for prints business mgt project_01

7/31/2019 For Prints Business Mgt Project_01

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DEDICATION

To our God ALLAH, the most magnificent and the most merciful,

who blessed us everything, we could dream of, and provided us

the blessings of most generous and loving parents.

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ACKNOWLEDGEMENTS

Although it is not possible to acknowledge all the help and influences that have been

contributed yet we are trying to mention our deep indebtedness to those whose

support has been the most immediate.

We are grateful to our parents, who encouraged us to complete this work successfully.

We are grateful to our all teachers, especially Ms. Aaliya Javed, visiting faculty member of IIIE,

International Islamic University Islamabad, who took keen interest in guiding us, and shared her

knowledge and valuable time with us.

It will be unjust to conclude without thanking Ms. Hina Munir and Ms. Madeeha Mazhar, who

guided and helped us a lot, to ensure the submission of this project within time. We are really

thankful to them.

Finally, and primarily, we are thankful yo ALLAH, who blessed us resources to finish this task.

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EXECUTIVE SUMMARY

In this project we were assigned to create a marketing plan for an existing product or for a new

product. To do its SWOT analysis and mention the strategies applied in the business.

We decided to create a marketing plan for a company called Dreams Dcor, which is a company

that doesnt exist but is purely an imagination of us (the group members).

This company provides an interior decoration services to two kinds of areas:

1. Home areas

2. Commercial areas

The situation analysis, Business description and SWOT analysis have been done. The situationanalysis explains the nature of business, the mission statement and current position of the business.

In SWOT analysis, strengths, weaknesses, opportunities and threats to business have been

analyzed.

Competitive analysis has been done in which the direct and indirect competitors are explained.

Businesss objectives and goals are defined.

And in the last section business strategies and rationale for choosing each strategy is explained that

are helpful in leading the competition and capturing the market the market share.

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TABLE OF CONTENTS

Situation Analysis ---------------------------------------------------------------------- 6

Gap Analysis ---------------------------------------------------------------------------- 6

Nature ------------------------------------------------------------------------------------- 7

Mission ----------------------------------------------------------------------------------- 7

Financial Situation ---------------------------------------------------------------------- 8

Business Description -------------------------------------------------------------------- 9

Competitive Advantage ----------------------------------------------------------------- 9

SWOT Analysis --------------------------------------------------------------------------- 10

Strengths --------------------------------------------------------------------------------- 10

Weaknesses ------------------------------------------------------------------------------ 10

Opportunities --------------------------------------------------------------------------- 10

Threats ----------------------------------------------------------------------------------- 11

Competitive Analysis-------------------------------------------------------------------- 12

Direct Competitors --------------------------------------------------------------------- 12

Indirect Competitors ------------------------------------------------------------------- 13

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Strategic Goals -------------------------------------------------------------------------- 14

Sales objectives ------------------------------------------------------------------------- 14

Profit objectives ------------------------------------------------------------------------ 14

Website goals --------------------------------------------------------------------------- 14

Future Development Plan ------------------------------------------------------------ 15

Leading Strategies ---------------------------------------------------------------------- 16

Business strategies --------------------------------------------------------------------- 16

Website marketing strategy --------------------------------------------------------- 16

Customer service strategy ------------------------------------------------------------ 17

Product strategy ------------------------------------------------------------------------ 17

Promotion strategy --------------------------------------------------------------------- 18

Target Market and Its Strategies ------------------------------------------------------ 19

Rationale for each target market strategy ---------------------------------------- 19

Strategy for each segment ------------------------------------------------------------ 21

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According to the above gap analysis or perceptual mapping there is a huge gap which exists

between the Interior decoration retail outlets in Pakistan and international outlets in developed

countries. This gap is being filled by our Dream dcor through a wide rage of services.

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We are in the first year of our interior decoration business, currently in the growth phase. The store

has been well received and we are now critical to our continued success/ growth and future

profitability.

Nature

Dreams Decor is a retail home decorator fabrics and complementary home accessories services

concept that is now in its fifth month.

This destination store offers the advantages of providing fabrics specifically designed for home.

Over 900 fabrics are available on the shop at any time with more than 3,000 sample fabrics for

made to orders. Customers see, touch, feel, and take the fabric to their home as they are going

through their purchase decision.

The store offers the widest selection of decorator fabrics as well as a supply for special ordered

fabrics. The basic market need is to offer a good selection of decorator fabrics at reasonable prices,

for the "make-it-yourself" and the "take-it-yourself" customers, through a personalized store that

offers excellent service, design assistance, and inspiration for people to redecorate their homes.

