The essay discusses the various aspects of the business plan followed by a London based interior design company namely MKV Design. It creates ambience that deliver at different levels such as practical, aesthetic, experiential even commercial. They blend creativity with intelligence and create exponential designs which bring their vision into life. They have active partners who help them to create market in various place of the United Kingdom (Idec.org, 2018). They have direct connection with the interior companies, web page designers and sponsors to help them to execute their activities. Various advertising method are applied by the company in order to gain more reach and revenue. The report discusses the company’s activity, resources, channels, review and costs to analyse the business plan.
MKV design is a privately owned company and planning to register in London, UK. It is owned by Maria Katsarou Vafiadis, who has been a professional interior planner in a famous firm with huge experience (Mkvdesign.com, 2018).
MKV design is a business idea that takes inspiration from various health care companies, legal firms, financial services, image consultancies, insurance and loan product services. It also gets inspiration from their methods to significantly improve the visibility as well as escalation the sales volume through delivering a cost-effective yet convenient entrance to their services by the medium like the smart phone or internet technologies (Kang, Choo and Watters 2015).
- The company offers interior designing on web platforms to provide the customers a complete control over their desire reflected on their planning, spending and executing their interior planning requirement.
- It offers all the vendor related and interior designing service on the common web platform very easily.
- Provide free of cost assistance to the registered users regarding their interior designing consultation so that they can avail the paid service after taking full advantage of free sampling
- Enabling the 1BHK,2BHK, 3BHK apartments owners to take complete advantage of the professional help for the panel of leading planners in designing their interiors in most cost effective as well as aesthetically pleasing manner.
- Helping the customers living in the remote places to save money along with time through providing consultation services
- Offering end to end services starting from purchase to the final installation from the listed and certified contractors and vendors.
- Helping contractors, vendors, painters, electricians, plumbers and carpenters to get online visibility through the company’s web platform (com, 2018).
- Making ecommerce available for those to want to sell their furnishes, artefacts, electrical fittings, glasses, furniture, sanitary fittings, plywood laminates or veneers, paints as well as flooring or wall tiles.
- Providing the registered users reliable payment gateway so that they can make a convenient purchase.
Vision and mission:
To become top one stop company where people from all over the globe can contact for their interior planning requirements starting from furniture and ceiling designs, electrical and plumbing layout planning, selecting paint, purchasing materials and hiring contractor. The mission of the organisation are-
- Enabling the registered customers design their own interiors via MKV design free as well as paid consultation, applying business to consumer model from eliminating the middle men and conducting business in an efficient, transparent and cost effective manner (Afacan 2016).
- Building an effective business to business platform to the local contractors, electricians, plumbers and material vendors so that they can sell their products directly from their portal. The company aims to provide all the marketing support to the stakeholders so that they can expand reach as well as revenue via the internet medium.
MKV Designs have a huge partner who help it to grow the business these are the real estate agents, architects, painters, builders, electricians and computer service executives for installing hardware in the designed properties. As MKV Design is an online aggregator for on demand interior services that has two sets of audience:
Service providers: architects, painters, electricians, furniture companies and material suppliers are the company’s service providers. They list their services with the company.
Service seekers: apartment owners, companies which own and hire guesthouses for executives, serviced apartments, real-estate agents along with builders, building contractors and finally the well-informed individuals are our service seekers. They make their purchases online (Cho and Cho 2014).
Beside these stakeholders the company has connection with a large number of interior design schools from where the designers are placed in the company in order to designed innovative interiors that achieve a healthier as well as more aesthetically pleasing environment for the valued customers.
The company has maintained good terms with all the partners like web page managers, franchise managers, sponsors and deliverers. The company’s classified or online marketplace offers a perfect platform to the London based local vendors, contractors and other suppliers as well as deliverers to give them opportunities for building a strong online manifestation (Kim and Lee 2015). By partnering with MKV Design, they can be sure of having
- Increased visibility
- More reach
- Full-suit marketing
- advertising support
Through online portal the customers and stake holders can avail following services.
Furniture layout: the customers can upload a floor plan for their 1BHK, 2BHK or 3BHK apartments and get brilliant furniture ideas from the expert interior planners free of change.
Paid services: after paying specified charge the customers can get exceptionally detailed sketching pertaining to:
o Ceiling designs
o Electrical layout
o Furniture design
o 3d views
Materials library: the clients can book as well as order any or all the materials that they may want from the company’s online portal at any time through the completely-encrypted e-commerce platform (Dell'Era, Landoni and Verganti 2015).
