Executive Summary of The Houzit

Houzit is working in homewares market of Brisbane as one of the competitive homewares stores. The company is currently working in the Brisbane with its 15 stores, and it has a vision to become a national retail brand. The company is looking to capture national market by providing high quality homewares for the home makers, and also provide them easy to manage payment plans as well. The overall mission of the company is to make a considerable presence in every capital city of Australia till year 2020. It will grow its stores from 15 stores in Brisbane area to 100 stores nationwide. So, these are the actual organizational objectives that company has set to achieve.

SWOT Analysis of The Houzit

It is important to have a SWOT analysis of the company to develop a proper marketing plan with a detailed and targeted strategy, which can help them to achieve their organizational objectives. So, here is review of some of the strengths, weaknesses, opportunities and threats of the Houzit Company. The company has various strengths like their staff is excellent as they have relevant skills and knowledge, which is necessary about homewares. They also have great retail space, which is easy to function and can excel in an urban district area. Moreover, they have good amount of loyal customers and they offer products to their customers with high quality, which are not being provided by their competitors. The company has few weaknesses as well like their marketing budget is very limited and it is creating a problem for them in developing brand awareness. Moreover, the company is also struggling to fund those programs, which are relevant with long term repayments from their customers.

However, the good thing for Houzit is that their strengths as well as market space is offering various viable opportunities to them. The homewares market is growing and there is huge target market, which still does not know about Houzit, so company can target this great opportunity. Moreover, they have great opportunity to expand their business outside Brisbane, and they can cover major cities of Australia for homewares market. But they have to deal with some threats as well. They have a great threat from local independent retailers, and at the same time, a tough competition is also thrown by the national chains working in Brisbane. The economic bad conditions are also affecting the ability of customers to spend their income on things like homewares.

Marketing Objectives of The Houzit

 They have set certain marketing objectives for the next few years. For instance, the company is currently having per year sales of $15m, and they want to expand it to $20m per year in coming three years. They want to increase the list of loyalty customers from 10000 and take it to the level of 15000. Their other major marketing objective is to come up with a strategy to spread brand awareness in the Brisbane that in next 18 months, 1 out of every 3 people should recognize Houzit brand.

Strategies of The Houzit

There are two strategies selected for the company after reviewing the opportunities in the SWOT analysis. The company certainly has to improve their marketing efforts so that brand gets more awareness and recognition amongst customers. The first strategy in this regard is to do “market penetration and development”. For this purpose, the company has to increase its existing market sales, and then cover new markets nationwide with attracting new customers to get more penetration. This marketing strategy is not complex and does not have any threats; as it can only give various benefits to the company. The second marketing strategy for the company is ‘product development and customer care”. The company has to develop new products with new features and add more quality in those products. Moreover, they have to take more care of their customers through better customer services, and bring their satisfaction from the brand. These strategies are considerable because these strategies are more appropriate in given circumstances. The company will not only be able to expand its business nationwide, but they will also be spread great brand awareness as well. These strategies are simple to apply in quick successions and may not come up with any complex issues for the Houzit Company.

Implementation of The Houzit

The company can implement these strategies by taking various steps on immediate basis. For instance, to increase sales and loyalty from the existing customers, they can offer various loyalty programs like discounts or premium facilities to the existing customers. To penetrate in the market and to get brand awareness, the company can start sponsoring local events in the Brisbane area so that customers get to know about Houzit brand in the region. Moreover, the company can look to market its products across different marketing channels like on online platform as well as on TV. The promotional activities across all marketing channels will develop good brand awareness and it will attract more customers to increase their sales as well as loyal customer base.