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From the short run, the firm could start from enlarging current market for baby furniture to other European countries. Moreover, paying attention to brand building, hence it can attract potential customer and also facilitate the exploration of the market abroad. A near future marketing strategy is recommended with the departure of marketing mix, in terms of product, price, place and promotion.
First, increase product portfolio and differentiation. KUB is concentrating on the furniture’s R&D and manufacturing, however, the baby product is a rather broad market. As its competitors do, KUB should enrich the product portfolio, e.g. car seat. The company could cooperate with other firms who specialize in children cloth and toys to develop the baby cloth and baby toys. Second, properly reduce the unit price by scale of economy and outsourcing. The firm can emphasize the core business (product R&D, marketing and service management) and outsource the manufacturing activity to for example, Eastern Europe; the cost can be decreased to a large extent. On the other hand, baby furniture tends to be more expensive than normal adult’s due to the rigid quality and safety standard. In a multi-kid home, it might account for the main expense and hinder the further consumption for Children product.
Third, develop more channels for sale, such as physical store and online selling. KUB also could collaborate with local household retailer and major e-business players to improve the purchasing convenience. Last, launch multi-promotion methods by discount, bundling sale, volume and so on. When buying bed and sofa together, the bundling price is much cheaper. The more customers buy the big discount they could have. Ordinary discount for products, a set of product on sale per week as well as on festivals or big days, for instance, the baby’s birthday the product can be offered in a special discount.
Market profile and target customers
The target market should be with a few more baby furniture providers and aware customers. The customers can be young couples and small-kid parents with certain knowledge of children furniture. They care more about the quality standard and reliability rather the price issue. They make the final decision by a thorough consideration of quality, design and cost. They are close to internet and new media so that the baby product firms could take advantage of Facebook, Twitter and other tools. Other price promotion is also important which could be adopted accordingly. Those young parents, in addition, like unique product; hence, the furniture firms could focus more on differentiation and personalization.
Reference list
Bowman, C. and Ambrosini, V. (2000). Value creation versus value capture: Towards a coherent definition of value in strategy. British Journal of Management, 11(1), 1-15.
Brassington and Pettitt, (2006). Principles of Marketing. Pearson Academic; 4th Revised edition edition. 978-1405846349.
Grant, R. M. (2010). Contemporary Strategy Analysis (7 ed). Chichester: John Wiley & Sons Ltd
Kotler, P and Armstrong, G. (2007). Principles of Marketing. Littleton, CO, USA. ISBN-13: 97801323900
Nirmalya, K. (2006). Strategies to Fight Low-cost Rivals. Harvard Business Review; Dec2006, Vol. 84 Issue 12, p104-112.
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