Marketing Plan for LorenzoLorenzo Marketing Plan 2012 Page 1 of 33 Marketing Plan for Lorenzo Contents 1. 2. 3. 4. Terms of Reference………………………………………………………………………………..4 Executive Summary……………………………………………………………………………….5 Business Mission…………………………………………………………………………………..7 External Marketing Audit……………………………………………………………………….8 4.1 4.2 4.3 5. Macro Environment –PEST Analysis ............................................................................................... 8 Market Analysis ............................................................................................................................. 9 Competitive Analysis .................................................................................................................... 10 Internal Marketing Audit…………………………………………………………………………14 5.1 5.2 5.3 Operating Results ........................................................................................................................ 14 Strategic Issues Analysis .............................................................................................................. 15 Marketing Structure, Systems and Marketing Mix Effectiveness ................................................. 15 6. 7. SWOT Analysis……………………………………………………………………………………17 Marketing Objectives……………………………………………………………………………...20 7.1 7.2 Strategic Thrust............................................................................................................................ 20 Strategic Objectives ..................................................................................................................... 20 8. Core Strategy………………………………………………………………………………………21 8.1 8.2 8.3 8.4 Customization of furniture “Design with YOU in mind” ............................................................. 21 Consultation services to consumers purchasing Lorenzo furniture ............................................. 21 Loyalty Program .......................................................................................................................... 22 Distribution Channels .................................................................................................................. 22 9. Marketing Mix Decisions………………………………………………………………………….23 9.1 9.2 9.3 Product ........................................................................................................................................ 23 Promotion .................................................................................................................................... 23 Price ............................................................................................................................................. 24 Page 2 of 33 Marketing Plan for Lorenzo 9.4 10. Place ............................................................................................................................................ 24 Organization and Implementation……………………………………………………………….25 10.1 Organization ................................................................................................................................ 25 10.2 Implementation ............................................................................................................................ 26 11. Control……………………………………………………………………………………………...29 11.1 Contingency Planning .................................................................................................................. 30 12. 13. 14. Conclusion………………………………………………………………………………………….30 References………………………………………………………………………………………….31 Appendix…………………………………………………………………………………………...33 14.1 Implementation Table .................................................................................................................. 33 Page 3 of 33 Page 4 of 33 . Terms of Reference This is a 2 year marketing plan that will outline the various business objectives. introductory of new loyalty program and the opening of the new retail chain in the heart of Singapore. The marketing plan will focus on the core strategies with the intention to bring Lorenzo to the premium market by introducing high end furniture customization. The goal of this marketing plan is to ensure that all the business objectives and strategies are clearly defined and properly planned and carried out. core strategies and the implementation plan.Marketing Plan for Lorenzo 1. try to eliminate threats and make best use of the opportunities. Page 5 of 33 . which would give a good idea of how to move forward. we move on to how to work the plan. Now the next step would be to look into the strategies that are recommended and find out how we can implement them most effectively. what marketing strategies would we introduce and how we can implement it. We believe that by targeting the high-end market. We will analyse the strategies. Then. we can successfully occupy an emerging niche that other channels of distribution have not been able to target. and analysis our immediate competitors. elegant alternative to mainstream furniture found locally. the marketing structure and the main objectives would be discussed. Executive Summary The main objective of this marketing plan is to look at how we can contribute to the growth of Lorenzo. The Implementation Plan would give us a good idea of how we can successfully utilize our marketing strategies to attain maximum results. and surely emphasis on their mission and vision as this is a very important key to the success of this marketing plan. All of the strategies that have been recommended are in-line with the main mission and vision of Lorenzo. We would bring in new ideas that would focus on long-term benefits for Lorenzo and its consumers alike. be aware of the weaknesses such as perception of consumer as a very expensive brand and the lack of awareness of the brand in Singapore. Within this plan we shall go over the background of Lorenzo. With the implementation of the new marketing focus outlined in this plan. We will look into the furniture industry market in Singapore.Marketing Plan for Lorenzo 2. Now that we have planned our marketing strategy. we will position our product line as the high-quality. identified the strength as established brand and design capability. Our ability to integrate customization in our design would provide strengths and establish a reputation of unmatched quality. We will look at how we can ensure that we deliver maximum value to the consumers. excellent leather. quality workmanship. Page 6 of 33 .Marketing Plan for Lorenzo In this marketing plan for Lorenzo. we would focus on how we can get Lorenzo into a good market position in terms of. This is key to ensuring the longevity of Lorenzo in the furniture market. quality design and quality of end result. uncompromising commitment to the quality: quality wood. the Group exports its “LORENZO” branded products around the world. Most of the Group’s products are sold under its “LORENZO” brand and categorized into two collections. Lorenzo upholds its vision to be an integrated lifestyle furniture brand driven by passion in the design. Lorenzo’s comprehensive and integrated in-house capability gives it the edge in the competitive furniture industry.Marketing Plan for Lorenzo 3. Designing and producing its own prototypes. Page 7 of 33 .the wood-based collection. and as an original equipment manufacturer to manufacture furniture based on customers’ designs. fine workmanship and exquisite quality. Lorenzo International Limited. Apart from retailing its own products. manufacture. It has operations and retail outlets in Taiwan. The People’s Republic of China. Morocco and Myanmar and also exported to more than 50 countries worldwide. The Group also acts as an original design manufacturer to design and manufacture leather sofas under its customers’ own brands. Business Mission Integrated lifestyle furniture group.the classic leather collection. assembly. Dante . wholesaling and retails of conceptualized furniture exuding elegance and luxury. Brunei. is the manufacturer and retailer of leather upholstery sofas and wood based furniture for the mid to high-end consumer markets. have allowed the company to maximize its profit margins while ensuring better control over its costs. Reputed for contemporary style. undertaking production and marketing as well as distributing and retailing its products. and ENZO . Lorenzo’s products are renowned for their luxurious comfort. Malaysia. 1 Macro Environment –PEST Analysis This analysis provides an assessment on the macro environment conditions to identify the issues affecting the furniture industry in Singapore. Table 1. which can be viewed as important due to certain critical information that can affect this plan. Four factors in this analysis are political.Marketing Plan for Lorenzo 4.Macro Environment Analysis Page 8 of 33 . The details are summarised in Table 1. social-cultural and technological. economic. External Marketing Audit 4. local furniture companies have transformed from small workshops offering basic furniture-making capabilities. setting up commercial presence in traditional European. research and development. innovative. Many companies have also spread their wings far and wide. Neighboring Malaysia. many furniture companies have factories in neighboring countries to leverage on the competitive production costs and abundant raw materials while maintaining Singapore as their headquarters for knowledge-driven activities such as marketing. South America and even the Middle East. Page 9 of 33 . creative design-motivated furnishing competencies.Macro Environment Analysis (cont.Marketing Plan for Lorenzo Table 1. Vietnam and Indonesia are some of the obvious choices for setting up manufacturing operations. to highly evolved business enterprises that have today. Singapore players have earned a strong reputation based on their foresight and ability to anticipate as well as adapt to rapidly changing trends and market conditions. built up strong global positioning through the development of customer-driven. design. Eastern Europe. Since its inception.) 