Last Updated 12 May 2020

Marketing Plan Mkt

Category Marketing Plan
Essay type Research
Words 3342 (13 pages)
Views 668

Year Marketing Plan Introduction and Mission Statement It is Company G's priority to allow our consumers to improve the quality and convenience of their lives by providing high quality, innovative electronic solutions. With new product development always at the forefront to help improve our consumers' ease of life, we now introduce our newest product line, the 6-2 and 6-4 egg and muffin toaster. With the economy still in a downward trend, and people having to cram more things into their day, why sacrifice breakfast?

Many people have heard that "breakfast is the most important meal of the day. However often do people skip this meal? Many of us are bombarded with the early morning rush, trying to study for that test, rushing to get the kids ready for school, and ourselves ready for work, that grab some pop-tarts for the kids and head out the door. The Product The 6-2 and 6-4 egg and muffin toaster are the answers for those too busy to have a quality breakfast essential to give you the energy needed to start your day.

In Just a few minutes you can make a breakfast sandwich all while you do something else. The 6-2 and 6-4 egg and muffin toaster is built to be time and cost efficient. They eater wide slot toasters for toast, muffins, croissants or even bagels. It also has an egg poaching tray to cook eggs Just like you get at those fast food restaurants. A built in steamer tray allows you to hard boil eggs if you choose. Then, there is a warming try for easily heating pre-cooked meats. A touch pad allows you to choose between making toast only, eggs only, or both.

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Company G has developed the egg and muffin toaster for either the single person or family in mind. 6-2 is a two slice toaster oven and the G-4 is a four slice toaster oven. This allows either a busy college student or ingle person to have the ability to make a great breakfast without taking up extra space and for the busy working family to make multiple breakfast sandwiches at one time with the G-4. The 6-2 specifications are as follows: Color: Black, Weight: approve. 5 lbs. Dimensions: (Lox) in inches. Xix. The G-4 specifications are as follows: Color: Black, Weight: approve. Lbs. Dimensions: (Lox) in inches. Xx. Xx. Consumer Product Classification When looking at the three-way consumer product classification system, the 6-2 and G-4 would be classified as a convenience good. Most consumers are going to see our product when browsing through a store or while online browsing and decide to purchase the item without much thought or planning. This product is low cost and not purchased frequently by the same person. This is a product that most people are not going to compare price and quality for the most part.

This is not a specialty product even though it is purchased infrequently and most people do not shop around for twenty- five to thirty- five dollar appliances, so our classification of the G-2 and 6-4 is a convenience product. Target Market Company G will be focusing its new product on the college student and busy working class family where both spouses have to work. This will open the market too large area of the population due to the current economic conditions many people are Marketing Plan Make 1 318. 1. 5-06 By decaf going back to school to turner their career or a two income Tamil is needed to make ends meet.

Many of these people skip breakfast because the morning is very hectic and there is not time to make a good breakfast prior to starting their day. The space saving ability of this product and it's low cost will appeal to many people in this area f the market because time, money and space are all big factors when dealing with people in this market area. Time is a huge factor for these type of people. The college student is often busy, studying, working, and going to class. They try to catch up on sleep and often wake up with Just a few minutes to get to class.

While they are getting ready in the morning, throwing on clothes and completing their morning hygiene they can throw an egg in the egg poacher and a bagel in the toaster. Then, when they are done getting ready they will have a nice breakfast sandwich ready to grab as they walk out the door. This scenario is very similar for the working family. Parents are busy trying to get themselves and their children ready for their day. So, why not have breakfast cooking while they are getting everyone ready? By purchasing the G-4, they can make two sandwiches at a time.

In less than 10 minutes, they can have breakfast ready for the whole crew (based on a standard family of four. ) This target market allows Company G to look at a large market basis, but still consolidate it enough to make the product attractive to a specific group of people that will see the usefulness of the product. Competitive Situation Analysis By using the Porter's 5 Forces Model, we will be able to look at the competitive forces that could dramatically affect the success of the 6-2 and G-4 in the market. Porter's 5 Forces Model looks at competitive rivalry, threats from new entrants, buyers, suppliers, substitutes.

By studying these threats Company G will be able to build and also change its marketing strategy to effectively market and produce a quality product successfully. Competitive Rivalry: Although there are other competitors who offer similar products and also have a rusted name in the market Just as Company G does, our name and low prices will allow us to enter effectively into this market where the G-2 and G-4 are to be placed. The introduction of our new product line will more than likely cause other firms to expound upon their current marketing strategies- causing strong competition in the beginning.

However, Company G is confident that the attractiveness of the product along with our company name and low price will allow us to be a strong competitor in the market. Threats from New Entrants: New entrants to the market could be the biggest threat to Company G. Although we are competitive and offer great pricing for our product, if a larger company such as LAG or Hamilton Beach decided to enter into the market, this could pose a threat to company G's new product line. If these larger companies did choose to enter into the market, they may be able to produce a similar product with the same quality and at an even lower price.

