Company G: 3-Year Marketing Plan Essay Sample
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Company G: 3-Year Marketing Plan Essay Sample
Company G is a major player in the electronics market. We have an excellent reputation for being a ground-breaking company that provides high-quality, highly reliable products that are reasonably priced. Our consumers take pride in the items that they purchase with the Company G name on them. Our small appliance line fits well into our electronics family and will be just as pleasing to our customers as our other products. The G100 Iron/Garment Steamer introduced in this marketing plan will offers unique features that that will appeal to customers and potential customers as well. Mission Statement
We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions. The Product
The G100 has features found pricier products of this type as well as features that are rare or totally unique to this product. Features include the following:7 foot steam hose that is convenient for steaming hanging drapes and curtains.Fully retractable jam proof swivel cord which stays out of the way during use and makes storage easy and the swivel cord is less likely to crinkle or twist. This is a feature that makes the iron more attractive to customersClear removable water tank The water tank is clear so that the user can see the water level. It can be removed to make filling easier and eliminates the mess and safety issues associated with pouring water directly into the tank however, this still can be done if the iron is in use when more water is needed. This feature is not found on many appliances of this type.Titanium soleplate with holes at tip. Titanium heats quicker and evenly while the extra holes provide steam in hard to reach areas where it is needed. Consumers want to get their ironing done as quickly and thoroughly as possible.
An iron that heats quickly provides the speed that consumers would want, especially for those who iron in the morning before they go off to work.Programmable automatic shutoff and skin sensor. Can be programmed to automatically shutoff after various time lengths of inactivity at the users discretion or if iron falls or sits on soleplate without human touch. This feature is unique to our product in that it is programmable.Nozzle attachment for use on items made of delicate materials and also for steaming drapes . With most iron/steamers the user must use the iron itself which is presents a problem due to weight when steaming drapes and curtains that are hanging. A nozzle attachment alleviates this issue.Programmable automatic self cleaning feature. This feature allows the user to program the iron to self clean on its own without having to hold down a button. Automatically shuts off after cleaning. This is another unique convenience feature that only our iron provides.Programmable steam controller While many irons do not produce steam when set at low temperatures, this feature allows the user to set the manner in which the steam is ejected during low temperatures as well as high. It can also be set to provide continuous steam or manually controlled bursts of steam. Consumer Product Classification
The G100 is a specialty product that also fits into the shopping product category. An iron/garment steamer is a product that consumers will do their research to compare product features and prices before making a purchase. Target Market
There are two target markets in which the G100 would be an excellent product. The first target market would be households with at least one parent working at the executive level and an income starting at $60,000. The convenience would be appealing.
The second target market would be firms that are in the garment industry such as fashion designer houses, tailors, fashion stylists and all others that will value such an item. Competitive Situation Analysis
Analysis of Competition using Porters 5 Forces Model
Competitive Rivalry There are companies that manufacture and sell irons, i.e. Rowenta, Sunbeam, etc. and there are companies that manufacture and sell garment steamers, i.e. Rowenta, HoMedics, etc. but only Rowenta manufactures and sells iron/garment steamers that are similar to the G100. . Threat from New Entrants There is always the possibility of new companies creating a product similar to the G100 however, the engineers and designers that work for Company G have proven to be very creative which keeps the Company ahead in the market. The only real threat would come from Dyson which, although specializing in vacuum cleaners and most recently bladeless fans is dedicated to breaking new ground in electronics.. Most electronic companies avoid the small appliance market because they do not see profit in it. Threat from Buyers Consumers hold much power today due to the economy but I forecast no negative issues in this category. A large majority of Company Gs buyers are repeat customers who place great value on our products, our service, and our reputation.
As long as Company G continues to produce quality products with features that appeal to current customers as well as potential customers we will succeed in the small appliance market as we have done with our other electronics. Threat from Suppliers Company G has a good rapport with current suppliers which will continue but the G100 along with its sister products will require new materials and components for which we will need new suppliers. Because of this factor Company G runs the risk of having to new suppliers set prices higher than what their current purchasers are paying. Threat from Substitutes On any given day, a garment steamer would be a substitute for an iron and vice versa. The G100 can be used as one or the other therefore has no substitute. There are of course other brands of irons that cost less and there may be other garment steamers that cost less but none have the unique features that can be found on the G100. SWOT Analysis
The following is a SWOT analysis of Company G. It includes an overview of the company and how this will relate to how the G100 will be marketed. It will focus on Company G™ s. strengths and weaknesses and the threats that the Company may face as well as opportunities that may be beneficial to the Company. STRENGTHS *indicates core competency
Efficient production processes*
Elegant, high quality, innovative, reliable products * Strong reputation in the electronics marketWEAKNESSES A competitive market
No presence in the small appliance market
The need for new suppliers
Expansion into the large appliance market
Partnering or merging with one or more supplier(s)
To reach out to potential customersTHREATS
Competition from other small appliance manufacturers Consumers may not take to the new products
A change in the economy
Company G has an excellent team of creative engineers and designers that have developed a highly efficient manufacturing process that produces our current line of electronics which is our core competency. The production process for the new line of products is just as efficient. It will be staffed with employees who have received extensive training for the new line of products.Another core competency is the consistent reliability of Company G™s current line of electronics. Testing on items from the new product line has shown that potential customers will find the products to be just as reliable as well as elegant, high-quality, and original with unique features and designs.Company G has a strong reputation in the electronics industry of providing products that are reliable and high quality. Weaknesses
