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Marketing Plan for Lorenzo

Lorenzo Marketing Plan 2012

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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 Audit14 5.1 5.2 5.3 Operating Results ........................................................................................................................ 14 Strategic Issues Analysis .............................................................................................................. 15 Marketing Structure, Systems and Marketing Mix Effectiveness ................................................. 15

6. 7.

SWOT Analysis17 Marketing Objectives...20 7.1 7.2 Strategic Thrust............................................................................................................................ 20 Strategic Objectives ..................................................................................................................... 20

8.

Core Strategy21 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

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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

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Marketing Plan for Lorenzo 1. Terms of Reference

This is a 2 year marketing plan that will outline the various business objectives, core strategies and the implementation plan. 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.

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, introductory of new loyalty program and the opening of the new retail chain in the heart of Singapore.

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Marketing Plan for Lorenzo 2. Executive Summary The main objective of this marketing plan is to look at how we can contribute to the growth of Lorenzo, what marketing strategies would we introduce and how we can implement it.

We believe that by targeting the high-end market, we can successfully occupy an emerging niche that other channels of distribution have not been able to target. With the implementation of the new marketing focus outlined in this plan, we will position our product line as the high-quality, elegant alternative to mainstream furniture found locally. Our ability to integrate customization in our design would provide strengths and establish a reputation of unmatched quality. Within this plan we shall go over the background of Lorenzo, and surely emphasis on their mission and vision as this is a very important key to the success of this marketing plan. We will look into the furniture industry market in Singapore, and analysis our immediate competitors.

Then, the marketing structure and the main objectives would be discussed, which would give a good idea of how to move forward. Now the next step would be to look into the strategies that are recommended and find out how we can implement them most effectively. We will analyse the strategies, identified the strength as established brand and design capability, 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, try to eliminate threats and make best use of the opportunities. 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.

Now that we have planned our marketing strategy, we move on to how to work the plan. The Implementation Plan would give us a good idea of how we can successfully utilize our marketing strategies to attain maximum results.

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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, uncompromising commitment to the quality: quality wood, excellent leather, quality workmanship, quality design and quality of end result. We will look at how we can ensure that we deliver maximum value to the consumers. This is key to ensuring the longevity of Lorenzo in the furniture market.

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Marketing Plan for Lorenzo 3. Business Mission Integrated lifestyle furniture group, Lorenzo International Limited, is the manufacturer and retailer of leather upholstery sofas and wood based furniture for the mid to high-end consumer markets. Reputed for contemporary style, Lorenzos products are renowned for their luxurious comfort, fine workmanship and exquisite quality. Lorenzos comprehensive and integrated in-house capability gives it the edge in the competitive furniture industry. Designing and producing its own prototypes, undertaking production and marketing as well as distributing and retailing its products, have allowed the company to maximize its profit margins while ensuring better control over its costs. Lorenzo upholds its vision to be an integrated lifestyle furniture brand driven by passion in the design, manufacture, assembly, wholesaling and retails of conceptualized furniture exuding elegance and luxury. Most of the Groups products are sold under its LORENZO brand and categorized into two collections, Dante - the classic leather collection, and ENZO - the wood-based collection. Apart from retailing its own products, the Group exports its LORENZO branded products around the world. The Group also acts as an original design manufacturer to design and manufacture leather sofas under its customers own brands, and as an original equipment manufacturer to manufacture furniture based on customers designs. It has operations and retail outlets in Taiwan, Malaysia, The Peoples Republic of China, Brunei, Morocco and Myanmar and also exported to more than 50 countries worldwide.

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Marketing Plan for Lorenzo 4. External Marketing Audit 4.1 Macro Environment PEST Analysis

This analysis provides an assessment on the macro environment conditions to identify the issues affecting the furniture industry in Singapore. Four factors in this analysis are political, economic, social-cultural and technological, which can be viewed as important due to certain critical information that can affect this plan. The details are summarised in Table 1. Table 1- Macro Environment Analysis

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Marketing Plan for Lorenzo Table 1- Macro Environment Analysis (cont.)

