Objective: Develop a strategic direction for Cost Plus World Market

World Market offers an eclectic collection of housewares, furniture, food, and wine curated from across the globe. But for those who’ve never been, it’s a confusing strip mall occupant with little appeal. How can the unique, beloved brand enter the minds of untapped consumers?

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Research

Unique items are the draw - not furniture

People who love the brand consistently mentioned accent pieces, international wines, and international foods – things they couldn’t get anywhere else. World Market is much more to people than a home furnishings store.

The name is confusing

For people who have never been, the name “Cost Plus World Market” conjured up images of grocery and discount stores. As it turns out, the store doesn't sell things at "cost plus 10%" anymore, which was the original reason for the name.

The purpose for going is unclear

The brand hasn’t defined a singular purpose for a consumer’s visit. Right now it occupies a bizarre position on the edge of the home furnishings category, but its layout isn't ideal for furniture shopping, making it unable to compete with competitors like Homegoods and Pier 1.

 

Strategy: Make World Market the store for special gatherings

Hosting or attending a party means something special. A guest brings a thoughtful gift, a host adds unique conversation pieces to dress up a room before guests arrive. Unique foods and special drinks are served. All of that that can begin with World Market. 

 

Recommendations

Name change

Remove “Cost Plus” from the name to remove a confusing barrier to entry. 

Campaign

Run a campaign positioning World Market as the destination for special gatherings.

Online subscription service

Start a subscription service with curated, themed boxes including accent pieces, food and wine to spice up a get-together.


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Class: Intro to Account Planning

Teammates: Anna French (Strategy),

Anna Kim (Strategy),

Chorong Kim (Strategy)