4.2 Market Analysis Singapore’s furniture industry has come a long way in its four-decade history. To enhance its competitiveness and to capitalize on Singapore’s strategic location in Asia. American and Japanese markets as well as non-traditional markets and regions such as Africa. and presently strives to produce furniture pieces that project an image that would appeal to a variety of lifestyles. economic factors. adjusting lifestyles. The need for local companies to invest in branding has become essential as the market size grew with increased competition illustrated in Exhibit 1. Although 90% share of the industry remains with the Page 10 of 33 . In view of this market scenario. However. and the increase in people who can afford quality furniture are all instrumental in furniture demand. customers are able to experience a wide variety and new range of product substitutes.Market Size 4. comprising of many small and unorganized players. the intense competition of rivalry is visible. Both retailers and customers are not in a position to bargain much with the due to availability and imports. but has also allowed the players to carve a niche for themselves in the international arena.3 Competitive Analysis The furniture industry is fragmented in nature.Marketing Plan for Lorenzo Regionalization has not only enabled the local industry to survive. The industry is constantly evolving. The income of the consumer. due to growing demand and initial stage of organized sector growth. Exhibit 1. Marketing Plan for Lorenzo unorganized sector. The industry is not vulnerable to new players even with factors like increasing demand. comparatively low capital investments and easier imports. there is an increasing demand but limited number of dominant players. Exhibit 2 – 5 Forces. the industry is in a mature stage and the barrier to entry is high due to the conditions of rivalry. To sum up. Exhibit 2 shows the framework of competitive analysis and Table 2 are the analysis findings and conclusions. Competitive Analysis Framework Page 11 of 33 . industry has witnesses a rapid growth in the organized segment. Marketing Plan for Lorenzo Table 2 – Analysis Findings and Conclusions Page 12 of 33 . Marketing Plan for Lorenzo Table 2 – Analysis Findings and Conclusions (cont.) Page 13 of 33 . 2% to 44. contributing to the 44. accounting for 51. representing the Group’s export regions. Malaysia remains as the Group’s largest market. Their retail segment has also gain traction.5 million. contributing 77% of the group’s total revenue in the financial year 2010 shown in Exhibit 3. Contribution from Taiwan grew from 11% from S$9. Lorenzo group has also a vast reach to the international market.6% to S$64.9% on change in revenue mix. Singapore contributed 15.1% or S$42.4 million for the financial year of 2010.4 million in FY 2009 to S$11.2 million during the financial year.9 million in financial year 2010. Revenue contributed by other region came up to S$14.4% of revenue and recorded S$12.8 million. their wood based furniture has grown to S$37. favoring a higher margin retail segment. Internal Marketing Audit 5.1 Operating Results Lorenzo recorded a net profit of S$4.8 million. Key markets like Malaysia.Marketing Plan for Lorenzo 5.7% of revenue. Exhibit 3 – Lorenzo’s Revenue Page 14 of 33 . Their gross margin also grew from the past 40. Singapore and Taiwan remain strong during the financial year 2010. an increase of 12.3 million. Base on product segment. Its operating profit also increases a 68% from its past year results. Marketing Plan for Lorenzo 5. Indonesia. Lorenzo will continue to focus on consolidating its LRD stores for its growth plans in China and new geographical markets.3 Marketing Structure. China and Singapore. Lastly. the group aims to move away from the 60-40 ration of leather sofas and wood-based furniture toward a more balanced 50-50 mix. Exhibit 4 – Marketing Flow Page 15 of 33 . 