Section 1

Contents

Page

EXECUTIVE SUMMARY .................................................................. 4

2 2.1

SITUATIONAL ANALYSIS............................................................... 5 Company Analysis ................................................................................. 5

2.1.1 Financials ............................................................................................... 5 2.2 Competitive Environment ...................................................................... 6

2.2.1 Tile Market ............................................................................................. 6 2.2.2 Wooden Flooring Market ....................................................................... 9 2.3 PEST Analysis ..................................................................................... 12

2.3.1 PEST Implications ............................................................................... 12 2.4 SWOT Analysis ................................................................................... 13

2.4.1 SWOT Implications ............................................................................. 13 2.5 Forecast ................................................................................................ 14

2.5.2 Wooden Flooring Market ..................................................................... 14 2.5.3 DIY Market .......................................................................................... 14 2.5.4 UK Economy Macroeconomics ........................................................... 14 2.5.5 The UK housing Market....................................................................... 15 2.5.6 Topps Tiles Sales ................................................................................. 16 2.6 2.7 Tile and Flooring Market Summary ..................................................... 17 Assumptions ......................................................................................... 18

3 3.1

OBJECTIVES .................................................................................... 19 Corporate Objective ............................................................................. 19

3.1.1 Key Operational Objectives ................................................................. 19 3.1.2 Key Financial Objectives ..................................................................... 19 3.2 Marketing Objectives ........................................................................... 20

3.2.1 Product ................................................................................................. 20 3.2.2 Distribution .......................................................................................... 20 3.2.3 Pricing .................................................................................................. 20 3.2.4 Marcoms ............................................................................................... 20

3.3

Marketing Dashboard ........................................................................... 21

4 4.1 4.2 4.3 4.4 4.5

MARKETING BUDGET .................................................................. 22 Past Spending and Affordability .......................................................... 22 Competitor Spending and Share of Voice ............................................ 22 Objective and Task ............................................................................... 23 Current Market Situation...................................................................... 23 Percentage of Estimated Sales Revenue in 2013 ................................. 23

5 5.1 5.2 5.3

MARKETING STRATEGY ............................................................. 24 Gap Analysis ........................................................................................ 24 Ansoff Matrix ....................................................................................... 26 Market Segmentation ........................................................................... 26

5.3.1 Competition Segmentation ................................................................... 27 5.4 5.5 5.6 5.7 Product ................................................................................................. 27 Pricing .................................................................................................. 28 Distribution .......................................................................................... 28 Strategic Marcoms and Relationship Marketing .................................. 29

5.7.1 Advertising ........................................................................................... 29 5.7.2 Public Relations ................................................................................... 30 5.7.3 Direct Marketing .................................................................................. 30 5.8 Relationship Marketing ........................................................................ 30

5.8.1 Product ................................................................................................. 31 5.8.2 Pricing .................................................................................................. 31 5.8.3 Distribution .......................................................................................... 31 5.8.4 Promotion ............................................................................................. 31

6 6.1 6.2 6.3

MARKET RESEARCH..................................................................... 31 Product Research .................................................................................. 31 Distribution Research ........................................................................... 32 Database ............................................................................................... 32

7 7.1 7.2 7.3 a) 7.4 7.5 7.6

MARKETING TACTICS ................................................................. 32 Marketing Mix ..................................................................................... 33 Advertisement ...................................................................................... 35 Public Relations ................................................................................... 36 Trade Events......................................................................................... 37 Direct Marketing .................................................................................. 37 Product ................................................................................................. 38 Month by Month Marketing Tactics .................................................... 38

CONTROLS ....................................................................................... 41

CONTINGENCY PLANNING ......................................................... 42

10

REFERENCES ................................................................................... 43

11

APPENDICES .................................... Error! Bookmark not defined.

Executive Summary
a) This marketing plan was produced to offer a review on the current situation of Topps Tiles and the marketing objectives to be implemented in February 2013 to the end of January 2014. b) The marketing plan will look at key components of the Tile and Wooden flooring market, including current trends within both markets, and the competition within those markets. The plan will analysis both component to produce a summary of the current market situation c) Using the Objectives as a reference, a carefully drawn up budget has been considered in which has been justified in this plan. The plan will also state the strategies and tactics that will be used to make sure Topps achieves its objectives for the next coming year(s). The strategy and tactics have also been carefully considered to maximize potential return, in terms of achieving the objectives set out. The plan will also look to the future to establish a contingency plan, which will outline a number of actions to be taken should a certain situation arise d) Current situational analysis, has identified a key downward trend within the Tile market which will prove worrisome for Topps as it is there main product, however analysis has also shown a upwards trend in the wood flooring market. e) Current analysis has also shown that competition within the tile and flooring market is become fierce with bigger competitors entering the market, with the like of B&Q and Homebase f) Analysis of trends has also shown week demand in the housing market over the past 5 years due to the recession and the effectives it has had on consumer confidence. This however proves to be a double edged sword as there has been an increase in the number of people renting properties which mean less DIY can be conducted on these properties. However with the current market situation people who own properties are looking to DIY as a cheaper form of increasing the value of their property g) The main objectives set out in this plan are as followed To increase Topps Tile market share in the Tile market to 27% To increase sales revenue by 5%, over the next year To Increase the growth profit margin by 5% to 65%, over the next 5 years h) Using the objectives set out the current budget that we consider to be most effective in achieving these objectives is 5,310,000. This will be split
Budget () Market Research Advertising Public Relations Direct Marketing Product Contingency Plan 265,500 3,130,000 960,000 360,000 255,500 540,000 % of the total budget 5.00 57 17 7 5 10

2
2.1

SITUATIONAL ANALYSIS
Company Analysis

Topps Tiles is engaged in the retail and wholesale of distribution of ceramic tiles and wood flooring (Reuters, 2012), where it operates through its core values of offering offer high quality tiles at value for money with a friendly knowledgeable service. Topps Tiles main customer focus has been the public, offering products and help for people doing DIY. However over recent years Topps have expanded their range of products to appeal to Tradesmens, while also offering trade discounts. This product expansion has helped Topps to cement a strong position in the market, where it currently has a 26% market share in the tile market (Topps Tiles, 2012) 2.1.1 Financials Consolidated Statement of Financial Performance for the 52 weeks ended 29 September 2012 52 weeks ended 29 September 2012 000 177,693 (71,144) 106,549 (6,023) (67,618) (4,755) (7,231) (5,460) 15,462 52 weeks ended 1 October 2011 000 175,525 (70,904) 104,621 (6,638) (65,883) (6,393) (6,624) (5,103) 18,174 (1,051) (1,281) (1,862) 13,980 356 (4,798) (1,630) 7,908 (2,194) 5,714

Table 2.1.1

Group revenue continuing operations Cost of sales Gross profit Employee profit sharing Distribution and selling costs Other operating expenses Administrative costs Sales and marketing costs Group operating profit before exceptional items Impairment of plant, property and equipment Write off of display inventories Property related provisions Group operating profit Other gains Investment revenue Finance costs Fair value (loss) on interest rate derivatives Profit before taxation Taxation Profit for the period attributable to equity holders of the Company Source: Topps Tiles Annual Report 2012

15,462 1,624 152 (4,108) (637) 12,493 (2,724) 9,769

2.2

Competitive Environment

Topps Tiles can be split into two separate markets; they are the Tile market, and the Flooring market. The Tile market would include any business that sells tiles. Topps Tiles specialize in this market. This secondary, flooring market is made up of companies that sell any type of flooring, such as carpet or wooden floors. This market is much bigger than the tile market. 2.2.1 Tile Market The UK ceramic tile market is in a state of decline since 2008 when the recession hit, with the market more than 20% smaller than 2008 (KBB Review, 2011) which at its height in 2008 was worth 420 Million (Hucker, 2010) This had increase year on year until 2009 when the market went into decline, with totals sales for ceramic tiles in the retail market down 7.8% in 2009 (Hucker, 2010). This was mostly due to a lag effort of the recession, which started in 2007. Table 2.2.1 shows the value of the Tiles market from 2007 to 2011. Table 2.2.1 Ceramic Tiles Value (m at rsp*) % change year-on-year The Total UK Retail Market For Ceramic Tiles By Value 2007 475 2008 477 2009 440 2010 405 2011 372

0.4

-7.8

-8.0

-8.1

Source: Keynote Market Report on Wall coverings and Ceramic Tiles 2012 *Retail Selling Price The decline in the Tile market is evident Topps Tiles sales figure, which decreased from 208.08 million in 2008 to 178.80 million in 2009 (Topps Tiles, 2011) and has bounced around this figure for the past 3 years. Topps in 2009 represented around 23% of the tiling market an increase from 22% the previous year

