G is a company that has established itself excellently in the electronics market. Its main objective is to enable all of its consumers to enhance convenience and quality of their lives through providing them with electronic solutions that are innovative and of high quality. The engineers of the company have come up with small appliances that the firm feels can be extremely successful in the market. However, the company feels that its current marketing plan does not put it in a strategic position to reach the maximum profit potential for their products. The firm feels that the success of the new product line will depend on the accurate assessment of the product’s market, and the efficient effecting of the marketing plan to go in line with the current market of the company. This paper, therefore, is a marketing plan for the small appliances that company G has developed.
Product Support of Mission Statement
The taskor objective of the company is to enable all of its consumers to enhance convenience and quality of their lives through providing them with electronic solutions that are innovative and of high quality. For the new product to support the mission of the company it has to be able to help customers improve their lives by providing them with products that are of high quality and innovative. The small appliances do support the mission of the company since they have been shown to be the most reliable line of products to be innovated in the current small- appliances market. The appliances are also of high quality and of cost- effective for the consumers. The product is also has been shown to appeal to the customers immensely because if its distinct artistic and quality elegance. All these qualities combined mean that the product will give customers services worth more than their money; they also mean that customers will have improved lives because of the cost- effectiveness of the appliance and because of its excellent quality.
Target market for the product
A perfect target market for this product would be defined by a number of features. For example, a target market for this product would be one that is attracted to visual design features on their appliances, those who like their appliances to have a distinct impression imposed by some artistic and quality elegance, and a target market that prefers their appliances to be reliable and at the same time cheap or of a reasonable price. The market attracted by a ‘green’ product is can also be a target market for this product because the manufacture of this product leaves extremely few raw materials as waste.
Select four marketing objectives for the company each coinciding with the four marketing strategies (distribution, product, promotion and price)
Company G can operate its business based on a number of business objectives. Below are some of these objectives as per the four marketing strategies;
To come up with a product that does its own marketing because of its numerous benefits it gives to the customers like its design, its packaging, and being a ‘green’ product.
To come up with an effective promotion strategy for the product;this might include such things as public relations, advertisement, and sales promotions.
Company G has to come up with the best price for its product by considering the best among pricing based on competition, pricing based on value and pricing based on cost- plus- profit.
To ensure that the purchased goods are delivered and distributed to the customer in time, in excellent shape and condition, and at the right place.
Competition Situation Analysis
Classify the company’s products using the three- way consumer product classification system
This system of convenience, specialty and shopping is extremely effective methods of guiding marketers come up with marketing strategies that are effective. The small appliances can be categorized as specialty products because of a number of reasons. The product has an extensive planning time involved in buying, the purchase of the product is not frequent, the convenience of the purchase location is not highly essential, the price is high, the length of the distribution channel is short, and the number of outlets selling the product are extremely few.
- Analyze the company’s competitive environment using Porters Five forces model of competitive forces.
Porter’s five forces included the threat resulting from the entry of new competing businesses in the market, which the company does not have to worry about for a while because it is the only company producing small appliances of such high quality at a low cost. The otherelement is the threat of alternate services and products which G has to worry about because with its high quality products at low prices it is highly likely that other companies will try to come up with low- quality products at the same or even lower price. The third force is the bargaining power of consumers which the company should not worry about at the moment because the products are relatively low when compared to other companies. The supplier’s bargaining power is another force that the company will not worry about because of the fact that they only need extremely few suppliers to supply their products. The intensity or rivalry brought about by competition is the final force that will not affect G soon because of the fact that it is the only supply of cheap small appliances.
Describe three of G’s strengths related to the marketing of the new product
The company has an excellent reputation as an electronics company
The new product has been shown to be extremely appealing to the customers
The company has manufactured its new products with minimum costs
The company has an excellent relationship with its suppliers
The company has a high- credit rating and a low debt- to- equity ratio.
Support your choice of each of these elements as strengths
The excellent reputation of the company will enable it to retain its customers and attract new ones through recommendations.
The fact that the new product appeals to the customers means that the company will make numerous sales and big profits from the product.
The low cost of manufacturing is strength because it will ensure that the company will not make loses during production and it will also enable the company to set low prices for the product
The excellent relationship with suppliers will ensure efficient and effective distribution of goods.
The low debt- to – equity ratio and the high- credit rating indicate that the company is not running at a debt.
Describe three areas where the company has weaknesses related to the marketing of the new product
The company has not researched the strategy to market these products.
The company has not clearly defined target markets.
The company may also never make enough profits from the low- cost production of the small appliances.
Support your choice of each of the elements as weaknesses
Failure to research the market excellently can result to failure of products.
The company has not specified which target market its aiming to sale its products to. This could be catastrophic if the estimations of the market are wrong.
The company produced the product at very low costs, which means that, the product has to be sold at a cheaper price. Care should be taken not to price the product too low.
Describe three current or potential opportunities within the industry
The company can exploit tastes of customers that are constantly changing
The company could take advantage of the new suppliers
Advances in technology
Support your choice of each element as opportunities
Customer tastes and preferences change. The company could exploit these.
The company will be acquiring new suppliers, which it can, exploit to its advantage
Technology advances each day this could be an opportunity for the company to explore more products.
Describe three potential threats within the industry
Changing tastes and preferences of customers
Support your choice of each of these as threats
The new suppliers can be uncooperative and cause problems with distributions
Changing tastes and preferences of customers could make the products of the company outdated, and so could the advancing technology.
Describe three strategies for each element of the market mix (distribution, product, promotion, and price) that are appropriate for the target market. strategies should be consistent with each other and supportive of the related objective
Distribution – establish effective distribution channels
– establish an excellent relationship with supplies
– minimize the number of suppliers as much as possible
Price – come up with competitive prices
- Establish prices that match production costs
- Revise prices according to market environments and government policies
Promotion – aim to make the products known to the client
- Establish an excellent relationship with customers
- Overcome objections
Product – boost the confidence of consumers
- Expand distribution channels
- Launch new products
Explain why this is the best mix to achieve the objectives
The above strategies are the best to achieve the objectives of the company as they ensure that the pricing of the product is affordable to customers and profitable for the company, that the distribution channel of the product is wide enough to reach customers efficiently, that the products the company is producing fit well with the market and that the promotion strategies used are those that will increase consumer awareness and increase sales and profitability if the product.
Tactics and Action Plan
Develop an action plan for implementing the marketing strategies identified.
Include one task for each identified strategy
Distribution – establish effective distribution channels- through choosing the best and most efficient suppliers
– Establish an excellent relationship with supplies- through respecting their decisions and opinions
– Minimize the number of suppliers as much as possible- by only choosing the best and most efficient suppliers
Price – come up with competitive prices- by comparing G’s to those of other competitors
- Establish prices that match production costs- if the production cost is low then the prices should be low and vice versa
- Revise prices according to market environments and government policies- if policies require the production cost to increase then the pricing of the product should increase.
Promotion – aim to make the products known to the client- by holding numerous campaigns and promotions.
- Establish an excellent relationship with customers- by being honest and by having an excellent reputation.
- Overcome objections- by holding campaigns and awareness promotions.
Product – boost the confidence of consumers- by educating them more on the benefits of the product
- Expand distribution channels- by increasing the number of suppliers
- Launch new products- by innovating and manufacturing new products according to the needs of the market
Create a timeline for these actions
The above actions can be arranged or categorized under a marketing timeline that consists of a number of steps. These include such things as conducting an analysis of the market, carrying out a quantitative analysis, planning strategically, planning for the product, carrying gout promotions, conducting internal communications and carrying out sales and distribution of the products.
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