A Research Report on Marketing Strategies of the Business

Topics: Marketing, Sydney, Psychographic Pages: 12 (4098 words) Published: August 25, 2013
HI 5004 Marketing Management|
Victoria’s Basement
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A Research Report on Marketing Strategies of the Business|

Muhoo
[Pick the date]
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Table of Contents
1Introduction2
2Market ProfileError! Bookmark not defined.
3Macro-environmental Analysis of Victoria’s Basement3
4Micro-environmental Analysis of Victoria’s Basement4
5Market Segmentation5
5.1Demographic Segmentation:5
5.2Psychographic segmentation:6
5.3Behavioural segmentation:7
6Target Market7
6.1Purchasing Pattern and Purchasing Power7
6.2Brand Positioning Based on Target Segment8
7Marketing Mix9
7.1Product9
7.2Price9
7.3Promotion9
7.4Place9
7.5Process10
8Recommendations10
8.1Use of Technology10
8.2Customer Service10
8.3Store Decoration10
8.4Advertising about Expansion11
9Conclusion11
10References12

* Executive Summary
Victoria’s Basement is a small business which started its journey in the Queen Victoria Building and successfully grew into its current status of holding 5 locations around Sydney of significant sizes. From an outside perspective it is easy to conclude that the main ingredient of the success of Victoria’s Basement is its prime location in the Queen Victoria Building. However, a detailed research into various marketing aspects of the business reveals that the store’s product mix, target market, and promotions are significant contributors to the success of the store. A macro-economic and micro-economic analysis of Victoria’s Basement reveals that the business has utilized some of the main advantages of being in Sydney CDB area and being close to railway station has given it additional exposure to its customers. It also shows that technology is the business’s main opportunity to grow and that the threat to the business from rival businesses is the biggest threat to the business. Also, studying the market segments suggest that tourists and adults of age range 20-35 years are the target market segment of the business which is also being assisted by online selling strategy. Exploring the marketing mix of the business detailed its business marketing strategies and illustrated how each aspect is playing role in the current success of the company. Finally, based on all the research done, some recommendations have been made on what are some of the aspects that the business could improve on. Use of technology, improvement of customer service and increasing advertisement about other locations than the QBV store are the main areas of improvements to the company.

Introduction
Victoria’s Basement is a business whose large comic advertising signs grab attention of any pedestrian walking through the Queen Victoria Building, a historic building that gets the most foot traffic among all the buildings around the Town Hall area of the Sydney CBD. Victorias Basement has been well established for over 10 years, However the foundations were laid more than 20 years ago when the Kalanderian Brothers opened their first "Mr Tablecloth" store on November 1986 in Sydney's historic and restored Queen Victoria Building. This research is carried out on the business atmosphere, marketing strategies, marketing mix and target market of Victoria’s Basement, with a recommendation based on those studies about any further improvement that the business can make to attract more consumers. The company definitely has gained some forte by being in a prime location, where it gets at least 50% of the foot traffic from Town Hall railway station. Town Hall is Sydney's second-busiest station on the CityRail network. About 70,050 people move through the station each weekday and the number is increasing every year (Malkin & Dick, 2005). Also, Victoria’s Basement has expanded its strength in the market because of its product mix, exposure to different market segments and advertising strategies. Macro-environmental Analysis of Victoria’s Basement

In this...

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