Stokers company Essay Example | Topics and Well Written Essays - 3000 words

Stokers company - Essay Example The furniture brand is a trusted brand in UK. Stokers Fine Furniture is coming up with new strategies to capture the potential untapped market, especially the style conscious families. The brand falls in the category of expensive and traditional product brand. Situation analysis and clearly defined objectives The market for fine furniture in the United Kingdom is rising strongly due to the effect of the country recovering from property market affects. The housing market industry is in a buoyant mode with increased demand for home furniture and furnishing. The store sales as well as the online sales of this industry have accelerated. The market has been highly influenced by the advent of the internet. The customers are more oriented towards electronic commerce due to their preference of buying from the home without having to go to the stores. The future of the UK furniture industry is showing positive trends. Consumers are likely to renew their homes much more frequently than before, therefore surging up the demand for stylish furniture. Earlier home wares like furniture and carpets were kept for a long time, but now the trend shows that they are replaced within a few years (Forbes, 2012). A SWOT analysis is conducted for the company to assess the internal and the external factors affecting the business. Since the business can control the internal factors, it may gain competitive advantage by improving upon its strengths and weaknesses. By transforming the weaknesses into strength, the company can also take up opportunities and offset the threats. Strengths: Strong brand name, cost and competitive advantage over other players in the market are core strengths of the company. Sufficient resources are available within the business for creating and maintaining a dynamic website and an extensive database system. The company can provide strong customer service from their team dedicated towards the digital marketing strategies. Weaknesses: Implementation of technology in the corporate culture, the business runs in a seasonal pattern. Opportunities: Digital marketing is the keyword for ensuring more success. It is an inexpensive marketing model aimed to capture a potential untapped market. Use of innovative technologies is another opportunity for the business. Threats: Competitors are also implementing the digital marketing strategy, expensive software upgrades resulting from pending security laws. There is stiff competition for the SCF market. The main competitors of Stokers fine furnishing are Sofa.com, Sofa and Stuff, Next, John Lewis, Marks and Spencer. The macro environmental analysis for the business is done through the PESTEL Analysis. Political: The corporate and consumer taxes regulation by the authorities highly impact the company’s income after tax. In UK, taxation is done as 30% of the profits for the businesses operating there. Since the company is more dependent on local suppliers than imported goods, therefore the trade barri ers and tariffs have negligible impact on the business. Economic: