Your Home is a Good Place, Inc. Case
Your Home is a Good Place, Inc. is a unique business that employs convenience as a strategic marketing variable. The business brought homeowners’ companies and other service providers together in a one-stop shopping environment to stress the convenience such as the online marketing strategy. The business required to undergo progressive learning about the concept of demand in the region (Cohen, 2006). Moreover, in addition to the promotion of the company, such a move focused on how to access more service providers, clients, and making an identity for the brand name (Cohen, 2006). According to the case, the competitive marketplace requires more than keeping the existing consumers happy. For the business to thrive and survive on the market, there was a need for new customers and growth through effective marketing.
For the business, having a marketing initiative proves to be a vital effort in ensuring competitiveness (Cohen, 2006). In the Michiana market, potential consumers expect to explore more of what the business is to offer through a one-stop-shop as a development effort. The key to ensuring a successful marketing initiative will be consistency. Your Home is a Good Place, Inc. aims at creating a marketing strategy that focuses on acquiring more clients to boost the efforts of other companies and facilitators. The creation of a brand name identity for the business is a considerable effort (Lamb, Hair, & McDaniel, 2012). Therefore, the case focuses on the SWOT analysis of the business, marketing plan, and the implementation of the strategy to ensure success in the market.
The following SWOT analysis captures the primary strengths and weaknesses within Your Home is a Good Place, Inc., describes the key opportunities, and threats the business faces in the move to bring different entities all under one roof to serve a business function (Lamb, Hair, & McDaniel, 2012).
The business can provide a one-stop experience for the consumers in Michiana, facilitating easy shopping practice for all as a readymade industry (Swanson & Coulson, 2009). Consumers can access tools and components for undertaking the redesigning and construction projects.
Your Home is a Good Place, Inc. has diverse business entities dealing with different tools, components, and services to provide consumers with a variety of services at one-stop (Swanson & Coulson, 2009). Such an approach provides the business with advantages when handling customer preference.
The business brand image is superb in the Michiana region based on its sophisticated products, competitive prices, and good customer service (Swanson & Coulson, 2009). The three aspects are vital in driving the business forward in a competitive environment. Moreover, such aspects ensure good customer experience to drive the business to enjoy a stronghold over profitable markets in the region.
The company enjoys a range of innovative ideas from different entities providing the one-stop experience. The approach keeps the business engaged in consumers’ vision and ensures they experience excellent products and services at competitive prices.
Lack of the right mix of the workforce.
The business lacks the right mix of workforce and a management team. Your Home is a Good Place, Inc. has employees with dysfunctional behaviors while some lack some vital skills. For instance, David, the chief of operations, serves as the business manager and makes things happen effectively but stifles initiative in the process. Rory, the project manager in charge of scheduling and service calls, is a compliant type, but he cannot instill discipline in the rest of the workers. David, therefore, has to step in when progress derails (Swanson & Coulson, 2009).
Lack of brand equity.
As a new entrant into the market, Your Home is a Good Place, Inc. lacks brand equity most of the competitors in the market have earned and enjoy based on the years they have been serving the region. The business has to strive to ensure a well-known image exists in the consumer mind to facilitate the building of effective brand equity in Michiana (Swanson & Coulson, 2009).
Reliance on facilitators.
The company relies on the duty of the entities providing the one-stop experience. Such entities provide labor, materials, and other services that consumers need. At times, such an approach may not be beneficial when few entities fail to deliver and meet the expectations of the business and clients. Moreover, not everyone providing the home remodeling services operating under the one-stop approach can meet all the objectives of the business (Swanson & Coulson, 2009).
Alliances with facilitators.
The opportunities that Your Home is a Good Place, Inc. faces result from major changes in the machine market, consumer lifestyle, technology advances, and new operational strategies. Alliance with other entities, contractors, and other facilitators, including local advertising outlets, to provide publicity ensures the business provides an effective customer experience (Swanson & Coulson, 2009). The entities in the business venture ensure that all construction and home remodeling products and services are available at one-stop. Moreover, Norwalk’s effort in convincing local contractors, landscapers, designers, architects, and appliance suppliers to donate their products and services in developing a series of showcase rooms facilitates the provision of a wide range of experience for consumers.
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Introduction of the website.
The introduction of an online platform in the form of a website as a marketing strategy is also a major opportunity for Your Home is a Good Place, Inc. The approach will ensure a mega advertising campaign targeting both potential and new clients as a new entrant into the market. The business will establish brand equity that competitors in the market are enjoying. Using the website to share the one-stop experience with the consumer in Michiana will ensure a well-known image exists in consumers’ minds to facilitate the building of an effective brand experience.
Steady market growth.
A steady growing Michiana market characterized by the increasing sales opportunities and consumers with large amounts of disposable income with readiness to undertake construction projects and to have the redesign of spaces offers the business an opportunity to prosper (Swanson & Coulson, 2009). The market remains unaffected by the economic environment; hence, it provides many opportunities for the provision of good one-stop consumer experience.
Marginal fixed cost.
In addition, the ability to alter marginal fixed costs based on the growth of the consumer base provides an opportunity for prosperity. To complement the approach, the use of a cross-pricing strategy ensures that the business earns revenues up to its set and expected levels.
The level of competition from the already established business in the region is a threat. Such business also handles similar products and services, as Your Home is a Good Place, Inc. at the competitive prices (Swanson & Coulson, 2009). The presence of the business on the market may force competitive entities to change their way of operation to boost the customer base and counter the competitive efforts of Your Home is a Good Place, Inc.
