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Company G 1-Year
Marketing Plan
Table of
Contents
Introduction ..................................................................................................................................... ...... 3 Company G Mission Statement .................................................................................................................... 3 Product Description and Classification ......................................................................................................... 3 Consumer Product Classification .............................................................................................................. 3 Target Market ............................................................................................................................................ .. 4 Competitive Situation Analysis ..................................................................................................................... 4- Analysis of Competition using Porter’s Five Forces Model ....................................................................... 5 SWOT Analysis .......................................................................................................................................... .... 5 Strengths .................................................................................................................................... .............. Weaknesses ............................................................................................................................... ............... 6 Opportunities .............................................................................................................................. ............. 6- Threats ........................................................................................................................................ ......... Market
Objectives .......................................................................................................................................
. 7 Product Objective ..................................................................................................................................... 7 Price Objective .......................................................................................................................................... 7 Place Objective ......................................................................................................................................... 7 Promotion Objective ................................................................................................................................. 7 Marketing Strategies and Implementation .................................................................................................. 7 Product Strategies .................................................................................................................................... 7 Price Strategies ......................................................................................................................................... 7- Place Strategies ........................................................................................................................................ 8 Promotion Strategies ................................................................................................................................ 8 Explanation of Strategies ................................................................................................................................ 9- Marketing Implementation .......................................................................................................................... 11 Product Action Plan .................................................................................................................................. 11 Price Action Plan ....................................................................................................................................... 11- Place Action Plan ...................................................................................................................................... 12 Promotion Action Plan ............................................................................................................................. 13 Monitoring Procedures ................................................................................................................................ 13-
Target Market
The market target strategies Company G plans to use are towards women who are
18 years or older in the middle to upper working class who make $40,000+ per
year. Because of the high quality materials and technology in these handbags, the price
will range between $300-$500 depending on size. They are mainly targeting working women
because they have jobs and can afford to make purchases or investments in a good quality
and life changing handbag. To narrow down marketing geographically Company G’s main
market would be towards working women in urban and possible suburban areas who are
interested in a professional, sophisticated and trendy looking handbag.
Competitive Situation
Analysis
Competitive Rivalry: The level of threat for Company G with their product ReVamp
Handbags is relatively low. The only other product that is similar to this already on the
market is Pixel Backpacks, which gives off more of a retro hipster vibe and is limited in
designs and features.
Potential New Entrants: With any great product there is always a threat of
potential competition making cheaper versions of your product. Company G’s marketing
team tagged this as a low threat, because of the patent they have on ReVamp Handbags and
the time analyzed that it would take competitors to design a similar product, after our
product has already hit the market, they will have already missed the estimated sales peak.
Bargaining Power of Buyers: Because ReVamp handbags are meant for individual
sale and not bulk orders, the buyers’ will have low bargaining power. This does not mean
that Company G won’t use the ‘pull strategy’ in terms of coupons and discounts. If
Company G were to bargain for bulk orders, there is a high chance that
it’s for the buyer to resell products. Company G wants to make the distribution channel length
short, limiting it to producer straight to consumer, with possibility of adding a retailer in the
mix for future business operations.
Bargaining Power of Suppliers: Because the product is made with two vastly
different high quality materials, leather and innovative technology, the bargaining power
that suppliers have is moderate. Company G put a lot of thought into planning how the
supplies will be transported from the suppliers to where ReVamp handbags
are being made. This means maintaining a healthy relationship with current suppliers, while
increasing their network to find new and trustworthy suppliers needed for the new products.
Substitutes: There are no other substitutes on the market that covers all of the features that ReVamp bags have. The closest substitute to an electronic handbag would be the Pixel backpack, which targets a retro hipster college type crowd. There is also no built in GPS for your purse on the market either, there are GPS locators such as tile that you could stick in your purse but they have a limited battery life.
SWOT Analysis STRENGTHS
_indicates core competency_*
- Strong Brand Name*
- Competent Workforce*
- Patent on Product
OPPORTUNITIES
- Relationship with New Suppliers
- Bringing New Product to Market
- Expanding Business International THREATS WEAKNESSES
- Unreliable Supply Chain
- Marketing Plan
- Skilled Representatives PET
- Change in Trends
- Access to Distribution Channels A Strengths Company G is known for its high-quality and innovative electronics, and has
become an highly respected and well-established corporation. All of their products are well-
crafted, reliable, made for convenience and improves the quality of life for the community of
those who buy it. As technology advances, highly regarded markets
such as Company G needs to find ways to advance not with but ahead of competitive firms.
They do this by expanding their markets, and creating new innovative products with the main
purpose to make your life as a consumer easier.
The extensive amount of research, concept and prototype testing that Company G’s
top engineers and designers put into each of their products before releasing it to the market.
Their team makes sure all of their products are designed with features that are visually
appealing in quality and artistic elegance to attract potential buyers. The Research and
Development team in collaboration with the engineers and designers have developed a
production process that is highly efficient in labor and production time, resulting in minimal
raw material waste. This saves Company G money in production, and creates opportunity for
higher sales of products.
to get into a new market that is a cross between apple and burberry could be life
changing for Company G.
Threats The threat that Company G faces much like any company is the change of trends.
