Executive Summary

Strengths

• Employees are skilled and knowledgeable about hardware work that helps them in serving the quality services to the customers.
• The effective services lead to the rise in customer royalty ratio that repeats the customers to the store.
• Houzit Company is able to deal with the competitors with the help of the competitors and competition in terms of variety, accessibility and quality.

Weaknesses

• This is found that Houzit is dealing with the issues related to the budget for the awareness of the brand because they are working on a small scale.
• Houzit is not able to reduce the gap of the loan taken by the customers which are affecting the liquidity of the company which is a weakness of the company (Hollensen, 2015).

Opportunities

• It has been evaluated that the company has the opportunity to increase the number of targeted customers which is possible with the use of the digital marketing of the products and services offered by the company (Kotler, 2015).
• The analysis shows that the company has the opportunity through which they can perform more and more ties with the other companies as this is the only way through which they can bring the rise in the sales and objectives.

Threats  

• The company is performing its business operations in the dynamic environment due to which the company might face the fluctuation in the digital marketing of the products.
• The company might face the risk of losing the control of the business when they get indulges in the joint venture (Martyak, 2014).

The marketing objectives of the company that has been discussed in the assessment 1 are evaluated which shows that the company need to be focus towards the specific goals.

The evaluation of the major objectives of the company includes: –

• Rise in the sale to 20$ million every year from 15$ million annual in the coming three years.
• Rise in the list of the customer from 10,000 from 15,000.
• The objective of the company is to form effective brand recognition and determine in the whole of the city so that one out of the three people can easily identify the value.

Houzit has evaluated the market and accordingly found that the company has numerous opportunities for which they need to make the strategies. Strategies will help them in achieving their opportunities which will ultimately meet the goals of an organisation. One of the effective opportunities which are analysed is the use of digital marketing within the organisation which will help them in increasing the number. Along with this, the company can directly indulge with the other small companies which will bring growth. Though, this is also the fact that the company might face some issues while adopting the opportunities. These issues are related to the ownership of the company and change in the preference with the trends of people. The company made use of some of the strategies with the help of which not only can grab the opportunity but can also meet the goals of an organisation. These strategies are: –

The marketing mix strategy is used by the company for improving the sales of the company in the coming 3 years. The review of the strategy related to product, price, place and promotion is discussed below: –

For the product, it has been analyzed that the company should develop and design the product according to lifestyle and need of customers. This will help the company in satisfying the needs of the different customers. The cost-effective strategies will help the company in reducing the cost of production (Išorait?, 2016). This ultimately contributes in reducing the cost of products which will increase the sales. This shows that the strategy is a low pricing strategy considering the pricing law (David, 2011). Apart from the store, the company needs to extend the place where they can offer the products. The online platform like website, web page, social media and others are the ways through which the company can sell their products in the market. The promotion strategy includes the use of the techniques like personal selling as well the direct selling. This is the suitable option for the company because it is a small company (Dawson, 2014). However, the company can make use of the digital marketing facility that will support in generating the awareness. This awareness contributes to increase the sales of the organisation.

According to the gap analysis discussed in assessment 1, the company is willing to bring the brand recognition with an increase in sales that are possible when they will provide the employment facilities to new employees, as this is the only way through which they can open new stores. New stores or expansion of business requires the employment of employees who can support the working (Armstrong, Adam, Denize and Kotler, 2014).

The implementation of the strategies is essential for the company that requires the coordination of different departments. Houzit Company put in efforts with the help of which they can achieve the goals and objectives. The strategies are required to be implemented which include expansion of business and digital market. However, the company faces the issues of budget, a company is maintaining for s less amount of budget. Therefore, it is essential for the company to invest nearly about $1000 for effective implementation.

This implementation plan is formed with the purpose of expanding the business that will ultimately help in increasing the sales and in improving the goodwill within the market. These are the required steps, which should be followed by the company to meet the goals and objectives.

The implementation of the digital marketing strategy requires some of the steps, which the company need to follow. These steps are –

These steps are required to be followed by the company for the selection of the digital platform that is essential for the company because the correct channel can help in promoting the product effectively. These steps need to be followed by the marketing manager of the company. The managers should evaluate and check the improvement in the performance of the organisation. The overall review reflects that the company should follow these strategies, which will help the company in achieving the goals and objectives.

References 

Armstrong, G., Adam, S., Denize, S. and Kotler, P. (2014). Principles of marketing. 6^th edition. Welbourne: Pearson Australia.

David, F.R. (2011). Strategic management: Concepts and cases. India: Pearson/Prentice Hall.

Dawson, J.A. (2014). The Marketing Environment (RLE Marketing). New York:  Routledge.

Išorait?, M. (2016). Marketing Mix Theoretical Aspects. International Journal Of Research – Granthaalayah, 4(6), 25-37.

Martyak, M. (2014). Joint Venture Benefits and Considerations. Retrieved from: https://www.powerlinx.com/blog/joint-venture-benefits/

Hollensen, S. (2015). Marketing management: A relationship approach. India: Pearson Education Limited.

Kotler, P. (2015). Framework for marketing management. India: Pearson Education.