Canterbury Renovations Marketing Plan
Introduction
This marketing plan for Canterbury Renovations is prepared to address the potential market residing within Sydney. The company is new in the renovation business therefore enjoys no existing clientele. This plan aims to propose a comprehensive marketing mix strategy for the company that outlines the product, price, place and promotional strategies, respectively for the identified target market. Moreover, it also provided the positioning strategies and model of communicating the product value to the market segments.
Company Profile
Canterbury Renovations is a newly launched partnership company which has recently begun to operate in the home remodeling industry. They provide renovation services for the kitchens, bathrooms and laundries of the old fashioned, traditional houses. Their services are accompanied by a wide array of value-added activities for refurbishing the targeted areas including designs and quotes, supply and installation of equipments and fittings, after sales maintenance and a seven years guarantee covering workmanship.
The proprietors are highly qualified and skilled with an extensive experience of working in this industry; but the lack in the capacity to manage and lead a business. Further, the company also lacks the knowledge of preparing formal business documents which are announced as mandatory by the legislation.
Results of the Marketing Opportunity Analysis
An extensive market analysis was conducted in the previous report which presented the remodeling and renovation industry as one of the lucrative industries to invest in with a clear chance of growth and expansion for a newly launched business. The company had two diverse strategic opportunities to capitalize upon. However, the result of the opportunity analysis show that the marketing option i.e. Target Niche through Product Differentiation is found to be more attractive and beneficial for the company. This is because the double income groups offer more profitable business to Canterbury Renovations and demand for quality and timely work only.
Consequently, this marketing plan offers a highly premium product and service combo that is expected to cater the needs of the potential market and fairly satisfy their quality desire. Further, the communication tools proposed herein are good enough to reach the targeted audience and deliver a clear message to them.
Marketing Strategy
Marketing Objectives for Double Income Families
Marketing objectives are based on what a company wishes to achieve by means of the brand’s audiences’ behaviors. When creating effectual marketing objectives, there is a need to understand the customers and the features that provide the solution to their problems (Fifield, 2012). Upon an extensive study of the customer needs, the desire for new amenities was found to be the top reason for home renovations (NAHB, 2013). Therefore, our marketing objective comprises on attracting young couples and double income families towards the Canterbury brand by offering them high quality and ultra modern renovation services matching their needs.
Brand Positioning for the Target Market
The following pyramid shows brand positioning of Canterbury Renovations with respect to the identified target market.
Marketing Mix for Double Income Families
Product
The product strategy for Canterbury Renovations has been developed is based on Kotler (2002) product strategy. The core product offered by the company is renovation services for kitchens, bathrooms and laundries accompanied by quality and reliability. The actual product is the tradesmen services, materials required for the renovation such as timber; tiles, paint and plaster provided as a part of their service. Further, the built-in appliances included in the renovation design are also provided by the company. The augmented part of the product that gives room for premium pricing encompass free designs and quotes, supply and installation of equipments and fittings, after sales maintenance and a seven-year guarantee covering workmanship.
