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The growth of industrial advancements is vividly indicating the increasing competitive cycle of various industries. Advanced technology and increased globalization have impacted the corporate approaches significantly enough (Kiang, Raghu & Shang, 2000). This transition from the conventional market to an advanced and contemporary market setting. Companies have evolved with the growing demand of modern customers and adapting various techniques to improve their existing business strategies and remain relevant in the market. The most important factor for an organization is to make sure their customers are satisfied with the level of quality they are providing (Krizanova et al., 2019). It is a significant determinant in the entire strategic approach of an organization. Organizations are supposed to stay informed about each and every market initiation and dimensional shift which enable them to make rational decisions. It allows them to eliminate any probable chances of challenges.
Every organization is different and therefore require a strategy that employs proper solutions to enhance the corporate performance of the company and contribute to the sustained market position of the organization significantly (Celep, Sahin & Akkaya, 2017). Customers are the fundamental aspect of corporate growth and performability. Thus, they become a significant factor while considering the strategic implementation within the company. Marketing strategic approaches are highly essential for the development of a company's expansion and further enhancement in profitability ratio (Vinerean, 2017) (Gómez et al., 2017). Understanding the market demand and target customers help the companies to utilize their resources in a more consistent manner and allows them to device their incorporations conveniently.
The current report will examine the company context of Houzit, which is based in Brisbane. It is a chain of homewares and offers a wide range of bathroom fittings, bedroom furnishings, mirrors and decorative items (Alvarez-Milán et al., 2018). The company has a profound standard that will enable it to create a sustainable market position in the market and reach a wider range of customers through effective marketing arrangements. the report will emphasize the important marketing opportunities and assess their possibilities and risks through a proper interpretation.
1. Organizational Overview
1.1 Overview of the Chapter
This chapter evaluates some of the essential strategic direction and organizational objectives of the company. It examines and analyses the core resources and capabilities of the organization. It will allow the evaluation of the current dimension of the company and enable the explanation of the strengths and weaknesses for a better understanding of the company profile.
1.2 Outline of the Strategic Direction and Organizational Objectives
The company has an opportunistic future with more possibilities regarding its resources and capabilities. Houzit is operating its business for more than 4 years and entering its fifth year of business with an optimistic approach to the increase of its current market growth with additional marketing strategies. In order to grab customer attention, the company has been focusing on its quality and customer-centric performance. It has enabled the company to secure a prospective future for organizational sustainability. These strategic directions are essential for the enhancement of the company profile image and to gain more customer loyalty to strengthen the root of the organization (Palmatier, Kumar & Harmeling, 2017). there are some strategic devices that support the company for more expansion and market power among its competitors.
Housit offers a versatile product range which allows its customers to have a variety of options for a better selection process. Customer preference is important in a business, Houzit is aware of this fact and therefore, have a product variety that will provide better product exposure for the customers and increase customer loyalty.
Flexible payment system
It is important for a growing company like Houzit to establish a credible business policy that will enhance customer preference and loyalty. Flexible payment options increase convenience for the customers and enhance their trust and dependability on the company. Houzit has an easy-to-manage scheme and also assures a three-year guarantee program for the customers which significantly initiates customer strength and strengthen customer foundation. It also gives a loyalty program enrolment for the customer whom first time buys mirrors or other decorative items. It allows the company to intensify its relationship with its customers.
Houzit has identified the need to cater to the right customers for better customer engagement and company growth. The company knows the trends and understands the requirements of high-profile and sophisticated customers. They have recognized the demand for homewares products among houseproud people, therefore they have created the strategic layout of their product base with consideration to the requirement of the customers.
Focusing on the Trend
The company is aiming at the core preferences and market trends of the industry and depending on that focusing on its quality assurance, unique product options and larger product selection options to match the desired market standards. It is a strong strategic approach for the company to expand its business opportunities and increase company profitability.
The company is trying to reach a wider customer and attempting to acquire a more expanded market share outside Brisbane and grow into the greater market which is spread all over Australia (Van Tonder & Petzer, 2018). The company has designed a set of objectives that they want to accomplish during their gradual business operations.
These objectives are:
- Enhance sales from $15 million per year to $20 million per year in the upcoming three years.