Mission

Dreams Decor is a store for sensitive, quality-conscious buyers of decorator fabrics and

complementary home accessories & furniture. The store celebrates the home through the color and

texture of fabric. The experience informs, inspires, and shows people how to transform their home

into a unique and personalized expression of themselves. Dream Decor seeks to encourage people

to imagine what can be, and help make their vision a reality.

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Financial Situation

We started our business in Jan, 08. It is generating quite handsome and sustainable revenues. The

table and chart showing the sales performance of 4 months of company is given below:

Month Net Income1(In Rupees)

January 600,000

February 750,000

March 750,000

April 750,000

1 Assuming that the net income over the months after the first one remained same

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Business Description

Dreams Decor is providing its customers the opportunity to create a home environment and to

express their feelings of what they want their homes to be like. The customer has the choice to

select the fabric. After the selection they have two options available:o Fabric it themselves

o Have it done for them

Customers are given an opportunity to actively participate and are fully involved in the process of

designing and decoration of their homes. Personal customization, in case of fabric selection,

combinations and stitching is also offered. The customers desire their homes to be personal,

unique, and designed in a way that they communicate a message about what is important to them.

This need is also fulfilled through customization being offered.

Competitive Advantage

o Selection & Variety - A wide choice of latest and colorful decorator fabrics under one

roof(more than 3000 fabric samples).

o Customer Design Services All employees are professional in designing skills. This

enables customers to benefit from suggestions regarding the selection of their fabric and

related products in a manner to match their design choice.

o Competitive Pricing - All products competitively priced in comparison to other retail

outlets in Jinnah Super. Penetration pricing strategy is used.

o Personal Customization- Fabric printing ,designing and combinations of customers

choice

o Accessibility - The buyer can walk out of the store with the fabric they need to begin their

project.

o Re-work We offer rework to customers if they ask us within one week

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SWOT ANALYSIS

The following SWOT analysis captures the key strengths and weaknesses within our company, and

describes the opportunities and threats facing interior views.

STRENGTHS

Strong relationships with suppliers that offer credit arrangements, flexibility and

response to special product requirements

Excellent and stable staff, offering personalized customer service.

Great retail space that offers flexibility with a positive and attractive atmosphere.

Strong merchandising and product presentation.

Few competitors in market.

Good referral relationships with complementary vendors, local retailers, and some

designers.

High customer loyalty among repeat and elite customers.

WEAKNESSES

Cash flow continues to be unpredictable.

Location is not in a heavily traveled, traditional retail area.

Challenges of the seasonality of the business.

Limited trend of interior designing in Pakistan

OPPORTUNITIES

Growing market with a significant percentage of our target market still not knowing

we exist.

Benefits from high levels of new home construction.

Changes in design trends can initiate updating and therefore sales.

Increasing sales beyond our 100-mile target area.

Internet potential for selling products to other markets.

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Competitive Analysis

This market is quite saturated as there is a large number of small interior decorators present in the

twin cities. Our business offer is quite unique which hasnt been yet provided in Pakistan by any

interior decorator outlet. Following are our direct and indirect competitors:

Direct Competitors

As our offer is one of its kinds so our direct competition is very low or negligible. But we have

considered the outlets in vicinity as our direct competitors:

Amina Corporation2 [Distributor - Pakistan]

This is a distribution outlet for interior decorations. It is located in Rawalpindi at this address: 69-

A, First Floor, The Bank of Punjab Building, Chur Chowk, Peshawar Road, Rawalpindi, Pakistan.

IDEAL HOME

This is a furnishing outlet situated in a posh locality of Islamabad at this address: 5-C/2, F-6

Markaz, Super Market, Islamabad, Pakistan.

