Overview of Hobbycraft
Hobbycraft first opened in 1995 as a craft and arts superstores in the United Kingdom. Hobbycraft specializes on crafts, hobbyist materials and crafts. The company enjoys the first that it was the first craft and arts superstore to be opened in Europe and today it has more than 35,000 crafts and arts products with at least 250 suppliers available. In short, the company has nearly all the products that its customers might need in creative arts (Ryan, 2011, p. 23). Hobbycraft have a unique and outstanding vision, mission, core competencies and goals that has enabled its establishment as a market leader in the industry. The organization participates in fundraising, charity events to support its future expansion plans. Through …show more content…
A marketing strategy is usually developed after the organization conducts a market research. Marketing strategy helps the organization to come up with a right product mix that meets the consumer needs. The aim of developing a marketing strategy is to enhance business sustainability in the industry, remain competitive and lastly increase both the sales volume and profit. There are many marketing strategies that can be used to meet organizational goals in respect to the industry and the economic conditions a company operates. In the case of Hobbycraft the four strategies that have been employed in the last five years are: a) market entry strategy; b) substantive growth strategy; c) disinvestment strategy; and d) limited growth strategy (Beckwith, 2012, p. …show more content…
In the attempts to remain competitive in the market, the company chose to open more store in the U.S while restricting its expansion in the Europe market. The Stores focused on market retention and penetration levels through several offers like buy one; get one free. This was to ensure that the consumers buy more of the existing and same products. Customer programs and commercials were developed within the existing markets to attract customers’ attention on the products. Lastly, the organization have embarked on continuous product development where new products are developed to replace the old ones. Such products are to be offered to the new markets such as the U.S (Ryan, 2011, p.
Hobbycraft first opened in 1995 as a craft and arts superstores in the United Kingdom. Hobbycraft specializes on crafts, hobbyist materials and crafts. The company enjoys the first that it was the first craft and arts superstore to be opened in Europe and today it has more than 35,000 crafts and arts products with at least 250 suppliers available. In short, the company has nearly all the products that its customers might need in creative arts (Ryan, 2011, p. 23). Hobbycraft have a unique and outstanding vision, mission, core competencies and goals that has enabled its establishment as a market leader in the industry. The organization participates in fundraising, charity events to support its future expansion plans. Through …show more content…
A marketing strategy is usually developed after the organization conducts a market research. Marketing strategy helps the organization to come up with a right product mix that meets the consumer needs. The aim of developing a marketing strategy is to enhance business sustainability in the industry, remain competitive and lastly increase both the sales volume and profit. There are many marketing strategies that can be used to meet organizational goals in respect to the industry and the economic conditions a company operates. In the case of Hobbycraft the four strategies that have been employed in the last five years are: a) market entry strategy; b) substantive growth strategy; c) disinvestment strategy; and d) limited growth strategy (Beckwith, 2012, p. …show more content…
In the attempts to remain competitive in the market, the company chose to open more store in the U.S while restricting its expansion in the Europe market. The Stores focused on market retention and penetration levels through several offers like buy one; get one free. This was to ensure that the consumers buy more of the existing and same products. Customer programs and commercials were developed within the existing markets to attract customers’ attention on the products. Lastly, the organization have embarked on continuous product development where new products are developed to replace the old ones. Such products are to be offered to the new markets such as the U.S (Ryan, 2011, p.