The given paper delves into the main aspects of Kitchen Fashion Furnitures (KFF) functioning. The company provides its customers with modern and high-quality kitchen equipment. In the previous papers, we introduced and investigated the company touching upon its main approaches and strategies used to remain beneficial and attain stable incomes. However, in this very work, we continue the analysis by providing the information about the major aspects of its branding strategy, pricing, main competitors, and tools that could be used to win the rivalry and guarantee further growth. Additionally, the expansion plan that could be used to introduce new products and attract customers is also discussed. At the end of the paper conclusions related to the possible outcomes and predictions of the further rise are suggested. Altogether, the paper should be considered the next stage of the KFFs comprehensive analysis that is needed to obtain a clear understanding of its basic aspects.
As stated in previous papers, Kitchen Fashionable Furniture (KFF) is a comparatively new company that is focused on selling kitchen equipment to customers and wants to become a leader within the given industry. Moreover, it has several unique peculiarities that contribute to its improved image and popularity among the population. Its target audience is rather wide and could be characterized by a specific attitude to kitchen furniture. The company has a stable rate and the level of income. However, it also aims at further improvement using various strategies that could ensure the acquisition of significant competitive advantage and the companys further rise. For this reason, the comprehensive investigation of the basic elements that precondition the positive final outcomes is crucial for the creation of an efficient strategy that should be implemented in terms of the change process.
First of all, KFFs branding strategy should be discussed. The given term is used to describe the long-term marketing support for a brand that usually rests on the unique characteristics of the target audience, customers expectations, and preferences (Lim, 2016). Yet, speaking about KFF, the company should obviously emphasize its unique character by introducing new and fashionable equipment that might attract new buyers. Moreover, accepting the fact that the companys competitive advantage comes from the specific characteristics of furniture, the given strategy should be considered the only appropriate one. KFF fosters its fashionable image by cooperating with the most topical and popular brands that attract customers attention. Besides, the company will obviously look for new partners that could introduce new goods and improve the brands image. Altogether, KFFs branding strategy means the usage of different tools and remedies to emphasize its fashionable image.
Pricing strategy is another important aspect of the functioning of any company. There are several major concerns that should be mentioned when delving into this aspect. First, the company is not able to set a low price to attract all social groups. This fact is preconditioned by the high quality and fashionable character of all goods that it sells. Products with such characteristics could not cost too low as their manufacturing is rather expensive. Moreover, fashionable brands also demand some extra spending for the usage of their brand name and goods (Hoch, 2009). However, KFF still tries to set an affordable price as it will attract potential buyers belonging to the middle and privileged classes. For this reason, the company also suggests two different groups of products that differ in prices to satisfy the diverse needs of its target audience.
Speaking about the companys distribution strategy, we should mention several patterns explored by it. It implies the way the company moves its products to retailers or consumers (Wang, 2015). Thus, KFFs nature preconditions several important peculiarities that result in the appearance of specific features. First, being a comparatively new brand, it is still evolving. For this reason, the number of facilities is limited. The company does not have its own plant that creates various pieces of furniture. Thus, it cooperates with other brands to buy fashionable kitchen equipment and deliver it to customers. Besides, in case a product is ordered via the Internet, an individual is guaranteed its delivery in the shortest terms. KFF uses the services of the most popular corporate carriers like FedEx and others. This pattern guarantees fast delivery of all goods and contributes to the increased level of customers satisfaction.
The previous investigation showed that the level of rivalry remains high in the given sphere and there are numerous rivals who also aim at the acquisition of new customers and further growth. For this reason, the comprehensive investigation of these companys strengths and weaknesses could help to create an efficient differentiation strategy needed to attain success.
IKEA – is one of the main intra-competitors which functions in the same sphere. It is characterized by affordable prices, a wide range of suggested goods, and good service. However, at the same time, the focus on all layers of society impacts the quality of products that are sold by IKEA. Very often it is lower than other companies suggest. Additionally, different pieces of furniture do not have their unique appearance or distinctive features, and this fact deprives a buyer of an opportunity to create a unique interior.
