BOITHOK, an exclusive furniture and show piece outlet is ready to introduce living room furnishers and show pieces that will bring an antique and traditional look and create an artistic environment. BOITHOK occupies a specific niche within the furniture market. Its furniture’s offerings focus on traditional and old Bangladeshi look furniture products and show pieces that are exclusive in craftsmanship & materials. Its market segments include the people who are highly elegant, have good interior sense and want to decorate their living room in a different way. BOTHOK does not provide comparable products for mass market .The Company wishes to target those customers who seek quality products with exclusive design and traditional look. BOITHOK will reach these markets through a variety of media including the internet, catalog, distribution and word of mouth advertising & other advertising techniques. BOITHOK always keeps information readily available to those who are seeking different products for their living room. Developing a website will increase the company profile by promoting its product in the media most appropriate to its customers.
1. Current Marketing Situation:
There is a proverb “Old is gold”. Our company cares for those who want to keep traditional and antique essence in their lifestyle and home decoration. Bangladesh is rich in culture and has a rich tradition of music, art, drama, movie etc. People have very artistic mind and they are now more careful about their lifestyle, interior and home decoration. So there is a great opportunity to serve these group of customers by fulfilling their need and make profit. 1.1 Competitors: BOITHOK feels as its competitors are HATIL Furniture, AKHTER furniture, OTOBI, NAVANA, STUDIO 45 and others imported furniture. But we are not concentrating on mass marketing as they are. We are focusing on very narrowly specified customer groups. 1.2 Market Summary: BOITHOK will position its product very carefully. Customers always wish to spend money on the best, within their budget. BOITHOK keeps both conditions in their mind. Unlike the main stream product it does not use cheap manufacturing product or technology. Its marketing is based on providing the right information to the target customer. It cannot afford to sell its product to mass people, because most of them do not have the budget. So it tries to make sure that those who have the budget and appreciate the product know that it exists, and know where to find it. On the basis of segmentation variable social class we segment our target customers in to two groups; ← Upper middle class: As BOITHOK produces fancy goods only for living rooms the customers have the desire as well as the ability to purchase. So BOITHOK has chosen upper middle class group those have monthly income tk25000 to tk50000 as their target customers. ← Upper class: Upper class people are those whose monthly income more than 50000. ← We also segment our customers according to the lifestyle and we focus only Culture-Oriented Customers: We mainly focuses on customers who are cultural minded. Examples include actors, singers, artists and those who are directly and indirectly related with culture and tradition and want to create a overwhelming ambiance in their lounge.
2. Opportunity and Issue Analysis:
2.1. SWOT Analysis:
The SWOT Analysis is the analysis of the Strengths, Weaknesses, Opportunities and Threats of the company products and its competitors at a glance. It needs to be compared to get an overall analysis of all the major companies and to know the company having better strengths, more opportunities and on the other hand the company having more of weaknesses and threats. The SWOT analysis of BOITHOK given below:
➢ Pioneer company in antique furniture and show piece production ➢ Quality materials
➢ Strategic segmentation of market
➢ Aesthetics and exclusive design
➢ Attractive finishing
➢ Use of...
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