2.2.1.1

Tile Market Competitors

Table 2.2.1.1(a) shows the financial health of Topps Tiles biggest competitors within retail of tiles. There are more competitors within the Tile market, but the four described below are the largest in the UK Table 2.2.1.1(a) The Financial Health of Topps Tiles Competitors (2011)
(,000s) Turnover Cost of Sales Gross Profit Margin Operating Profit Profit after Tax Dividends Retained Profit Current Ratio B&Q* 3,710,400 2,198,200 1,512,200 178,700 151,900 0 151,900 5.05 Wickes 980,450 552,338 428,112 39,483 29,445 755 28,690 1.28 Homebase* 1,447,859 763,242 684,617 68,280 44,967 0 44,967 2.11 Tile Giant* 36,257 17,197 19,060 487 33 0 33 1.04

(Source: Keynote company database, 2012) *Finances submitted within the first 4 months of 2012 Table 2.2.1.1(a) shows that B&Q are by far the largest company involved in the Tile market, by revenue. This is nearly twice the sales revenue of the second largest competitor in the market Homebase, while Topps with current sales of 177.693m comes in fourth after Wickes. However even though B&Q and Homebase as well as Wickes are turning over large amounts in comparison to Topps, this does not mean Topps is not a main competitor within the Tile market, as Topps specializes in tiles giving a commanding 26% market share in the tile market. The economies of scale that Topps processes with this market share, gives them an advantage of buying power over many of its competitors

Table 2.2.1.1(b)

Tile Market Competitor Analysis

Table 2.2.1.1(b) consists of Topps Tiles main competitors. Using the competitor analysis criteria in Contemporary Strategic Analysis by Robert Grant, to analyze their position and competitiveness within the market
Background information Wickes Wickes operates as a trade and DIY store, offering low prices on a range of its items, with the red pencil pricing scheme aimed at traders. Products range from plumbing to carpentry and of course tiles. Wickes also provides an installation service on kitchens and bathrooms. Travis Perkins; a large corporation and builders merchants (Travis Perkins, 2012) Trade and DIY 200+ and Online (Wickes, 2012) To provide the best value for money in the DIY market B&Q B&Q operates as DIY store offering products ranging from tiles to flooring as well as garden ware and tools However B&Q does operate a trade store inside many of its large stores, called trade point which provides material for tradesman Homebase Homebase offers a range of home furnishings and DIY products, including tiles. Homebase are also trialing kitchen installations, Tile Giant Tile Giant offers a range of tiles through its stores and online. Offering products to the public and the trade (Tile Giant, 2012)

Owners/Parent Company

Customer Base Number of Stores in the UK Strategy

Kingfisher; a large multinational corporation (Kingfisher, 2012) Trade and DIY 321 and Online (B&Q, 2012) Advertisement aimed at making DIY look easy. (Kingfisher, 2012) B&Q has also moved towards offering Green and Eco Products. Which is absent in the Market (DIY, 2012)

The Home Retail Group; a multinational corporation (Home Retail, 2012) DIY 300+ and Online (Homebase, 2012) Offering a user friendly website, while also enhancing activities on social networks Offering a move diverse range of home furnishing products using Homebases own brand name (Home Retail Group, 2012)

Travis Perkins (Tile Giant, 2012)

Trade and DIY 107 and Online (Tile Giant, 2012) To give every customer the best service when they visit our stores with Giant range and Giant savings. (Tile Giant, 2012)

Assumptions

Resources and Capabilities

Consumers are price conscious in the current market situation as times are hard for some Wickes parent company Travis Perkins has large revenue streams (Travis Perkins, 2012) This can be reinvested in the company. Travis Perkins also operates tile giant giving it access to millions of tiles Offers more products then just tiles. This can attract customers in who are looking to buy more than just tiles

Customer Service is key within the market

Kingfisher has revenue running into the billions, which can be reinvested back into its company in times of hardship or to make them more competitive. Operates the largest number of DIY stores in the UK Can attract customers in on products other than just tiles B&Q has the use of its store cards to create brand loyalty

Home retail group has revenue running into the billions, which can reinvested into the company and its subsidiaries However Homebase is not as well established in the tile market as its competitors. Known more so for its furnishings Homebase uses nectar cards to attract customers in by rewarding them with points, which can be used on a number of products and services

Travis Perkins, the parent company has large capital, which can be invested to expand the brand Travis Perkins also operates Wickes which is also present within the tile market giving both companies an advantage in purchasing power. The smallest of the large competitors within the market analyzed, they are less financial well of in terms of revenue then Topps

2.2.1.2 Tile market competitors: Implications for Topps Tiles All the companies listed within the table, are owned by large multination companies, with revenues running into the billions. This gives them large capital reserves in which to fall back on. This also gives them a considerable amount of say in the market when purchasing, leading to lower prices. Furthermore the owners can reinvest this money into their companies to expand their product range to adapt to the competition Travis Perkins, owns two firms within the market; Tile Giant and Wickes along with the large trade base Travis Perkins already appeals to, this could make it hard for Topps to establish itself within the trade industry All 4 companies mentioned are well established brand names which are well respected by, especially Wickes which is well established within the trade industry with its Red Pencil Pricing 2.2.2 Wooden Flooring Market

The floor coverings market is split up into a number of sectors, with wood and laminate flooring covering one sector. The UK wood and laminate flooring market in 2012 was worth 1.376bn (Tutt, 2013), with a 22.2% share of the floor coverings market (Tutt, 2013). Table 2.2.2(a) The wood/laminate flooring by value at current prices (m at rsp) 2008-2012 2008 Value (m at rsp) % change year-on-year 1,329 2009 1,335 2010 1,360 2011 1,370 2012 1,376

0.5

1.9

0.7

0.4

Source: Keynote 2013 report on the floorcoverings market The growing popularity of wood and laminate flooring has meant that sales have increase, between 2008 and 2012 the sector grow by 3.5%, with the biggest increase falling in 2010 when the value of the increased by 1.9% from 2009 (Tutt, 2012). Although growth has increased it has also started to slow, with growth between 2011 and 2012 at 0.4% (Tutt, 2012)

Table 2.2.2(b)

Wooden Flooring Market Competitors

(,000s) Turnover Cost of Sales Gross Profit Margin Operating Profit Profit after Tax Dividends Retained Profit Current Ratio Carpet Right* 471,500 195,500 276,00 18,000 4,600 0 11,000 0.60 Wilkinsons 1,565,400 947,539 617,861 19,260 13,978 2,201 11,777 0.96

(Source: Keynote company database, 2012) *Finances submitted within the first 4 months of 2012 Table 2.2.2(c) Wooden Flooring Competitor analysis

Table 2.2.2(c) consists of Topps Tiles main competitors within the wooden Flooring Market. Using the competitor analysis criteria in Contemporary Strategic Analysis by Robert Grant, we have analyzed there position and competitiveness within the market. Table 1.2.2.1(c) shows only two competitors in the wooden flooring market. There are more competitors within the market. However the other main competitors have already been analyzed in Table 2.2.1.1(b). This is why they are not included in Table 2.2.2 (c)
Background information Carpet Right Operates as a flooring specialist, selling wooden flooring as well as carpets. They offer a free home consultation (Carpet Right, 2012) Carpet Right Plc. 6% owned by Cascade investment, which is owned by Bill Gates (Hall, 2010) DIY 539 Continually improving the product range and customer service Grow sales through associated products Pursue opportunities to extend the brand in Europe Using Insurance replacement market to increase sales Assumptions Offering choice, value and quality customer service will appeal to the consumer Carpet right has an extensive number including stores abroad with 679 stores in 4 countries. This gives them an advantage in purchasing as they will be able to negotiate low prices on products they buy Cascade investments is an investment vehicle for Bill Gates; Billionaire philanthropist. This means that if Bill gates is willing, capital can be injected into the company The demand for labour saving devices and DIY is extremely high Large revenues, running into the billions, giving a strong position within the market, with buying power. Meaning Wilkinsons can wither set prices or obtain higher profit margins However net profit margins are very low due to the low costs that Wilkinsons charge, meaning they are no better off financial then carpet right Wilkinson Hardware Operates a number of stores across the UK focusing on household essential and of course hardware products aimed at DIY Wilkinson Family

Owners/Parent Company

Customer Base Number of Stores in the UK Strategy

DIY Online Focus on students, as the main customer

Resources and Capabilities

2.2.2.1

Wooden Flooring Market Competitors: Implications for Topps Tiles

The capacity of both carpet right and Wilkinsons far outweighs Toppss Capacity. Revenue is considerably higher than that of Toppss along with the number of store run, with carpet right managing the most stores, means they have a competitive advantage in being able to reach out to more consumers However both carpet right and Wilkinsons have tenuous financial position when looking at their current ratio, which is below 1 showing that both companies would struggle to pay off short term debt should the situation arise when they are asked to pay it off at this very moment. Although this is unlikely it shows the risk that both run when operating and could potential be a weakness if revenues are lower than expected. This could ultimately lead to their demise opening the market for Toppss Wilkinsons can attract customers to their stores and online through a range of other products that they stock. This can take sales away from Topps Carpet Right has a major investor involved in the running of the company, in the form of Bill Gates, Billionaire. This could signal Cascades intent on keeping the brand alive, which in turn could potential see investment poured in to overcome any problems, giving it an advantage if the market turns