5.2 Strategic Issues Analysis The group aims to strengthen its presence in high-performing regional markets and expand into emerging markets like Thailand. Systems and Marketing Mix Effectiveness Lorenzo carry out the following marketing and sales activities in order to expand their distribution network to new geographical regions and to increase market penetration to their exiting geographical regions shown in Exhibit 4 and details explained in Table 3. Marketing Plan for Lorenzo Table 3 – Lorenzo Marketing Activities These marketing activities are key driver for the current achievements as Lorenzo have created a learning curve for future marketing initiatives. Page 16 of 33 . Hence future marketing plan shall focus on improvement of activities along these channels with minimum deviation. opportunity and threat (SWOT) analysis is to evaluate the Lorenzo current strategic position and the detail findings are presented in Table 4. weakness. SWOT Analysis The strength. Table 4 – SWOT Analysis Page 17 of 33 .Marketing Plan for Lorenzo 6. ) Page 18 of 33 .Marketing Plan for Lorenzo Table 4 – SWOT Analysis (cont. ) Page 19 of 33 .Marketing Plan for Lorenzo Table 4 – SWOT Analysis (cont. 1 Strategic Thrust The upcoming 2 years plan shall focus training and converting sales representative to professional consultants on existing product and new premium products to create service differentiation. measureable. Therefore at the end of the 2 years. and realistic and time specific. achievable. the result is to enhance service and widen customer pool by 3%.Marketing Plan for Lorenzo 7. Since Lorenzo is very much established in the furniture industry. Page 20 of 33 .2 Strategic Objectives The strategic objectives should be specific. Marketing Objectives 7. Focus strategy on marketing to affluent professionals and home owners with the launch of ‘Prestige’ loyalty program and the opening of one boutique showroom in the heart of the city. ultimate lead to improvement in brand equity. 7. the aim is to increase the market share and gain new customers with the introduction of new membership program. There shall be a tie-in will improved incentive system. furniture samples and furniture on display (in our showroom). many customers may want maximum utilization of space. Customers just desire a more superior product than what is offered locally. the floor area is smaller by 30% compared to the past. making the customers’ decision-making process easier. This is where our professional consultants step in. better understanding on options offered and relationship. With this marketing plan people would be able to build their homes. From recent research. Customization of furniture seems to be a trend that continues to develop and evolve. and help the customer make the right choices.1 Customization of furniture “Design with YOU in mind” Customers simply can't find what they want in their local furniture design showrooms. While some manufacturers have provided this service for many years. Professional sales consultants shall provide on-site consultation with brochures. and how to make the best use of it. 8. exactly the way they like it. This is one of the methods we will use to differentiate our products from our immediate competitors. based on their requirements. with maximum utilization of space and their preferences. Today. This shall ultimately translate to convenience. For example.Marketing Plan for Lorenzo 8. people are more aware of the importance of space. but may not have the expertise to do so. the growing demand has made more manufacturers take notice. and utilizing the space effectively.2 Consultation services to consumers purchasing Lorenzo furniture To enhance our service to the customers. 70% of them require new furniture designs to blend with their existing furnishings. has proven to be a difficult task for most. Core Strategy 8. Page 21 of 33 . this marketing plan aims to offer one-on-one furniture consultations. Some have specific size and/or material requirements. Finding the right furniture to fit one’s home. This process consists of working closely with our customers. and still others want something truly original. adding values to the customisation strategy. which reaches audience much larger than most retailers’ actual customer base. These new benefits to customer will consist of 2 years of membership enhancement where members can enjoy privileges such as. Yet this system fall short to give customer immediate benefit and convenience. 