Beyaz bazaar deals with the products of interior designing. It mainly offers unique and lavish products from around the world. The primary goal of the product strategy is to make differentiated and high quality goods for the customers. The core aspect of the product is making well-designed and high end products. The focus of the product strategy is to improve the intangible factors of the customer service. Beyazbazaar should focus on improving the products design and the consultant system in the styling department. The organization also needs to develop the local customer engagement strategy in order to build the purchase decision.
The organization also needs to improve the online website and the social media advertisement and consumer engagement to better the relationship with the customer such as messages, live chats etc. The customer engagement will give product recognition in the market which will ultimately increase the revenue of the organization.
Beyaz Bazaar has product range starting from premium to an average price range. After doing a vast inspection the price are set according to the market competition. The company's pricing strategy will mainly involve offering low up-front prices for the products compared to skimming pricing strategy. Penetration pricing strategy will be more suitable for the increasing the competitive advantage in the present market situation. The penetration pricing strategy will be beneficial for the organization for gaining advantage over their rivals.
The price skimming strategy also needs to be used occasionally to target the less price sensitive customers, who want a high return on investment and great value from the products. The organization also maintains the quality of the product while using the price skimming strategy.
The analysis of the touchpoints of the consumer in all the stages for the purchase decision is important for the company’s communication strategy. In case of pre-purchase, consumer should be capable of finding the exact information related to the product details, deliver & return information, finance options, and the after sales service. Beyazbazaar should also focus on improving the customer engagement from the website and social media platform. The consultants needs to be trained so that they can valuable and correct information, which will make the customer’s feel safe and respected.
Promotional mix strategy will apply both the digital and the traditional marketing techniques. Advertising campaign will mainly focus on the internet and the printed media advertisement in targeting the wholesale customers. Another effective advertisement media is the use of magazines. The organization can reach to its targeted market if they focus on collaborating with the famous magazines of interior designing such as ELLE DECORATION, HARPER´S BAZAAR INTERIORS, and ARCHITECTURAL DIGEST etc. Due to the high advertisements costs, Facebook advertising and other social media platforms can be used.
The key marketing channels for the firm are Wholesale shops and the home ware stores. The intensity of the distribution will be high in the cities and the towns.
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