2.3

PEST Analysis
Economic Economic growth The UK economy increased by 1.0% in Q3 2012. (BBC, 2012c) Housing Market Topps relies heavily on the housing market, as people are more likely to buy tiles when they move into a new house, so they can renovate and make it their own. (FT, 2009) House prices have fallen by 0.6% according to Halifax, whereas nationwide say they fell by 0.9%. (BBC, 2012b) Unemployment Rates Forecasts suggest that unemployment will peak at 8.7%, then fall each year, until it is at 6.3% in 2016-17. (BBC, 2012d) Euro-Zone The Euro-Zone is predicted to have a slump in growth, from 0.5% to -0.3%. Making spreading out to European markets less desirable. (BBC, 2012c) Exchange Rates The value of the against the is stronger than it was at the beginning of 2012. (XE, 2012) Technological E-Commerce Topps Tiles offer similar service online as they do in store, as well as linking them. Using the Internet as a marketing tool. Better logistics This allows products to be distributed quicker, which is good because products would be made to order. Environmental Replacing lighting installations to ones that use less energy. Reduction in CO2 emissions with new low emission vehicles, total cut of 8% a year.

Political and Legal Housing More funding for new housing in 2013, creating more homeowners. (BBC, 2012a) Increase in Stamp duty from 5% to 7%, making housing slightly more expensive. (BBC, 2012a) Government Intervention Increase of VAT caused less consumer demand. (MEN, 2010a) Borrowing Responsible lending culture makes it harder to borrow money to fund home renovations. (Guardian, 2012a)

Socio-Cultural Consumer Trends Homeowners deciding not to renovate homes, and save cash. (FT, 2009) Younger people renting houses rather than buying. (Helm, 2012) 3.1 million people renting houses Branding Consumers do not perceive Topps Tiles as a high quality brand (In the white room 2012) Community Mosaic programs Youth Football Charity involvement, Help for Heroes

2.3.1 PEST Implications The current economic climate has meant that the housing market has stagnated; this decrease in demand for new houses has meant that renovation of new properties has dropped. Moreover homeowners are declining to spend money on renovating properties to save money as consumers tighten there belt (FT, 2009). This has meant a decrease in demand for products such as tiles and wooden flooring. A shift in the market towards renting has meant that consumers no longer have control over renovation, as they do not own the property. This will have a detrimental effect on Topps who rely heavily on the DIY market (keynote, 2010). This shows that a move towards offering a better range trade products, who will be employed by the landlord to carry out the work, would be a sensible idea The strength of the sterling against international has made purchasing products from abroad cheaper, meaning that the cost of its product are lower giving Topps the chance to lower its prices to increase purchases or to keep prices the same and thus increase profit margins The economy is recovering although it is at a slow rate as George Osborne in the budget predicted the country will not be debt clear until 2016 (BBC, 2012). Having a light at the end of the tunnel will give consumer a sense of optimism; this may lead to increase spending habit, which will increase sales turnover

2.4 SWOT Analysis

Strengths Topps is the largest company within the tiles and wooden flooring market. Topps is a specialist in the tiles and wooden floor industry giving It a more focused product range, giving it a competitive advantage over it indirect and direct competitors due to its knowledge and expertise within the tiles and wooden flooring market Topps has larger capital then many of its smaller independent competitors, giving it better leverage within the market, as stated before with buying power Weaknesses Topps has placed itself in a position that will be difficult to change in the event that customer preferences change Topps doesnt have a fitting department which many of its competitors have, such as Wickes and B&Q. Topps over the past few years during the economic downturn has faced a barrage of problems which have weakened its position within the market, such as the decision by its credit insurer to withdraw its cover Topps dealing in discretionary products have weakened it over the downturn as people save their many rather than spend them on products that are not necessities Threats A change in preference away from tiles and wooden flooring would be catastrophic for Topps as it will be difficult to adapt to a new customer preference Facing strong competition from DIY shops, which have widened their product range to include tiles and wooden floors. Topps may In the future face stiffer competition from online competitors Many DIY stores such as Wickes and B&Q have moved into the tile and wooden flooring market

Opportunities The emergence of cheap labour in Asia has meant that Topps can capitalize on lower priced tiles. The economic downturn has made it difficult for most companies to operate. Topps can look to growing markets such as India and China to explore new markets There is also an opportunity to look into markets around the UK, such as Ireland which has a similar culture to us The opportunity to move into fittings in order to compete with B&Q and Wickes.

2.4.1 SWOT Implications Topps is facing a strong threat from new competition within the market in the form of large well established DIY companies. Competition is competing in different segments of the market, this could damage Topps all-round, which is why they need improve their competitiveness and become aggressive in their marketing strategy. Topps has an opportunity to defend its position within the declining market by penetrating the increasing trade market. This may help Topps expand its market share as well as increase its revenue and maybe its profits. Topps may be able to use its competitive advantage of purchasing power and knowledge to dislodge the competition from the market. Through a combination of lower price, high quality products that appeal to the trade

2.5

Forecast

Forecasting the market is important in planning for future. This will help prepare for any future changes in the market, helping the company to adapt to the new market. Forecasting can also be helpful in predicting future trends within the macroeconomic sector which has recently become of importance in light of the recession 2.5.1.1 Tile Market forecast According to a keynote report on the tile market (2012) the tile market has declines year after year, with sales down by 8.1% in 2012 compared to 2011, and the market looks to continue its downward slope with the value of the UK ceramic tile market expected to be down by 26.1% on its current value as shown in Table 2.2.1. This trend shows that the tile market is in decline and losing value, a warning sign for Toppss. This is why a move towards the paint market may bring some relief or even looking to expand the tile market into developing countries as demand there is high, due to an ever increasing middle class 2.5.2 Wooden Flooring Market With the recession easing and the public is turning to wooden flooring as it is believed to increase the value considerable compared to other types of flooring (Easy Step Flooring, 2012) Worldwide growth also has a positive outlook, with growing demand in emerging markets, sales are expected to rise 12% through to 2017 (Belfast Telegraph) 2.5.3 DIY Market The average amount spent on DIY is expected to increase in 2013 with the average homeowner expected to spend 1,501.85 improving their property. (TalkTalk, 2012) However DIYer are opting for quick fixes rather than large projects, e.g. Kitchens and Bathrooms. This could adversely affect sales targets for the coming year as demand declines for tiles and wooden flooring. On the other hand quick fixes could mean people look to repair cracked tiles and floorboards. This could signal an increase in sales, as consumers look towards DIY shops for these items rather than trade shops. Moreover with the introduction of Dulux to many of the Topps stores this could counteract the decline in sales elsewhere as 18% of people survey stated they would give their home a new coat of paint.

2.5.4 UK Economy Macroeconomics With George Osborne announcing that the UK debt will fall by 2017 (telegraph, 2012) Confidence in the market has increased. However the economy

shrank by 0.3% in 4Q of 2012, signaling that the UK could be heading for a triple dip recession (BBC, 2012) this may panic some investors, which without their money the economy may shrink for a second time. 2.5.5 The UK housing Market The health of the UK housing market plays a crucial role in terms of revenue for Topps Tiles. A healthy housing market means people can afford to buy a house. This gives them the opportunity to develop their property by renovating certain aspects, such as the Kitchen or the Bathroom. This impact is evident in Topps Tiles total sales results before the recession hit. In 2008 sales figures were 208.08m, when the housing market was at its peak before the recession took hold in September of that year. This shows the correlation between the health of the UK housing market and Topps Tiles sales. This correlation is shown in Graph 2.5.5, which shows the moment the property bubble burst and house prices. This was due to fall in demand for houses as the banks became tougher with lending out money for mortgages Graph 2.5.5 Average House Prices

Source: http://www.thisismoney.co.uk House prices are steady at the moment, with lambert (2012) forecasting that house prices are due to rise by 15% between 2011 and 2016. This forecast if true may signal a return to spending levels seen in 2008 before the recession as this shows a demand for housing, which would mean higher home ownership and bankers more willing to lend. Home owners are most likely to conduct a form of DIY or renovate there property through a tradesmens, as rental properties are limited to the amount of work that can be carried out on them. This could see a surge in sales for Topps if forecasted correctly