The operation cost of the one-stop business is at the edge of rising and strategy amendments are necessary, especially in the case of catering to the wages of the workforce and extra facilities.
The internal stability of the business may also be at stake based on the diverse strategies of the partners Norwalk works within the business.
Changes in the market pose a significant threat to Your Home is a Good Place, Inc., especially, new independent business entrants into the market operating with similar business approaches alter supply and demand balance (Cohen, 2006). Fewer barriers to entry allow such new entrants pose competitive threats such as discount packages they introduce.
Another significant threat that Your Home is a Good Place, Inc. faces is associated with the supply chain of the Michiana market. For instance, the facilitators could increase normal prices and transportation costs or alter business terms and conditions in a way that will threaten the cooperation of other facilitators (Cohen, 2006). Such a change may result due to the changes in the external environment such as market performance.
As a one-stop business, Your Home is a Good Place, Inc. can offer in-house services and tap a network of other partner companies in the delivery of products and services consumers in Michiana. The choice of the right business partners and marketing strategy ensures a complete solution for the business with minimal overhead and at a lower cost (Cohen, 2006). Every business on the market is different and it offers stiff competition, but there exist potential marketing strategies common to every company. The application of the right marketing thinking with a unique synthesis of effective and insightful marketing and compelling creative strategies is vital.
The business can deliver a breakthrough campaign when it aims at building a brand value involving the communication of the message and empowering the sales force with real-time opportunities (Cohen, 2006). In addition, the competitive Michiana market makes it more important for the business to employ an effective business strategy based on the information it has about the market and the most prized consumers.
Your Home is a Good Place, Inc. provides the business community with a one-stop experience for homeowners with a focus on the availability of a wide range of home improvement products (Swanson & Coulson, 2009). The business aims at providing the following benefits significant to the consumers:
Convenience: Your Home is a Good Place, Inc. can serve the homeowners of Michiana with no limitation in product and service availability. In addition, the business is located centrally to ensure convenience for customers (Swanson & Coulson, 2009).
Customer service: quality customer service with superior attention is what the business provides and aims at improving.
Competitive pricing: Your Home is a Good Place, Inc. offers prices that are a bit more competitive compared to the other competitors on the market (Swanson & Coulson, 2009).
The market trend for the building and construction industry is competitive. There has been a significant expansion of upscale chain businesses dealing in both labor and materials for home remodeling services in the Michiana region. Such expansions focus on the opening of new stores and purchasing independently owned entities and transforming them into business chains. In addition, such trends occur with the expectations of solving consumer problems in undertaking major redesigning projects (Lamb, Hair, & McDaniel, 2012). Moreover, the reason for such a trend will also be in line with cost-saving measures consolidated as a better insight into the local markets.
Based on the case, Your Home is a Good Place, Inc. has experienced the industry progress with benefits from the one-stop approach experience. Consumers with large amounts of disposable income tend to facilitate the growth of the market through undertaking major redesigning projects (Lamb, Hair, & McDaniel, 2012). Moreover, the consumption pattern has undergone changes based on the idea of Norwalk to convince the local landscapers, contractors, architects, designers, appliance suppliers, and other entities to donate their work and products for the one-stop business. Furthermore, market growth also reflects the increasing demand for approaches to overcome consumer problems (Lamb, Hair, & McDaniel, 2012). Such problems include design and architectural changes that require permits and safety inspections, sourcing of project appliances and components, provision of professional labor, and finance. Consumers in the Michiana market tend to access services based on convenience independent of their economic situation.
The successful expansion of Norwalk’s promotional ideas to attract new business will involve focuses on the following:
Print media marketing.
The business will print adverts in Michiana daily newspapers, weekly and monthly magazines and a book published as an advertisement product. Such tools will act as a niche marketing strategy with the target of facilitators and clients of the building and construction market. Moreover, the print media will target both the middle-class and upper-class clients guiding them on why to opt for Your Home is a Good Place, Inc. as the best one-stop business (Lamb, Hair, & McDaniel, 2012).
Using broadcast marketing, especially radio, and television will be a significant move as an avenue targeting a larger consumer base expected to deliver within a shorter timeframe (Lamb, Hair, & McDaniel, 2012). The marketing approach will facilitate authenticity and brand awareness in the business with consumers able to learn more about business products and services.
Your Home is a Good Place, Inc. should establish a website to assist in the marketing and expansion of brand exposure. The development of technology has seen most of contemporary consumers opt for online-based services in finding a solution to their needs (Lamb, Hair, & McDaniel, 2012). The website will assist in reaching online consumers and offering online services to the customer when need be to ensure the company gets effective exposure vital in matching competitors’ rivalry (Lamb, Hair, & McDaniel, 2012).
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The marketing plan implementation will involve a purposeful concept that aligns with business strategies. The implementation plan will involve the following procedural steps:
Step 1 involves meetings between the marketing management team and the clients to determine the marketing project scope. The meeting focuses on reviewing the implementation process expected outcomes and the due date set for achieving the tasks. Then, the implementation of the plan begins with backup approaches set in place.
Step 2 involves notification of the one-stop facilitators on the marketing plan, expected an outcome, and significance.
Step 3 presupposes team selection for implementing the plan. The management ensures the team is aware of the duties they should perform and the expected results.
Step 4 includes scheduling meetings to discuss the progress of the implementation process and presenting possible changes to the process to ensure the set timeframe and objectives are achievable.
Step 5 signifies a final review of the progress and outcomes realized with the management and marketing team. The step ensures adjustment can be made in the marketing plan where necessary.