Strategic Niche Marketing
Our focus is outdoor living. For people who love being outdoors, this patio table will be perfect for them. We show that every home or public areas like parks, coffee shops and schools should have this patio table. The gadgets it comes with depends on what it will be used for and it will make it easy for people to reach a charging port and things like that.
Strategic Partnerships
We have partnered with home improvement stores such as Home Depot, Lowes, Walmart, etc. Selling our product through those companies will help our company get attention and will make it easier to sell.
Sustainable Competitive Advantage
Ckoil's will be ahead of the competition by our low production costs. We will use slightly cheaper materials, but with better quality. By using cheaper materials, we will be able to lower the sale price, which big retailers will like. Also, we will be getting a patent for our product to make sure no one can steal our idea. By doing this, retailers will trust us more and believe it is our own product, and no way they could get in trouble for selling it in their stores. Once we get our product in retail stores, we will start working on our table again to improve it and evolve it to keep our brand fresh and continuously providing good quality products. By doing this, we will be building our brand, gaining trust from the retailers, and raking in more new customers with our new ideas.
Market segmentation
Ckoil’s market segmentation is directed toward retail stores, rather than individual customer sales. Lowes, Home Depot, and Sears are chain stores that would fit the product. The choice was made to target chain retail stores because they would offer the largest opportunity for volume sales.
Detailed market breakdown
Ckoil’s demographic breakdown:
Target market segment strategy
Ckoil’s strategy is to get more sales every month, and to attract the attention of the public when we do so. We can do this through imposing the best marketing tactics. We can distribute fliers, make a website and use social networking sites. Donating some pieces of furniture to other companies or people can also boost our reputation. Ckoil will provide outdoor industry trade shows. These shows typically occur two times a year in different locations. These trade shows are quite extensive, they have retailers, manufacturers, designers, wholesalers as well as the media.
Industry Analysis
Ckoil will enter the industry of garden/ outdoor furniture. Ckoil’s tables are sure to be a sales hit next spring in the garden/ outdoor furniture industry.
Website marketing strategy
Ckoil’s website marketing strategy consists of Conversion optimization which helps ensure more value out of each and every visitor by maximizing the rate of conversion. Ckoil’s strategy is the search engine optimization which is a process of making the site more visible in search engines, to get more people searching for the product.
Ckoil's will be ahead of the competition by our low production costs. We will use slightly cheaper materials, but with better quality. By using cheaper materials, we will be able to lower the sale price, which big retailers will like. Also, we will be getting a patent for our product to make sure no one can steal our idea. By doing this, retailers will trust us more and believe it is our own product, and no way they could get in trouble for selling it in their stores. Once we get our product in retail stores, we will start working on our table again to improve it and evolve it to keep our brand fresh and continuously providing good quality products. By doing this, we will be building our brand, gaining trust from the retailers, and raking in more new customers with our new ideas.
Market segmentation
Ckoil’s market segmentation is directed toward retail stores, rather than individual customer sales. Lowes, Home Depot, and Sears are chain stores that would fit the product. The choice was made to target chain retail stores because they would offer the largest opportunity for volume sales.
Detailed market breakdown
Ckoil’s demographic breakdown:
- Most of our customers/ audience are middle class and upper class homeowners. 51% of adults live in middle-income households. 29.4% of adults live in upper-income households.
- In 2013, U.S. outdoor furniture retail sales amounted to approximately 4.05 billion U.S. dollars.
- US demand for outdoor furniture (including patio heaters, outdoor cooking appliances, and accessories such as cushions, umbrellas, and grilling utensils) is forecasted to rise 3.7 percent annually to $9.1 billion in 2019.
- The outdoor furniture market is expected to surge by 19.5% by 2020 as shoppers search for unique, practical, and on-trend outdoor pieces. This increase will drive a growth rate of 5.3% for furniture retailers.
- The top three home-improvement retailers were found to be Home Depot, Lowe's, and Ace Hardware.
- Unfortunately , our product will not be sold in the west coast
Target market segment strategy
Ckoil’s strategy is to get more sales every month, and to attract the attention of the public when we do so. We can do this through imposing the best marketing tactics. We can distribute fliers, make a website and use social networking sites. Donating some pieces of furniture to other companies or people can also boost our reputation. Ckoil will provide outdoor industry trade shows. These shows typically occur two times a year in different locations. These trade shows are quite extensive, they have retailers, manufacturers, designers, wholesalers as well as the media.
Industry Analysis
Ckoil will enter the industry of garden/ outdoor furniture. Ckoil’s tables are sure to be a sales hit next spring in the garden/ outdoor furniture industry.
Website marketing strategy
Ckoil’s website marketing strategy consists of Conversion optimization which helps ensure more value out of each and every visitor by maximizing the rate of conversion. Ckoil’s strategy is the search engine optimization which is a process of making the site more visible in search engines, to get more people searching for the product.