Zenn Design Assignment

1.0 Introduction

Furniture retail has many rivalries since customers' tastes and preferences constantly shift. To succeed in a current retail environment, businesses must be in tune with customer preferences and industry shifts. Fantastic Furniture, Amart, and Zenn Design are three developing furniture brands in the Australian market. This report has provided a detailed comparison and contrasts of the market share and customer satisfaction among these brands based on the survey data sets. Survey results are analysed in light of what has been learned about factors like brand recognition, perceived value, quality of service, and satisfaction with available choices. The goal of studying these variables is to offer Zenn Design suggestions for improving the company's standing and performance in the market.

2.0 Analyse the market position of Zenn Design relative to its competitors

Market position and share are considered the most critical aspects for organisations worldwide since they influence competitive stability and business growth. Market share reveals a company's performance and ability to retain customers relative to rivals. This analysis of Zenn Design's market share, development, and competition reveals its industry status. Market share indicates how much of an industry's customers and revenue a single company controls. It is a crucial market indicator for a firm. To assess whether Zenn Design is a market leader, challenger, or follower, it is essential to compare its market share to its competitors (Maruši?, 2019). Based on the survey results, it has been found that Zenn Designs' market share is comparatively lower than that of its competitors. Based on an overview of household spending on furniture, it has been found that most of the customers have invested in Fantastic Furniture and Amart companies. The highest household spending on the table was made on Fantastic Furniture, which comprises a total value of $78192. The second most investment was made on Amart with a total value of $76381, while the value of the investment on Zenn Design comprises $55,394. This shows that Zenn Designs' market share is around 30% less than its competitors.

Additionally, based on different websites, it has been found that Fantastic Furniture holds a revenue of $571 million in 2022, and Amar holds a revenue of $422.2 million, significantly higher than that of Zenn Design. Therefore Zenn design has a comparatively weaker position in the market when compared to its competitors. The business has a lesser market share, but it nevertheless is growing. When evaluating Zenn Design's competitive standing, growth patterns are also crucial.

The survey results of household spending have provided light on a company's growth and success relative to its rivals. Zenn Design's market share has been rising continuously. It is satisfying consumer demand and maintaining more clients than its rivals. However, a stagnant market share increase suggests competitiveness issues. The research would only be complete with market data. Identifying Zenn Design's direct competitors, analysing their market shares, and learning from their approaches help explain its situation. Zenn Design has a minor market share since its value proposition must be communicated successfully (Bumgardner and Nicholls, 2020). However, the brand has been improving its features and approaches to improve its position in the market. It has been found that Zenn Design's market position is affected by several elements, including client loyalty, brand image, and innovative prowess. Positive reviews of a business and its goods or services are more likely to make repeat purchases and promote it to others, increasing market share.

3.0 Identify the drivers of Zenn Design's performance relative to its competitors

When comparing it to competitors, examining Zenn Design's market-driving variables is vital. Decomposing a company's market share helps improve it overall. When broken down, these elements provide light on Zenn Design's competitive landscape and the opportunities and threats it faces. Zenn Design's success hinges on the extent to which it can set itself apart from rivals in the marketplace. As viewed through the official website of Zenn Design. It was found that aspects of handcrafted, soft furnishing, traditional and upholstered designed furniture act as the critical drivers for the organisation. Furthermore, it was also found that the organisation has more significant consideration towards innovation and quality of service delivery, which further acts as a critical driver influencing improved performance and competitiveness.

However, in terms of competing with its major competitors, Amart and Fantastic Furniture, it has been found that Zenn design needs to catch up since the competitors have gained a stable position through utilising vital industrial drivers, including assortment, service and price. Based on the survey results, it has been found that in terms of customers' price perceptions, Fantastic Furniture has gained the highest score, around 646. At the same time, Amart has achieved 604 points, while Zenn Design lags with a score of 538. Similarly, regarding service perceptions and assortment, Fantastic Furniture has achieved the highest score in efficiently utilising these key market drivers. Therefore it has been viewed that quality problems or service failures can harm Zenn Design's competitiveness (Jin et al. 2020). The amount of business Zenn Design receives is directly proportional to its advertising and branding quality. Design's product availability and accessibility are additional factors that affect the company's market competitiveness. Sales and brand recognition benefit from a well-established distribution network that reaches many consumers.