8. Lorenzo can also communicate this marketing information through less expensive mediums. Page 22 of 33 . Lorenzo. etc. priority services and express delivery.3 Loyalty Program With the objective of enhancing customer retention. we give our consumers a positive impression. The current customer loyalty system is similar to their competitor hence a new complimentary loyalty program shall be introduced. Since the city centre has a huge footfall. Normally. e-mail or point-of-sale discounts. such as mailings. improve brand image and reputation. targeted to the affluent professionals shall improve image standing. Loyalty Points are issued with every purchase of Lorenzo furniture. Members could get to accumulate points and receive discounted prices. the placement of 1 new store in the heart of the city. The strategic plan is to position Lorenzo to customers who are willing to pay for quality service and premium furniture. exchanging Lorenzo’s old furniture and new of their choice. they are most likely to use. extended warranties. Target marketing is typically more cost-effective than mass marketing. The future program shall provide better more direct loyalty system such as immediate voucher redemption.4 Distribution Channels With the objective of expanding the reach and growing revenue.Marketing Plan for Lorenzo 8. By placing Lorenzo in the heart of the city. Lorenzo shall implement a Loyalty program different from competitor. this move will also build greater awareness of the brand. Lorenzo shall generate more sales at a lower cost by notifying members of specials that based on purchasing data. 2 Promotion Our promotional strategy is based mainly on making the right information available to the right target market and to maintain good relationship with valued customer. This is the foremost essential to enhance both awareness and loyalty. This shall be complimentary for existing customers and their referrals during the 3 months soft launch for 2 years. This allows them to make best value purchases as well as the desired stylish and exclusive home design furniture. this range of furniture features fine quality customisation that will give customers best value for their money and perfect fit for their home. and ENZO .the wood-based collection. This will be targeted to a market of affluent professionals and home owner with spare cash. Our product strategy is that we aim to roll out the ‘Cristallo Collezione’ another premium product effectively in Singapore by 2014. Hence this strategy builds on leveraging intimacy to achieve repeat and upgrade purchases and through referrals as a direction to increase future market share.000 and above purchase during this promotion period.the classic leather collection. Marketing Mix Decisions 9. 9. Under the ‘Prestige’ membership.1 Product Most of our products are sold under our "LORENZO" brand and categorized into two collections. This introduction of new loyalty program under the title of ‘Prestige’ shall showcase ‘Cristallo Collezione’ and package with additional discounts and benefits for every purchase of Lorenzo products. on-site home consultation service will be included for premium choice of Lorenzo’s products specially to cater to the valued customers. Page 23 of 33 . This is followed by a 1 year complimentary to new customers with $5. Dante . In addition.Marketing Plan for Lorenzo 9. Customers are looking for solutions and convenience where the current change in housing size.999. This extends to further differentiation.Marketing Plan for Lorenzo 9. specifications and investment are important factors for buying decision. a furniture package at current price of $4. promotion and place identified as these variable costs could erode Lorenzo revenue. Hence the value-added pricing feature is a focused strategy to enhance branding position and anticipating the increased completion of private and public housing in year 2013. the pricing is linked to the new membership program for flexibility adjustment. leveraging this reputation with enhancement build on exclusiveness is the most sensible way to improve customer satisfaction.499 for additional value such as on-site service consultation and furniture customisation.4 Place One new boutique style showroom shall be opened at Orchard Ion in year 2014 with the aim of enhancing image standing and increase market share through awareness. treatments and benefits which other furniture retailers will be unable to imitate for its intangible value. Premium value-add pricing shall be set to reflect the exclusiveness of the product and services to be provided the next 2 years target focus on the affluent single and home owners. Lorenzo shall set focused positioning for future profitability. the price shall be set competitively at $5. Discounts will be provided to members with exclusive service. 