4.2

Market Analysis

Singapores furniture industry has come a long way in its four-decade history. Since its inception, local furniture companies have transformed from small workshops offering basic furniture-making capabilities, to highly evolved business enterprises that have today, built up strong global positioning through the development of customer-driven, innovative, creative design-motivated furnishing competencies.

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. To enhance its competitiveness and to capitalize on Singapores strategic location in Asia, 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, design, research and development. Many companies have also spread their wings far and wide, setting up commercial presence in traditional European, American and Japanese markets as well as non-traditional markets and regions such as Africa, Eastern Europe, South America and even the Middle East. Neighboring Malaysia, Vietnam and Indonesia are some of the obvious choices for setting up manufacturing operations.

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Marketing Plan for Lorenzo Regionalization has not only enabled the local industry to survive, but has also allowed the players to carve a niche for themselves in the international arena.

The industry is constantly evolving, and presently strives to produce furniture pieces that project an image that would appeal to a variety of lifestyles. The income of the consumer, economic factors, adjusting lifestyles, and the increase in people who can afford quality furniture are all instrumental in furniture demand. The need for local companies to invest in branding has become essential as the market size grew with increased competition illustrated in Exhibit 1.

Exhibit 1- Market Size

4.3

Competitive Analysis

The furniture industry is fragmented in nature, comprising of many small and unorganized players. However, due to growing demand and initial stage of organized sector growth, the intense competition of rivalry is visible. In view of this market scenario, customers are able to experience a wide variety and new range of product substitutes. Both retailers and customers are not in a position to bargain much with the due to availability and imports. Although 90% share of the industry remains with the

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Marketing Plan for Lorenzo unorganized sector, industry has witnesses a rapid growth in the organized segment. The industry is not vulnerable to new players even with factors like increasing demand, comparatively low capital investments and easier imports, the industry is in a mature stage and the barrier to entry is high due to the conditions of rivalry. To sum up, there is an increasing demand but limited number of dominant players. Exhibit 2 shows the framework of competitive analysis and Table 2 are the analysis findings and conclusions. Exhibit 2 5 Forces, Competitive Analysis Framework

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Marketing Plan for Lorenzo Table 2 Analysis Findings and Conclusions

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Marketing Plan for Lorenzo Table 2 Analysis Findings and Conclusions (cont.)

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Marketing Plan for Lorenzo 5. Internal Marketing Audit

5.1

Operating Results

Lorenzo recorded a net profit of S$4.4 million for the financial year of 2010. Their gross margin also grew from the past 40.2% to 44.9% on change in revenue mix, favoring a higher margin retail segment. Its operating profit also increases a 68% from its past year results. Base on product segment, their wood based furniture has grown to S$37.2 million during the financial year, contributing to the 44.7% of revenue. Their retail segment has also gain traction, an increase of 12.6% to S$64.3 million, contributing 77% of the groups total revenue in the financial year 2010 shown in Exhibit 3.

Lorenzo group has also a vast reach to the international market. Key markets like Malaysia, Singapore and Taiwan remain strong during the financial year 2010. Malaysia remains as the Groups largest market, accounting for 51.1% or S$42.5 million. Singapore contributed 15.4% of revenue and recorded S$12.8 million. Contribution from Taiwan grew from 11% from S$9.4 million in FY 2009 to S$11.9 million in financial year 2010. Revenue contributed by other region came up to S$14.8 million, representing the Groups export regions. Exhibit 3 Lorenzos Revenue

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Marketing Plan for Lorenzo 5.2 Strategic Issues Analysis

The group aims to strengthen its presence in high-performing regional markets and expand into emerging markets like Thailand, Indonesia, China and Singapore. Lorenzo will continue to focus on consolidating its LRD stores for its growth plans in China and new geographical markets. 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.

5.3

Marketing Structure, 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. Exhibit 4 Marketing Flow

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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. Hence future marketing plan shall focus on improvement of activities along these channels with minimum deviation.