- Upsurge the loyalty customer member list from 10,000 to 15,000.
- Create a better brand identity in Brisbane so that people recognize the presence of the brand
1.3 Outlines the Current Size, Capabilities and Resources of The Organization, Including Any Notable Strengths and Weaknesses
Houzit has a set of resources that strengthens the company root in the market by providing them with an absolute competitive advantage in the increasing rivalry in the market. Resources are the key elements within a corporation that determine the extent of the company capability to achieve its pre-designed objectives. Especially in the homewares sector, the competition is relatively high therefore the demand for effective resource management and implementation is highly prioritized by the companies.
Size of The Company: Currently the company has 15 physical stores which are spread across the greater Brisbane.
Capability: Houzit collects around 30% from bathroom fittings, 35% from bedroom furnishings, 20% from mirrors and decorative items, and 15% from lighting fixtures which has been recently included.
Resources: Houzit has almost 15-20 full-time employees who are highly skilled and knowledgeable. They are professionally informed with adequate industry knowledge.
Strengths: The fundamental strengthening factor for Houzit is its human resource power. Human capital is considered one of the most significant aspects of a company. A strong employee base provides greater opportunities for the company to attain its desired objectives. Especially skilled and professionally efficient workers are the founding pillars of a company. Houzit has an employee team of 15 to 20 people. These people are highly efficient and have the required knowledge regarding their work field. Other than that the human resource power, the company has a wide product range which indicates their sufficient raw material supply and manufacturing capacity. These two factors have been assisting the company to carry out its desired strategic approach more sustainably.
Weakness: Though the company has been effectively using its existing resources properly to facilitate the growth of the company yet there are some aspects that remain challenging factors for the company. one of the significant issues for the company is to manage its monetary resources. In order to reach a wider population and achieve a target market share, Houzit has to establish a strong marketing plan. But the company currently lacks the budget to execute the marketing strategies (Itani, Kassar & Loureiro, 2019). Houzit also has a limited budget to constantly fund its long-term payment options.
1.4 Identification of the Gaps Between the Objectives and the Current Capabilities and Resources
In order to maintain and match with the organizational objectives, organizations need to align their resources with their operations. It is important for the company to know which resources are necessary to devise accurately to achieve its target. Houzit has been attempting to grow outside Brisbane and also increase its brand identity within its current locations.
Therefore, a specific marketing strategy is required which will also need a strong budget to start with. The application of proper strategic approaches will help the company to reach the target customers with utmost visibility. The lack of constant support of the maximum capital will lower the chances for marketing technique incorporation. It is a significant gap that must be resolved to enhance the probability of objective accomplishment within the desired timeframe. Increasing the number of loyalty program members will enhance the pressure on the budget system allocated for the long-term-payment scheme. It can put a strain on the capital resources as continuous funding is somewhat difficult for the company and weaken the operational capacities to a certain extent. It is a crucial factor that can affect increase the gap to achieve the desire to increase loyalty program members.
2. Recognition of the Two Marketing Opportunities and evaluation of the risks and benefits of each opportunity
2.1 Rationalisation of The Concept of Marketing
The concept of marketing is often interchanged with the idea of mare advertising (Harmeling et al., 2017). But there is a broader spectrum attached to which encompasses a wide area of corporate concern. For a growing as well as a developed business, marketing plays an important role which not only channelises how to deliver the products to its customers also ensures where and what to sell them. Though there are multiple ways in which one business can incorporate marketing yet there is a need to implement those marketing strategies according to the current necessity of the company (Gómez-Suárez, Martínez-Ruiz & Martínez-Caraballo, 2017).
It is important for a corporation to identify the requirements and assort the resources accordingly to meet the target objectives conveniently. For effective consumer engagement, businesses need to communicate with their customers (Sashi, Brynildsen & Bilgihan, 2019). It is a primary factor that allows the customers to make informed decisions regarding their product or service provider. Customers get attracted to the company which provides them with authentic informant related to their products. It helps them to be more reliant on the brand and influences their preferability. Customer engagement directly reflects on the company’s reputational growth (Zhang et al., 2017). It enables the company to hold a significant market position for being constantly interactive with utmost transparency. The fundamental aim behind the incorporation of such marketing channels is to get the optimum value from its customers based on the company quality. Effective marketing extends the reach of the company and therefore, enhances sales. It draws customer attention and increases market visibility (Thakur, 2018). Strategic marketing contributes to business development. A company would most certainly do well if it successfully informs and maintains clients, develop credibility and sell to them intelligently (Keegan & Rowley, 2017). Moreover, the retention of new consumers helps most companies in sustaining their strategic business scape.