List of suppliers and contractors: the interment portal of the company has lists of certified, skilled and qualified suppliers so that the consumers can ask for their help and rate them according to experience.
E-magazine: the registered clients can subscribe the monthly e-magazine of MKV design in order to stay conversant to the latest trends in interior planning (Money et al. 2015). Besides, the clients will find DIY tips from the leading industry specialists to be able to design their space residential, commercial as well as industrial in an attractive, efficient as well as an affordable way.
Helpline service: the company designers stay available for answering all the queries along with doubts on the company’s 24/7 platform.
success strategies: the company aims in creating a strong position in the UK market by following these strategies:
- starting partnership with a number of certified, skilled and efficient contractors including local vendors for increasing the convenience of all types of customers
- making professionally designed interior plans available to the customers at a cost effective prices so that anybody can avail the services (Galford, Hawkins and Hertweck 2015).
- Building excellent and loyal relationship with the vendors, contractors along with sub-contractors so that they can have more reach and revenue as well as expend footprint.
- The company is a third party aggregator of the home décor services therefore it makes sure that the products and services are delivers to the customers on time, exact place and within their budget (Moultrie and Livesey 2014).
- Clearing the interrogations as well as solving the vendor customer issues immediately through the customer care representatives who remain available a various time zones.
- Delivering high quality interior planning consultancy for free, under DIY models to the clients who cannot afford the professional help of the top designers (Gruber et al. 2015).
For increasing visibility of the online interior planning portal within the company’s customer base, MKV Design intend to participate in different kinds of events as well as exhibitions that are hosted in the local communities as well as international groups (Sailer, Pomeroy and Haslem 2015). In this process the company can develop contacts with both the local as well as global businesses which serve the same target consumer base as well as start partnership with them so that they can help in improving the company’s reach along with the vendor base.
MKV Design’s target customer base include the house owners, builders, developers, restaurant, luxury hotels, resorts owners, industrialists and individuals having in one, two or three bed room apartments who like to plan interior design in their offices, restaurants, outlets and apartments. The company also takes care to serve the building contractors, serviced apartment holders, real estate agents and big restaurant owners who want to design their properties they deal with without hiring the expensive services of the professional interior planners (Ghezzi et al. 2015). Property owners who want to go an extra mile by offering pre-designed places to their clienteles, tech savvy construction contractors, realtors making extra money by offering interior designed spaces and companies designing for offices or outlets in a cost effective way are the company’s chief customers.
MKV Design aims to target the young generation of the UK who utilise their smartphones and avail various online services in all possible way to satisfy their requirements will find this interior designing company very innovative and useful.
The initial step in the marketing plan of MKV Design is to increase awareness as well as visibility of the interior designing market. The company conducted a thorough research about the demand of the clients and the latest trends. In order to create inspiring experiences the designers of the company go beyond the trends (Salim 2017). All the designs are trained in such a way that they produce woks underpinned with rich depth of knowledge according to the cultural sensibility and set high standard of creativity. By gathering details of all the stakeholders and supply chain the company has built an innovative platform. The company has direct connection with the suppliers and the top officials have direct knowledge of the quality of the materials that are used by the company’s designers (Smith 2015).
The company has identified some advertising strategies through:
Newsletters and magazines: MKV Design makes use of newsletters as this help them to reach their target patrons directly. They intend placing their advertisements in the established newspapers of the UK that have huge popularities on the market. It also uses e-magazines along with trade magazines for reaching their customers who are interested in the innovative and unmatched designing of MKV Design. It also purchases their own database list from the trusted list vendors (Hongisto et al. 2016).
Online marketing: Online marketing has been one of the most necessary way to reach the market as it can welcome the users directly to the company’s online interior planning portal. MKV Designs use diverse strategies for example social media advertising, content marketing, blogging, email marketing, pay-per click advertising as well as affiliate marketing in order to improve visibility including generate traffic to the online portal (Song 2015).
Local area marketing: Banners along with Hoardings have quite effective impact when the company aims to initiate the local area marketing. These tools aim to increase the company’s visibility surely and create huge awareness about the company among target audience.
Events: the company attends and play important role in various events arranged by different organizations here it describes its range of services for example concept creation, schematic design, artwork packages and artwork packages. MKV Design itself arrange numerous events where it promotes and exhibits their designed products.
MKV Design advertised through sponsored other companies. It is basically due to the inconsistency between the higher expenses of the event production. In the recent years, the business of event sponsorship is replaced by sponsoring various charities and other companies. The company basically sponsors the organizations that have direct connection with them like fabric, glass, sanitary materials and other material supplier companies. MKV Design renew catalogues both online and offline so that they can match the growing competition in this field by coping up with the changing trends.