2.5.6 Topps Tiles Sales Sales figures for 2013 are positive, with growth expected in the next 12 months. The sales figure shown in Table 2.5.6 were provided by yahoo finance Table 2.5.6
Revenue Est Avg. Estimate No. of Analysts Low Estimate High Estimate Year Ago Sales Sales Growth (year/est)

Sales Revenue forecast for the year 2013 and 2014

Current Year Sep 2013 Next Year Sep 2014

183.70m 6 183.00m 184.92m 177.69m 3.40%

190.88m 6 186.70m 196.00m 183.70m 3.90%

Source: http://uk.finance.yahoo.com/q/ae?s=TPT.L

The figures in Table 2.5.5 show an increase in growth of 3.4%, which has been predicted by professional analysts, with the increase in sales this will mean a potential high profits for the year, which will please shareholders if Topps decides to pay out dividends Table 1.5.5 also show great potential for the year following in 2014, which would indicate a rise in marketing will be needed to maximise the potential for increased sales, and having the consumers willing to spend money is showing a change in the current climate

2.6

Tile and Flooring Market Summary

The Tile and Wooden Flooring market is very competitive, with a combined market value of over 1.7 Billion in the UK this will appeal to many companies as an opportunity to bolster revenue as well as out do there competitors. Topps and Tile Giant have existed in the market the longest, while Wickes, B&Q and Homebase have only recently tried to penetrate the market. Carpet Right is also another firm that you do not want underestimate, because although it does not compete in the tile market, it does compete indirectly as carpet is an alternative to tile flooring. Carpet Right does however compete directly within the Wood flooring market. Although there is money to be made within the Tile and wood flooring market, the DIY market is in decline as trends change, with more people renting properties, due to the recession making obtaining a mortgage difficult (This is money, 2012) This means that people are limited on the amount of work they carry out on the property, as they do not own it and landlords would rather a tradesmens conducted the work as it is professional done. This has could mean a forecasted rise in the trade market, which is why offering a better deal towards the trade will in hope, boast sales figures. With quality and price the number one factors stipulating where a tradesman would buy his products. However competition is fierce within this market, with B&Q (Trade-Point) and Wickes catering for specifically for the trade market. Wickes and B&Q also offer a wide range of products that appeal to traders. This means they have the advantage of traders buying another product, which then for convenience may buy there other products from the store. In conclusion with the housing market changing in favor or traders and a declining participation in DIY a move towards increasing trade sales would be logical step to take. Furthermore with competition becoming ever more fierce, for Topps to sit still would be the wrong approach, especially as the competition are larger than Topps in size and revenue., However Topps does have one ace up its sleeve in that it specialize in tiles and wooden flooring, giving it good balance on the economies of scale, with purchasing power high and knowledge of the market being imperative. Topps can use this to their advantage, by offering Tradesmans what they want, which is high quality products as the lowest price. This is essential for tradesmen as the more money they save on a job, the more profit they make, which in most cases is there income. However this does not mean to count of DIYers, as the 20 million strong force (TalkTalk, 2013) should still be Toppss main target market, and even with an increase in rented properties, people still conduct small forms of DIY including replacing cracked tiles and broken floor boards. These customers are going to want cheap products, as they are only replacements. This is one of Toppss aces as with the price promise.

2.7

Assumptions

For the Topps Tiles marketing plan to be effectively implemented, key assumptions need to be made regarding the economy and the market. The following section will analyze these key assumptions to establish the effect they will have on the marketing plan, positive and negative Table 2.7
Assumption
The economy recovers, with consistent growth over the next four quarters

Assumptions for the year beginning February 2013

The Effect
Consumer confidence will increase if the economy recovers, which may mean increases in spending as consumers become more settled and less worried about money. This may also lead to lower unemployment levels as business recover and sales increase as consumer spending increases. This intern may lead to a resurgent in the housing market, which could signal a high demand for Topps products as homeowners look to increase the price of their property before putting it on the market

Contingency Plan
This is not guaranteed, if the economy continues to shrink for a further two quarter it will signal a return to the recession. This will further damage consumer confidence, which may mean they continue to keep a tight fist on their finances. If the economy does head for a triple dip recession. The plan will be for Topps to continue with current trading measure, with a strict view on opening new stores and looking to just survive the current downturn by keeping costs low and risk to a minimum

The value of the pound continues at its current growth rate compared to the Euro and the Dollar

This will benefit Topps immensely in trading terms, as many of the items are brought from the continent or further. If the pound continues at its current rate and does not depreciate drastically over the next year, then gross profit margins will stay steady or may increase. This is all dependent on the Euro and Dollar

If the value of the pound does decrease in the wake of a triple dip recession and further pressure from the troubled euro, then costs will increase as exchange rates become unfavorable. If this problem does occur then prices must be increased, as competition will be faced with the same situation. If the prices do not increase then achieving a higher growth profit margin will not be possible as goods become more expensive but selling prices does not change

OBJECTIVES

This section will contain the objectives, along with the strategies and tactics that will be used to achieve these objectives, which will be incorporated into the company at the beginning of January 2013 with a plan of fulfilling the objectives within the next 5 years The following objectives have been carefully considered, taking into account; the current market situation and trends, Competition, and Toppss current situation within the market

3.1

Corporate Objective

Corporate objectives are the most crucial within a business. These objectives give the company a direction in which all departments within the company must work towards. The following corporate objectives will outline the new direction in which Topps Tiles will follow. 3.1.1 Key Operational Objectives To increase Topps Tiles market share to 28% over the next year, from the current 27% To continue with a conservative approach to opening new stores in 2013 To research and analysis expanding the brand into Ireland. The view to open a store in Ireland within the next 5 years Analyze current direct and indirect competition, with the view to acquiring a competitor over the next 5 years. 3.1.2 Key Financial Objectives Increase sales revenue by 5% in 2013 and further 5% every year after Increase the gross profit margin from 60% to 65% over the next 5 years Reduce net debt by 5m each year Reduce inventory days from 133 days to 115 days by 2018

3.2

Marketing Objectives

3.2.1 Product To implement the Dulux paint range across all Topps Tiles 306 stores. The aim is for the Dulux paint range to account for 10% of totals sales for the coming year (2013) and thus helping to push total revenue up by 5% To increase the quality of tiles on offer by looking for new suppliers to work with over the next 5 years. The aim is to increase appeal to the trade market, especially tillers, with a 10% increase in Tile trade sales Analyze current inventory levels, reducing warehouse space by reducing the amount of products purchased. The aim is to decrease the number of inventory days of to 115 by 2018. This will also reduce costs and may lead to high profit margins 3.2.2 Distribution To expand on Topps Tiles store consultancy service by offering a home consultancy service, to have the service implemented for the year 2014. This will give a more comprehensive service to the customer, with the ai To expand the channels of distribution, to make it easier for consumers to shop by opening a further 20 more stores by 2018 To expand into the insurance market over the next 3 years, with at least one contract with a major insurance company in the UK 3.2.3 Pricing To be the best value tile retailer, in terms of price for the next 5 years. To use the economies of scale to push for a 65% gross profit margin by 2018. This can be done through purchasing power but will require negotiations with existing and new suppliers To be able to lower prices on tools by 10% by 2015, this again will require negotiations with existing and new suppliers 3.2.4 Marcoms Trial a new store loyalty card scheme, rewarding customers with every purchase. The view to bring it nationwide within the next 2 years and having a base of around 50,000 customers on the scheme by 2018 To increase the number of visitors to Topps Tiles website by 10% over the 3 years Increase the net promoter score to 1% each year, by the end of year 5 to have a net promoter score 95%, currently at 90.6%

3.3

Marketing Dashboard

The dashboard shows the relationship between the key metric, Topps Tiles objectives and the tactics set out this year. This dashboard is basic compared to the industry used dashboards. A more comprehensive dashboard will be made available, once the outside business consultancy firm have been notified of Topps Tiles intentions for this year Goals
Increase Sales Revenue

Objectives

Tactics
Launch two new adverts to be shown for 9 months of the year

Increase the number of stores to 326 by 2018 Increase Brand Strength Launch the Dulux paint range through Topps tiles 306 stores Implement a loyalty card scheme, with the aim of having 50,000 card holders by 2018 Increase the number of website visitors by 10% by 2015 Increase the Net promoter score to 95% by 2018 To establish Topps in the insurance market with a contract to at least one major insurance firm in the UK by 2015 To increase the gross profit margin to 65% by 2018 Increase market share to 27% over the next year Protect and Increase market share Increase sales revenue by 5% over the next year

Advertise in local and nation newspapers Advertise on national radio Using in store promotion and advertising to promote the Dulux paint range Market research update and increase the existing database for use of the loyalty card scheme Research the possibility of expanding the brand into Ireland to open new store there Use events to teach and help local tradesmen and DIYer offering our expertise and Topps tiles knowledge of the tile and flooring markets Continue to offer DIY videos online to help, the ordinary Joe blogs to conduct the most simplest forms of DIY Offer a more comprehensive brochure, different brochures for the public and trade

