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Executive Summary
Dyson Stores is a company that has been in the market for a long time and is doing well in its operations. James Dyson founded the company in 1991, and it deals in hand dryers, hairdryers, vacuum cleaners, and utensils (Dyson for business, n.d). The company is committed to embracing technology and innovation in coming up with the best products for its customers. This marketing plan intends to widen the companys sales and its market, and assist the products in penetrating the market. The strategies to be used include a promotional strategy, expansion of the market, and product penetration. The recent store in New York is meant to demonstrate to the customers how the equipment sold by the company works.
Situational Analysis (history of the product/company)
Dyson is one of the growing companies that focuses mainly on appliances. It has recently opened three demos in San Fransisco, Tysons, Virginia, and New York (New York Dyson Demo Store, 2020). This has enabled the company to bring forth the demo experiences in 90Best Buy stores. The new store opened in New York is a flagship Demo store that is located at 640 Fifth Avenue (Howland, 2018). Some of the experiences that customers are likely to get from this store include a purification room, the Dyson Supersonic, and hairstyling stations. This store was founded after the company launched stores in Tokyo and London in 2015 in 2016 respectively (Howland, 2018).
This new store opened in New York is meant to encourage people to pick, test, and understand Dyson appliances. In this store, interactive demonstrations are being made to help the customers understand how to use these appliances. Additionally, Dyson experts in this store are available to tell the customers about the product and to recommend the best appliance based on the customers lifestyle.
Market Summary
The new Dyson store in New York is focused on selling and making demonstrations on the high appliances sold by the company. Dyson is focused on making partnerships with other related businesses and stores in New York and other cities around the world. As of now, the company has a partnership with Best Buy. The corporations that Dyson will partner with are large and medium-sized.
The most important customers for this company and this store are the people living and working in New York and its environs. With a population of 19.4 million, New York State is a target area for many companies. The company is also focused on cleaning companies in New York. Since there are many offices and hotels in the state, there are likely several cleaning companies. These companies can be interested in finding out how the appliances provided by the company work. Other customers include hair salons which is a result of the expansion of the portfolios (New York Dyson Demo Store, 2020). This is the reason why the company is offering hairstyling demonstrations.
Market Demographics
In terms of age, the company has opened this store targeting people between the age of 30 and 40 years. This is because they are the people that purchase cleaning equipment a lot. Concerning income, the company is focused on middle and high-income earners since they have a promising purchasing power (Salvo, 2018). This is because of their income which makes it easy for them to buy items.
From the price tags on the items being sold online, it is quite clear that Dyson targets the working class. Moreover, it is focused on medium-sized and large companies and on making partnerships with corporations that have several stores country-wide. This can help in placing Demos in other cities easily. Medium-sized companies and corporations have many customers which are advantageous to the company.
Market Needs
Today, there is a great need for product demos because, through demonstration, customers get insights on how to use the product. Many people prefer to see the way a product is used before purchasing it. This has prompted companies to have flagship stores and the New York store is evidence of that. Customers prefer Dyson company items that are used with high technological methods (Salvo, 2018). The company can demonstrate to the customers the performance of the products. The New York flagship demo store provides an opportunity for the company to prove to the people that their products work. This store also offers a chance for people to ask questions concerning the application of the items.
Market Trends
The target customers for the products by Dyson stores entail the population with a source of income, the ones embracing energy efficiency, and the ones that are in line with technological advancements. The target customers come from all parts of New York, especially where they sell the product. The population with a source of income is more likely to spend and get value for their products through quality home care. Energy-saving is a concern for buyers who want to economize on power costs (Salvo, 2018). The buyers who prefer energy-efficient devices will benefit greatly from Dyson stores products. Lastly, the market of products depends on the current technology. Some customers wish to have the devices technology, and with Dyson, they will easily get such appliances.
One of the specific market trends that New York can benefit from is internationalization. This will help the store to demonstrate the items to people both physically and digitally. The company can take videos of the demonstration on various items and post them online where people from different parts of the world can view them. Another market trend that the store can benefit from is the internet. The internet has created several possibilities for businessmen.
One of the possibilities is marketing internationally so that it can reach new customers from different markets (Cabeza et al., 2018). The store can take advantage of the many social media platforms to market the products and upload videos on the products. Some of the social media platforms available include Twitter, Facebook, and Instagram. Another market trend that the company can benefit from is a partnership (Salvo, 2018). Many companies today are working together through cooperation to make profits. The Dyson Stores open in New York can partner with other companies in New York and also outside New York. This can help the company to reach many people.
Market Growth
The Dyson Stores open in New York are expected to develop and expand at a high rate. The progression will take time due to several factors influencing businesses such as the amount of capital for expansion, strategic plans, and the external environment. In 2020, many businesses had to close temporarily which caused a decrease in market growth. The hotels and offices were also closed since the government required people to work from home due to the Coronavirus pandemic. This determines the advancement of the store in a big way. In 2021, the projection of progress will increase since many offices and hotels are now open.
References
Cabeza, L. F., Ãœrge-Vorsatz, D., Ãœrge, D., Palacios, A., & Barreneche, C. (2018). Household appliances penetration and ownership trends in residential buildings. Renewable and Sustainable Energy Reviews, 98, 1-8.Â
Dyson for business. Overview (n.d). Dyson. Web.
Howland, D. (2018). Dyson opens NYC store on Fifth Avenue. Retail Dive.Â
New York Dyson demo store (2020). Dyson. Web.
Salvo, A. (2018). Electrical appliances moderate households water demand response to heat. Nature Communications, 9(1), 1-14.Â
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