Strategic Marketing Plan Pier 1 Imports

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Strategic Marketing Plan Executive Summary Product Description/Objective This candle holder is a bottle neck pillar candle holder offered by Pier 1 Imports. The candle accessory is decorated in abstract design in neutral colors. Pier 1 Imports searches out artisans throughout the world to help them find and develop and develop fashion trends designed specifically for their customers. Target Audience The primary customers are those who enjoy decorating their home with a desire for distinct décor and good value. The target market for this product from Pier 1 Imports is women ages 25-34. These consumers are combining purchased goods, such as this pillar candle holder with their own home décor ideas to complete the look of…show more content…
Secondly, Pier 1 has established product differentiation. Pier 1 provides unique products to their customers which “builds customer loyalty and is less likely to lose market share to a competitor than an advantage based on cost” (Faulkenberry, n.d.). Risk/Opportunity Challenges that face Pier 1 Imports include the rising cost of raw materials and low investments in research and development. There are also external business risks and changes within tax laws that prove to be a challenge for Pier 1. Opportunities that are available to Pier 1 Imports include new markets as well as new products and services. Also, in this era of DIY home improvement projects there is a growing demand for merchandise provided by Pier 1 Imports such as the pillar candle holder. Conclusions Pier 1 Imports should continue providing this pillar candle holder to its consumers as well as other candle holders that would appeal to their customers. This market will continue to grow with the growing economy and growing demand. While the target market is women age 25-34, this group will no doubt increase as more homeowners look to DIY projects for home improvement. The competition for Pier 1 Imports in candle holder sales will increase as more retailers are selling candles and candle holders. Candle holders are not limited to being sold at specialty stores such as Pier 1 Imports and Yankee; candles and candle holders are found at big box

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