9. Furthermore. With the current established branding for quality. This shall position Lorenzo to target the specific customers mentioned that are willing to pay for premium product and services.3 Price Pricing is the most important in this marketing mix and the pricing strategy. Estimating in the first year. The increase in price will have minimum effect on Lorenzo bottom-line earnings. Therefore the perception on price and value for Lorenzo’s furniture will be set at 10% higher than current price. Considering the cost impact on the product. changing Page 24 of 33 . This is to avoid price war against other furniture retailers and distinct themselves from competitors. he is also involved in progress reviews and implementation of workflow initiatives for the furtherance of the business competitiveness. In addition.1 Organization Good implementation needs buy-in from Lorenzo’s marketing and sales team who are to carry out the plan. corporate identity and design strategy. Our workshop manager reports directly to him. and manufacturing. He has been the key driver in designing our products. showroom layout concept. Chen was a Designer with Gao Dian Furniture in China from 1999 to 2003. is responsible for product design and development. Organization and Implementation 10. account manager and sales manager report directly to Goh. Prior to joining us in 2003. Design director. Chen Wen Te. From 2001 to 2003. Goh had a successful career in retail Mr. Group Managing Director. Goh Ah Lee. The best way for such buy-in is to have them participate in the marketing plan development and incentives tie-ins for the next 2 years. Design Director. he works very closely with the R & D team in developing the new products. Together with his fellow directors and key executives. Mr. is responsible for overall business management. He is responsible for the Group's overall creative team and its product design development. Goh has been instrumental in the development and running of our retail operations in Singapore. 10. he was also involved in the designing and selling of furniture in Taiwan under Feng Fan Tang Design and Furniture Company Page 25 of 33 . assembly. Thus the organizational focus for the execution and success of this marketing strategy will encourage representative participation.Marketing Plan for Lorenzo customer perception with innovative concepts that brings quality service and premium lifestyle furniture. He is also involved in sourcing for the raw materials and OEM Manufacturers. 10.Marketing Plan for Lorenzo Jane Lim. These departments have been integrated with each other in order to sell and market Lorenzo's product through Singapore market.3 million injected into commission for marketing efforts. For the oncoming campaign for fiscal years 2012 and 2013 the projected commission to increase marginally. Account Manager and Andy Loo. there was an increase in $0. The emphasis will be on the ‘Prestige’ image of frontline sales team. Although cost of operation will increase by 10-15%. and Loo is strong on management and marketing know-how. Lim is strong on relations management. Estimated 20% and 30% revenue growth in 2013 and 2014 as the outlook of home Page 26 of 33 . Personalized service can be benchmarked with best practices from Insurance services where personalized consultation by appointment is the key success of long term relationship with clients. Sales Manager jointly team-up and develops marketing strategy and long-term marketing plans. account and sales managers are in the process of revolutionizing the way in which the reaches serves its customers. they have plans to start the strategic marketing activities of focused strategy. it is decided the implement of this new strategy for future growth and increased market share in Singapore. The buy-in of ‘Prestige’ shall encourage sales representative to participate in the development of marketing strategy to convert them to professional consultant. Once sales representatives are aware of the benefits of this development. Key emphasis of this development will be building relationship with current customers and future prospects. the long term benefits in brand equity and capturing of larger market share locally. training and development with tie-in professional marketing trainers to motivate and improve all employees on service delivery of branding awareness to customers and prospects. Lorenzo design director. Lorenzo will soon become a part of high quality customised furniture and excellence in service environment.2 Implementation The keys to Lorenzo's success have historically been effective market segmentation and implementation strategies. Due to the success in marketing with high-end customer in Taiwan. Firstly for the past year. In addition. 