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Analyses and evaluate the micro-external environment of (two) international markets - Essay Example

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Analyses and evaluate the micro-external environment of (two) international markets

According to Mintel Oxygen (2012), fitted bedroom furniture contributes in large proportion to the total sales revenue earned by the bedroom furniture industry. Fitted bedroom furniture includes built-in wardrobes, built-in drawers, fitted beds etc, and Mintel Oxygen (2012) has also pointed out that fitted bedroom furniture is designed for large bedrooms. USP of fitted bedroom furniture lies on the ability to provide variety in design, systematic fittings and synchronise with large space in the room. Mintel Oxygen (2012) has reported that non-fitted furniture is generally preferred by bachelors and individuals who do not have large space in the room for using fitted bedroom furniture. Non-fitted furniture includes bedside tables, customized chests of drawers, dressing tables, beds etc. A unique selling proposition of non-fitted bedroom furniture depends on its ability to provide a high degree of customization in terms of assembling bedroom furniture to customers. The next section of the study will discuss the market composition of Germany for the bedroom furniture segment. The German bedroom furniture industry is going through a critical phase in terms of shrinkage in demand due to the slow economic growth rate and dwindling purchasing parity of customers. Lynn (2010) has pointed out that sovereign debt crisis has decreased the retail merchandising growth rate in most of the European countries. Market Line (2012a) has reported that almost half of the German furniture industry is dominated by the bedroom furniture segment. According to Market Line (2012a), the value of the bedroom furniture industry in Germany is more than $25 billion, which is proportionate to more than 50% of the overall industry composition. Industry analysts have forecasted a compound annual growth rate (CAGR) of 3%–4% for the bedroom furniture industry. The bedroom furniture market in the country is fragmented due to presence of both domestic and international players in large proportion. Market Line (2012a) has been able to conclude that only 7% to 13% of buyers in the country prefer to purchase high priced premium luxury bedroom furniture for their home. The majority of buyers prefer to purchase mid-range bedroom furniture for their home. Customer segmentation for the German bedroom furniture industry can be done by using lifestyle criteria of Brassington and Pettitt (2007). According to lifestyle, bedroom furniture customers in Germany can be segmented as ‘singletons’ and ‘best agers’. Young professionals with a high spending capacity can be classified as ‘singletons’; these customers prefer to purchase customized non-fitted furniture, which can fit in their small bedroom. Couples with children and older people complemented with a high spending capacity can be classified as ‘best agers’; these customers prefer to purchase fitted furniture for their large bedrooms. De Mooij (2011) has pointed out that the purchasing behaviour of customer can be directed by personality and cultural orientation, which means that companies planning to expand their business in the bedroom furniture segment of Germany need to design their product in accordance with German culture for generating attraction among customers. The stable political condition of Germany will encourage retailers to invest in the bedroom furniture segment, which will help them to expand their business in the country. Gillespie et al. (2010) have pointed out that antitrust law in European countries such as Germany has ...Show more

Summary

Micro-External Environment Bedroom furniture comprises various sub-products such as non-fitted bedroom furniture and fitted bedroom furniture. As reported by Mintel Oxygen (2012), each of the sub-products in the bedroom furniture segment is targeted for an individual customer group…
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Analyses and evaluate the micro-external environment of (two) international markets essay example
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