Factors of innovation, creativity and focus on quality craftsmanship are, however, acting as key drivers, which have ensured an ongoing improvement of brand identification and loyalty resulting from strategic marketing strategies built around the brand's performance. However, more than these key drivers are needed to provide the brand with a competitive position since its competitors have already acquired a strong position in the market. Therefore the brand must seek improvement within market drivers of assortment, service and price, which can fuel competitiveness and ensure that customers are attracted to the brand and stay loyal. Zenn Design's wares will reach more consumers. The company has strong connections with stakeholders and marketplaces. Capturing a more significant portion of the market is possible with a solid grasp of market key drivers. Zenn Design's market competitiveness and approach towards improved price, service and assortment perceptions can be increased by providing outstanding service to customers before and after purchasing (Giyazova and Davlatov, 2021). More consumers will become devoted brand champions. They experience appreciation and guidance at every stage of the purchasing process.

4.0 Identification of opportunities for increasing Zenn Design's market share based on the findings

According to the findings and results of the survey, it has been found that the organisation has a lower market share in comparison to its competitor. This weak market share and market position can threaten the organisation and its future development. Therefore one of the significant opportunities for Zen design was to create improvements within its current business model to improve customer price perception, service perception and assortment perception. Zenn Design has an opportunity to set itself apart from competitors by developing new features, designs, and materials for its goods. This has the potential to provide a distinctive selling concept, luring clients looking for cutting-edge aesthetics. Demand will be boosted by targeting specific consumers by introducing limited-edition or personalised variants. It is essential to have a firm dedication to product quality and dependability. Zenn Design can guarantee that its goods will always meet or surpass customers' expectations by using stringent quality control methods and constantly upgrading production practices. The brand also has an opportunity to improve its online presence via social media, influencer connections, and exciting content, which can increase its reach to consumers.

Expansion of business is another significant opportunity for the business. By increasing the number of stores, the company can reach more people. The brand's visibility and accessibility will be increased by strengthening relationships with existing merchants, investigating e-commerce platforms, and even contemplating pop-up stores or collaborations.

5.0 Develop recommendations for Zenn Design using the findings from the market share analysis and the other aspects of the survey.

The survey results indicate that respondents see Zenn Design as more expensive than competing stores. Zenn Design should fix this impression by adopting price tactics that include competitive prices and promotional discounts. To attract clients looking to save money, the company should host sales events, provide package discounts, or launch a loyalty program. To set oneself apart from rivals, Zenn Design should highlight the superiority of its furnishings and the breadth of its selection. Make advantage of online and offline marketing materials to highlight the originality of the furniture's design, construction, and materials (Jannach and Jugovac, 2019). Zenn Design should prioritise expanding its brand recognition and credibility. Use unified branding throughout all promotional efforts, from social media to a website to ads. Use personal stories and testimonials to get people invested in the business.

With its higher-than-average price tag, Zenn Design can appeal to thrifty shoppers who appreciate high-end design. That highlights the brand, and it is also recommended to develop advertisements to highlight how well the price point works with the product's overall appearance. Highlight how buyers acquire a stylish and up-to-date house without breaking the bank. Customisation choices are a great approach to set them apart from the competition (Jannach and Jugovac, 2019.). Zenn Design is further recommended to allow clients to customise furniture with their choice of fabric, material, and even design details. Customers searching for bespoke furniture solutions are enticed by the feeling of ownership and individuality that this level of personalisation fosters. Consumers that place a premium on making moral and environmentally responsible purchases find this appealing. It is also suggested that switching to an online store should simplify the brand's purchase procedure and make it more safe.

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