MAX INTERIORS

This outlet is offering Interior design products & services and construction services. This is located

at the following address:

Office #4 2nd Floor Aitzaz Plaza Sector: G5 Islamabad, Pakistan

Indirect Competitors

2http://www.aminacorp.com/

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http://b2bpakistan.com/11/designers_decorators-amina_corporation-1724.htmlhttp://b2bpakistan.com/11/designers_decorators-ideal_home-33288.htmlhttp://b2bpakistan.com/11/designers_decorators-max_interiors-155909.htmlhttp://www.aminacorp.com/http://b2bpakistan.com/11/designers_decorators-amina_corporation-1724.htmlhttp://b2bpakistan.com/11/designers_decorators-ideal_home-33288.htmlhttp://b2bpakistan.com/11/designers_decorators-max_interiors-155909.htmlhttp://www.aminacorp.com/


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Our indirect competitors will be the substitutes providing companies that are based in other cities

and are offering partial decoration services:

Bestow interiors3 [ Manufacturer - Pakistan ]

They are providing Interior designing, construction and furniture manufacturing services since

1949. They focus on turn key projects including all kinds of civil, maps and interior works all over

Pakistan. Its construction expertise include Pre-project planning, Input during design ,Construction

services, Safety , Quality Control, Constructability, Construction management & Maintenance

services .

They are located at this address: City towers suite 402-b 4th floor, Main Boulevard, Gulberg III,

Lahore, Pakistan.

Levanza Furnishers4 [ Retailer - Pakistan ]

Levanza Furnishers is working since 1976. They are specialized in carved home & office furniture.

They provide Designer Furniture, Institutional Furniture, Computer Furniture & Home Furniture.

Other offers include facility of space planning. It is located at this address: 112- A1, Block E-1,

Ghalib Road, Gulberg III, Lahore Pakistan.

Others

This group includes those small shops in the twin cities that offer only a single service that is

related to decoration such as furniture shops or painting shops etc.

STRATEGIC GOALS

3http://www.bestowinteriors.com/

4http://www.levanza.com/

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http://b2bpakistan.com/11/designers_decorators-bestow_inreriors-54100.htmlhttp://b2bpakistan.com/11/designers_decorators-levanza_furnishers-155475.htmlhttp://www.bestowinteriors.com/http://www.levanza.com/http://www.bestowinteriors.com/http://b2bpakistan.com/11/designers_decorators-bestow_inreriors-54100.htmlhttp://www.levanza.com/http://b2bpakistan.com/11/designers_decorators-levanza_furnishers-155475.html


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We have the following marketing objectives

Sales objectives:1. A growth rate in sales of 12% over each year

2. Average sales per business day (305 days per year) in excess of Rs. 50,000.

3. Reduce the existing credit line by a minimum of Rs.1,000,000.

Profit objectives:

1. Maintain a gross margin of 45% each month.

2. Generate an average of Rs. 25,000/- of sales each business day .

3. Expect an annual growth rate of approximately 20% in the coming year by cutting cost.

Website Goals

Our website will generate revenue through initiating product sales to the targeted audience that we

would not have realized through the retail store. It will be measured on the basis of revenue

generated each month compared to our stated objective. On a secondary basis, we will also measure

and track traffic to the site and document what activities that traffic contributes to the other

objectives of the site, including sales leads and information dissemination.

Objectives

Increase revenues through Web-based sales by Rs.80000 per month with a 5% growth rate

thereafter.

Enhancing "information channels" with the established customer base to provide additional

options to receive information from the store.

Meet the needs of customers outside the immediate serving area through Web accessibility.

Future Development

The objectives of the site redesign will include:

Increased speed.

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Enhanced navigation.

Additional products added to the decorator fabric selections including "Oval Office Iron"

hardware and select home accessories.

LEADING STRATEGIES

Business Strategy

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Dreams Decor is focusing on the middle and higher income classes and simultaneously providing

services of international standards. Our positioning will be more for same, as there will be higher

quality, variety and personal customization at one spot which will justify competitive or a bit

higher prices.

Website Marketing Strategy

Our website strategy will be to reach these key groups listed in order of importance based on their

expected use and purchases from the site.

Professional Youngsters - Expected to be the most likely of the targeted segments to use

this resource because of their relatively high Internet use compared to the other segments.

This group should offer the greatest online revenue opportunity.

Outsiders - Comprised of people outside the area with Internet access that have come in

contact with the physical store or learned of it though a referral or promotion.

Online Fabric Shoppers - Most often find the site through search engines and these online

decorator fabric shoppers are browsing multiple sites for a best buy or access to

discontinued and hard-to-find fabric. They hold potential, but are typically the most work

for the lowest return.

Internet Learners - Represents all of the targeted segments that are just beginning to

become familiar with the site and will increase their use of the Internet over time. Revenue

expectations from this group are low at this point and it is viewed as an investment in the

future.