Increase Customer Loyalty

Increase Brand Awareness

MARKETING BUDGET
2013 Marketing Budget = 5,511,000 - 3% of forecasted sales for 2013 (183.70m)

The marketing budget for the year ending December 31st 2013 is calculated using a combination of methods. This is outlines below Past Spending and Affordability 2% of Sales Revenue Competitor Spending and Share of Voice 2% of Sales Revenue Objective and Task 4% of Sales Revenue Current Market Situation 2% of Sales Revenue % of estimated sales revenue in 2013 2% of Sales Revenue

4.1

Past Spending and Affordability

In 2011 Topps Tiles spent 2% of its sales revenue. However this increase in spending did not result in the desired effect of increased revenue, in fact revenue for 2011 fell by almost 8,000,000 from the previous year. This however may be due to the economic climate, and a lag effect on the consumer. Topps continued with its current format of using 2% of sales revenue for the year 2012, which did see an increase in sales revenue by 2,168,000. This increase shows there may be a correlation between the amount spent on marketing and the resulting sales revenue for that year

4.2

Competitor Spending and Share of Voice

Competitor spending is vital in evaluating next years marketing budget, as Topps Tiles needs to stay competitive, with strong brand recognition. The table below shows the amount spent on marketing by some of Topps Tiles competitors, Homebase, Wickes, and B&Q. Although this data cannot be compared to Topps Tiles previous budgets as they have a wider range of products. Its indicates the amount spent on drawing customers into their stores, which affects Topps as the competitors stock products that are the same our similar to products marketed by Topps. Table 3.2
Figures m B&Q Homebase Wickes

Competitor spending on marketing from 2009 - 2010

2010 42.4 21.9 19.3 2009 30.4 20.8 10.5 Change % 39.50 5.13 83.68

Source: Billetts Media Monitoring 2010 (Retail Week, 2011)

In the same period Topps Tiles spent 2,600,000 in 2009 and 3,385,000 in 2010. This is a 30.19% increase. Although the amount spent is considerable lower than its competitors, Topps has a more focus ranged of products, while B&Q,

Homebase and Wickes have a broader range of products. Another difference that must be taken into consideration is the corporate ownership of the competitors which are owned by multi billion pound companies. These companies can invest large sums of money in their subsidiaries to increase revenue or just to survive.

4.3

Objective and Task

With the objectives for next year and also looking into the future, planning is crucial to the objectives being SMART. This means setting aside the right amount of money to be able to complete these objectives. Taking into consideration the objectives and task set for 2013, the budget will build on previous years budget to determine the marketing budget for the for the year running February 2013 to January 2014

4.4

Current Market Situation

Topps Tiles has had a turbulent couple of years with sales growth, with revenue declined from 208.08m in 2008 to 175.52m 2011 (Topps Tiles, 2012). This is most likely due to the current economic climate, which has seen consumers spend less as they tried to save money as confidence in economy is low. This downturn in sales has meant that retailers are making their marketing budget stretch further as companies start making cuts (Retail Week, 2011). However marketing is key to keep the brand fresh in the consumers mind, which is why a gradual increase in the marketing budget will prevent Topps tiles name when the market recovers

4.5

Percentage of Estimated Sales Revenue in 2013

Analysis the growth of the ceramic tile and flooring market, as well as current sales within the markets, will give a good indication of the amount need to be effective in attracting customers to buy from Topps Tiles. The current evaluation of the tile and flooring market has a combined value of 1.742b.

5
5.1

MARKETING STRATEGY
Gap Analysis

Table 5.1 below shows a forecast of Topps Tiles and the UK Tile and Wall coverings market. Using the objectives set in Section 2.1 to work out target sales. Table 4.1 Market Growth Forecasts UK Market Value (m) % Change -0.3 -0.7 year on year TTs 178 176 forecasted sales* (m) Target sales N/A 187 (m) Target year N/A 5 on year % change Difference in N/A 6.25 forecast and target sales (%) TTs % 25.5 25.3 market share *Using % above e=Estimated Source: Keynote, 2012 2012 700 2013e 695 2014e 688 -1.0 174 2015e 679 -1.3 171 2016e 668 -1.6 168 2017e 654 -2.0 164

196 5

206 5

216 5

227 5

12.6

20.4

28.6

38.4

25.3

25.1

25.1

25

It is clear to see that there is a decline within the market, and that decline does not appear to be slowing down. However with regards to Topps Tiles whose 2012 sales had a 1.1% increase from their 2011 sales whilst the rest of the industry was going down. Because of this it is plausible that Toppss future sales may not suffer from this market wide decline, especially if they stick to the objectives set in Section 3.

(Figure 4.1) shows the gap between the Toppss forecasted sales and their target sales from 2012 up to 2017. Figure 4.1(a) Gap analysis graph over the next 5 years.
Target: 227m

Gap: 63m

2013 gap: 11m

Forecast: 164m

The gap analysis was constructed using the market growth data present in Table 4.1. Using this data, we can estimate the Topps Tile forecasted sales for 2013 and the target sales in which will hope to achieve. This analysis was constructed in house, which is why the results are different to the analysts expectations set out in Table 2.5.6 In order reduce the gap between the forecast and target revenues Topps will need to remain as the market leader and implement the strategies proposed in this section Figure 4.1(b) Gap analysis for year 2012
Target: 187m

Gap: 11m

Forecast: 176m

The graph in figure 4.1(b) is a sub-gap analysis graph; it shows the gap of the year 2012. There is a gap of 11m between the targeted and forecasted revenues. These statistics suggest that for Topps to reach its targets it will need to implement strategies that allow all of the objectives previously mentioned to be fulfilled. This would inevitably lead to growth within the company and possibly even market wide.

5.2

Ansoff Matrix

(Figure 4.2) illustrates the strategies that to be implemented within Topps Tiles 2013 marketing plan in order to achieve the objectives set for 2013 and beyond. Figure 4.2
New Markets Existing Products Market Development
Expand the brand into Ireland, with the market currently being researched to assess the feasibility of this. Expanding distribution channels, broadening the customer base.

Ansoff Matrix
New Products Diversification
Expand into the wallpaper market to attract more customers and intern increase sales Expand into the carpet market

Acquisition and Joint Venture

By observing current trends in the market it is possible to see whether or not it is worthwhile to acquire another company to venture into other market segments. I.e. Bathstore or CarpetRight.*

Existing Markets

Market Penetration
Improving the range of tiles and wooden flooring by constantly evaluating trends to keep up with customer tastes Build on Toppss core principal of offering value for money Bring in a loyalty card scheme, to reward customers and thus increase retention of customers Advertising directed at trades people and DIYers

Product Development
Offering home consultations to improve customer service Expand the range of products for tradesmen to increase sales Introduce Dulux Paint range into all stores to increase overall sales Expand into the insurance market, by offering low prices for insurance contractors, leading to increase in sales

Figure 4.2 shows the objectives that should be focused on when looking at increasing growth over 2013. With a split focus throughout each quadrant of the matrix it would be assumed that each strategy, if successful, should gain enough revenue to get closer to the 187m target revenue set in Table 4.1. Using information taken from Keynote (2012) the following figures can be assumed. Market Development Diversification Market Penetration Product Development Acquisition or Joint Venture* Total 2.5m 3.5m 4.0m 1.0m 2.0m 13.0m

*Acquisition strategy not likely to happen in 2013, but the industry sales are increasing

5.3

Market Segmentation

Currently Topps Tiles primary customer base are home owners looking to conduct a form of DIY on their property, with 20 million DIYer in the UK last year there is still strong prospects for the market. Topps Tiles customers tend be between the ages of 25-54 (Alliance and Leicester, 2012) with customers over the

ages of 38 the largest group; the average first time buyer (independent, 2010) Topps has targeted this audience using a range media, to appeal to the older audience. This has come in the form of the sponsorship of channel 4 Weather, and has recently signed up to sponsor ITVs Daybreak weather, which is viewed by around million people and appears on early morning TV. The aim to catch the attention of views interested in seeing the weather forecast before heading off to work. Another form of media Topps has used to appeal to customers is TV advertisement, which was released two such advertisements emphasis there low prices across their whole range of products (Topps Tiles, 2012) Topps Tiles secondary customers would be traders, particularly Tillers and Flooring specialists, due to the products ranged offered by Topps. Over recent years Toppss has put a greater emphasis on its trade products, using in store advertising and also offering trade prices. 5.3.1 Competition Segmentation Table 4.3 shows how Topps compares its main competition; B&Q and Homebase. Table 4.3 Demographic Number of stores in UK User Status Product Competitor segmentation Topps Tiles 25-54 306 Homeowners & Tradesmen Tiles, tile accessories & room accessories. (High quality, midprice) None at present. B&Q 30-70 (focus on older people) 321 Homeowners & Tradesmen DIY tools, room accessories, tiles, curtains, carpets. (Mid quality, low price Diamond card (For over 60s) Homebase 25-54 300+ Homeowners DIY tools, room accessories, tiles, curtains, carpets. (Mid quality, low price) Nectar card

Loyalty

B&Q club While all 3 competitors have very similar demographics and offer very similar products. Topps is different enough with its focus on tiles to differentiate itself from the competition. This together with the factors mentioned in section 4.2 will benefit the companys future and make growth more likely.

