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Product Strategy

Essay by   •  November 13, 2018  •  Coursework  •  258 Words (2 Pages)  •  96 Views

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Different in branding. Canadian brand to get the customers' attention. which lead to strong brand loyalty. Customers can choose various of product from the store. making a strong connection with the customers will build a long term relationship

Customers are willing to bower multiple retailers before making purchase because no one store can carry all product to showroom

INNOVATION & ENTREPRENEURSHIP

Low-medium budget High budget

Product strategy Limited customization product with choice among few colours. Provide identical design as the big-box retailers but with lower price. Unable to provide a unique design product for this segment.

Pricing strategy Price 5 to 10% above the lowest independent competitor. Offering premium price product

Place strategy High traffic GTA area High traffic GTA area

Promotion strategy No promotion deeply discounted to increase their appeal to CFM’s primary clientele

Target the high budget customers. increase their price and provide unique design furniture.

- Provide good customer service to build up the relationship with customers. Build loyalty base on salesman.

- Create lifetime customer base (good customer support)

- Build and maintain customer relationship management

In the growth phase of creativity. They are currently low earning due to the price sensitive customers. The industry is competing base on the product price. The company would need leadership to grow to the next phase. (leadership crisis) Lack of business structure result in informal communication.

The manufacturing facility has faced quality control issues and is not able to manufacture quality replica designs for complicated models. Hence, the manufacturing facility is losing money and draining cash from the retail side of the business.

https://www.12manage.com/methods_path_goal_theory.html

https://www.12manage.com/methods_customer_relationship_management.html

https://prezi.com/gb7tnv8yb-ar/untitled-prezi/

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