2.2 Evaluation of the Two Marketing Opportunities with the analysis of probable risks and benefits through company context
First Marketing Opportunity
Though the budget for marketing is comparatively low yet the requirement for an active marketing plan is well-identified within the company (Bilgin, 2018). Therefore, the implementation of relatively low budget marketing opportunities is identified for the company. One of them is social media marketing which has become a trend in the marketing area for both giant and growing companies. Social media has become an indispensable aspect of day-to-day activity. People use these sites to regularly get updated n recent trends and market actions. It is a prominent channel to reveal the products of Houzit to get popularity and proper market recognition. Social media marketing is essential for a company size as Houzit as it can allocate a small amount of budget on these activities yet get significant market recognition through it (Evans, Bratton & McKee, 2021). Approximately 67% of customers use social media platforms. It means heavy online traffic which can initiate an intense product and company visibility for the company.
There are various marketing opportunities available for the effective strategic growth of Houzit. Being a company in its fifth year of operation requires stable and sustainable market visibility (Alalwan et al., 2017). Although the company product profile is appreciated by its customer yet there is a lack in enhancing the visibility of the company. Especially considering the competitive market dynamic, it is essential for a growing company like Houzit to focus on this criterion and develop a consistent marketing approach to ascertain their market identity (Jaakonmäki, Müller & Vom Brocke, 2017). It is important to recognise one such opportunity regarding the marketing concept which will allow the company to grow its reputation and profile name in the market. Houzit is attempting to expand its business from local to a more increased market-based in the Australian capital cities. In order to achieve this goal, the company will have to put more emphasis on its market approaches.
Reaching to a diverse customer base becomes convenient for the company while using social media marketing (Koay et al., 2020). Social Media Marketing (SMM) is a type of internet marketing that requires content creation and distribution on social media networks to accomplish the marketing and brand objectives. Marketing in social media covers practises such as sharing text and picture alerts, clips and other contents that encourage public interaction, as well as paid publicity in social media. It provides the company with a set of options to choose from a there are multiple social media sites present currently (Heinze et al., 2020). Facebook, Instagram, Twitter etc. are the most prominent options for the company to market their company products and services. People use these platforms to get connected with the rest of the world.
Second Marketing opportunity
Social media is a significant aspect in the enhancement process of customer engagement (Dumitrescu, Fuciu & Gorski, 2018). Although it is a beneficial aspect of the business yet there are various factors that disrupt the connection between the customers and business intentions. Social media might be an effective way of interacting with people and reach a wider customer base but customer retention is more important for a business to sustain its visibility and customer acquisition (Bala & Verma, 2018). Conversion of the regular customers into permanent members is another prominent step that enables the company to get assurance on their sustainable customer base. Email marketing is such an option that allows the company to provide personalised treatment to its target customers.
This approach helps them to cater to the requirements of the existing as well as prospective customers (Kaur, 2017). it is found that email marketing generates the highest ROI for the marketers which indicates a positive aspect of the marketing capacity of email marketing. Email marketing enables customers to get access to the service or product information they intend to get. It aids the process of marketing as the customers get the constant supply of information and do not have to wait until the store visit. Especially when a company wants to grow its business outside their current location, they need to concentrate on its current customer base to ensure that they get appropriate information and services (Desai, 2019). It increases positive feedbacks and customer reference.
Evaluation of Risks and Benefits
Along with the positive aspects of email marketing, there are some disappointing sides attached to the concept as the users might get annoyed by promotional emails or ‘spam’. If the content is not sent to the correct user, the receiver can withdraw or unsubscribe immediately. Business needs to ensure that they have privacy and data security laws in compliance for email marketing and that it is aimed at those who would like to access them (Palmatier, Kumar & Harmeling, 2017). The ‘click through rate’ is probably very weak for unspecified emails, often the email designs are not made according to the devices used by different users, skilled members and resources are required for a good marketing approach, file size issues can also frustrate the customers as emails with multiple images take longer time to download.
Houzit has been attempting to grab the national market through the establishment of the existence in the capital cities of Australia (Dumitrescu, Fuciu & Gorski, 2018). Their objectives are comprehensible and attainable if they strategise a practical outline for their operational execution. They need to assure that they have a strong root in the present locations and continue to have the same customer weight to constantly get the support they require to expand in a larger market. Email marketing will be a beneficial opportunity for the company to boost its relationship strength with its existing customers and also allow Houzit to get connected to the new and prospective customers appropriately (Jaakonmäki, Müller & Vom Brocke, 2017). There are multiple benefits of email marketing that can contribute to the further growth of Houzit. Email marketing is cost-effective, constant access to smart devices helps people to constantly check their emails and establishes strong connectivity, it is easier to get appropriate market insights from email as software helps to track records of customers regularly and enables the company to measure the statistics (Gómez-Suárez, Martínez-Ruiz & Martínez-Caraballo, 2017).
2.3 Recommendation of the probable opportunity for the accomplishment of the organisational objectives
To suggest a set of workable recommendations to the given company Houzit, the model of the marketing mix, which consists of the 4Ps, viz. Price, Place, Product and Promotion, would be of immense significance (Thabit & Raewf, 2018). The following section will analyze Houzit under this particular framework and attempt to come up with the best combination of the mentioned 4Ps so that a business can achieve and retain a competitive advantage in the market in which it operates.
Houzit should set a standard price that is neither too low nor too high, and it should regularly monitor the demand and measure the median price so that its goods are available to people from every social stratum. Houzit could reduce the design and production costs of the goods so that it can sell them at a low cost, without suffering financial losses (Išorait?, 2016).
Houzit has a physical location in Brisbane's central business district, which makes it quite accessible.
The business caters to the needs of homemakers by offering a wide range of high-end, stylish, and useful goods. Bathroom accessories, bedroom embellishment pieces, mirrors, decorative lights, and other items are among the company's offerings (Jackson, & Ahuja, 2016). Houzit should make continuous efforts to achieve its target of standing out from other companies that sell similar goods at a lower price point while sacrificing product quality. Another feature that distinguishes Houzit is the three-year warranty that comes standard with all of their products.
Houzit has a unique loyalty programme for its customers. Houzit can run a variety of promotions during the year to draw more customers and keep the flow going (Maruši?, 2019). A subscription programme with exclusive benefits may also be introduced and offered to customers to win their long-term commitment and loyalty.
2.4 Aligning the Marketing Mix Strategies with the Direction of the Organization
Based on this understanding, Hauzit can employ certain strategies to take care of its marketing operations. The following section will make suggestions regarding a few processes and talk about their various advantages.
The third objective of enhancing brand presence can be attained by Houzit by implementing the aforementioned marketing strategies. It is a long process and multiple factors can impact it. Above all, if Houzit insists on providing superior quality goods at a competitive price point, markets them successfully, and operates in financially lucrative regions, this business will most likely expand rapidly. This implies that basically, the marketing mix strategy is the key to accomplish all the objectives set by Howzit. Therefore, it can be vindicated that the strategies are in alignment with the direction of the organizational objectives.
A loyal consumer would typically associate positive encounters with a brand, raising their chances of making repeat transactions with that company. Loyal customers spend 67 per cent more on goods and services compared to newer customers, so Houzit can meet this goal with its strategies (Sriram et al., 2019).
From the vision and mission statements and the organizational objectives mentioned in the provided scenario, it is evident that Houzit's chief intent is to multiply its revenue, increase customer loyalty, and enhance its brand presence in the various regions of the nation. The marketing mix analysis conducted in the previous section provides valuable insights about the 4Ps of marketing that are singularly essential to formulate strategies for accomplishing the organizational objectives. Following the results obtained from the marketing mix, Houzit can craft definite ways to boost its sales (Thabit & Raewf, 2018). With these marketing strategies Houzit will be able to effortlessly capture the attention of customers and in the process, make them esteemed and loyal consumers. At the end of the day, the customers are the only options that can help the company to optimise the sales.
