Marketing - Essay Example

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Marketing Mix Management Customer name SIM University Question 1 (a) Star Living Mall is one of the renowned furniture stores in Singapore. Kenny Koh is the current managing director of the Mall. The store functions as a retail outlet that provides an array of comprehensive goods and services in one location…
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Download file to see previous pages The Star Furniture group has been able to establish an international presence with success, operating in countries such as Taiwan. The Star Living Mall is a retailer of the products manufactured by Star Furniture (Star Living, 2011). The Star Furniture group has created a unique shopping mall by making the Star Living Mall because of the one-stop furniture that it provides and the range of brands that it houses. The Mall not only specializes in furniture but also provides related services such as furnishing. The clientele of the Mall is primarily based in Singapore. There are four main branches of the Mall in Singapore, selling furniture ranging from that of living room and dining room to bedroom furniture. Moreover the Mall also showcases the four main retail brands of the Star Corporate Group including Mondi Lifestyle, Star Furniture and Zen Tradition (Get Singapore, 2011). Lucano is regarded as the high-end collection of the Star Furniture and has been able to establish itself as a unique brand in the country. The production of the Star Furniture is such that new products are brought in the market every four months. This helps to keep the brands fresh and up-to-date. Besides the four main brands that the Mall features, it also offers a store-in-store boutique that houses a number of brands specialising in the mattresses and beddings. This boutique, known as BEDz Store, along with the other brands featured, offers the customers a complete and comprehensive shopping practice (Star Living, 2011). The target market of the Mall is mostly Singaporeans. The myriad of brands that the Mall displays caters to a large segment of the population due to the fact that the products displayed have different price ranges. This makes the products affordable for the lesser income group. The customers can choose the products that meet their budgets and lifestyles (Get Singapore, 2011). The four brands that the Mall has cater to the four individual market segments that the brands have created in the years since their launch. Moreover the Mall promotes the brand image that the products are both stylish and functional. The target market of the Star Furniture group is the mass market of Singapore and Taiwan (Star Living, 2011). Question 1 (b) The Brand Asset Valuator (BAV) model is an important means of investigating the stature of a brand. The model was developed by Young & Rubicam in order to analyze the value of a brand by looking into the strengths and weaknesses of the brand. The model helps to measure both the stature of the brand as well as its durability. The underlying principle in the model is that these two components are able to draft an image of the brand equity while identifying problems and providing solutions (Iane, King & Russell, 2008). The model assumes that the brands are composed of a progression of four main consumer trends: differentiation, relevance, esteem and knowledge. Differentiation and relevance combine together to give rise to brand strength whereas esteem and knowledge are representative of the brand stature. Therefore the model helps to compare brand strength with its stature. The brand stature shows the current strength of the brand; on the other hand, brand strength shows the capacity of the brand to progress and grow. When analyzing the Star Living Mall, by the Star Furniture group, one has to take into consideration these four factors to establish brand equity. ...Download file to see next pagesRead More
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