The market for irons and garment steamers as well as other small appliances is highly competitive. It is currently saturated with a multitude of competitorsCurrently Company G has no presence in the small appliance market. This is a totally new undertaking for the Company.Company G will need to add new suppliers to its current list of suppliers. Finding those that will give us a good price for materials and components may present may be an issue. Opportunities
The success of our small appliance line can be looked upon as opening the door for expansion into other markets such as large household appliances.Company G should take the opportunity to partner with or acquire one or more of our suppliers. This move would ensure that we have no issues with finding a supplier for materials or parts in the future. .Company G has a œfan base of current customers who value our products. The small appliance line gives the Company the opportunity to reach out to potential customers, not currently familiar with our brand. Threats
As mentioned earlier Company G is entering a competitive market with the small appliances including irons and garment steamers. A number of these companies have maintained a presence in this market for 20 years or more.Because the products are new, customers may not want to buy them because they are not œtried and true which occurs even with companies that have a huge customer base for certain products. Customers may not purchase a product until they hear from a œdependable source that the products are of good quality and reliable.A downturn in the economy may be our biggest threat. People will tend to purchase fewer new products and may have items repaired instead of buying replacements.. Market Objectives
The objective for the G100 Iron/Garment Steamer is to introduce it as part of a new line of small appliances and to have it generate $200,000 in revenue for Company G within three years. Price Objective
The price objective for the G100 is to set a price that emphasizes the high quality that Company G is known for but will still be attractive to current customers and to increase the number of new customers by 20% within three years. Company G has a number of products currently on the market and the new line of products offers an array of items so the issue of price is not worrisome. Place Objective
Company G™s placement objective for the G100 and its sister products is to increase the amount of merchants carrying our brand of products by 200 more within three years.. Promotion Objective
To create awareness of the G100 along with the new product line to current customers and potential customers within three years using a mix of various promotional strategies. Marketing Strategies
The following is a list of strategies that will be enlisted that will assist Company G achieve the objectives listed above: Product Strategies
oUniqueness: Company G will need to emphasize that the G100 is different from similar products that are currently on the market oWarranty: Provide
a comprehensive warranty for the G100 and other products in the line that no competitor currently has or may not be able to match. oQuality Assurance. Ensure that our customers know that the G100 is as high quality as the other items produced by Company G. Price Strategies
oSet the market price of the G100 at $159.99.
oFor this product, Company G will use a penetration pricing strategy as a foot-in-the-door approach to entering the market. oMaintaining the G100 at $159.99 for the next three years
oThe G100 along with products from the new line will be placed in electronics retailers that currently carry Company G™s electronic products but that also offer small home appliances. oAdding department and specialty home goods stores to our roster such as Target, Boscovs, Bed Bath & Beyond, etc. oMaking it possible for the product and accessories or replacement parts to be purchased by direct sale on Company G™s website. Promotion Strategies
oSend direct mailings out to current customers.
oSponsor events such as fashion shows.
oSet up exhibit and demonstration booths at fashion, fabric, wedding, or craft trade shows. Tactics and Action Plan
The following is a chart to show what tactics are to be taken in order to set the strategies in motion for the marketing of the G100. Product Action Plan
TacticDue DateResponsible Party
Conduct research that will compare our product to others on the market with regard to cost and features.6 MonthsProduct Manager who will be allocated the amount of $1000 Conduct research to discover what customers expect and want from a product warranty.6 MonthsProduct Manager who will be allocated the amount of $1000 Conduct a survey of current customers to discover what attributes our products possess that set them apart from similar products offered by the competitors and what can be done to emphasize that attribute.4 MonthsProduct Manager who will be allocated the amount of $1000
Price Action Plan
TacticDue DateResponsible Party
Conduct research to determine if current customers consider this price to be reasonable and whether it compromises the reputation of quality items produced by Company G.2 monthsMarketing Manager who will be allocated the amount of $1000 The research used to determine if the price is reasonable without compromising the effect of quality is also conducive to the pricing strategy2 monthsMarketing Manager who will be allocated the amount of $1000 Schedule a meeting to discuss Company G™s ability to maintain this price for the G100.4 monthsMarketing Manager, Chief Engineer, and Lead Designer who will be allocated $1000
Place Action Plan
TacticDue DateResponsible Party
The sales team will contact current retailers to determine if there is a potential for carrying the new product and the product line.6 monthsSales Manager who will be allocated $10,000 The sales team will contact 70 potential retailers a month by direct mail, cold calls, and store visits..End of every monthSales Manager who will be allocated $10,000 a month expenses incurred by sales people. Redesign website to offer shopping capabilities to customers who would be interested in purchasing direct from the company3 monthsSales Manager and Marketing Manager who will be allocated $15,000
Promotion Action Plan
TacticDue DateResponsible Party
Have the marketing team design, print, and mail brochures showing the G100 and other products from the new line.1 month Marketing Manager who will be allocated $2,500 Have the marketing team reach out to fashion show promoters and fashion houses.1 YearMarketing Manager who will be allocated $50,000 per event Have the marketing team reach out to trade show promoters and event planners1 YearMarketing Manager who will be allocated $10,000 per event
The following monitoring methods will be performed to get constant feedback from customers and to measure how well the G100 is doing Monitoring ActivityDue Date/FrequencyResponsible Party
The monitoring activity for the product objective will be to compile data from the surveys conducted and provide a report from which can be determined what improvements can be done to the product and/or customer service.End of YearProduct Manager Monitoring for the pricing objective will be to keep abreast of sales data to ensure that we are on track to reach our goal.MonthlyMarketing Manager Monitoring for the place objective includes taking careful notes and collecting feedback data to get insight on what retailers have agreed to carry the G100 and other items from the new product line.