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Marketing Plan for Lorenzo 6. SWOT Analysis The strength, weakness, opportunity and threat (SWOT) analysis is to evaluate the Lorenzo current strategic position and the detail findings are presented in Table 4. Table 4 SWOT Analysis

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Marketing Plan for Lorenzo Table 4 SWOT Analysis (cont.)

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Marketing Plan for Lorenzo Table 4 SWOT Analysis (cont.)

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Marketing Plan for Lorenzo 7. Marketing Objectives

7.1

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. There shall be a tie-in will improved incentive system. Since Lorenzo is very much established in the furniture industry, the aim is to increase the market share and gain new customers with the introduction of new membership program, ultimate lead to improvement in brand equity.

7.2

Strategic Objectives

The strategic objectives should be specific, measureable, achievable, and realistic and time specific. Therefore at the end of the 2 years, the result is to enhance service and widen customer pool by 3%. 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.

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Marketing Plan for Lorenzo 8. Core Strategy

8.1

Customization of furniture Design with YOU in mind

Customers simply can't find what they want in their local furniture design showrooms. 70% of them require new furniture designs to blend with their existing furnishings. Some have specific size and/or material requirements. Customers just desire a more superior product than what is offered locally, and still others want something truly original. Today, people are more aware of the importance of space, and how to make the best use of it. From recent research, the floor area is smaller by 30% compared to the past. Finding the right furniture to fit ones home, and utilizing the space effectively, has proven to be a difficult task for most. With this marketing plan people would be able to build their homes, exactly the way they like it, with maximum utilization of space and their preferences. Customization of furniture seems to be a trend that continues to develop and evolve. While some manufacturers have provided this service for many years, the growing demand has made more manufacturers take notice. This is one of the methods we will use to differentiate our products from our immediate competitors. 8.2 Consultation services to consumers purchasing Lorenzo furniture

To enhance our service to the customers, this marketing plan aims to offer one-on-one furniture consultations. Professional sales consultants shall provide on-site consultation with brochures, furniture samples and furniture on display (in our showroom). This shall ultimately translate to convenience, better understanding on options offered and relationship, making the customers decision-making process easier. This process consists of working closely with our customers, adding values to the customisation strategy. For example, many customers may want maximum utilization of space, but may not have the expertise to do so. This is where our professional consultants step in, and help the customer make the right choices, based on their requirements.

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Marketing Plan for Lorenzo 8.3 Loyalty Program

With the objective of enhancing customer retention, Lorenzo shall implement a Loyalty program different from competitor. The current customer loyalty system is similar to their competitor hence a new complimentary loyalty program shall be introduced. These new benefits to customer will consist of 2 years of membership enhancement where members can enjoy privileges such as, priority services and express delivery, exchanging Lorenzos old furniture and new of their choice. Normally, Loyalty Points are issued with every purchase of Lorenzo furniture. Members could get to accumulate points and receive discounted prices, extended warranties, etc. Yet this system fall short to give customer immediate benefit and convenience. The future program shall provide better more direct loyalty system such as immediate voucher redemption.

Lorenzo shall generate more sales at a lower cost by notifying members of specials that based on purchasing data, they are most likely to use. Lorenzo can also communicate this marketing information through less expensive mediums, such as mailings, e-mail or point-of-sale discounts. Target marketing is typically more cost-effective than mass marketing, which reaches audience much larger than most retailers actual customer base.

8.4

Distribution Channels

With the objective of expanding the reach and growing revenue, the placement of 1 new store in the heart of the city, targeted to the affluent professionals shall improve image standing. The strategic plan is to position Lorenzo to customers who are willing to pay for quality service and premium furniture. By placing Lorenzo in the heart of the city, we give our consumers a positive impression, improve brand image and reputation. Since the city centre has a huge footfall, this move will also build greater awareness of the brand, Lorenzo.