The online strategy supports the objective to position Dream Decor as a preferred source for home

decorator fabrics on the Web as we maintain the position of being considered the premier source in

the geographic area of the store. The online sales strategy seek to first, inform visitors about the

site, and create a positive awareness regarding the products offered; second, provide successful

purchasing experiences, and establish connections with targeted markets; and third, work toward

building customer loyalty and referrals.

The online sales approach will accomplish these four objectives:

1. Increased overall awareness and image.

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2. Meet the online interests and needs of the existing customer base.

3. Expand the total out-of-area customer population.

4. Exploit up sell and cross-sell opportunities.

Customer Service strategy

Excellent, personalized, fun, one-of-a-kind customer service is essential. This is perhaps the only

attribute that cannot be duplicated by any competitor.

We at our show room have one motive that customers delight is our delight.

We believe that we can be successful only if our customer is happy with us for that purpose we

have maintained an opinion book which we get filled by every customer we serve, we have also

maintained a photo album in which we put pictures of the site before and after our services, we also

give a copy to our customer as well, we also provide a six month warranty of and as an additional

and differentiating factor we also offer our customers to re work the project if they ask us with in

first week. We also try to be in contact with our customers after wards because we believe in

making and maintaining relations not only business.

Product Strategy:

Our products enable our customers to experience support, gather ideas and options, and accomplish

their decorating goals. They will be able to create a look that is truly unique to their home. They

will not be able to do this in the same way through any other resource. We serve in a very creative

field so we not only sell products we sell ideas and produce innovations, here at our show room

boxes are converted into ideas and turn into fabulous project.

Our products range from accessories to carpeting furniture and services, we can bet on our

innovation, the furniture we provide used to be dream before.

Promotion Strategy

Our most successful advertising and promotion in the previous months has been through the

following:

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Newspaper Advertisements Dawn Jung group and magazines she visage and also a

weekly advertising paper LOOT, our advertising campaign was also supported be WARID

in flare after we did their office.

Television Advertisements - "Ghar Singhar" and "my dream home television shows.

Broachers: we also distribute our broachers after every three months and are available at

every good furniture outlet.

Bill boards: we have also advertised through billboards displayed throughout the city at the

famous places.

TARGET MARKET & ITS STRATEGIES

Our target market consists of following six segments

1. Newly married couples

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2. Home renovations

3. Construction companies

4. Offices

5. Hotels

6. Hospitals

1. Newly married couples:

It is a common observation that after marriage people seek to give their houses a new look and

make them look like their dream houses. So our strategy to serve newly married couples will be

to give a totally new look to their homes. They will be appreciated to choose the color, texture and

style of interior according to their preferences.

2. Home renovations:

Those people who are rebuilding their homes either due to retirement plans or general downsizing

desires or due to any other reason will be served differently. Their current interior will be used and

low cost but latest and decent purchases will be available for them.

3. Construction companies:

The strategy to serve construction companies will be to get in contract with them so that whenever

they construct any building etc we will get chance to serve as well. If gotten in contract then of

course that construction company will be given discounts and priority over other constructors.

4. Offices:

Offices will be served according to the nature of the business. Feasible and professional

outlook will be given to their offices. The theme selection will be highly professional but serene so

that it gives the good impact and also motivate employees to work in a calm and serene

environment.

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Especial visiting rooms will be decorated for offices. Common room will be given a different and

slightly informal look so that people can sit and relax and get fresh for their work.

5. Hotels/ Restaurants:

Hotels and restaurants will be decorated in a way that they give appealing, attractive and spacious

looks.

Separate halls will be decorated for specific purposes. The breakfast hall will be given a fresh look

by hanging pictures of different landscapes. A greenery view will be shown by window panes. A

gaming hall will be set according to the age groups. For e.g. youngsters area will be overlooked by

bowling, video games for middle age group chess, playing cards and billiard will be provided etc.

6. Hospitals:

Hospitals will be decorated according to the different sections, wards (General wards, Children

wards), age group and type of patients they deal with. Every ward will be given a different and

healthy look so that patients feel better.

7. Old Houses:

In the setup of old house it will be ensured that the people living their do not feel sad, they will be

feeling life there. Different activities will be set for them. Different sort of functions and especial

rooms will be arranged for them.

Overall, the strategies for each segment will be:

Segments Strategies

Newly married couple It's time for a new look

Renovations Make your home new again

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Construction companies It's your first home - make it yours

Offices Workplace matters

Hotels/restaurants Presentation is everything

Hospitals Make your patients feel healthy

Old house Its your own home

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