The largest threat out of all the possibilities for Company G with regard to Porter's 5 Forces Analysis is the new entrants. Threat from Buyers: The current economic situation and the growth of the internet gives the power of hooch is up to the buyer. This threat is seen as minimal for Company G due to our well recognized name and quality product at a low price, most people will see our product as a new and refreshing way to supply themselves with a way to make breakfast.

Threat from Suppliers: Due to Company G's high credit rating and the relationships developed with suppliers in the past, Company G does not see much threat with suppliers supplying us the new raw materials and the assembly ready parts for the 6-2 and 6-4. Many suppliers are currently feeling the same economic strain and trying to meet their nonusers' expectations at fair prices is Just as much a priority to them as product development is for Company G. Threat from Substitutes: Most people look for substitutes for two reasons: 1) Price and 2) Quality.

Because Company G prides itself in producing high quality items at a market bottom price, these threats are not that large in regards to the launching of the G-2 and 6-4. Company G also offers extraordinary customer service which allows us to catch and try to make right any issues customers may have had with our products. This consumer loyalty that Company G portrays to its customers allows us to keep a close allegations with our customers to prevent them from looking towards other substitutes. How the Internet impacts Porter's 5 Forces: The internet has impacted how companies do business tremendously.

The internet has allowed consumers to research products more in depth and allow people to read reviews from people all over the world. It also allows Company G to gain bargaining power from suppliers because the ability to communicate with suppliers all over the world allows us to gain the upper hand in maintaining effective pricing on our supplies. It also gives us more options should one of our current suppliers run into a heritage. The internet provides the ability to contact other suppliers, so we can continue to our production standards with little or no delay.

SOOT Analysis By using a SOOT analysis, Company G can identify the strengths and weaknesses that will affect our marketing plan, as well as major opportunities and treats that are currently or potentially a possibility in our industry. The internal factors, both strengths and weaknesses, are areas that we can have control. While the external factors, opportunities and threats, are areas in which we can only react rather than control. Through a SOOT analysis, we will have a better overall understanding of our strategic position both within our company and the overall environment.

Strengths: The easy use of our product, the high quality and durability of our product and our ability to be the lowest cost producer are all strengths in our marketing strategies. Our recent concept and testing has shown that the ability to make simple choices with the push off button is very appealing to potential buyers. This is a notable strength within our marketing strategy. The obvious fact that you can cook an entire recast with the push off button will have as a positive impact on consumers.

The simplicity of the G-2 and G-4 will be a huge encouragement for people to buy our product. In addition to the ease of use of the 6-2 and 6-4 design, the testing performed by our company has shown that our appliance line is one of the most durable products on the market. While quality is considered one of the most important things to our target market Company G views this aspect of the 6-2 and G-4 as a core competency. This aspect of our product line is both beneficial to the consumer and a critical factor f the trends of the current market.

No matter what new trend is taking place, quality will always be a main factor in consumer purchases. The production process developed by our company has given Company G the TTY to market the 6-2 and 6-4 as the lowest cost producer which in turn can transfer the savings directly to our customers. Our production process also is seen as a core competency because our competitors cannot easily duplicate this process at a lower cost. Inevitably, cost is always a factor that influences the buying process, the amount of influence it has can vary from one consumer to the next.

Due to our low cost production and the ability to transfer the cost savings to our consumers, our product will be incredibly appealing because they can pay less for a great product without compromising the quality of the appliance they are purchasing. Weaknesses: Weaknesses within Company G's promotion of the 6-2 and 6-4 include the fact that Company G is mainly associated with only electronics in the industry. Another factor that can affect the outcome of the 6-2 and G-4 product launch is the fact that these products are undifferentiated from substitute products within the industry at this time.

Limited knowledge of marketing in a new industry is another weakness Company G faces. While Company G's logo is widely known within the electronics industry it is not well known in the home appliance industry. When entering the small appliance market, there is a chance that consumers will not trust our products as they are not known in this market. Company G will have to prove to our customers that Company G has the same quality in this market Just as we have in the electronics market. The other weakness is the fact that the G-2 and G-4 are undifferentiated from similar appliances out in the market today.

This also has the potential to cause Company G to run into problems in the early stages of our product launch into the market. Though there are several aspects of the G-2 and G-4 that are appealing to consumers, they will not easily be able to see the difference between our products and our competitors when Company G first enters into the market. As time passes, consumers will obtain the knowledge and see the differences between our product and our competitors. These facts will become known through consumer research and reviews and through customers beginning to recognize our name within the mall appliance market.

Although our marketing staff is highly experienced within the realm of the electronics world, the small appliance industry is a new challenge. This new challenge will require the marketing team of Company G to look at what consumers are wanting in small appliances. They may have to review how they market this product differently than they normally market their products. This new appliance line will be targeting a whole new group of people. This will require new and innovative ideas for bringing their product into the market place.