The company has a large number of excellent designers heading from different part of the world. They have expertise in rendering guidance for designing interiors that showcase multicultural values. They inspect the places prior to design and transform the entire place to a customised place intermingling materials, texture and brilliant craftsmanship (Wang et al. 2014)
The company also has different outlets that sell vases, cushions, mirrors, arrangements, storage boxes, centre pieces, posters, wall hangings, paintings and furniture at a very economic price. These outlets attract the customers more to their services thus provide competitive advantage. These outlets have catalogues with all their product as well as services so that the customers visiting their stores can buy directly or book the products which the company send directly to their places (Wei et al. 2015). The scheme of the company is that if the customers buy their products they will be provided extra benefits in case the customers hire the designers.
The company provides help in space planning right from the selection of colours, style of windows, furniture, fixtures artworks even the style of lighting. The catalogues bear everything that the customer wants which include different interior decorating styles such as Modern, vintage, fashion, French, baroque and Mexican. Beside these the customers can apply their own thoughts in designing their interiors.
The customers are the heart of the organization as they buy the products or the services through online or store visits. The company conducts digital campaigns as well as physical campaigns through hoardings which attract the clients effectively. MKV Design askes for effective participation of the loyal customers which is the promotion plan of the company.
The clients will be connected constantly through mailing which will lead to constant actualization. The company sends catalogue and provide free consultation initially that helps achieving more market popularity. These actions of the company aim to motivate the clients to buy more high quality products and reaching for the expert designers. Reaching will be possible through sales and subscriptions (Yang et al. 2016). The concept of buying subscriptions and notions of VIP clients and frequent clients will be increasing the customer relationship with the company.
The company segments the customers according to their demands. The research says that the customers who avail the services or buy products from the company are mostly women and newly wedded couple who want to bring changes in their old apartments or started new life in new apartments. People chiefly belonging to the medium high or higher classes who love decoration in their rooms are the loyal customers of the company.
MKV Design has online page a portal which helps the company in every possible way. It saves a lot of time, money as well as efforts which is else spent on travelling from one region to the other for the international clients. They can purchase ready products or materials, get in touch with the individual contractors and other suppliers so that they can be directly connected with their services to get the project completed on time and within their budget.
The company maintains good relationship with the suppliers and the customers through chat, emails and phones calls which they maintain in their central as well as branch offices. They have terms based on trust and loyalty with their distributors which contribute to maintain high quality and reputation. These resources of the company help the clients to meet up with interior designers and get customized help which enhance popularity.
MKV Design maintains online channels where they promote their products and services in various social medias like Facebook, Instagram. It runs channels in the YouTube where they upload videos and pictures comparing before transformation and after design. It participates in the decoration channel programs. It also advertises in the physical channels like big announcements in their sponsored events as well as in stores. In these channels the company share its stories, the real customers give their reviews about the quality of the designs as well as punctuality.
The company has a large number of employees such as managers, designers, technicians and staff working in various departments for example marketing, production and operation. Moreover, the company contacts and employs some experts from other countries to meet the demands of the clients. The company has expenses in form of salaries to these employees. They have expenses associated with logistics and transportation. MKV Designs spends huge cost due to store maintenance as they have expensive products in their stores. The most important expense of the company is incurred by the fabric and product production as maintaining high quality of their products is the chief concern of the company. Beside all these costs, the company earns a huge capital for maintaining the webpages which is the chief resource of their marketing.
The company earns from the various merchandises, specially priced packages and subscriptions. These attracts the customers in one hand and open ways for profit on the other. A huge amount of profit is earned though the production and services which chiefly include interior designing and artworks sales in the stores. Profit is earned in forms of commission from the material supplied by the suppliers, that they use while installing them in the apartments. Advertisements through web pages, channels, YouTube and other social medias also helps the company in making huge profit. The company earns money from sponsoring that they deploy in other companies as well as events.
Therefore, it can be concluded that the company has successfully expanded its business in all over the UK. Despite the fact that they need to incorporate the recent trends associated with using eco-friendly paints and materials in their interior designing, their plan has discussed their activities in detail and reveal their places of improvement. MKV Design has a strong team of employees without whose support the company would not have initiated the complicated measures to cater different customers from different cultural background. However, maintaining high quality is the chief concern of the company that incur their customer satisfaction and consequently the reputation.
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