Improve Freedom’s Business and Competitive Advantage

Improve Freedom’s Business and Competitive Advantage
Freedom (Sofas, Furniture, and Homewares) Customer and Competitor Analysis
A customer and competitor analysis are necessary to improve Freedom’s business and competitive advantage. Uslu & Caber (2022) note that understanding the customers’ needs and the competitor environment is essential to success in any industry. One has to understand their customers’ characteristics including who they are, what they want, and what motivates them. There are various methods of conducting customer and competitor analysis but the most important is to undertake a systematic and thorough approach. One should begin by collecting data from customer surveys, interviews, and focus group discussions. Additionally, they should analyze data from sales and marketing, customer demographics, buying patterns, and consumer feedback reports. From the analysis, one can establish market trends, patterns, and operational conditions further identifying common themes and designs. Moreover, one can identify their ideal customer, their needs, and what they are looking for, ultimately creating their customer profile. Krisnaresanti et al. (2020) indicate that customer profiles are essential toward developing marketing and sales strategies for maximum profitability and having an advantage over one’s competitors. Customer and competitor analysis are a crucial but often complex and time-consuming process. By taking the time to understand their customers and competitors, Freedom can develop strategies and products that improve profitability and enhance customer satisfaction.
Customer Analysis
In Australia, the typical middle-aged working man or woman is likely to have two or three adult children (Meyer & Fozdar, 2020). This results from the country's high life expectancy and relatively low fertility rate. However, Meyer & Fozdar (2020) note that these parents are often hands-on than their counterparts in other parts of the world, giving their children less independence, which leads to less life-confident and self-sufficient adults. This can be seen as positive or negative depending on one's perspective. On the other hand, Hugo (2011) indicates it can mean that children are close to their parents and may have great support networks when they face challenges in life. Regardless of the pros and cons, it is clear that middle-aged Australian working men and women with adult children are a unique group. They often have different needs, priorities, and concerns than those without children, which should be considered when designing products and marketing strategies.
Egger et al. (2020) indicates that many Australian middle-aged workers' fears are centered around job security and retirement. With an uncertain global economy and jobs becoming increasingly insecure, many workers are worried about whether they will be able to keep their jobs until they retire. For those who have been in the same position for a long time, there is also the fear of being made redundant and unable to find another job at their age. However, the hopes of many Australian middle-aged workers are centered around being able to provide for their families and have a comfortable retirement (Meyer & Fozdar 2020). They hope to be able to keep their jobs and have enough money to retire comfortably. Those who are in insecure employment hope to find stability and security. The wider lives of many Australian middle-aged workers are often centered around their families and work. With extended hours and often little time for leisure, they often miss out on essential aspects of their children's lives. They also miss out on opportunities to travel and explore the world. Human needs are usually centered around the need for security and stability. Many workers crave stability in their jobs and live in an uncertain world. They also need to feel like they are providing for their families.
Empathy Map
02194560SAYS: Sofas are of great comfort.Mattress is durable.Kitchen utensils are made from stainless steel.THINKS: The prices are high and products expensive.Durability of Items.Are they worth my money?DOES: Shops around to compare prices.Asks questions about various products.Makes a decision.FEELS: Anxious to make a decision.Happy about the customer service.Excited about what is on display.CustomerSAYS: Sofas are of great comfort.Mattress is durable.Kitchen utensils are made from stainless steel.THINKS: The prices are high and products expensive.Durability of Items.Are they worth my money?DOES: Shops around to compare prices.Asks questions about various products.Makes a decision.FEELS: Anxious to make a decision.Happy about the customer service.Excited about what is on display.CustomerThe customers say that Freedom sofas are of great comfort, Freedom’s mattresses are durable, and the kitchen utensils are made from stainless steel. Additionally, the customers think that Freedom’s prices are high and products expensive but the products are durable. The customer often shops around to compare prices and asks questions about various products before finally making a decision. The customer feels anxious to when making a decision and is happy about the customer service, and often excited about what is on display (See appendix 1).
The Day in Life Map
-342900422910Wake up5:00-6:00 AMPrepare for workLunch/at workGetting home from workLeisure time/DinnerPrepare Breakfast/Morning MealMorning Work SessionAfternoon Work SessionPrepare supper/ Get an evening mealSleep/ Rest: 11p.m.00Wake up5:00-6:00 AMPrepare for workLunch/at workGetting home from workLeisure time/DinnerPrepare Breakfast/Morning MealMorning Work SessionAfternoon Work SessionPrepare supper/ Get an evening mealSleep/ Rest: 11p.m.
Competitor Analysis
Healthy competition is a phenomenon that all business owners have to expect as they run their businesses (De Marchi et al., 2013). For this reason, the owners need to stay on top of their game by monitoring their customer needs. To keep abreast with the changing customer needs business owners will in most cases perform competitive analysis to look into the similarities and the differences with their competitors. Competitor analysis is important as it allows a business owner to recognize powerful traits as well as the weaknesses of their competitors. Freedom is in great competition with the following stores: Fantastic furniture, Nick Scali and Domayne which have a similarity of 100%, 93% and 90% respectively....