5.4 Product
With the main objectives of Topps Tiles revolving around releasing more diverse product ranges, such as; Dulux and tiles that appeal to tradesmen. This will cause the store to split into two different customer segments, trades people with the emphasis on Tillers and flooring specialists; however this will also appeal to the

average builder and renovator. The other half will cater for DIYers. Ideally the product ranges would be very similar to keep costs down, however they could be branded towards the different segments, through how they are displayed both in store and online. Another of the objectives set by in section 3 revolves around the selection of tiles available being constantly updated by removing undesirable products from the catalogue. This will ensure that the only products available are the ones that will sell. In order to allow this strategy to thrive, Topps are required to continue researching the trends in the markets (both consumer and trade markets). Due to the vast amount of products that Topps sells, it is difficult to compile the information into the Boston Matrix framework. Which does make it harder to assume which strategy is best for the company. As pointed out by the Ansoff matrix in figure 4.2, Diversification and Market Penetration are the two main areas that Topps will need to focus on, if they choose to implement the above strategies there is a very high chance that those areas of the matrix will be fulfilled. The limitation with Topps Tiles is that it is hard for the marketing to be aimed directly at products, but the brand. This is because not only will the products be constantly changing, but the consumer trends will change both over time and from customer to customer. Because of this Toppssss should focus on marketing products in store rather than externally through adverts. This strategy is implemented throughout the companies in the market, such as Homebase and B&Q. (B&Q, 2012)

5.5

Pricing

In order to achieve the objective set in section 2, Topps will need to increase their price perception. Price perception will mean that the consumer will believe they are getting more for their money. They can do this through all number of means; confirming the consumers needs, place additional products infront of customers, making it an experience, collecting customer info and standing out from the competition. Collecting customer info after a purchase would imply a follow up visit, creating loyalty. These are all likely to also increase the customer satisfaction. A study published by Stanford Business School (Nair, 2011) found out that Promo (promotional) attracts more customers than EDLP (everyday low prices). It would be obvious to apply the learnings from this study to Topps. Topps should adopt the promo model if it wants to attract sales. With costs of moving from EDLP to Promo being cheaper than vice vesa, and providing larger revenues, it is the obvious direction to move in.

5.6

Distribution

Topps have 307 stores nationwide, this is their main way of selling goods to customers. Currently the stores appear to be located in trading estates. It is easy to find a store through their website, with each store having its own webpage, as seen in Figure 5.5, which shows the Brighton store.

Figure 5.5

Brighton Store Webpage Link that sends visitors to another page, with a segment written by the manager, for a personal touch. (However it it the same for every store, just changing the name and store name) Tiles can be extremely

This shows the store rating, from customer feedback

Topps successful if they What this distribution store

reform their systems. With negative feedback to help from Map coming offers the 3rd party delivery find the store company theyre using via forums. Source: having their own They can expand their company by Topps Tiles (2013) delivery company for home deliveries; this will also advertise their brand through the logo being placed on the delivery vans. It would cost a lot to start this venture up though, which is why they may choose to pass on this. However it is worthwhile for them to take the opportunity. By having their own delivery network, it will result in an increase in distribution channels, which meets one of the objectives set in section 2. They can also expand their channels by creating autonomy within the business, store to store. (i.e. if a store is out of stock of a certain tile, they can order the tiles in from the nearest store at the convenience of the customer). Topps Tiles lacks a home consultancy service, and yet it has the devices to have one. It would seem illogical to not utilize this ability. It is another way to reach the customer, and it would increase the brand awareness (Neighbours of the customers would see Topps Tiles vans down their road). Topps should also use online booking to book appointments as well as in store, and by following the personal touch mentioned earlier they can add value by giving details of who is seeing them for the consultancy through the booking confirmation, e.g. You will be seen by David at 13:00 on 13/03/2013 this is bound to create price perception at minimal cost.

5.7

Strategic Marcoms and Relationship Marketing

5.7.1 Advertising Advertising will be crucial in this years marking plan, to achieve maximum ROI on the marketing budget. The strategy for the coming year in terms of advertisement, will be to use a number of sources to raise brand awareness not only to DIYers but also traders, as Topps looks to expand on the current market. This will mean uses advertisement effectively as it can be costly but very effective at increasing brand awareness.

5.7.2 Public Relations Topps Tiles has a good community help scheme, which has been used over the past couple of years to increase brand perception, although this has been arguably successful. A new approach to public relations is now needed; this will involve activity getting Topps Tiles customer base involved in certain aspect of the building world. By teaching the public how to conduct a simple form of DIY will increase brand perception and also increase band awareness, as the ROI on marketing is maximized due to the projected being aimed at the target market The projects will also include helping existing and potential Traders across the whole board; this means tillers, builders and flooring specialist. The project will help by giving traders our expertise and knowledge of the market, as well as support through the existing Topps approved fitters scheme. This will help to expand Topps customer base, which is currently DIYers. 5.7.3 Direct Marketing In this years plan, we hope to use the existing database to increase Topps tiles reach, by marketing products particularly suited to a certain group, in this case traders across the whole board. By targeting this particular market, we hope to expand on our current target market of DIYers in an effort to increase sales and market share This year is also an exciting year, as a trial of the new loyalty card scheme set out in these years objectives, will be used in a number of stores in the hope of increasing brand loyalty amongst Topps entire customer base. The scheme will involve awarding customers with point every time they purchase a product. These points can then be used to get money off a range of products. This will help drive up customer purchase and increase loyalty as customers will want to use the points to obtain a discount. The products that will be discounted will be items that will be most appealing to the customers. This will be calculated using a new database system that will be developed in the coming year. The data stored will also prove useful for the marketing department in assessing what they are purchasing and when, which can then be used to configure stores to maximize appeal to the customer and increase sales

5.8

Relationship Marketing

As previously mentioned, it is key for Topps to retain customers, retention is often neglected. Most companies marketing effort is focused on getting customers with little attention paid to keeping them (Payne, 2006). Because of this they should make sure that the strategies used encourage customer retention. These factors are likely to retain customers if executed correctly and according to Paynes research, provide higher revenues for the company.

5.8.1 Product Allowing customization to the order to maximize the appeal to the customer, as they feel they get what they want Cross selling (selling additional products) to increase sales, Topps needs to attract more customers in. By selling a range of products customers feel they can get all there wants from one place. This diversification can be seen in Topps Tiles competitors, which as stated before can attract customers in through one item for them to buy another item while in the shop 5.8.2 Pricing By bring in price incentives, this will hopefully increase spending, as Customers feel they are getting more for their money. The aim is to attract customers that would otherwise shop at B&Q, Wickes etc. This strategy will be to show customers our price promise scheme and also shows customers our expertise within the market, something which our competition lacks 5.8.3 Distribution Store/Web exclusive content and product previews will help customers to find exactly what as well as help if they have any issues. This gives customers the peace of mind that they can test the product out before taking it home. This will show customers the quality of products that Topps processes, and increase brand perception of Topps 5.8.4 Promotion As stated in the strategic marcoms, a Loyalty schemes a will help tailor products sales to the consumer, by offering products that customer wants. The scheme will also help build up a relationship with the customer as they feel there needs are being met. This will help build on brand perception and awareness

MARKET RESEARCH (5% of the Marketing Budget: 275,550)

Market Research will have 5% of the total marketing budget allocated for next year. This money will be used to fund research into looking at a number of areas set out in the objectives for 2013

6.1

Product Research (90,000)

This will focus on the key points set out in the objectives for 2013

 Research into new tile and flooring designs that will appeal to the trade as well as the public in the coming year to keep up with trends and stay ahead of the competition Analysis the results from the Dulux trial to determine the success of placing it in all 306 stores. This will improve the product range and bring Topps into competition with other rivals, e.g. Wickes, B&Q and Homebase Look into the current product portfolio, removing any products that are outdated to clear up warehouse space and save money, with the hope of increasing profit

6.2

Distribution Research (120,000)

Research the prospect of expanding into Ireland to determine the success of opening the first stores within 5 years. Research the idea of offering home consultations, where a trained professional will be able to give a more comprehensive opinion Look into setting up a loyalty card scheme, the costs of setting up such a system, as well as the benefits and drawbacks