There are many things that affect the change in trends, one of the most difficult is the
continuous innovation in businesses. Once a great product comes out, competitors and
consumers are waiting for the next best thing. By the time that ReVamp Handbags release to
the market, Company G needs to have another innovative product in the works to stay ahead
of competitors. Because in business if you are not ahead you're behind.
Company G is entering a new market and the possible threat of expanding their
distribution channels in the future for ReVamp handbags. For now, Company G plans to use
the shortest distribution possible from production to consumer quickly but that limits the
access customers have in receiving such products which could dampen sales. The challenge is
how to market such ReVamp handbags as an exclusive high- end bag, but also making it
accessible enough for sales to be profitable.
The last threat that Company G could face is the backlash it could receive from PETA
using authentic leather. This could affect sales in a negative way. Company G could fix this by
using vegan leather to avoid backlash.
Market Objectives
Product Objective Build a high-quality product that people will want by
developing test cases that will capture all potential production failures before
production starts on September 1, 2020.
Price Objective Increase profitability of the company by closing sales
representing $30,000 in monthly recurring revenue each quarter.
Place Objective Launch products into a new market, making it easier to access for customers
to purchase products online and opening 10 more stores by March 1, 2025.
Promotion Objective Improve awareness and demand around new products by creating
successful promotional campaigns increasing brand recognition by 80% by the end of the
2nd quarter.
Marketing Strategies and Implementation
Product Strategies
o Design a high quality innovative product that the
target market will want to buy and rave about it to
their family and friends.
o Work with the engineers and designers to estimate how
many handbags can be made in an hour to meet production
goals and finalize ReVamp app design.
o Include a limited warranty on product for any
technical issues that may occur.
Price Strategies
o Use research analysts to find a price range that
80% of the targeted market would be willing to pay for
ReVamp Handbags. (prestige/demand backward pricing)
o Charge a $15 for the annual renewal on ReVamp app
and small additional charges for various colors and
designs, package rates starting at $5.
o Have weekly meetings to make sure Company G is
on track to have a net profit increase by 35% by the end
of the fiscal year of 2022.
Place Strategies
o Company G will build onto its current manufacturing
facility in New York City having the necessary
equipment to start productions by Sept.
o Make the distribution process as short as
possible taking out unnecessary steps to get
product to customers the quickest.
o Do research and make plans for expanding
manufacturing companies in Milan, to maintain
production needs and compete with the top fashion
brands in Europe.
deadline, Company G decided to use the extra room in their current manufacturing facility
in New York for production. This saves a lot of time and money that would have been put
into working on construction of the building and more time into perfecting the product.
Company G wants to make the distribution process as quick as possible for the customers,
they do this by sending out ReVamp handbags straight from production to the customers.
The 5 year plan for ReVamp handbags it to expand production into Europe by
manufacturing in Milan, Italy. This requires a
lot of research into the target market, currency exchange, Country’s laws and
regulation, cultural differences and more that Company G will need to work on as soon
as they launch their product to the market.
Company G plans to use 10% of its gross revenue to promote ReVamp handbags. They
plan using an A-list model in Fashion Week (NYC) to promote the release of these life-
changing, designer handbags. This will help get the media’s attention, after ReVamp’s
debut, Company G will release the feature video onto their website and social media
webpages to circulate the social media that shows more information on the handbags. The
final long-term promotional strategy is ads throughout social media platforms.
Marketing Implementation
Product Action Plan Tactic Due Date Responsible Party Approval of final product and app design with special features to meet production dates. August 1, 2020 Product Development Team Start producing the final product in the manufacturing process to better estimate production-line time to meet the deadline. September 19, 2020 Director of Manufacturing and Production Create a limited warranty for ReVamp handbags for product issues through the first year of purchase. August 1, 2021 Legal Team
Price Action Plan Tactic Due Date Responsible Party Set up a focus group giving a range of prestige pricing to find the appropriate price range to charge for the product that 80% of the target market will approve of. January 21, 2021 Research Team Research competitors prices for various apps and costs they charge for memberships and packages to charge for the product’s app. March 1, 2021 Research and IT Team Set up weekly board meetings to keep the company on track for a net profit increase of 35% by making decisions, plans and evaluations for future plans. Every Monday at 8 -9AM Members of the Board Place Action Plan Tactic Due Date Responsible Party Construct a layout plan for adding ReVamp production into current facilities (machines for production-line.) August 1, 2020 Board Members and Engineers Create the quickest and most efficient way to get products to customers by updating the supply-chain distribution plan with current and new suppliers. September 1, 2020 Director of Supply Chain and Logistics Research and Expand Manufacturing company into an abandoned factory in Milan, Italy. March 10, 2024 Research analysts, Members of the Board,
The logistics team will review shipping records to make sure the delivery process is quick and efficient. Weekly reports will be made to both marketing and sourcing teams. Logistics specialists will track shipments of raw materials from suppliers and also the finished product to customers, notifying the department of any delays. The marketing team will review performance data, and update marketing plans to ensure the highest efficiency. References
Jeff Tanner and Mary Anne
Raymond. (2016). Principles of
Marketing and
Busi
Daily reports will be delivered to the Marketing department of how the celebrity influencer, feature video, ads are boosting sales. The marketing team will deliver reports to the all the head of departments to keep everyone updated.