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Marketing Plan for Lorenzo 9. Marketing Mix Decisions

9.1

Product

Most of our products are sold under our "LORENZO" brand and categorized into two collections, Dante - the classic leather collection, and ENZO - the wood-based collection. Our product strategy is that we aim to roll out the Cristallo Collezione another premium product effectively in Singapore by 2014. This will be targeted to a market of affluent professionals and home owner with spare cash. In addition, this range of furniture features fine quality customisation that will give customers best value for their money and perfect fit for their home.

9.2

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 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. This shall be complimentary for existing customers and their referrals during the 3 months soft launch for 2 years. This is followed by a 1 year complimentary to new customers with $5,000 and above purchase during this promotion period. Under the Prestige membership, on-site home consultation service will be included for premium choice of Lorenzos products specially to cater to the valued customers. This allows them to make best value purchases as well as the desired stylish and exclusive home design furniture. Hence this strategy builds on leveraging intimacy to achieve repeat and upgrade purchases and through referrals as a direction to increase future market share.

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Marketing Plan for Lorenzo 9.3 Price

Pricing is the most important in this marketing mix and the pricing strategy. Lorenzo shall set focused positioning for future profitability. Considering the cost impact on the product, promotion and place identified as these variable costs could erode Lorenzo revenue. 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. 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. Customers are looking for solutions and convenience where the current change in housing size, specifications and investment are important factors for buying decision. With the current established branding for quality, leveraging this reputation with enhancement build on exclusiveness is the most sensible way to improve customer satisfaction. Therefore the perception on price and value for Lorenzos furniture will be set at 10% higher than current price. Estimating in the first year, a furniture package at current price of $4,999, the price shall be set competitively at $5,499 for additional value such as on-site service consultation and furniture customisation. The increase in price will have minimum effect on Lorenzo bottom-line earnings. This is to avoid price war against other furniture retailers and distinct themselves from competitors. Furthermore, the pricing is linked to the new membership program for flexibility adjustment. Discounts will be provided to members with exclusive service, treatments and benefits which other furniture retailers will be unable to imitate for its intangible value. 9.4 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. This shall position Lorenzo to target the specific customers mentioned that are willing to pay for premium product and services. This extends to further differentiation, changing

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Marketing Plan for Lorenzo customer perception with innovative concepts that brings quality service and premium lifestyle furniture. 10. Organization and Implementation 10.1 Organization

Good implementation needs buy-in from Lorenzos marketing and sales team who are to carry out the plan. 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. Thus the organizational focus for the execution and success of this marketing strategy will encourage representative participation. Goh Ah Lee, Group Managing Director, is responsible for overall business management. Design director, account manager and sales manager report directly to Goh. Goh had a successful career in retail Mr. Goh has been instrumental in the development and running of our retail operations in Singapore. Together with his fellow directors and key executives, he is also involved in progress reviews and implementation of workflow initiatives for the furtherance of the business competitiveness. Chen Wen Te, Design Director, is responsible for product design and development, assembly, and manufacturing. He is responsible for the Group's overall creative team and its product design development. He has been the key driver in designing our products, showroom layout concept, corporate identity and design strategy. In addition, he works very closely with the R & D team in developing the new products. He is also involved in sourcing for the raw materials and OEM Manufacturers. Our workshop manager reports directly to him. Prior to joining us in 2003, Mr. Chen was a Designer with Gao Dian Furniture in China from 1999 to 2003. From 2001 to 2003, he was also involved in the designing and selling of furniture in Taiwan under Feng Fan Tang Design and Furniture Company

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Marketing Plan for Lorenzo Jane Lim, Account Manager and Andy Loo, Sales Manager jointly team-up and develops marketing strategy and long-term marketing plans. Lim is strong on relations management, and Loo is strong on management and marketing know-how. Lorenzo design director, account and sales managers are in the process of revolutionizing the way in which the reaches serves its customers. These departments have been integrated with each other in order to sell and market Lorenzo's product through Singapore market. In addition, they have plans to start the strategic marketing activities of focused strategy. Due to the success in marketing with high-end customer in Taiwan, it is decided the implement of this new strategy for future growth and increased market share in Singapore. Once sales representatives are aware of the benefits of this development, Lorenzo will soon become a part of high quality customised furniture and excellence in service environment. 10.2 Implementation