499 per package sofa. That is where the ‘Prestige’ consultants are trained to provide solutions and brand awareness. this will be made available for packages such as living room. quality workmanship. not worse. quality of end result. dining etc. according to report from DTZ estimates a completion of 32. leather and wood. The selection of customized product is not for every individual. and we need to make sure that customer can find us and we respond professionally with personal experience. • • Uncompromising commitment to the quality the product: quality fabric.000 which 80% could be recovered from the Government retraining program.501 units in 2011-2012 (propwise.Marketing Plan for Lorenzo completion. This customization can include the special sizing. priced at 10% higher but the value Page 27 of 33 . Customization is the greatest challenge yet it is essential to move into focus strategy and provide the experience of personalized service to individual customers. extensive product descriptions. TV console. but customization must be so easy and automatic that it makes the customer feel better about the quality. coffee table and other upholsteries. feel and look wonderful in the modern confine space of new house for a holistic approach. 2012). This shall give buy-in of $4. This implementation starts in conjunction with the launch of new membership.359 units in 2013-2014 versus the 17. Training of all staff prior to launch starts in June 2012 and estimated cost of $100. quality design. color and materials of furniture to fit. • Almost-automatic customization: we can't afford to ship fully-customized furniture. part-timers (such as up-coming local furniture designers and ex-property agents) will be selected and hired to support this operation to avoid resources being spread too thin. Production quality and customization incorporate with new ‘Prestige’ catalogue marketing and turn to in-house production for more specific. ‘Prestige’ which will be complimentary upgrade to all existing ‘Friends’ members on the 32nd Anniversary in October 2012. Successful niche marketing: we need to find the quality-conscious customer in the right channels. through the seasonal period of Christmas and New Year providing extensive promotion through personalized services.sg. To broaden outreach. This showroom will offer holistic fine living concept with a change in display every quarter year. Yet the challenge of such condition will have to be managed through supply chain efficiency. Maximum 2 weeks from order to delivery is our internal commitment shorter lead time compared to competitors. Refer to Appendix . in 2014.2 for Implementation Schedule. The total budget required for the implementation is approximately $1. Page 28 of 33 . Therefore shall prepare trained sales representatives placements internally and execute the three implementations. (2. Projected marketing revenue projected $1. and projected increase of profit from 15% .000 per year rental). ft..000 per year. to further enhance brand awareness with the successes of the initial 3 campaigns.Marketing Plan for Lorenzo provided is much greater.5 million with contingency buffer. the estimated projected increase in revenue for this plan is $4 million for the entire plan an increase of 15% each year.000. The production team in Malaysia and China are to plan out the lead time for such package. with a campaign to introduce this new offer. high end product in Orchard Ion. approximately $500. Lorenzo’s Implementation Schedule will begin the year 2012 by continuing to strengthen service excellence.35% and increase market share by 3% and new and trendy boutique concept alongside with target achievement of creative product and service concepts for the brand. Optimistic.13. Therefore estimate profit for customized package is 20%. It will be implemented in the middle of 2013. Finally.000 sq. with increased profit in the local market. One Lorenzo furniture boutique showroom opening offering style. Controls Page 29 of 33 . This shall give either indication of poor implementation for the plan or change in macro-environment forces irrelevance and fixes shall be required to ensure no profit loss and worst case loss of customer confidence. The aim of Lorenzo control systems is to evaluate the results of this implementation of marketing strategy following Table 5. Table 5 . Control The processes of Lorenzo management teams are committed in the planning. implementation.Marketing Plan for Lorenzo 11. and control constitute a virtuous feed forward and feedback system to measure and monitor the overall strategy. creativity and fashion with its multi-racial and multi. it is possible that with our success and superior design. However. Therefore. Intensive study covering on all areas required to the best ability. Finally. an established furniture company it will be best to begin marketing to our target market and broaden the referral strategy.Marketing Plan for Lorenzo 11. there is a high possibility of success attributed to the optimistic outlook of Singapore economy shall remain strong and growth is expected in the next few years as observed with the increase demand of property. other.national demographics. Page 30 of 33 . lifestyle concept home furniture feature to focus target. The team is aware that the future is uncertain. As the overall population has