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For this assignment, you will document your hypothetical company’s background information and mission statement, your company’s short- and long-term goals, an environmental analysis, and a SWOT analysis. (I would choose a furniture company)

Note: You should create and / or make all necessary assumptions needed for the completion of this assignment.

Create the first part of your marketing plan:

  • Write an introduction to your company. Describe your hypothetical company, its location, and the product it makes or the service it provides and introduce the contents of your marketing plan.
  • Develop your company’s mission statement.
  • Decide the main goals that you would like to achieve within the next year (short term) and the main goals that you would like to achieve within the next five years (long term). Determine the most appropriate ways to measure both short- and long-term goals.

Note: Consider the following metrics: tracking downloads of website content, website visitors, increases in market share, customer value, new product /service adoption rates, retention, rate of growth compared to competition and the market, margin, and customer engagement.

  • Develop an environmental analysis that includes competitive, economic, political, legal, technological, and sociocultural forces.
  • Develop both a SWOT analysis and needs analysis for your product / service. Each analysis should examine three strengths, weaknesses, opportunities, and threats for your

First, develop both a SWOT Analysis. You should include three strengths, three weaknesses, three threats, and three opportunities for your company in regard to the product or service. That will make a complete SWOT.

Second, create the Needs Analysis. The Needs Analysis only has to address ONE need for each S, W, O,T, though you may include more.

  1. Strengths- Think of why your customer needs the product/service.
  2. Weakness- Why doesn't the customer need your product/service?
  3. Opportunities- What kind of opportunities are there that connect to your customer needing the product/service?
  4. Threats- How can the customers' needs be threatened?

These may be similar to your SWOT but will not be exactly the same. Here’s why:

Strengths & Weaknesses- are an Internal Analysis of the Company

Opportunities & Threats- are an External Analysis of the Environment in which the product/service exists.

Needs - Comes solely from the customer.

Company Background and Mission Statement

Marketing refers to the study of regarding how to manage exchange relationship that can bring satisfaction for the customer. Customer is the main focus in relation to marketing and marketing helps in communicating about the value of a brand to a customer (Miranda, Morabito & Ferreira, 2018). American Furniture Store is a furniture company that is located in the United States. This essay discusses about the company, its location, and the product that it provides to people. It discusses about the goals of the company in the short and in the long run. The essay also elaborates on the external and the internal environment analysis of American Furniture Store.

American Furniture Store is one of the large home furnishing manufacturer within the world. It is based in the region of Arcadia and it is instrumental in distributing living room furniture and the products of the dining room. It also manufactures bedroom products within USA and in the international arena. It has many facilities pertaining to manufacturing along with distribution within Mississippi, North Carolina and Florida. American Furniture Store is famous for the popular showrooms that features stylish sofa along with quality beds.

The mission statement of American Furniture Store is to create value with the help of offering reliability, integrity along with flexibility. We want the customers to have a comfortable experience with the help of our exquisite range of furniture. Our employees along with our communities are significant for our success.

A short term goal of American Furniture Store would be to take the help of an advertising consultant for a month that can help in capitalizing on the buying trends of the customers. A short term goal would be to redesign the process pertaining to customer service research by the inclusion of questionnaires along with incentives. A long term goal of American Furniture Store that it would like to achieve within the next five years is of achieving of 95 percent positive feedback from that of the customer (Rodrigues, Arezes & Leão, 2015).

The appropriate ways that can help in measuring short term goal would be the increase in the number of website visitors that can help in suggesting the efficacy of the measures of the company. The increase in the number of website visitors will point forward to the popularity of the company. A method that can help in the measurement of long term goal would be the revenue growth of the company (Junior et al., 2015).The impact on the element of revenue can help in gauging the success of the company in the long run. The increase in the number of positive customer review will help in highlighting the success of the marketing campaign of American Furniture Store.

Short- and Long-Term Goals

Political- United States earns the position of being second largest demography within the world. The elections that are held are fair along with being transparent that helps in the maintenance of a stable political condition within United States. The stable political condition prevailing in United States can help in the flourishing of the furniture company, American Furniture Store (Papadopoulos et al., 2014).The advanced infrastructure and development in the arena of technology can help in boosting the business of American Furniture Store.

Economic- United States can be said to be the largest economy within the world in the terms of GDP. The rate of unemployment decreased in the year 2015 and the level of the income improved in the year 2016. The rise in the level of income can help in the flourishing of American Furniture Store and it helps in boosting the different industries in United States. American Furniture Store will be able to flourish in this kind of an environment.

Social- The socio-economic mobility prevailing in the United States has increased to a great extent that can help in augmenting the business of American Furniture Store. The people in the United States want to lead a comfortable and luxurious life. The demand for the commodities of luxury helps in augmenting the business of American Furniture Store.

Technological- USA can be stated to be global leader in the field of science along with technology. The Americans have great amount of fascination in relation to technology that has changed the life of the people (Drucker, 2014). Technology has been able to revolutionize the furniture industry and this greatly helps in facilitating business of American Furniture Store. The commercial furniture can be created with the help of large machinery which is controlled with the help of the computer.

