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Adaptable Home Products Firm’s Marketing Strategy

The development of any marketing plan should start with analyzing the initial positions: the companys strengths and weaknesses, opportunities, and threats it faces. Adaptable Home Products (AHP) is a startup company ready to launch its first three product lines: furniture (1), kitchen appliances (2), and adjustable screens (3). One of the top core competencies of AHP is that the employees care for improving customers wellbeing at all levels and are devoted to their work. Founders carefully choose people for their team since they prefer to keep it small and united by a shared vision. All of AHPs employees have relevant work experience and undergo intensive training. Another core strength of the company is that all the products are innovative, well-researched, and combine attractiveness with high functionality. Other advantages include experienced and talented founders, automated production processes, and a wide range of products that can cover different aspects of the market, attracting attention to the company. However, while having a small team has its benefits, it may restrict the opportunities for expansion, particularly overseas.

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The company, at this point, seems to have very promising opportunities. It is well-funded, having enthusiastic investors, though the possible expansion would require additional financial investments. It is ADA compliant, and since it operates domestically, it does not face additional challenges related to international shipping and tariffs. Moreover, the market for adaptable furniture and kitchen appliances is rapidly developing, needing constant innovation (that AHP can offer). However, the fact that the company sources and produces domestically reduces its chances of becoming internationally-known. As a young startup entering a developing market, AHP is likely to meet a lot of competition.

In view of the discussed above, it is now essential to choose a marketing strategy for the company. Michael Porter offered three types of generic strategies: overall cost leadership, differentiation, and focus (Kottler & Keller, 2015). I suggest that AHP concentrates on differentiation. Cost leadership means maintaining low prices, which would impede creating an association between the company and high-quality products, and might not be beneficial in the long run. The company could focus on three target markets separately and then, pursue differentiation. Still, since our goal is brand recognition, it might be better to position the company as an enterprise that offers a variety of high-quality products for the adaptable home.

As I would be responsible for the line 1, I would proceed to describe marketing strategies specific for it. First, it is essential to evaluate the competition. There are companies such as Ropox, 1800 wheelchair.com, and Able Life Solutions that offer adaptable furniture. There are also many successful brands that sell various recliners (Best chair, loveseats, and sofa recliners 2019 (n.d.). This requires particular care in developing marketing strategies that would emphasize the uniqueness of the product. As for the distribution channels, I suggest that the company offers products through its own website, as well as through furniture-selling online shops such as Wayfair and special websites for physically disabled individuals. As Kottler and Keller (2015) emphasize, even well-established brands need to form strategic alliances. Therefore, it might also be useful to collaborate with some of such websites since, as a young startup, AHP may need help with enhancing recognition. When the company is ready to ship overseas, logistic alliances can also become necessary.

Now, we should consider a particular product from the line to better understand the companys potential. Push-button armchairs are offered in five different colors (though it might be beneficial to add more) and represent an easy-to-use multifunctional recliner. Forming a marketing strategy, we should emphasize the quality materials. Comparing with the competitors prices, I suggest selling chairs for approximately $450 to indicate high quality without sacrificing accessibility (Push button recliner, 2020). Choosing to form alliances would be of some help here since advertising along with offering some discounts can be conducted through such websites. The AHPs own website can also provide loyalty programs. SMM marketing strategies are also hugely important these days, indicating the need for Instagram marketing and the possibility of collaborations with physically disabled bloggers.

References

Kotler, P. & Keller, K. L. (2015). Marketing management (15th ed.). Pearson.

Best chair, loveseats, and sofa recliners 2019 (n.d.). Recliner Home. Web.

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Push button recliner. (2020). Wayfair. Web.

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