Use of Mass Media, particularly Television as a Marketing Tool
Some of the more notable benefits include the fact that television is a mass medium with a wide scope and that it combines sight, sound, and motion. Television often has a low cost per exposure, attracts interest, and has a positive picture.
The term "mass media" refers to any mode of communication that aims to attract and impact a large number of people and has the technological capability to provide information to a large group of people in a short period of time. It is the simplest and most commonly used mode of communication, and it has been in use for centuries (Ruffolo, 2021).
Use of Magazines
Magazine, a more conventional mode of marketing, has been utilized by almost every organization since a very long time. It is still considered to be a highly efficient marketing tool till date. A company's local commercials may have a much greater chance of being heard than their digital counterparts, and they will be more memorable. Although social media and the internet are 'of the moment,' a local magazine has lasting power. Magazines have several benefits as marketing tools, including the following:
- Magazines can be held for a long time.
- It is a cost-effective print advertising alternative.
- Having successful commercial placements can be costly.
- There's a chance you'll get a pass-on ad exposure.
- Advertisements in magazines may be tailored to particular audiences.
- There are a variety of design choices to choose from (BusinessTimes, 2021).
Internet marketing refers to the strategies used to market products and services online and through other digital means. These can include a variety of online platforms, tools, and content delivery systems, such as Website content and design. Email marketing. Social media. The pros of this form of marketing are as below-
- it is inexpensive
- it provides a customized advertising approach
- it is inexpensive
- it provides a way to build relationships
- it allows for convenient store hours (Nibusinessinfo, 2021).
2.5 Marketing Performance Review Strategy using Value Chain Analysis
For the sake of reviewing the marketing performance of Houzit, the process of value chain analysis would be employed in this section. The basic framework of Porter's Value Chain Model would be the best framework to conduct this analysis. It is a framework for developing an analytic structure that follows interdependent activities from the raw material acquisition or idea through production and finally, into the hands of a customer (Mindtools, 2021). Porter's Value Chain is extremely useful as a strategic management tool. It works by breaking an organization's activities down into strategically relevant pieces so that the analyst can see a fuller picture of the cost drivers and sources of differentiation, and then make changes appropriately. The forthcoming section will present an analysis of the marketing performance of Houzit, using this particular model.
Inbound Logistics: Houzit uses a wide variety of supply chain processes in its corporate operations across the Australian market. As a result, the company can procure raw material service to manufacture its diverse goods with little difficulties.
Operation: Houzit maintains an optimal level of production rate due to the availability of the necessary raw materials, which are also available at a reasonable price.
Outbound Logistics: Houzit has the benefit of having a large supply chain system or distributors, which helps it to sell its goods efficiently in the regions of the Australian market where it operates.
Marketing and Sales: Following the production of its products, Houzit participates in a fruitful marketing strategy to influence customer buying decisions. The effectiveness of its marketing activities raises market appetite for its goods, assisting the organisation in reaching its revenue targets.
Service: Houzit has been able to improve its service system by improving its supply chain management process, which has resulted in substantial profits for them, owing to the productivity of the previous phases.
Technology Development: Houzit has made investments in improving its technical infrastructure. This helps to improve every part of the company's activities, from production to marketing and sales.
Procurement: Any value behaviour in Houzit's business operations, including support activities, necessitates the use of purchased inputs. As a result, it is needed to assist with a variety of value chain operations, not only inbound logistics.
Human Resource Management: Houzit has invested a lot of time and resources into improving its human resource management system to attract the most productive and highly skilled workers possible to increase their productivity.
Organisational Infrastructure: The organisational structure of Houzit allows the enterprise to make quicker decisions, increase operational performance, minimise employee tension, and improve communication.
2.6 Metrics to be Used in Measuring Marketing Performance
Metrics are the foundation for any successful marketing strategy, but most companies fail to use many of these important metrics to calculate success or failure. Too often, companies focus heavily on the number of new leads generated, which ignores many of the complex formulas that can determine the true success of any marketing strategy.
Marketers are in a revolving cycle of constant change and flux. With the increasing number of marketing options and strategies, companies and marketers need to stay ahead of their competition. To help formulate an effective strategy, you must understand these critical metrics and their formulas.