increased tremendously in the recent years. This would not be overly threatening because our products are inherently the best available due to the true craftsmanship involved in design and manufacture. Lorenzo focus specifically on the high-end.1 Contingency Planning Lorenzo Furniture is unique in its discovery and utilization of the high quality. With this exclusive concentration. technologically integrated aspect of lifestyle home furniture. as flexibility of change will allow Lorenzo marketing team to strategize further for continued success. Another possible challenge would be the emergence of company attempt to imitate this marketing strategy. Nevertheless. would not be quite as threatening. exquisitely furnished home with high-end furniture. Conclusion This marketing plan is the result of meticulous analysis and proven marketing planning framework. This however. The team is confident with this marketing plan and shall facilitate to success shall it be implemented. yet there were information in which is not clearly available and some assumptions have to be made for the marketing decision. 12. well-established furniture manufacturers may release a competitive product line. Lorenzo can continue to upgrade its resources on producing the best lifestyle home furniture solution provider available. this gave rise in different types of furniture demands to create unique. Therefore it is likely Singapore has a good reputation for class. 269-272 Kotler. 2nd Edition. Principles of Marketing. McGraww Hill Page 31 of 33 .proquest. The Strategic Marketing Plan Audit 2008. . (1999) Principles of Marketing. Saunders..com/docview/194201548?accountid=12629 Jan. G. and Delivering Value." Accessed Mar 12. ISBN 0-19-877617-9 Ikea Group. Business Market Management: Understanding. Y. Oxford University Press. S. and Narus. 2002. Ploeg. P. 2012. References Anderson. Pearson Education Inc Baker. Harlow Brooks. 27 Brassington. 2002. 2nd Edition. Vol. Michael.. I and Weatherston. Armstrong. James A. Prentice Hall.1994. F and Pettitt. V. J. A three-step matrix method for strategic marketing management. http://search. Annual Report 2010. Challenges and Changes. J. B.. Product plus: How product + service = competitive advantage. C. Heijdra. 2010. van der. Prentice Hall. 20 (5). F. J. and Wong. New Jersey: Prentice Hall Lorenzo. pp.1997. Creating. 2008. pp. 2004. 1-44 Lovelock. Marketing intelligence and planning. "Ikea Group . 2000. The Business Environment.Marketing Plan for Lorenzo 13.. .SWOT Analysis. Foundations of Modern Macroeconomics. Second Edition. James C. ISBN 1902433998. pp. Strategic Management. and Robinson. 2005.. Vol. Consumer Socialisation. http://www. USA: Lexington Books Heath Pearce. 18-23 Page 32 of 33 . E.2002.propwise.Marketing Plan for Lorenzo Moschis.P. Kogan Page Singapore Furniture Industries Council.com/members_full_detail. pp. 9th Edition.singaporefurniture. J. “Lorenzo Ltd. B. 2002. Assessed Mar 10. 11(1). Marketing management in changing times. .501 units in 2011-2012”. R.” Assessed Mar 10.359 units in 2013-2014 versus the 17.sg/singapore-property-%E2%80%93-if-the-minister-isworried-should-we-be-too Van Auken.asp?code=lorenzo Webster.1990. . 2012.The Brand Management Checklist. F. http://www. 2012. New York: McGraw-Hill Prop Wise. “DTZ estimates a completion of 32. Marketing Management. G. preparation Boutique Opening Total PR Budget Direct Marketing Customization Operations Plan Onsite Consultation Operations New Boutique Rental Total Direct Marketing Budget Web Development Websites Total Web Development Budget Other Training Recruitment Logistics Total Other Budget Totals Start Date 1/6/2012 1/6/2012 1/6/2012 End Date 1/6/2013 1/6/2013 30/1/2014 Start Date 1/6/2012 End Date 2/10/2014 Start Date 3/10/2012 1/9/2012 3/10/2012 3/10/2013 End Date 30/1/2014 3/10/2013 30/11/2014 30/1/2014 3/10/2014 Start Date 1/6/2012 3/10/2012 7/1/2012 3/10/2013 End Date 3/10/2012 30/1/2013 3/9/2013 30/1/2013 Start Date 1/6/2012 1/6/2012 1/6/2013 End Date 1/9/2012 1/9/2013 1/9/2013 Budget $60.000 $50.000 $20.000 $80.000 Budget Manager $100.000 $200.000 Ho Ho Lee Department HR HR Logistics Chua Department IT Loo Loo Loo Sales Sales Sales Lim Lim Lim Lim Department PR PR PR PR Manager Tan Tan Tan Department Ads Ads Ads Page 33 of 33 .000 $150.000 $270.000 $1.000 $100.000 $20.000 $50.000 $60.000 Budget Manager Department Loo $100.Marketing Plan for Lorenzo 14.1 Implementation Table Milestones Advertising ‘Prestige’ Catalogue Placement ‘Prestige’ Membership Forms and Cards Boutique Catalogue Total Advertising Budget PR ‘Prestige’ and Anniversary Event preparation Prestige’ and Anniversary Event Boutique .000 Budget Manager $50.000 $20.000 $660.000 30/1/2014 $500.000 $50. Appendix 14..000 Budget Manager $10.000 Sales $10.280.