Opportunities: The growing internet market and international market are opportunities that are available to Company G to launch its new small appliance line. Over time, expansion of the small appliance line is another possibility for expansion within the market. The internet market is a growing resource for companies to explore new market areas within the world today. The implementation of companies such as Amazon and E-bay, the internet has exploded the ability for people to find different ways of purchasing products.

People no longer have to buy products from a brick and mortar store. With the explosion of the internet market, investing in this type of market will provide Company G a much larger consumer base that otherwise may not have been available. Looking into the international market can be a risky venture tort companies . Firms come to find that due to geological differences and cultural differences, products that are successful in the USA are not always successful in other countries. Company G's new small appliance line has a great potential in the international market.

Being able to provide a space saving efficient way to make breakfast would allow many people in different countries to benefit from its new product. Many countries consumers live in much smaller dwellings compared to what US residents live. The G-2 and 6-4 will allow people in these countries to be able to make a good breakfast without having to take the time to turn on the oven and stand there and make their breakfast. They will be able to efficiently make breakfast while completing other tasks for the morning with a space saving appliance.

As with any new product, there is always the possibility of expanding the product line to include other appliances as well. With surveys and market research, Company G will be able to identify the need for new or improved items that we will be able to meet with the expansion off product line. Threats: A further downturn in the economy, the possibility of new entrants into the market and possible tax increases can be potential threats to the new line of appliances for Company G. The economy has been on a steady downward trend for several years now.

Most companies are reducing lines and options trying to find ways to make ends meet. As companies are cutting back on spending, so are consumers. Many consumers are only buying what is necessary and leaving liberty items on the back burner at this time. This could cause an uncertain state for the new product line of Company G. There are always new companies trying to enter into the market place. If another major company chose to enter into this market, the success of the 6-2 and G-4 would be unknown.

With our efficient production process, it is very possible we could still maintain hold within the market place. However, this would heavily depend on which firms entered into the market and their ability to produces similar products at competitive products. There are several indications of tax increases to businesses in the near future. Future increases in taxes would undoubtedly affect Company G's bottom line and the ability to produce our appliance line in the exact manner in which we plan.

Marketing Objectives Company G will be able to better define the marketing needs for the G-2 and G-4 by identifying a marketing objective for the product, price, place, and how promotion will be completed. Product: Company G's product objective is to inform college students, singles, and busy dual working households of the benefits of our product. This is expected to bring a 40 percent increase in sales within 2 years. Price: Company G plans on providing an introductory price point that will allow the 6-2 and G-4 to be competitive within the new market.

By providing an introductory price, this will attract consumers to the product, and then allow Company G to make price changes within the first year, subsequently increasing revenue to a higher percentage after the product launch price. Place: Company G will be making the G-2 and G-4 available in two major department stores within the first year and direct sales through the internet immediately. Promotion: Promotional goals are to increase product awareness within the college community and busy families by 25 percent within the first year.

Marketing Strategies To develop our marketing strategies, Company G will be using the 4 As of marketing- focusing on product, price, place and promotion. Using these tools, Company G will effectively and efficiently develop a plan that will be successful and objective for the launching of our new appliance line in the current market. Product Strategies: Explain how the 6-2 and 6-4 allows you to cook breakfast with only a few seconds f preparation without having to stand over the oven and watch your breakfast meat and eggs. Show how the 6-2 and G-4 are both efficient and time saving. Show difference of making the same breakfast sandwich by using a toaster and two frying pans or a griddle to make the same breakfast. ; Explain the development of higher quality and design as compared to similar products currently on the market today. Pricing Strategies: Use an introductory pricing method Company G will be providing the XX-2 and XX-4 at a lower price than other competitors for the first year. This will allow Company G to gain an advantage in the market. Attract busy working families and college students during the last two weeks in July and all of August and providing additional discounts during this promotional back to school period. ; Promote sales by providing coupons to current Company G customers that are familiar with our electronics line. Placement Strategies: Introduce the 6-2 and 6-4 on internet retail sites such as Amazon. Com and E- bay. Com. ; Contract with Meijer to supply the G-2 and G-4 and have a center isle display during the first month of the product launch. ; Contract with Target to apply the 6-2 and 6-4 to supply our product.

Promotional Strategies: Have product demonstrations at college campuses Product demonstrations and samplings at the above contracted suppliers. ; Include advertisement and coupon in Company G electronic items currently out in the electronics market. Tactics and Action Plan Product Action Plan: We will be doing college demonstrations at campuses during back to school weeks to inform college students and their parents of the new appliance line from Company G. Company G will also be doing product demonstrations of the 6-2 and G-4 at contracted shopping stores.

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Marketing Plan Mkt. (2018, Jun 20). Retrieved from https://phdessay.com/marketing-plan-mkt-2/

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