1. ROI (Return on Investment)
The most popular and perhaps the most straightforward calculation is the return on investment (ROI). The return on investment (ROI) is a metric that is used to determine the efficacy and value of a given investment (Masters et al., 2017). It compares and measures the amount of return on investment with the investment costs to indicate the benefit and/or loss of investment.
ROI is often combined with other techniques to assist in the development of critical business strategies based on the metrics collected. ROI equations, on the other hand, can be tweaked and manipulated to fit a variety of applications. It could be used by one company to assess the return on a stock, while another could use it to determine if a new PPC or SEO strategy is effective.
2. CPA (Cost Per Action)
"Cost Per Acquisition", "Pay Per Action", and "Cost Per Action" are all terms that are used to describe the cost of acquiring a customer. It is a calculation that calculates how much a company has spent to get a conversion. CPA is also a marketing concept that refers to a tactic that enables advertisers to pay for particular acts performed by potential buyers, such as making a purchase or completing a form (Hu, Shin & Tang, 2016). CPA campaigns are low-risk because expenses are only incurred after the desired intervention has taken place.
3. ROAS (Return on Advertising Spend)
Put simply, ROAS is a metric for measuring the profit generated by ads. It is the most useful metric for measuring the effectiveness of marketing campaigns because it estimates how much money a company gets for every dollar it spends on ads. Although ROI can provide an organization with a broad picture, ROAS formulas allow it to get precise performance metrics for each marketing network it uses (Chamberlain et al., 2017). For instance, it can use ROAS to analyse specific programs and ad groups to get a better idea of how to improve unprofitable ads.
The formula of ROAS is-(ad revenue/ad source cost).
The expense of the advertising from the revenue earned from the advertisement must be subtracted after this.
4. CLV (Customer Lifetime Value)
The Customer Lifetime Value metric is used to determine the economic value a customer brings to a business, not only for the time being but for the entire time they are a customer. The metric considers everything from their first interaction to their final purchase with the company. This is essential to determine whether there is more value in long-term marketing channels.
In other words, if an organization's CLV value is high from a specific marketing channel, it will want to invest more into retaining customers -- assuming it has a positive ROI (Ahmad, Floris & Atzori, 2017). This metric also allows a company to evaluate its success based on the long-term results of its marketing strategies.
5. Customer Retention Rate (CRR)
Customer Retention Rate is a metric used to calculate how loyal a company's customers are. Acquiring new customers costs more than retaining current ones. Determining how dedicated a customer is to a company that allows it to improve its business strategies (Alshurideh, 2016). If it can encourage loyal customers to stay with its business longer, the company will maximize its revenue.
The formula to use for Customer Retention Rates = (Customer's End Period – New Customers for this Period) / Customers at Start of the Period x 100.
The tactics necessary for the implementation process of the strategy discussed in the earlier section are as follows-
- scheduling of activities to enact the strategy
- accountabilities and responsibilities
- A plan for coordinating and monitoring scheduled activities
The table below will present the activities as planned to execute the strategy of Houzit for the purpose of leading it towards its objectives, and the Key Performance Indicators (KPI) used by the organization.
Strategy of Marketing
Scheduling of activities to enact the strategy
Accountabilities and responsibilities
Plan for coordinating and monitoring scheduled activities
Key Process Indicators
Use of mass media
01/04/21 to 01/05/21
Marketing manager and IT team
Regulate the content production costs
15-20% rise in brand awareness
Use of magazines
15/4/21 to 16/05/21
Limit the printing costs
15% rise in brand awareness
Use of internet marketing
02/05/21 to 02/07/21
Marketing manager and IT team
Find the most cost effective and popular platforms
25-30% rise in brand awareness
3.1 Legal and Ethical Concerns
Competition and Consumer Act 2010 (CCA)
The marketing strategy of Houzit must be legally sound, and therefore, the company must abide by the regulations mentioned in the Competition and Consumer Act 2010 (CCA), which seeks to promote fair trade and competitiveness, as well as consumer protections, to improve the health of Australians (Muhlebach, 2020). Transgressing the constraints of this act can cost Houzit handsomely and affect its entire marketing strategy.