6.3

Database (65,550)

Update and enhance the current database used, to provide a more detailed outlook of Topps Tiles customers. Using the database, targeted advertising can be used which will better appeal to the customer. The new database can be used in conjunction with what hopes to be a successful launch of a loyalty card system. Current Data stored can also be used to better understand customers shopping habits. This data can then be used to enhance the shopping experience for all customers

MARKETING TACTICS

The section below will outline the key tactics that will be implemented in order for Topps to achieve its strategy and in turn its objectives. The section will explore the cost of such tactics, which will be deducted from the remaining market budget

7.1 Marketing Mix

Table 7.1 shows the breakdown of the costs of the tactics that will be implemented over the coming year. The costs are only estimates, but have been comprehensively researched to make the numbers as accurate as possible Table 7.1 also shows where the money is being allocated to within the marketing department, e.g. Advertisement. (Figure 5.1) shows the total allocation of these funds in value and percentage, to make it clearer to assess where the marketing budget is being spent and (Graph 5.1) shows how much is being spent each month and where Table 7.1 2013
Figures () Tactics Market Research

Marketing Mix Breakdown for the year beginning February

Month Jul-13 Aug-13 22,125 60,000 22,125 60,000

Feb-13 Mar-13 22,125 22,125

Apr-13 May-13 22,125 22,125

Jun-13 22,125 120,000

Sep-13 22,125 60,000

Oct-13 Nov-13 22,125 22,125

Dec-13 22,125

Jan-14 22,125 60,000

Total % of Budget 265,500 660,000 1,800,000 60,000 480,000 120,000 10,000 240,000 240,000 480,000 360,000 4.82% 11.98% 32.66% 1.09% 8.71% 2.18% 0.18% 4.35% 4.35% 8.71% 6.53%

Advertisement

TV Advertisement 120,000 60,000 60,000 60,000 Newspaper Advertisement 150,000 150,000 150,000 150,000 Traders magazines 5,000 5,000 5,000 5,000 Radio 40,000 40,000 40,000 40,000 Topps Tiles Website DIY Videos Trade Events DIY Events Sponsorships Brochure In store advertisement Continguency Planning 10,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000

150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000 10,000 20,000 20,000 40,000 30,000

Marcoms

Public Relations

Direct Marketing

Product

25,000

25,000

25,000

25,000

25,000

25,000

25,000

17,000

15,500

15,500

15,500

17,000

255,500

4.64%

540,000

9.80%

Estimated Expenditure 492,125 422,125 422,125 422,125

482,125 422,125 422,125 414,125 352,625 352,625 352,625 414,125

5,511,000

100.00%

Figure 7.1

Market Budget Allocations

Marketing Budget Allocation for 2013

540,000 , 10% 255,500 , 5% Market Reaserch 360,000 , 6% Advertsing Public Relations 960,000 , 17% 3,130,000 , 57% Direct Marketing Product Contingency planning 265,500 , 5%

Graph 7.1

Month by Month Spending

Marketing Budget: Total Monthly Spend

600,000 500,000 400,000 300,000 200,000 100,000 -

(Graph 5.1) shows slight rises in the months of February and June as these are the month chosen for a new TV advertisement to be developed. This is to prepare for the Homebuyers season in the spring and the DIY season which occurs in spring and runs till the end of summer. This would also explain the high costs associated to attract more customers, compared to the months of October to December. This is due to the lower DIY activity taking place in the three months, which is why marketing spending is lower. January is spending slightly increases to prepare for homebuyers season in the spring

7.2 Advertisement - 3,130,000 (57% of the Total Marketing Budget)

a) TV Advertisement - 660,000

Topps has a history using the media of TV to attract customers, this need to be expanded on to drive up sales and thus increase Toppss market share. The proposal is to make a new advert is the months of February to prepare for home buying season in spring and in in June for the summer months when people are most likely to conduct a form of DIY (TalkTalk, 2012) with 60,000 being spent on each advert. The adverts will run from February to May and June to September and will emphasis the value that can be added to property from a little form of DIY and also the ease of conducting DIY. The months chosen are relatively inexpensive compared to the rest of the year (Channel 5, 2013). This means getting great value for money while also targeting a very viable target market with possible 10,000,000 impacts. The adverts will run mainly during the evenings to make sure the advert is attract the right target audience, as most adults work during the day and finish late afternoon, early evening. The figures for the market budget had been researched and obtained from a TV advertising source to make sure the budget is as accurate as possible (TV Advertising, 2013) b) Newspaper Advertisement - 1,800,000

An effective newspaper advert can go a long way with todays newspaper readership, newspaper attracting millions. The plan for 2013 is to release a full page advert into the Sun on Sunday every week costing 30,000 each week (Marketing Minefield, 2013) The Sunday Sun being chosen as it has a readership of around 2 million (Guardian, 2012b) with a high proportion of readers belonging to ABC1C2 Adult category, which would represent a large proportion of Topps target marketing, attracting skilled tradesmen and lower, to upper classes of society. These groups are most likely to conduct some form of DIY or buy Toppss products for work purposes. Furthermore, there is a plan to advertise in a number of newspapers in the East midlands areas, which is projected to spend the most on, DIY over the next, with around 35% of likely to decorate their property (TalkTalk, 2012) c) Trade Magazines 60,000

Advertising in trade magazines is an effective marketing campaign as they can be relatively inexpensive but highly successful due to the readers belonging to the target market, which means they have an interest in the adverts placed. The plan is to place adverts in several well respected magazines, that are read by tillers, flooring specialists and builders in general, this will make the adverts are effective across a more polarized market, with the hope of increasing the effectiveness of the campaign. Each magazine will have an advert placed every week, similar to the newspaper campaign. However trade magazines are far less expensive due to the

lower readership, but this is made up for with the proportion of readers who fall into the target market category (Marketing Minefield, 2012) d) Radio - 480,000

Radio is an effective tool in some circumstances, as people listen cannot skip the adverts or confined to a car where they have to listen to the adverts. The proposal for 2013 is to advertise on a number of key regional stations, especially around the East Midlands area. This advertise would not only be effective it attracting the attention of the DIYer But also tradesmen who listen to the radio while they would, proving to be a valuable tool in attracting both market segments. The cost of this campaign will be relatively inexpensive compared to other forms of advertisement but can be very effective if used in the correct way (Radio Advertising, 2012) e) Website - 120,000

A website is a very effective tool in todays society and is something of a must have, with over 2 billion people worldwide accessing the internet (Internet World Statistics, 2012) This shows the number of potential customers a website can reach, expanding the companies reach. Websites can also be relatively inexpensive to run as they automated, so much of the work can be done by just a few people; running the website and distribution. The website also means the Topps is effectively open 24 hours 7 days a week, meaning customers can have access to Topps Tiles product all year round. This will help drive up sales and a good user friendly site will help increase the net promoter score f) DIY Videos - 10,000

With Topps Tiles primary market consisting of DIYer many of which most likely to be inexperienced, help can be a valuable tool to increase the preiced value of Topps brand name. There is already a range of videos advertised on the websites which show how to conduct a range of DIY solutions on your property. The proposal is to expand on these videos, to make DIY easier and thus attracting for more people. This may help persuade people to conduct a form of DIY themselves rather than employ tradesmen. With the use of the videos and a glossary to help even the most amateur DIYer to understand the vocabulary used in the trade, the hope is that customers will benefit from this greatly helping to pushing up Toppss net promoter score

7.3 Public Relations - 960,000 (17% of the Total Marketing Budget)

Public relations is vital is building Topps Tiles brand name, and is relatively inexpensive compared to other forms of the marketing mix

a)

Trade Events - 240,000

Trade events will be held weekly, in a new town. This will maximize the number of traders Topps will come across. The Trade events will be used to endorse Toppss brand name and will incorporate a number of aspects including why buy from Topps Tiles? And what are the benefits to the trader? Gathering local traders details to add to Toppss database, this can then be passed onto customers to complete building work. The events will also help endorse people who are looking to move into a trade position, using Toppss vast knowledge and expertise to help find training course and credible apprenticeship schemes. Furthermore the event will also be open to people looking to make career working for Topps Tiles b) DIY Events - 240,000

DIY events will be held in very much the same way as the trade events, occurring within a different region as the trade events to reduce conflict. The DIY events will emphasis the ease DIY, with the hope of implanting the Topps Tiles brand name within the customer head to enhance the perceived value of the Topps Tile brand name. The event will teach the event goers different forms of DIY, from repairing a cracked tile to replacing a broken floor board. As well as how to tile correctly and the benefits of cosmetic enhancements on house prices and how inexpensive it is compared to hiring a tradesman c) Sponsorships - 480,000

