the environment in which the company functions, it is crucial to outline several factors. First, the political situation is beneficial for KFFs further growth as it remains stable and encourages people to buy goods suggested by the company. Economic factors also contribute to the further rise as the state recovers from the financial crisis and customers have a stable level of income. The social component is advantageous as the population has a good attitude to fashionable products and popular brands sold by KFF. This fact preconditions the great level of demand for the suggested items. The organization also explores technological factors implementing innovations and using the Internet to satisfy customers needs. Finally, it acts by all existing laws and pays taxes.
Resting on the character of the company, it is possible to state that the admirers of fashionable brands and furniture should be considered the primary target market as they will comprise the main group of customers who have the desire to buy goods provided by KFF. However, the organization also gives attention to another group of buyers who belong to the secondary target market. These are people who are interested in high-quality kitchen furniture, accessories, and other stuff. Housewives, women following popular brands, and others might also be considered members of this group. Analyzing these target markets and audiences, it is possible to state that they are rather broad and provide numerous opportunities for the companys further rise and acquisition of new customers.
Therefore, continuing the organizations investigation, it is vital to perform a SWOT analysis. The KFFs main strength is the great popularity of fashionable brands, kitchen furniture, and specific target audience that could contribute to its further growth. Hence, the dependence on the oscillations of the public attitude and the popularity of different brands is also a great weakness of this very company. For this reason, there are numerous opportunities for evolution and growth. It could become a great reseller and an Internet-based company that will attract customers from all regions. Thus, the main threat to prosperity is the rapid rise of other organizations of this sort and the increased level or rivalry (Mittal & Khandai, 2009) because of the popularity of the Internet preconditions the great attention given to this very sphere.
The marketing mix is another crucial component of the functioning of any company. It includes four broad levels of marketing which are product, price, promotion, and place (Wang, 2015). Applying this concept to KFF, it is possible to admit the advantageous position of these aspects. Products suggested to customers are of great quality and are popular with the audience. Additionally, they could be characterized by affordable prices which makes them more attractive to customers. Promotion is organized on a high level as the popularity of the brands that are presented by the company increases the level of interest given to it. Finally, exploring the Internet as the main distribution channel, KFF guarantees a stable connection with its target audience.
Using 5Cs of marketing (company, customers, competitors, collaborators, climate) to determine the efficiency of the companys marketing decisions, we could admit the following facts. KFF is focused on the satisfaction of customers need for popular and high-quality furniture. The topicality of this segment contributes to the increased level of income. The company has a strong position as it aims at the provision of customers with the products they need. However, numerous competitors also function in the given sphere and try to attract peoples attention. KFF has several partners which are the manufacturers of products that are sold by the company, and this partnership is considered the most important aspect of would-be success. Finally, as stated above, the climate is beneficial as customers are interested in the suggested goods.
Besides, STP analysis shows that the company considers the most important peculiarities of the market. The adherence to the demographic segmentation guarantees a constant increase in the number of potential customers and their great interest in the suggested good (Hoch, 2009). Moreover, KFF targets the most important customers and monitors their attitude to certain brands or goods. It is the key to stable incomes which come from the satisfaction of the basic customers needs. Finally, KFF efficiently positions its offering by highlighting its great topicality and high quality. For this reason, the usage of the STP tool contributes to a better understanding of the companys perspectives.
Resting on the above-mentioned information, it is possible to outline the basic goals for the next year. First, the company will focus on the further improvement of its image and attraction of new customers. The broadening of the target audience should be considered the main companys goal for the next year. Additionally, KFF should also be focused on cooperation with new partners which will provide new goods and products. In its turn, this partnership will help to attract customers and interest them with a unique proposal. The achievement of these goals will help the company to obtain extra incomes, continue its growth, and precondition its entry into new markets.
There are also long-term goals that should be outlined to create the vector of the companys further evolution and guarantee its further gradual rise. These goals should come from KFFs peculiarities and its current position. First of all, international expansion is crucial. KFF should run globally to obtain new customers and broaden the target audience. Moreover, product expansion is another significant purpose. The company should be able to satisfy the increased level of customers demands and provide them with high-quality products that will satisfy their needs. Finally, KFF should also aim at the gradual rise of its popularity to become the most fashionable and popular brand.
The above-mentioned goals are crucial for the companys rise. However, their evaluation is also significant as it will help to determine the strengths and weaknesses of the current course and initiate the change process in case some alterations are needed. To measure both short and long-term goals, KFF should perform the following actions. First, the oscillations of its popularity at different stages should be recorded and compared (Mace, 2013). In case there is an obvious increase, it is possible to admit certain success. Additionally, to track the goals, it is crucial to use customers feedback as they will outline the most disputable moments and accept some measures in case the situation remains complex.
Besides, the success of the company could also be determined by using Web tools that track the downloads of Website content and fixes all visitors who use the companys services. At the moment, Google statistics application provides the given opportunity. Monitoring of this aspect of the companys functioning is a crucial element of its success and should be given great attention.
Altogether, all the above-mentioned facts contribute to the appearance of good perspectives related to the future of KFF. Its focus on a specific target audience, exploration of the popular brands, and desire to satisfy customers needs guarantee further success and rise. It is possible to predict the high rates of growth and retention. KFF will have to introduce new products and assure that they will be popular with customers. The comprehensive investigation of the basic aspects of this hypothetical companys functioning shows that there are good perspectives for its further rise and becoming prosperous. Peoples interest in fashion and their desire to improve the quality of their lives contribute to the stable level of interest to the sort of goods provided by KFF and contributes to its powerful position.
References
Hoch, C. (2009). Planning craft: How planners compose plans. Planning Theory, 8(3), 219-241. Web.
Mace, A. (2013). Delivering local plans: Recognising the bounded interests of local planners within spatial planning. Environment and Planning C: Politics and Space, 31(6), 1133-1146. Web.
Mittal, S., & Khandai, S. (2009). Measuring marketing productivity: Marketers’ imperative. Management and Labour Studies, 34(2), 227-248. Web.
Wang, N. (2015). Market-oriented destination marketing. Journal of Travel Research, 56(1), 122-135. Web.