Besides, the ethical concern of being a sustainable organization in all its operations is something that Houzit focuses on and must continue to do in implementing its marketing strategies as well.
To ensure that its marketing strategies are truly sustainable, Houzit can take care of a few simple things which can create a big impact over some time. They are as follows-
1) limiting the use of print media to reduce the unbridled use of paper
2) increasing the scope of e-commerce to save a huge amount of energy resources
3) stopping the practice of leafleting and using other, more efficient tools
4) optimizing the use of digital media (Loebler, 2017).
Other than these, Houzit can set up innovative and sustainable strategies of marketing like starting a new trend in which the company would plant a tree for every purchase made beyond a certain amount. This would enhance its brand image, and also attract a lot of customers, as more people are becoming ecologically conscious day by day.
If Houzit can make sure to take care of these things in its marketing strategies, it should not have any issues in accomplishing its marketing objectives.
The Marketing Code of Practice
These are rules designed to ensure that companies and customers have enough knowledge about products and services to make informed decisions. According to this code, membership must provide truthful information to customers to avoid giving them inaccurate or misleading information.
Advertising and Selling guide-
Digital marketing channels like email, online shopping platforms, review websites, price comparison sites, social media, search engines and other applications are all used to advertise and sell products in the online world. Effective sales techniques lead to higher customer loyalty and a more profitable market. The ACL's rights and responsibilities are structured to ensure that companies providing products and services to customers compete on an equal footing.
The following sections of the ACL are covered in this guide:
- misleading or deceptive actions
- unsolicited consumer agreements.
- customer promises
- inaccurate or misleading statements
- unreasonable contract conditions
3.2 How the Tactics Fit within Houzit’s Resources and Capabilities.
A monitoring plan specifies what an organisation should assess, what details it requires, and for whom it should evaluate. Houzit's plan sets out the main assessment questions as well as the thorough tracking questions that will help you answer them. This will enable the company to determine what information it wants to gather and how it can do so. The individuals responsible for various activities, as well as deadlines, may be identified depending on the detail of the M&E plan.
KPIs (Key Performance Indicators) are measurements of how well something is performing. A KPI is a measurable indicator that an organisation uses to assess how well it is meeting its organisational and strategic objectives. The four kinds of KPIs that Houzit should employ are-
Directional: They assist in determining whether or not a business is improving
Practical: They are easy to incorporate into current business processes
Quantitative: They can be represented numerically
Implementable: They can be put into action to bring about the desired improvement (KPI, 2021).
A key performance indicator (KPI) must be focused on reliable data and provide meaning that is consistent with the company's goals. They must be established in such a way that variables outside a company's control do not prevent them from being met. Another important aspect is that they have a defined period with key checkpoints.
Whether or not the employees communicate directly with clients, the success of every company is directly impacted by the output of its employees. Businesses that have a good understanding of how their employees' performance affects their production and productivity are better able to handle employee productiveness. Houzit has a huge advantage in this context, since it has got a very committed team which can support it in conducting its business operations, including marketing and promotion.
Therefore, the entire discussion presented in this section suggests that Houzit has got the necessary competence and resources to carry out the devised marketing plan by taking advantage of the opportunities it has in the Australian market.
The elaborate discussion presented in the preceding section of this work bring to light a number of elements which are of utmost importance in the context of developing a marketing plan or the organization, Houzit. The organization’s strengths and weaknesses have been explored I detail along with a scrupulous analysis of the 4Ps of marketing mix. The results have proved that the company has a solid foundation to embark upon its plan of setting up an effective marketing strategy to enhance its brand image and market performance in a short span of time within the Australian market in which it operates. The opportunities have been identified and discussed, along with a vivid structural representation of the various phases and wings of the recommended marketing plan. The value chain analysis provides much data about the operations of the organization and helps to assess if it is possible for the company to execute a well-knit marketing strategy. Furthermore, the tactics, legal and ethical requirements and the KPIs that are needed to assess the overall performance and viability of the suggested marketing plan have been elucidated in meticulous detail. The analysis therefore provides substantial justification to assert that Houzit would certainly benefit from the recommended marketing plan if it can manage to strictly adhere to the propositions made about its each and every element mentioned in the discussion.
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