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Institutes of Technology Ireland
Research & Innovation

Developing a Marketing Strategy for Instore Ltd.

Instore Ltd., a fully Irish-owned business, opened its first store in Limerick in 1988. Its aim was to bring something new and unique to the Irish furniture retail market. Instore Ltd. now has six stores across Ireland and employs over 100 people. The company provides a wide range of globally sourced and quality furniture at reasonable prices.

However, in the recent challenging economic climate for furniture retail, Instore required assistance with their marketing strategy and planning to develop and strengthen their business. The Masters in Marketing and Management Strategy at the Limerick Institute of Technology (LIT) is designed to cultivate strategic thinkers with extensive high level marketing and management skills. The course has a large Problem Based Learning (PBL) component and offers students the opportunity to engage with external companies to help to address their marketing and management challenges. In 2010, students on the LIT Masters programme engaged with Instore Ltd. to help the company to develop a new marketing strategy and development plan. The students were divided into four PBL teams and presented with a marketing challenge to overcome for Instore Ltd. The challenges were centred on building consumer loyalty, increasing conversion rates, enhancing brand perception and developing a competition strategy.

Over a period of five weeks the students conducted research to establish the key factors  underpinning Instore’s marketing strategy in the required areas of analysis. This helped the students to uncover areas of opportunity within this current marketing strategy for performance improvement and business growth. The students presented their findings to Instore in presentation format, accompanied by a detailed report and technical drawings where relevant. Instore found the process to be both beneficial and insightful and has given the company the motivation in the current climate to commit to a new marketing strategy. Many of the strategic recommendations from the groups have already been implemented by Instore, and have resulted in the generation of additional revenue streams. Other recommendations have provided Instore with a reinforced rationale for redeveloping their existing core market.

Testimonials

“I am thrilled to have had the opportunity to work with the Masters in Marketing and Management Strategy students at LIT in that the project enabled me to identify and create a comprehensive marketing strategy for Instore Ltd. The group provided terrific insights into how to target additional customers as well as develop new ways of fostering in-depth relationships with our existing customers. The students were a pleasure to work with and I found them hugely engaging and motivated. Having LIT as a project partner proved highly beneficial to my business.”
Oliver Moloney - CEO, Instore Ltd.

“This was a very interesting project for us as it allowed Masters in Marketing and Management Strategy students to tackle a real business issue for an Irish company. The opportunity to engage with Instore was very beneficial as the students gained immensely from applying theory to practice. Their motivation was further enhanced by a return visit from the CEO of Instore in which he set out the changes that have been implemented since the students presented their research reports to Instore. The lecturing team would like to thank Instore for a very enjoyable and fulfilling collaboration opportunity.”
Gillian Dooley - Lecturer, Dept. of Business, Limerick Institute of Technology

Client: Instore Ltd.
Institution:
Limerick Institute of Technology
Industry: Retailing
National Priority Area: Innovation in Services and Business Processes

Head of Development
Dr. Fergal Barry
Limerick Institute of Technology
Limerick, Ireland
T: +353 (0)61 208 252
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External Services Manager
Gillian Barry

Limerick Institute of Technology
Limerick, Ireland
T: +353 (0)61 208208

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Lecturer, Dept. of Business
Gillian Clogan
Limerick Institute of Technology
Limerick, Ireland
T: +353 (0)61 448 542
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