Design and Technology – Business and commercial practices | e-Consult

Product: Focus on the 'bespoke' aspect. Highlight the ability to customize furniture to individual client needs and preferences. Emphasize high-quality materials and craftsmanship. Offer a range of design options and materials (e.g., sustainable wood, unique fabrics). Consider offering design consultations to build rapport and understand client requirements. Interrelationship: The bespoke nature of the product justifies a higher price point and allows for targeted promotional messaging focusing on individuality and quality.

Price: Implement a premium pricing strategy that reflects the quality, customization, and craftsmanship. Justify the higher price by clearly communicating the value proposition – the unique design, durability, and personalized service. Offer different pricing tiers based on complexity and materials. Consider financing options to make the furniture more accessible. Interrelationship: The pricing strategy must be clearly communicated in promotional materials and justified by the product's features and benefits. The perceived value needs to outweigh the higher cost.

Promotion: Focus on building a strong brand identity that emphasizes craftsmanship, quality, and personalized service. Utilize a mix of online and offline marketing channels:

• Website: Showcase a portfolio of past projects with high-quality images and client testimonials.
• Social Media: Instagram and Pinterest are ideal for visually showcasing the furniture.
• Local Events: Participate in craft fairs and design exhibitions.
• Partnerships: Collaborate with interior designers and architects.
• Public Relations: Secure features in local magazines and newspapers.

Interrelationship: Promotional activities should target the desired customer segment (those willing to pay for quality and customization). The promotional message should consistently reinforce the brand's values and the product's unique selling points. Pricing should be clearly displayed and justified in promotional materials.

Place: A combination of a physical showroom and online presence is recommended. The showroom should provide a space for clients to view samples and discuss their needs. An online store should allow for browsing and ordering. Consider offering delivery and installation services. Partner with local furniture stores to offer the furniture on consignment. Interrelationship: The chosen distribution channels should align with the target market's shopping habits. The showroom provides a tangible experience, while the online store offers convenience. Pricing and promotional activities should be consistent across all channels.

Overall Interrelationship: The business needs to consistently communicate its value proposition – high-quality, bespoke furniture – across all 4Ps. The product justifies the premium price, the promotion reinforces the brand's values, and the place provides convenient access to the furniture. A cohesive approach across all 4Ps is essential for differentiating the business from larger competitors and achieving sustainable growth.