Topps tiles has sponsored Channels 4 weather report in 2012 and is now going to sponsor ITVs daybreak weather report in 2013 (Topps Tiles, 2013). Topps needs to expand on its range of sponsorship to attract the right target market. This is why a sponsorship deal with sky on its living channel section would be great for Topps as they attract large numbers and are watched by people interest in making small or large changes to their own property. Move over the channels are also watched by keen tradesmen who learn new designs and ideas. This sponsorship deal would guarantee to attract both forms of customer making it excellent value for money

7.4 Direct Marketing - 360,000 (17% of the Total Marketing Budget)

a) Brochures 360,000

Brochures are used by many large retailers to advertise the products they stock. The proposal for 2013 is to release a brand new brochure, which will include in it a product list with prices, handy tips for keen DIYers, news and events; with dates and locations of the DIY events, and a price comparison with Toppss lowest price guarantee. The brochures will be available in stores for customers to pick up as they exit the store. There will also be a trade brochure which will be sent to every Topps registered traders home using the existing database, this will be very similar

to the normal brochure, the only difference being the prices and the location and dates of trade events instead of DIY. The hope as well is to be able use the brochure system in conjunction with the loyalty card system when introduced in the coming years Figure 7.4 Topps Tile Brochure

Source: http://www.inthewhiteroom.com/brand-marketing/portfolio-topps-tiles.php

7.5 Product - (17% of the Total Marketing Budget)

a) In Store Advertisement - 255,500

To maximize the customer awareness of Toppss product range, displays stands and banners will be placed in every store. The displays will advertise a number of deals and also to emphasis the new range of Dulux paint that will be stocked. This will help Topps to achieve high sales, as Topps attracts a new range of customers, particularly painters and decorators

7.6

Month by Month Marketing Tactics

Month by Month Marketing Tactics

Table 7.6

February 2013 Monthly spend: 492,125 Start the research projects set out in the market research section To produce an advert aimed at homeowners looking to sell their property, for home buyers season in the spring. The advert will explain how a little bit of DIY can increase the value of the property. While also raising brand awareness

for Topps Tiles To produce a full page newspaper advert to be placed in the Sunday sun, and a number of regional newspapers (Midlands; due to the higher DIY expenditure in this region) every week throughout the year to raise brand awareness amongst Traders and DIYers with the latest deals To produce a radio advert aimed at increasing brand awareness among traders Produce an advert aimed at traders, especially tillers, to be placed in a number of trade magazines throughout the country To continue use of Topps Tiles website, by maintain and update continuously To produce a new set of how to DIY adverts to be placed on Topps Tiles website To ensemble two teams, one for the Trade events and the other for the DIY events. Once these teams are fully trained they will be sent out around the country stopping at major towns and cities To contact a number of home improvement networks about sponsoring there TV program To produce a new brochure To produce a new in store advertisement board and banner to announce the availability of the Dulux paint range

March 2013 Monthly Spend: 422,125 Continue with the research projects set out in the market research section Continuation of the tactics used in February, with emphasis on raising brand awareness ready for the Home Buying season April 2013 Monthly Spend: 422,125 Continue with the research projects set out in the market research section Continuation of the tactics used in February, with emphasis on raising brand awareness ready for the Home Buying season May 2013 Monthly Spend: 422,125 Continue with the research projects set out in the market research section Continuation of the tactics used in February, with emphasis on raising brand awareness ready for the Home Buying season June 2013 Monthly Spend: 482,125 Continue with the research projects set out in the market research section

 Continuation of the tactics used in February To produce a new TV advertisement for aimed at people conducting a form of DIY, with the home buyers season now over. The advert will show how easy some forms of DIY can be, to encourage more Britons to conduct a form of DIY. While emphasizing the Topps brand name at the same time July 2013 Monthly Spend: 422,125 Continue with the research projects set out in the market research section Continuation of the tactics used in February Continuation of the TV advert released in June aimed at DIYer August 2013 Monthly Spend: 422,125 Continue with the research projects set out in the market research section Continuation of the tactics used in February Continuation of the TV advert released in June aimed at DIYer September 2013 Monthly Spend: 414,125 Continue with the research projects set out in the market research section Continuation of the tactics used in February Continuation of the TV advert released in June aimed at DIYer Reduce the amount of spending on instore advertisement as people spend less money on DIY around this period as they save for Christmas

October 2013 Monthly Spend: 352,625 Continue with the research projects set out in the market research section Pull the TV advertisements, as demand for DIY products fall. However keep current spending levels for radio, newspapers and trade magazines, as Topps tries to counteract this fall in demand with demand in the trade sector, who work all year round Drop in store advertising levels further for the autumn and winter periods

November 2013 Monthly Spend: 352,625 Continue with the research projects set out in the market research section Continuation of the radio, newspaper and trade magazine advertisement, emphasizing discounts on trade items as Topps tries to counteract a drop in sales in DIY December 2013 Monthly Spend: 352,625 Start to conclude the research projects, ready for the result to be analyzed in January Continuation of the radio, newspaper and trade magazine advertisement, emphasizing discounts on trade items as Topps tries to counteract a drop in sales in DIY January 2013 Monthly Spend: 414,125 Analyze the results from the various research projects, set out in the market research. Ready to be published for the following years marketing plan Bring back both sets of teams, from the DIY and Trade events. Analyze sales results from stores in the areas they visited to assess the impact they had Increase in store advertisement back to September levels ready for an increase in spending in February, depending on sales results for this year Run a previous years TV advertisement shot in February ready for the home buyers season. A new advertisement will be made in February after a new marketing budget is agreed Table 7.6 shows the tactics that will be implemented each month, with an emphasis on certain periods of the year when demand is likely to be higher. Although the tactics do seem bland, being too risky at this time in the current economic situation with large high street shops closing down. Large amounts of spending and risky projects would not seem to be the most appropriate course of action. This is why the marketing plan has taken a more conservative approach, with the emphasis on keeping cost and risk low, while maximizing brand awareness.

Controls

Using the Balanced Scorecard framework, Topps Tiles can measure various objectives and implement tactics that should help achieve those objectives. This framework can be seen in table 7. Table 7 The Balanced Scorecard

Objective To Increase Revenue

Measure Sales Revenue

Target 5% year on year

Financial

To Reduce Debts

Total Debt*

5m reduction each year

Customer

To Increase Customer Loyalty

Net Promoter Score

1% increase each year with a goal of 95% in 2018 115 days

To Reduce Inventory Days Internal Business Process

Number of Inventory Days

Learning and Growth

To Increase Brand Awareness Expansion

Brand Exposure Analysis results

10% increase each year

Initiatives Increased market spend on trade market, crossselling (bundle deals) Obtaining business grants (being green), Restructure liabilities (exchange for lower interest loans) Loyalty card aimed at traders with discounts for repeat visits Reduce the price of the tiles that are not selling, Online exclusive offers, Donating to community. TV adverts, Trade shows

Expansion into Researching Ireland Irish market, cost/benefit analysis.

*Total debt can be found in Appendix 1.

Contingency Planning

Having a contingency plan is vital in making sure that the company is prepared for future events that may have a negative impact on Topps Tiles in some way. The plan will involve analyzing different Scenarios that could affect Toppss and how to overcome these problems should they come to fruition. This will reduce the negative impact a scenario will have on the Topps Tiles, which may damage Toppss significantly

(Table 9) shows a number of different scenarios which could affect Topps within the next year Table 9 Scenario A new product is released, which sets a new trend in the market, e.g. as tiles did A natural disaster affects the mining of clay sending up the price Contingency Plan The impact on Topps Tiles This would impact Toppss profit, as sales of Tiles and/or wooden flooring decline This would affect gross profit margins, as the price of an individual tile increases. This may also lead to lower profit, as operating profit declines Contingency Plan To be able to adopt a new product into Toppss range within a short time, to reduce the impact on sales

Price the tiles according to what the competition do, or if they do nothing, do nothing. The price of Tiles needs to be lower than what the competition are selling it for, with Topps Price promise. Dont increase the price if the competition doesnt as it may damage the brand name Have spare cash available to be able to overcome the lower gross profit margins which may lead to lower profit Increase the marketing budget, to aggressively advertise and sway the public opinion towards Toppss brand name Research the reason behind the lack of sales. Look at expanding the marketing budget for the next year to increase brand awareness or look at cut backs, to see where money can be saved while sales stagnate. Dont be too hasty though as profit is still strong with current sales Reserve some cash, to be used if sales continue to stagnant, with the money to be invested in increasing brand awareness and to be able to survive while the underlying problem is affecting sales

A new entrant to either the Tile or wooden flooring market Lower than expected sales

Sales may be hit hardest, depend on the publics opinion of the new brand Profits will most likely decline

10

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