Download Company G 1-Year Marketing Plan and more Thesis Marketing Management in PDF only on Docsity! Company G 1-Year Marketing Plan Table of Contents Introduction 3 Product Description and Classification 3 Company G Mission Statement 3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 4 Analysis of Competition using Porter’s Five Forces Model 4 SWOT Analysis 4 Strengths 5 Weaknesses 5 Opportunities 6 Threats 6 Market Objectives 6 Product Objective 7 Price Objective 7 Place Objective 7 Promotion Objective 7 Marketing Strategies and Implementation 7 Product Strategies 8 Price Strategies 8 Place Strategies 8 Promotion Strategies 8 Marketing Implementation 8 Product Action Plan 9 v. 201103 Price Action Plan 9 Place Action Plan 9 Promotion Action Plan 9 Monitoring Procedures 9 Introduction How many times each week do you struggle with planning meals, getting them cooked or prepped, and then comes the cleaning process? It is painstaking. If you have a big family, or want to cook extra for leftovers, slow cookers may not have been your best option due to limited sizing or lack of features. Well, not anymore! Company G has revolutionized the modern slow cooker with the busy family and big families in mind. Packed with convenience features, this 6-quart programmable slow cooker holds enough to feed a family of seven a full, well-balanced meal. In the current world climate, this is a helpful solution to maintaining a family mealtime while keeping a busy schedule. Company G’s new innovative non-stick slow cooker is a must-have for your kitchen! 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.” It is 2020 and we are all still working 40+ plus hours each week. Our kids have extra-curricular activities we must run them to and from. Traditional mealtimes have turned into take-out Chinese food and pizza delivery. If we are lucky, we find time to make a home-cooked meal for our family, but that takes planning, preparation, cook time, and clean up time. Company G has designed our slow cooker to include features that give back to you and your busy family so you can take back life's precious moments and let Company G do the work. v. 201103 Financially sound – This will allow the company room financially to enter the new market. They will not have to turn a profit as quick as a company in poor financial state. This will allow more time for the new product to hit the mainstream. Weaknesses High employee turnover – New employees take time to learn the company culture and process. This can lead to internal issues that may be avoided by seasoned employees. New equipment needed in the factory – Older equipment will break and can lead to shut downs for repairs or a total overhaul and replacement. This could delay production and or deliveries. First time in a new market – Breaking into a new market can be fraught with issues. Taking a chance on the brand not being embraced on the new product. Opening into a market that has multiple competitors already has a high chance of being unsuccessful. Opportunities Growing Market – This will allow for new entrance into the market. The more people that want the product the more opportunity for new products on the scene. Local resteraunts closing – Less places to eat out leave more people eating at home. Large families and busy families will need quicker meal options. Online shopping is on the rise – placing our product online will allow for easier purchases by consumers. Busy families do not have to make time to go to a store and shop they can online order. Threats Factory shutdown – this will delay production and delivery. Shut downs can affect profit and consumer trust if they cause delays. Recession – This is an outside force not controllable by the company. However, a recession does mean less buying on the part of the consumer and can lead to company layoffs. This could cause the product t fail. Multiple competitor – the market having multiple existing competitors makes it harder to break in and make your own place. Preexisting competition with tried and true products make it a challenge for a new product to come on the scene. Market Objectives v. 201103 Product Objective Company G will sell 15000 units by December 31, 2020. Price Objective Company G will make a profit 29% by April 30, 2021. Place Objective The slow cooker will be placed in 75 outlets of 3 National chains and on ecommerce site by April 20, 2021. Promotion Objective Company G’s promotional objective is to have 40% of the market awareness by July 30, 2021. We will generate 175,000 customer inquiries by July 30, 2021. Marketing Strategies and Implementation Marketing Strategies Product Strategies o Online sales to increase sales amongst target market. o Manufacture the product in a multitude of colors to match consumer’s kitchens. o Set up a website specifically for the slow cooker for all customer service inquiries. Price Strategies o Offer a volume discount ( 1.5 percent discount per 100 units ) for the retail sector. o Company G will offer a 2 percent discount for retailers who pay for the product within 10 day of invoice. o Offer free shipping online to end user. v. 201103 Place Strategies o To ship to national retailer use a logistics company for shipment in bulk. Place on end isle stands for max visibility. o To ship to end for internet sales we will use United postal service. o Allow national chain sites to link to manufacturer site for shipping/delivery information. Promotion Strategies o Home parties will promote in the target market. o School giveaways will help promote Company G’s slow cooker in the target market. o In store contests with the slow cooker as a give away will help promote our product and brand. Explanation of Strategies Home parties will help promote our product to our target market. Offering free shipping on online orders will help to sale the product at the home parties. The free shipping could be through the US postal service or direct delivery from the warehouse. This will also be a way to get Company G’s ecommerce site more visibility to become a major selling method for the slow cooker. Marketing Implementation Product Action Plan Tactic Due Date Responsible Party Online Site active- work with IT to determine timing August 31, 2020 IT Optional colors for product implemented – work with production manage to develop demo’s September 15, 2020 Production Manager Customer service website running – work with IT to determine timing August 31, 2020 IT Price Action Plan Tactic Due Date Responsible Party Discount for retailer- seek approval from CFO August 15, 2020 AR department Payment timing discount – seek August 15, 2020 AR Department v. 201103