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Company G 1-Year Marketing Plan, Thesis of Business Accounting

A marketing plan for a new product, the Smart Sole, developed by Company G, an appliance company. The Smart Sole is an insole that can adjust to anyone's daily routine to make life more comfortable. a product description and classification, target market, competitive situation analysis, market objectives, marketing strategies, and implementation plan. The document also presents an action plan and monitoring procedures. The marketing strategies include product, price, place, and promotion strategies. useful for students studying marketing, business, and entrepreneurship.

Typology: Thesis

2023/2024

Available from 01/14/2024

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Download Company G 1-Year Marketing Plan and more Thesis Business Accounting in PDF only on Docsity! Company G 1-Year Marketing Plan 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, a well-known appliance company, is venturing into new grounds with the idea of always having relaxed feet. With so many different versions and for different prices of insoles, which one would be considered the best option? Company Gs’ solution to this dilemma is to make one fit all for the same price. Product Description and Classification Product Description and Support of the Mission Company G Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” The Smart Sole can adjust to anyone’s daily routine to make life more comfortable. With new patent technology, your ability to set the Smart Sole, via the app, to your comfort depending on how you feel that day. The insole itself senses your feet' pressure points, your heart rate, and your daily movement to auto adjust itself. Another fabulous feature is the ability to send small pulses to your feet any time of day with just a simple command sent from the app to the insoles. With this new technology, your feet should never feel tired or hurt again. Consumer Product Classification The Smart Sole is considered a shopping product. When compared to the price of normal insoles, these would be considered relatively high. But purchases would be made less frequent since it is designed to last up to 5 years or 25,000 miles in usage. Whichever comes first. The product will be found wherever shoes are sold. It will be heavily advertised by famous athletes or celebs who are always on their feet. Target Market The target audience for this product is the working class, specifically the 21-65 age group. The everyday person, who is constantly on their feet. From the stay-at-home parent to the professional athlete, and all in between. People will reach their final height and stop growing when they are around 20 years old. This means their feet will also stop growing around that age too. 65 is retirement age meaning people tend to rest more and be less on their feet. Competitive Situation Analysis Company G is a well-known domestic company. With more advertisement, the possibility of an international expansion is foreseeable soon. With tourism on the rise, more and more people would see Company G products and ask about them. A positive reputation would spread even more to where outside people would want to purchase said products. The ability to increase with the socio-culture is a dream come true. The more this company is included with the norm, the less likely the company will file for bankruptcy and close for good. v. 201103 Company G is constantly looking the see what the new trend or craze is and adapting to it or adding to it. With constant communication on the rise, reputation is everything. Creating a friendly culture within makes it possible to be view as one from the outside. Threats The economy is doing well right now, that the possibility of a recession could occur soon. If that were to happen, downsizing or layoffs would need to happen to stay afloat. With unemployment on the rise, spontaneous spending would fall. Since people would spend less, profits would be in the red. Cutting spending and possible product making will also happen. With technology improving every day, Company G will not be able to stop or be ahead of all the companies, which are improving or inventing new appliances all the time. Companies are always on the move in making things better to not get left behind. Patents exist all over the world where not everyone can use the same device, technique, or software meaning there will always be another way to make something work. Competitive forces will always happen to any company no matter what they sell or make. Outside forces can swoop in and snatch the top employees by offering more money or incentives that their current company does not offer. Some companies thrive on doing such things. They wait till the employee is fully trained and make their move afterward. False advertisements can be made to give one company a bad look while making the other more reputable. Market Objectives Product Objective In 2 fiscal years (2023) Smart Sole should have sold 1,000,000 units. Price Objective Company G will achieve a $5,000,000 profit on Smart Sole by Q4 FY 2023. Place Objective Smart Sole will be in 10,000 outlets of 2,500 national chains by Q3 FY 2023. Promotion Objective Have 50% target market awareness of insoles by the end of Q3 FY 2023. Marketing Strategies and Implementation Product Strategies o 5-year/25,000-mile warranty. Show that Smart Sole will last up to 5 years or 25,000 miles in usage. o Dedicated customer service line. An 800 number where customers can call any time of day, any day of the week with questions or concerns about said product. o Packaging design with Company G brand. Showing customers, the already reliable brand to earn their trust. Price Strategies o Volume discount. Offer retailers a 10% value discount on the first purchase order to encourage inventory stock. o Skimming. Since this is the first of its kind, price value is no set-in-stone. o Trade allowance. Offer 2% of trade allowance for paying in 10 days. Place Strategies o Inventory control. Creating on-time inventory control to ensure consistent delivery. o Distribution Channel. Work with a wholesaler to help get into major chains. o National transportation. Secure contract agreement with a major transportation company to send product quickly and efficiently. Promotion Strategies o Advertising. Radio and TV ads with famous celebs and athletes showing and talking about the product. o Social Media. Spreading the word with videos examples of the product with people’s reaction. o Personal selling. Demonstrations in shoe stores to get the target market engaged in the product. Explanation of Strategies Company G’s reputation for producing dependable products is shown. To earn everyone’s trust including retailers and consumers they came up with some great ideas. They guarantee a specific life span and stand by it by offering a warranty, backing it up with the brand in full show, and with dedicated customer service. Retailers are getting discounts upfront and after they sell to show how much they value them with a dedicated delivery service. They are trying to make this product be known by everyone by communicating in every way possible. Showing the product on how works both in-person and through social media and commercials as well. Marketing Implementation Product Action Plan Tacti c Due Date Responsible Party Research financial implications of warranty March 20, 2021 Financial analyst Hire more qualified service reps May 31, 2021 HR Design brand label March 20, 2021 Research and Development Price Action Plan Tacti c Due Date Responsible Party Create a sales pitch offering a discount. April 30, 2021 Sales Research what people are willing to pay for said product May 1, 2021 Research and Development Create a sales pitch offering a discount. April 30, 2021 Sales Place Action Plan Tacti c Due Date Responsible Party Develop software to track all incoming and outgoing inventory July 1, 2021 Engineering Develop a partnership with different shoe distributors May 31, 2021 Sales Put out a bid for a trucking company June 30, 2021 Marketing director Promotion Action Plan Tacti c Due Date Responsible Party Research ad agen ies and hire one March 31, 2021 Marketing group Create a social buzz on product Aug 1, 2021 Communication group Communicate with shoe stores to display products with a live showing July 31, 2021 Marketing director Monitoring Procedures Monitoring Activity Due Date/Frequency Responsible Party Review and analyze sales by looking at sales reports, aiming for Monthly Marketing analyst