BINNS is another significant intra-competitor which should be investigated. It provides goods of outstanding quality to customers and emphasizes its unique and fashionable character. However, the extremely high prices of all goods are a serious weakness of the given company as it slows down the pace of its evolution and contributes to the decrease of the target audience.
Considering the above-mentioned peculiarities of the main KFFs rivals, we could investigate its differentiation strategy that is implemented to create the unique brands image and guarantee the acquisition of significant competitive advantage. Thus, like other rivals, KFF aims at the broadening of its target audience and the attraction of new customers. For this reason, it provides high-quality and fashionable goods that could become popular with customers who are interested in the given sphere. However, as against other companies, KFF tends to suggest high-grade products coupled with affordable prices. This approach has several evident advantages. First, the target audience becomes much broader. Second, satisfied customers are ready to use the companys services again. Third, it contributes to the acquisition of a significant advantage needed to guarantee a stable level of income.
Nevertheless, to become more popular, the company should also implement innovations into its functioning to establish relations with customers and obtain their feedback (Mitchell, Woollscroft, & Higham, 2010). In this regard, there are two main social media tools used by KFF. First, these are Facebook and Twitter where the company manages its community and assists clients in their choice. The Internet is obviously one of the most powerful tools of the modern age that should be explored to improve the functioning of any company and KFF perfectly realizes this fact. For this reason, the above-mentioned social media provides an opportunity to popularize the companys goods and attain new customers. Additionally, KFF also has its own website that provides all information related to the companys functioning starting with its foundation and ending with the peculiarities of goods delivery. This site is needed to assist potential buyers in their choice and improve the brands image.
Therefore, the above-mentioned tools could be considered the part of integrated marketing communications used to achieve the main goals of the companys marketing campaign by the exploration of numerous promotional methods. (Armstrong & Kolter, 2016). Yet, as far as the KFFs advertising strategy rests on its unique fashionable image and emphasizes the combination of the high quality and topicality, integrated marketing communications should follow the same purpose. Besides, KFF uses culinary TV shows to promote its goods. Additionally, it might also cooperate with fashionable brands to guarantee their loyalty and, at the same time, improve the companys own brand image. Finally, the company is now looking for a celebrity that could be used as an advertising personality to guarantee popularity with customers. Altogether, the integrated marketing communications are preconditioned by the existing goals and could be considered efficient as they integrate the modern media and most efficient approaches (Dib, 2016).
Nevertheless, aiming at further development and rise, the company also has a certain expansion plan. At the moment it has 7 stores in New York and opens new ones in other populated cities. However, considering the great level of rivalry, a significant increase in the number of stores where customers could buy its products is needed. For this reason, the company explores its finances to support the given process and guarantee broad coverage. Besides, according to the plan accepted by its officials, 5 new stores should be opened annually in the most attractive regions to create the basis for the companys evolution and the international market entry. The given number will not undermine the companys financial power and, at the same time, will guarantee the significant growth of incomes.
Finally, to trace the most significant alterations of KFF and state whether they are successful or not, some efficient monitoring strategy is needed. For this reason, KFF uses a specific approach that implies constant fixation of the most important data related to the companys functioning at different stages of its evolution In case some decrease in showings or incomes is observed, the situation is investigated by the companys top managers to determine the potential threat coming from the given tendency. If it is considered dangerous, the alterations that preconditioned this result are studied and could even be canceled to continue the companys further growth. The given approach to monitoring might precondition the companys success and help it to avoid possible complications.
Altogether, KFF could be determined as a promising company characterized by numerous opportunities for its further rise. It is branding, pricing, and distribution strategy are organized in a way that satisfies the companys current needs and guarantees its great popularity with customers. Finally, it explores the most efficient innovations and social media to promote the brand and create the basis for its further evolution and rise.
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