Free Essay

Mkt1

In: Business and Management

Submitted By amineet
Words 2001
Pages 9
Company G
3-Year Marketing Plan
Assessment Code: Mkt1
Student Name: Rhonda Wilson
Student ID: 000165977
Date: May 25, 2009
Mentor Name: Khirstin Hadley

Table of Contents

Introduction Error! Bookmark not defined.
Mission Statement Error! Bookmark not defined.
Market Objectives Error! Bookmark not defined.
Target Market Error! Bookmark not defined.
Product Objective Error! Bookmark not defined.
Price Objective Error! Bookmark not defined.
Place Objective Error! Bookmark not defined.
Promotion Objective Error! Bookmark not defined.
Competitive Situation Analysis Error! Bookmark not defined.
Consumer Product Classification Error! Bookmark not defined.
Analysis of Competition using Porter’s 5 Forces Model Error! Bookmark not defined.
SWOT Analysis Error! Bookmark not defined.
Strengths Error! Bookmark not defined.
Weaknesses Error! Bookmark not defined.
Opportunities Error! Bookmark not defined.
Threats Error! Bookmark not defined.
Marketing Strategies Error! Bookmark not defined.
Product Strategies Error! Bookmark not defined.
Price Strategies Error! Bookmark not defined.
Place Strategies Error! Bookmark not defined.
Promotion Strategies Error! Bookmark not defined.
Tactics and Action Plan Error! Bookmark not defined.
Product Action Plan 7
Price Action Plan 7
Place Action Plan 7
Promotion Action Plan 7
Monitoring Procedures Error! Bookmark not defined.

Mission Statement:
Our mission is to provide top quality appliances that will become the global brand of choice. Company G was established by top designers and engineers who are continuously innovating new appliances to keep up with our evolving market.

Market Objectives:
Target Market:
We want to provide an oven that heats food just as fast as a microwave but provides tastier and healthier foods for our everyday families. We want to focus on working class families with children that want to provide healthier meals. Our convection oven will be a convenient way of cooking for busy families while improving the overall health of the family. We want to target men and women between the ages of 21 and 55. We want to concentrate on families that have children under the age of 18 and whose income is $25,000/yr or more. We will focus on people with homes that are into buying products to improve their health and well being.
Product Objective:
We want to create an oven that does not use as much electricity and cooks foods faster than conventional oven and almost as fast as a microwave.
Price Objective:
Our goal is to provide a lower costing heating oven than a microwave that has higher quality and benefits than any other product of its kind. We want inform our targeted audience about the benefits of our product and increase sales by 10% in one year.
Place Objective:
Distribution of the convection oven would be done through retail stores. We would distribute to different stores and provide seminars to show customers how to use the product and to make them knowledgeable of the benefits of the product.
Promotion Objective:

Promotion would be done by commercial advertising, having special events (like seminars) and possibly giving discounts to customers that bring in there microwaves in exchange for the convection oven.

Competitive Situation Analysis
Consumer Product Classification
The product that we want to produce is a convection oven. This product will be classified as a shopping product. It is a shopping product because consumers will have shop at specific stores in order to buy the product and it will be more expensive than basic services and products. Most consumers will be looking for reasonable pricing and good quality to determine their buy along with company reputation.
Analysis of Competition using Porter’s 5 Forces
Competitive Rivalry
There are many companies in this industry including top brands like general electric, kitchenAid, and Jenair. One of the things that we will have an advantage on is that will sell ovens that are counter top. This will make our product more convenient and least expensive than our competitors. Right now, our economy is going through a recession and people are concerned with going green. Our plan is to produce a low costing, ego friendly, counter top oven that allows our customers to keep up with the rapidly changing environment.
Threat from New Entrants
The main concern entering this product into the market is that are competition are well known and have establish credibility with consumers. Company G would be new to this market and could be drowned out by its competitors.
Another factor to consider is our access to specialized assets. We would need to invest in highly specialized materials that are only used to produce this product. As a new entrant into the market this would be a high risk because if production failed we would be stuck with unused materials that could not be converted to another product.
Threat from Buyers
Consumers could demand what they expect to pay for the ovens therefore refusing to purchase our product and purchases our rivals product instead.
Consumers may feel that there is little difference between substitute goods like traditional ovens, microwaves, and toaster ovens.

Threats from Suppliers
In the appliance industry we have a lot of large competitors like general electric that have put pressure on the distribution channels used to sell appliances. The large competitors have also started to use top retailers like best buy and home depot. This would force smaller businesses selling appliances to go out of business because the larger retailers will have advantage of selling many different products in one place.
Threat of Substitutes There are a few substitute goods that could threaten Company G in the market one being the microwave oven. The microwave is readily available and already in majority of family homes. It is cheap compared to the convection oven and more convenient than the traditional oven.
Consumers can decide to just use what they have at because of hard times and save their money for necessities. Our economy is in a recession and many families are feeling the need to cut back and only buy what is needed.
SWOT Analysis
Strengths
The oven will be easy to use and clean. Many other convection ovens have been known to be complicated to use and hard to clean. This is a core competency for Company G. Our oven will be of high quality not requiring service or high maintenance like some of our competitors. This is a core competency for Company G. Our product eliminates the need for a microwave or toaster because everything and be done with the convection oven. This is a core competency for Company G.