The keys to Lorenzo's success have historically been effective market segmentation and implementation strategies. Firstly for the past year, there was an increase in $0.3 million injected into commission for marketing efforts. For the oncoming campaign for fiscal years 2012 and 2013 the projected commission to increase marginally. The emphasis will be on the Prestige image of frontline sales team, 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. The buy-in of Prestige shall encourage sales representative to participate in the development of marketing strategy to convert them to professional consultant.

Key emphasis of this development will be building relationship with current customers and future prospects. 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. Although cost of operation will increase by 10-15%, the long term benefits in brand equity and capturing of larger market share locally. Estimated 20% and 30% revenue growth in 2013 and 2014 as the outlook of home

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Marketing Plan for Lorenzo completion, according to report from DTZ estimates a completion of 32,359 units in 2013-2014 versus the 17,501 units in 2011-2012 (propwise.sg. 2012).

This implementation starts in conjunction with the launch of new membership, Prestige which will be complimentary upgrade to all existing Friends members on the 32nd Anniversary in October 2012, through the seasonal period of Christmas and New Year providing extensive promotion through personalized services. Training of all staff prior to launch starts in June 2012 and estimated cost of $100,000 which 80% could be recovered from the Government retraining program. To broaden outreach, 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, extensive product descriptions. Uncompromising commitment to the quality the product: quality fabric, leather

and wood, quality workmanship, quality design, quality of end result. Successful niche marketing: we need to find the quality-conscious customer in

the right channels, and we need to make sure that customer can find us and we respond professionally with personal experience. Almost-automatic customization: we can't afford to ship fully-customized

furniture, but customization must be so easy and automatic that it makes the customer feel better about the quality, not worse.

Customization is the greatest challenge yet it is essential to move into focus strategy and provide the experience of personalized service to individual customers. The selection of customized product is not for every individual, this will be made available for packages such as living room, dining etc. This customization can include the special sizing, color and materials of furniture to fit, feel and look wonderful in the modern confine space of new house for a holistic approach. That is where the Prestige consultants are trained to provide solutions and brand awareness. This shall give buy-in of $4,499 per package sofa, TV console, coffee table and other upholsteries, priced at 10% higher but the value

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Marketing Plan for Lorenzo provided is much greater. Therefore estimate profit for customized package is 20%. It will be implemented in the middle of 2013, with a campaign to introduce this new offer. The production team in Malaysia and China are to plan out the lead time for such package. 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.

Finally, in 2014, to further enhance brand awareness with the successes of the initial 3 campaigns, with increased profit in the local market, One Lorenzo furniture boutique showroom opening offering style, high end product in Orchard Ion, (2,000 sq. ft., approximately $500,000 per year rental). This showroom will offer holistic fine living concept with a change in display every quarter year. Projected marketing revenue projected $1,000,000 per year, and projected increase of profit from 15% - 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. The total budget required for the implementation is approximately $1.5 million with contingency buffer. Optimistic, the estimated projected increase in revenue for this plan is $4 million for the entire plan an increase of 15% each year. Lorenzos Implementation Schedule will begin the year 2012 by continuing to strengthen service excellence. Therefore shall prepare trained sales representatives placements internally and execute the three implementations. Refer to Appendix - 13.2 for Implementation Schedule.