Environmental- There are various kinds of illegal logging laws within United States that helps in supporting trade pertaining to Australian market. The Illegal Logging Prohibition Act commenced in the year 2012 and it helps in establishing a framework related to illegal logging (Junior et al., 2015). These laws helps in the protection of the natural environment and it helps in the flourishing of business of the furniture company called American Furniture Store.

Legal- United States has competitive marketplace that helps in rewarding efficiency along with productivity. With the improving of economy, cost pertaining to the doing of business within United States can rise (Wallace, 2017) There are various kinds of federal along with local regulations which are flexible in nature that can help in the boosting of business of American Furniture Store.

· Elections are fair and transparent

· Stable Political Condition

· Advanced Infrastructure

· Decrease in unemployment

· Improving of level of income

· Boosting of various industries

· Increase in socio-economic mobility

· Luxurious life of people

· Increase in demand of commodities of luxury

· Global leader in Science and Technology

· Revolutionising of industry with the help of technology

· Large machinery being controlled by computer

· Illegal logging laws helps in supporting trade

· The environmental laws helps in protection of the natural environment

· Flexible federal along with local regulations

· Illegal Logging Prohibition Act helps I the establishing of framework

Environmental Analysis

Strength- American Furniture Store has an eye for making unique products that can help in its expansion. The diverse kind of furniture supplied by the company can help the company in making profits. American Furniture Store has unique style in relation to product along with service delivery (Hollenbeck, Noe & Gerhart, 2018).

Weakness- There are certain facilities in relation to American Furniture Store that should be updated and it should be made uniform. There are some long term machines that requires replacement. American Furniture Store has the technological strength that can help in leading the market but there are some facilities that should be updated that can help in leading the market. The old equipment proves to be a bane for the company (Rodrigues, Arezes & Leão, 2015).

Opportunities- The opportunities have been provided by the fact that steady growth prospect in relation to US manufacturing have helped in attracting various companies so that they can make use of innovative furniture creation. Advanced technologies being used can help in providing the customers with satisfaction and it can help in unravelling opportunities for the company.

Threats- The furniture manufacturers have to overcome negative perception in relation to younger workforce. There are various furniture companies within United States like American Home Furnishing Alliance, Harden Furniture and Heritage Home Group which increases the competition for American Furniture Store. There are environmental laws like Illegal Logging Prohibition Act that can restrict the growth  of  American Furniture Store .

· Unique Products

· Different Kinds of furniture

· Unique Style of Service Delivery

· Facilities should be updated

· Facilities should be made uniform

· Some machines should be replaced

· Steady growth in US of the manufacturing sector

· Innovative furniture creation

· Use of advanced technologies

· Negative perception pertaining to younger workforce

· Increase in competition owing to the presence of different companies in the market

· Environmental laws can restrict the growth

Conclusion:

American Furniture Store wants to create value by offering services that are reliable and unique. The spurt in the number of website visitors indicates the success in relation to the marketing. Stable political condition can help in facilitating the growth of the company. There are certain facilities that should be updated that can greatly help in the expansion of the business of American Furniture Store. There are some machines that should be replaced for improving the services of the company.

References:

Bartik, T. J. (2017). A new panel database on business incentives for economic development offered by state and local governments in the United States.

Drucker, P. (2014). Innovation and entrepreneurship. Routledge.

Hollenbeck, J. R., Noe, R. A., & Gerhart, B. A. (2018). Human resource management: Gaining a competitive advantage. McGraw-Hill Education.

Junior, E. G. M., Nara, E. O. B., Kipper, L. M., Siluk, J. C. M., & Rediske, G. (2015). Verifying practical design on furniture industry. International Journal of Quality & Reliability Management, 32(8), 881-894.

Miranda, P. L., Morabito, R., & Ferreira, D. (2018). Optimization model for a production, inventory, distribution and routing problem in small furniture companies. TOP, 26(1), 30-67.

Papadopoulos, I., Karagouni, G., Trigkas, M., & Beltsiou, Z. (2014). Mainstreaming green product strategies: Why and how furniture companies integrate environmental sustainability?. EuroMed Journal of Business, 9(3), 293-317.

Rodrigues, M. A., Arezes, P. M., & Leão, C. P. (2015). Safety climate and its relationship with furniture companies’ safety performance and workers’ risk acceptance. Theoretical Issues in Ergonomics Science, 16(4), 412-428.

Wallace, D. (2017). Environmental policy and industrial innovation: Strategies in Europe, the USA and Japan. Routledge.

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My Assignment Help (2021) Essay: Marketing Plan For A Furniture Company." (49 Characters) [Online]. Available from: https://myassignmenthelp.com/free-samples/marketng-3004-marketing-planning-project/american-furniture-store.html
[Accessed 25 June 2024].

My Assignment Help. 'Essay: Marketing Plan For A Furniture Company." (49 Characters)' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/marketng-3004-marketing-planning-project/american-furniture-store.html> accessed 25 June 2024.

My Assignment Help. Essay: Marketing Plan For A Furniture Company." (49 Characters) [Internet]. My Assignment Help. 2021 [cited 25 June 2024]. Available from: https://myassignmenthelp.com/free-samples/marketng-3004-marketing-planning-project/american-furniture-store.html.

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