Weaknesses Our product could look the same as our competitors. People may not want to buy our product because it looks the same as others. We may not have enough marketing expertise or resources to get the attention of potential customers over our competitors. This could cause us to fail in the market. The location of our business could play major role in our success. We want our customers to be able to find us when they need us. Inconvenience could lead potential customers elsewhere.
Opportunities
We have an advantage to develop marketing via the internet. We could inform potential customers of benefits Will have the opportunity to provide hands on experience for potential consumers by putting on seminars and giving demonstrations at local retail locations. This would help involve customers and help them understand the benefits of purchasing our product over our competitors.

We will have the opportunity to build strong relations with our customers locally oppose to larger companies. A strong reputation will build clientele and make our product a success.
Threats
Our competitors could start price wars and try to out price us. They could see our strategy of offering our product at a lower price than theirs and they decide to lower their prices lower than ours. Consumers are buying only what they need and must have in our current economic crisis. This could be detrimental if the need to buy is not there. Our product would not sell and would be substituted with something that they are already using. If another competitor comes up with new ideas with a similar or advanced product it would cause us to lose the upper hand in the market and possibly cause our product to fail.
Marketing Strategies
Product Strategies Develop the oven from materials that are eco-friendly and that will make the convection oven more efficient and reliable. Creating our product so that it takes up less space and is more convenient to use. It will need to small enough to place on the kitchen counter. Our product will be self cleaning and will have easy to remove rack and doors to make it simple to adjust for cooking.
Price Strategies We will raw material that are eco-friendly and will benefit us because they are least expensive. We will offer discounts to customers that will trade in traditional ovens and microwaves for our eco friendly convection oven. Will use competitors pricing range to determine our own prices to make sure we are offering the better deal.
Place Strategies Most competitors sale their products in places like sears and other major retail stores but Company G will sale their product in grocery stores. This will target families to pay attention to how they are cooking nutritious meals for their families. Products will be readily available to purchase via the internet. A customer will be able to view and purchase our product with a simple click. We will use local companies such as Sam’s Club and Costco to have products available for distribution to consumers.
Promotional Strategies Offering seminars to customers to allow them to have hands on experience on how to use the product and being able to taste sample foods that are made by the product. Discounts will be available to customers who decide to trade in old microwaves and traditional ovens. We will send out brochures on the facts and benefits of trading in old ovens and using our new and improved convection oven.
Tactics and Action Plan
Product Action Plan
Tactic|Due Date|Responsible Party|
Finding eco friendly raw materials|Year 1, 1st Quarter|Product Manager|
Making product into smaller units|Year 1, 1st Quarter |Production Line Supervisor|
Implementing special features|Year 1, 1st Quarter|Quality Assurance Manager|

Price Action Plan
Tactic|Due Date|Responsible Party|
Find manufacturer with best raw materials|Year 1, 1st quarter|Product Manager|
Find what discount level will help us to achieve target sales|Year 1, 4th Quarter|Budget Analysis|
Research market to maximize profits|Year 1, 3rd Quarter|Research Team| Place Action Plan
Tactic|Due Date|Responsible Party|
Contact local grocery Stores and set up contracts for sales|Year 1, 1st Quarter|Sales Manager|
Create website for ordering our product online|Year 2, 1st Quarter|IT Specialist|
Set contact with Costco and Sam’s Club|Year 1, 1st Quarter|Sales Manager|

Promotion Action Plan
Tactic|Due Date|Responsible Party|
Set seminars at local meeting places|Year 1, 1st, 2nd, and 3rd Quarter|Promotions Manager|
Set up special discounts for customers who attend seminars|Year 1, 1st, 2nd, and 3rd Quarter|Promotions Manager|
Send out invitations and brochures|Year 1, 1st, 2nd, and 3rd Quarter|Promotions Manager|

Monitoring Procedures
The production and sales of this product will be monitored on a regular basis. Every month, each of the managers will report in on progress in a joint meeting making sure that all areas are working together to produce set goals. The meeting will be with all managers conducted by the Vice President to make sure goals are being met. Managers will be responsible to keep in contact with purchasers to conduct a survey to find out how the customer likes the product and if there are concerns about the product and service they received. We will also ask customers what brought them to buy the product to find out what our most effective advertising strategies.

Monitoring Activity|Due Date/Frequency|Responsible Party|
Production|Every 1st day of the month|Product Manger|
Pricing and Place|Every 1st day of the month|Marketing Research Manager|
Promotion|Every 1st day of the month|Advertising Manager|

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