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Marketing Plan Strategy

Given:

Company G's team of engineers and designers have developed a line of top-quality small appliances, and through concept and prototype testing, they have shown that the visual design features are very appealing to potential buyers and give a distinct impression associated with quality and artistic elegance. Extensive testing has demonstrated that the new products may be the most reliable line of products in the small-appliance industry. Additionally, the team has designed a production process that is very efficient in terms of labor and production-line time and that will result in very little raw materials waste. The combination of these efficiencies and the relatively small front-end investment for this line will result in the company's ability to produce each of the products in the line at a cost that should enable them to emerge as the lowest-cost producer in the small-appliance industry.

Company G has a low debt-to-equity ratio and a high credit rating. It enjoys excellent relationships with current suppliers, but because of differences in material requirements, new raw material suppliers will be needed to support the small appliance line. Company G will also need new suppliers for two component parts that will be purchased ready for assembly into some of the small appliances.

The credit terms Company G offers to intermediaries in their distribution channel are typical for their industry. Marketing research has shown that the company's XG brand and logo are readily recognized by most categories of electronics product consumers.

Task:

Prepare a three-year marketing plan for one of the small appliances from the new line. Describe the specific appliance you have chosen. Carefully examine the details provided in the given Company G marketing situation and identify the specific information that should be considered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the following sections in your plan:

A. Product Support of Mission Statement
1. Explain how the small appliance you have selected supports Company G's mission statement provided in the introduction.
2. Classify Company G's products using the three-way consumer product classification system.

B. Target Market
1. Describe the target market for the company's product.

C. Analysis of Competitive Environment
1. Analyze Company G's competitive environment utilizing Porter's Five Forces model of competitive forces.

D. SWOT Analysis
1. Describe three of Company G's strengths related to the marketing of the new product.
a. Support your choice of each of these elements as strengths.
b. Identify at least two strengths that should be considered as core competencies.

2. Describe three areas where Company G has weaknesses related to the marketing of the new product.
a. Support your choice of each of these elements as weaknesses.
3. Describe three current or potential opportunities within the industry.
a. Support your choice of each of these as opportunities.
4. Describe three current or potential threats within the industry.
a. Support your choice of each of these as threats.

E. Marketing Objectives
1. Select four marketing objectives for Company G consisting of one objective for each of the four marketing mix elements (product, distribution, price, and promotion).

F. Marketing Strategies
1. Describe three strategies for each element of the market mix (product, distribution, price, and promotion) that are appropriate for the target market. The 12 strategies should be consistent with each other and supportive of the related objective.
2. Explain why you feel this is the best mix to achieve the objectives.

G. Tactics and Action Plan
1. Develop an action plan for implementing the marketing strategies identified.
a. Include one task for each strategy identified (for a total of 12).
2. Create a timeline outlining when each task is to be completed.

H. Monitoring Procedures
1. Describe the specific actions that will be taken to measure the effectiveness of the plan.
2. Create a timeline for these actions from the action plan (part H1 above).

Solution Preview

Greetings,

Hope you are well.

--A. Product Support of Mission Statement

1). Explain how the small appliance you have selected supports Company G's mission statement provided in the introduction.

Consider the popular brewing system products, such as, Keurig, in which, the primary mission is to brew coffee, tea, and water. The new smaller model offers a more compact footprint with the same horsepower of the main model, thus, the observation is on lower costs for production as well as lower price point. Think of the mission statement as the following element:

"The new product ABC is of ultimate value and affordability with the same horsepower ability to effective brewing customers many options of beverages."

Basically, the goal is to state a mission for serving customers through business products that satisfies every desire.

2). Classify Company G's products using the three-way consumer product classification system.
In design the products can reflect by using above example of a brewing appliance as in key parts for completion of product, such as, a classification on the following:

*Pricing
*Color
*Features

Try and think of the corresponding products by using classification system that also determines location of shipment and demand of order. In doing so, the buying team and product development can track and monitor behavior of production to supplying demand accordingly.

--B. Target Market

1. Describe the target market for the company's product.

Depending on the product, the targeted marketplace is differential to the contents of an actual product(s) based on specifications. Such as the below attributes to consider in writing up the final marketing plan draft:

*Demographics:

.Age (18 years old up to 55 years old)

.Income (range from $20k up to $75k)

.Last purchase of similar competitor product (in the last 6 months)

.Residence (living near or less than 5 miles from brick and mortar building)

. Gender (females: 70% / males: 30%)

--C. Analysis of Competitive Environment

1. Analyze Company G's competitive environment utilizing Porter's Five Forces model of competitive forces.

Depending on the brand product, the competition is more or less than expected upon product release from the entirety of market availability. In the example, the brewing system is taking a common and popular past time of drinking coffee to a newer level, such as, faster service in receiving the hot or cold drink at the comfort of home. Thus, the competitive environment can result in demanding marketplace for consumers' dollars that new products require more features or competitive price points. In the case study, the new product is on a smaller scale with enhanced features different than competitors. ...

Solution Summary

The review into creating a marketing plan to succeed in a targeted marketplace with a new product. Over 1500 words.

$2.19