Kitchen Fashionable Furniture (KFF) is a company that is focused on selling kitchen furniture, accessories, and other staff produced by fashionable brands to customers. The company is comparatively new, and it is focused on the satisfaction of its main customers needs for high-quality and fashionable furniture and staff that will be able to meet their demands. In this regard, the companys mission statement sounds as follows:
To encourage people to make their dwelling better.
It means that the company aims to provide people with goods that could improve the atmosphere in their houses and make them more comfortable. The competitive prices combined with the high quality of the suggested products maintain friendly relations with customers and guarantee their satisfaction with KFFs goods and services.
The company tends to explore the recognizable and memorable brand name to remain popular with customers and attain success. Its name Kitchen Fashionable Furniture could be described as meaningful as it provides the basic information about the peculiarities of its functioning, sort of goods that are suggested to customers, and their unique appearance. The abbreviation KFF is also memorable and could contribute to the increased brands population. The companys slogan states “Good kitchen is a key to tasty life.” In incorporates several appeals and tends to attract customers attention to the companys functioning and products. The logo presents itself as a well-fashioned kitchen where a happy smiling housewife cooks something. It is circled, and big red letters KFF come on loop. The logo is made in calm and attractive colors for customers to enjoy it.
Therefore, peculiarities of the companys functioning precondition how it evolves and the basic elements of its positioning. KFFs positioning statement is:
For people who are interested in the latest tendencies in fashion, Kitchen Fashionable Furniture is the most valuable supplier among all companies that suggest furniture because it is focused on the provision of high quality, functional, and stylish equipment to make their kitchens more attractive. KFF offers products of the most appreciated brands that are recognized all over the world. The company appeals to different groups of customers, starting with housewives who know much about kitchen goods and accessories and ending with men who just want to make their dwelling look attractive. The given position statement predetermines the approaches chosen by the company to evolve and guarantee its further rise.
Furthermore, resting on the peculiarities of the target audience, the current state of the market, and the tendencies towards the further evolution of this segment, the company creates its unique marketing strategy. First, to achieve a significant competitive advantage, the company is focused on the provision of only fashionable kitchen furniture. In other words, it monitors the latest tendencies in the given sphere, and the most popular TV cooking shows to admit what brands will become popular with the audience and offer them to customers. Besides, the combination of high-quality and popular images guarantees a stable level of interest and income. Additionally, the short-term activities include the further promotion of its goods among customers and an increase in the number of sales. The long-term perspectives revolve around the brand extension and entrance to new markets to guarantee further rise and preservation of its leading positions.
As stated above, there are short and long-term perspectives related to the functioning of the company. Besides, the above-mentioned set of actions needed to guarantee the acquisition of the outlined goals will take a certain period. Hence, to explore the first aspect, a term of one year is needed. It includes different activities aimed at the promotion of the companys services, the popularization of the brand and its logo, and other actions to achieve the goal and assure a stable level or revenues. Having created the basis for the further companys rise, it is possible to start the new phase aimed at brand expansion and new market entry. The term 3 years might be needed to achieve this goal and guarantee further company growth.
The given purposes and terms are chosen not accidentally, and there is a specific rationale for the above-mentioned goals. First, according to the majority of modern researches, the term of one year is crucial for the functioning of any new company as in case it manages to survive and obtain revenues, further expansion becomes possible (Lim, 2016). Moreover, the basis needed for the further implementation of new strategies will also be created. For this reason, KFF should also be ready to act by the given pattern and obtain a certain competitive advantage before the usage of new methods and their exploration to achieve the long-term goals..Finally, the brand extension is needed to preserve the level of customers interest and assure that new products will contribute to the companys rapid growth.
Revolving around the possibilities for business extension, KFF has several perspectives that might be considered attractive. The company works in the sphere of kitchen furniture and equipment. Additionally, it also emphasizes the fashionable character of goods provided to customers. For this reason, the brand extension could be related to these spheres. To attract new customers and enlarge the target audience, KFF could also sell textiles and wallpaper that will make any kitchen look more attractive. The choice of new products is preconditioned by numerous opportunities for further expansion. In case textiles are appreciated by customers, the company might introduce a wide array of goods needed for renovating. Therefore, the gradual improvement of the quality of peoples live combined with the great desire to make dwelling look more attractive contribute to the increased demand for the goods of this sort (Mitchell, Woollscroft, & Higham, 2010). That is why the above-mentioned brand extension might be considered promising.
Perceptual map of kitchen furniture brands and manufacturers
The given perceptual map demonstrates that several rivals also sell the same goods to customers. However, the peculiarities of their functioning differ. For instance, the company BINNS also offers high quality, fashionable furniture. It is rather expensive and is focused on a narrow target audience. Yet, IKEA sells cheap furniture that could be bought by any customer. However, it’s quality and fashionable character could be doubted. For this reason, KFFs positions could be considered strong. It is focused on the provision of affordable furniture that might improve the appearance of any kitchen. Additionally, the given map also shows that the rivalry is tense and numerous agents want to come to market and obtain significant revenues.
Furthermore, the investigation of consumer behavior also shows that KFF might obtain a significant competitive advantage in case it continues its functioning in the given sphere and makes an emphasis on the quality and popularity of goods. Besides, numerous researches show that at the moment customers might be characterized by the alterations of their preferences (Ariztia, 2014). Their purchasing power increases as the negative impact of the 2008 financial crisis is mitigated, and people can buy goods they want (Ariztia, 2014). For this reason, specific shifts in their preferences might be observed. Individuals want to follow popular trends and improve the visual appeal of their dwelling. For this reason, KFFs focus on the fashionable and high-quality character of goods suggested by it might bring a significant competitive advantage and guarantee a stable level of income.
Altogether, Kitchen Fashionable Furniture is a company that offers high-quality and fashionable furniture to its customers. It is a comparatively new brand that attracts new customers by the unique offering. Besides, the company also has a specific strategy that might help it to become more successful and attain additional revenues. This strategy implies the brand extension and entry to the new market. It is expected to guarantee the broadening of the target audience and a significant increase in the level of income. Additionally, the perceptual map demonstrates that several rivals might pose a certain threat to the companys further rise. However, the peculiarities of their functioning are different, and their positioning is not the same. For this reason, the environment might be considered successful, and KFF is expected to make its position stronger. The companys efficient marketing strategy is considered one of the main points that guarantee its success.
References
Ariztia, T. (2014). Housing markets performing class: Middle-class cultures and market professionals in Chile. The Sociological Review, 62(2), 400-420. Web.
Lim, W. (2016). A blueprint for sustainability marketing. Marketing Theory, 16(2), 232-249. Web.
Mitchell, R., Woollscroft, B., & Higham, J. (2010). Sustainable market orientation: A new approach to managing marketing strategy. Journal of Micromarketing, 30(2), 160-170. Web.