Company G Marketing Plan
Autor: leoileone • November 20, 2018 • Business Plan • 2,597 Words (11 Pages) • 1,482 Views
Company G
1-Year Marketing Plan
Student Name:
Student ID:
Date: 5/21/2018
Student Mentor Name:
Blendmixmaxx
This is not only a competitor to Vitamix but to kitchen aid and other counter top appliances….
One appliance to rule them all.
Table of Contents
Introduction 3
Product Description and Classification 3
Product Support of Mission Statement……………………………………………………………………………………………….….3
Consumer Product Classification 3
Target Market 3
Competitive Situation Analysis 3
Analysis of Competition using Porter’s Five Forces Model 3
SWOT Analysis 4
Strengths and Core Competencies 5
Weaknesses 5
Opportunities 5
Threats 5
Market Objectives 6
Product Objective 6
Price Objective 6
Place Objective 6
Promotion Objective 6
Marketing Strategies and Implementation 7
Product Strategies 7
Price Strategies 7
Place Strategies 7
Promotion Strategies 7
Explanation of Strategies………………………..……………………………………………………………………………………………….7
Implementation Plan 7
Product Tactics 8
Price Tactics 8
Place Tactics 8
Promotion Tactics 8
Monitoring Procedures 8
Introduction
Company G is born from hard work and dedication passed down from generations of entrepreneurs. Company G entrance into the kitchen appliance market isn’t an overnight success. Company G is innovating products to help drive consumer health as well as returning valuable counter and cabinet space for our over ever-crowding lives. Fully understanding the power of branding Company G plans to launch in a way that is both innovative and unique to the category.
Product Description and Classification
Tired of having to find space on their countertops and cabinets Company G has innovated both the blender and the mixer into one amazing product. We are introducing “The Blendmixmaxx”, which is a dual purpose high-end blender and mixer combined into one great product. The Blendmixmaxx is both cutting edge and stylish. It's one of those products that is as much kitchen art as it is functional product.
The Blendmixmaxx supports Company G’s mission statement by improving convenience and space management, which helps with frustration and aids in supporting a healthy lifestyle by having a product that is both easy to use and store. Saving customers time and providing a high quality and innovative product.
Company G Mission Statement
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.”
Consumer Product Classification
Specialty Good:
- This is not a product readily available at every store.
- This is a product for indecisive consumers who have a challenge deciding to purchase a high-end mixer or high-end blender
- This product is purchased infrequently
Target Market
The target market for this product are both males, females and couples that are 30-45 years old who have attended some college and make at least 40,000 per year and consider themselves health conscious or attempting to live healthier.
Competitive Situation Analysis
Analysis of Competition using Porter’s Five Forces Model
Competitive Rivalry:
The competitive rivalry level is high: Due to long-term market share, high-end brands such as Vitamix, Blendtec and Kitchen-aid have very strong brands and consumer loyalty. Company G has a patent for their product that include a new type of motor that can produce better torque and speed. In Addition, Company G has applied for several other patents one of which is for a unique way to house the motor that makes it significantly quieter at a more cost-effective price point, but will face stiff competition from more established brands.
Potential New Entrants:
The potential for new entrants is low, due to cost to enter the segment, as well as Company G’s patented technology and remarkable branding. With our strong branding, speed to market as well as our patented technologies Company G can make entry into this segment challenging for competitors. Company G is aware that there will be new comers or established rivals that will try and copy Company G’s success.
Bargaining Power of Buyers:
The bargaining power of buyers is neutral. Buyers and consumers always have some power to influence by whether they purchase the product or not. Consumers and will always seek the best price. Due to display space required for the product as well as how many stores they can purchase for, large retail chains will have some leverage. Proper and the ability to sell online can neutralize much of this leverage and help mitigate some threats and allow for common ground negotiations. Company G has prepared for this by allowing a small marginal discount for volume purchases. Blendmixmaxx’s price point will allow both Company G and resellers to make a decent profit as compared to our competitors.
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