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Marketing Plan for Lorenzo 11. Control

The processes of Lorenzo management teams are committed in the planning, implementation, and control constitute a virtuous feed forward and feedback system to measure and monitor the overall strategy. 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 - Controls

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Marketing Plan for Lorenzo 11.1 Contingency Planning

Lorenzo Furniture is unique in its discovery and utilization of the high quality, lifestyle concept home furniture feature to focus target. Therefore, it is possible that with our success and superior design, other, well-established furniture manufacturers may release a competitive product line. However, Lorenzo focus specifically on the high-end, technologically integrated aspect of lifestyle home furniture. With this exclusive concentration, Lorenzo can continue to upgrade its resources on producing the best lifestyle home furniture solution provider available. Another possible challenge would be the emergence of company attempt to imitate this marketing strategy. This however, would not be quite as threatening, as flexibility of change will allow Lorenzo marketing team to strategize further for continued success. Finally, an established furniture company it will be best to begin marketing to our target market and broaden the referral strategy. This would not be overly threatening because our products are inherently the best available due to the true craftsmanship involved in design and manufacture.

12. Conclusion

This marketing plan is the result of meticulous analysis and proven marketing planning framework. Intensive study covering on all areas required to the best ability, yet there were information in which is not clearly available and some assumptions have to be made for the marketing decision. The team is aware that the future is uncertain. Nevertheless, 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. Therefore it is likely Singapore has a good reputation for class, creativity and fashion with its multi-racial and multi- national demographics. As the overall population has increased tremendously in the recent years, this gave rise in different types of furniture demands to create unique, exquisitely furnished home with high-end furniture. The team is confident with this marketing plan and shall facilitate to success shall it be implemented.

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Marketing Plan for Lorenzo 13. References Anderson, James C., and Narus, James A. , 2004. Business Market Management: Understanding, Creating, and Delivering Value, 2nd Edition, Pearson Education Inc

Baker, Michael, 2008. The Strategic Marketing Plan Audit 2008, ISBN 1902433998, pp. 27

Brassington, F and Pettitt, S, 2000. Principles of Marketing, Second Edition, Prentice Hall, Harlow

Brooks, I and Weatherston, J. ,1997. The Business Environment. Challenges and Changes, Prentice Hall.

Heijdra, B. J.; Ploeg, F. van der, 2002. Foundations of Modern Macroeconomics, Oxford University Press, ISBN 0-19-877617-9

Ikea Group. "Ikea Group - SWOT Analysis." Accessed Mar 12, 2012. http://search.proquest.com/docview/194201548?accountid=12629

Jan, Y, 2002. A three-step matrix method for strategic marketing management, Marketing intelligence and planning, Vol. 20 (5), pp. 269-272

Kotler, P., Armstrong, G., Saunders, J. and Wong, V. (1999) Principles of Marketing, 2nd Edition, New Jersey: Prentice Hall

Lorenzo, 2010. Annual Report 2010, pp. 1-44

Lovelock, C,1994. Product plus: How product + service = competitive advantage, McGraww Hill

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Marketing Plan for Lorenzo Moschis, G.P. ,1990. Consumer Socialisation, USA: Lexington Books Heath

Pearce, J. and Robinson, R, 2005. Strategic Management, 9th Edition, New York: McGraw-Hill Prop Wise. DTZ estimates a completion of 32,359 units in 2013-2014 versus the 17,501 units in 2011-2012. Assessed Mar 10, 2012. http://www.propwise.sg/singapore-property-%E2%80%93-if-the-minister-isworried-should-we-be-too Van Auken, B. ,2002.The Brand Management Checklist, Kogan Page Singapore Furniture Industries Council. Lorenzo Ltd. Assessed Mar 10, 2012. http://www.singaporefurniture.com/members_full_detail.asp?code=lorenzo Webster, F. E., 2002. Marketing management in changing times. Marketing Management, Vol. 11(1), pp. 18-23

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Marketing Plan for Lorenzo 14. Appendix 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 - 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 $80,000 $60,000 $200,000 Budget Manager $10,000 $20,000 $50,000 $20,000 $100,000 Budget Manager Department Loo $100,000 Sales $10,000 $50,000 30/1/2014 $500,000 $660,,000 Budget Manager $50,000 $50,000 Budget Manager $100,000 $20,000 $150,000 $270,000 $1,280,000 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

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