Company G Marketing Plan
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 6100 Iron/Garment Steamer introduced in this marketing plan will offers unique features that that will appeal to customers and potential customers as well.
The Product The 6100 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: if – 7 foot steam hose that is convenient for steaming hanging drapes and curtains. If” 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 sakes the iron more attractive to customers if” Clear 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. If” 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 ant 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. If – 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. If” 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. If – 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. If – Programmable steam controller While many irons do not produce steam when set at low temperatures, this feature allows the user to set the manner n 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 6100 is a specialty product that also fits into the shopping product category.
Company G: 3-Year Marketing Plan By elderflower compare product features and prices before making a purchase. Target Market There are two target markets in which the 6100 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.
Analysis of Competition using Porter; was 5 Forces Model Competitive Rivalry There are companies that manufacture and sell irons, I. E. Rowena, Sunbeam, etc. And there are companies that manufacture and sell garment steamers, I. E. Rowena, Homicides, etc. But only Rowena manufactures and sells iron/ garment steamers that are similar to the 6100.
Threat from New Entrants
There is always the possibility of new companies creating a product similar to the 6100 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 Tyson which, although specializing in vacuum cleaners and most recently blameless 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 G; was 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 6100 along with its sister products will quire 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 6100 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 GIG 00.
It includes an overview of the company and how this will relate to how the 6100 will be marketed. It will focus on Company G;w s. Strengths and weaknesses and the threats that the Company may face as well as opportunities that may be beneficial to the Company.
Consumers may 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 nine of products is Just as efficient.
It will be staffed with employees who have received extensive training for the new line of products. If” Another core competency is the consistent reliability of Company G;¬was 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. If – Company G has a strong reputation in the electronics industry of providing products that are reliable and high quality.
The market for irons and garment steamers, as well as other small appliances, is highly competitive. It is currently saturated with a multitude of competitors if” Currently Company G has no presence in the small appliance market. This is a totally new undertaking for the Company. If – 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.
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. If – Company G has a; caftan 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.
As mentioned earlier Company G is entering a competitive market with the small appliances including irons and garment steamers. A number of these impasses have maintained a presence in this market for 20 years or more. If- Because the products are new, customers may not want to buy them because they are not ;citied and true;0 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 ; extendable; source that the products are of good quality and reliable. If – 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 Product Objective The objective for the 6100 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. The price objective for the 6100 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. Company G;was placement objective for the 6100 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 6100 along with the new product line to current customers and potential customers within three years using a mix of various promotional strategies.
The following is a list of strategies that will be enlisted that will assist Company G achieve the objectives listed above: Product Strategies Uniqueness: Company G will need to emphasize that the 6100 is different from similar products that are currently on the market o Warranty: Provide a comprehensive warranty for the 6100 and other products in the line that no competitor currently has or may not be able to match.
Qu Ensure that our customers know that the GO is as high quality as the other items produced by Company G. PricSet the market price of the 6100 at $159. 99. For this product, Company G will use a penetration pricing strategy as a foot-in- the-door approach to entering the market. Maintaining the 6100 at $159. 99 for the next three years The 6100 along with products from the new line will be placed in electronics retailers that currently carry Company G;was electronic products but that also offer small home appliances.
Adding department and specialty home goods stores to our roster such as Target, Boohoos, Bed Bath & Beyond, etc. Making it possible for the product and accessories or replacement parts to be purchased by direct sale on Company G;was website. Promotion Strategies o Send direct mailings out to current customers. Sponsor events such as fashion shows. Set 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 6100.
Product Action Plan Tactic Due Date Responsible Party
Conduct research that will compare our product to others on the market with regard to cost and features. 6 Months Product Manager who will be allocated the amount of $1000 Conduct research to discover what customers expect and want from a f $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. Months Product Manager who will be allocated the amount of $1000 Price Action Plan 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 months Marketing Manager who will be allocated the amount of $1000 The research used to determine if the price is reasonable without improvising the effect of quality is also conducive to the pricing strategy 2 months Marketing Manager who will be allocated the amount of $1000 Schedule a meeting to discuss Company G;¬was ability to maintain this price for the 6100. Months Marketing Manager, Chief Engineer, and Lead Designer who will be allocated $1000 Place Action Plan The sales team will contact current retailers to determine if there is a potential for carrying the new product and the product line. 6 months Sales Manager who will be allocated $10,000 The sales team will contact 70 potential retailers a month by erect mail, cold calls, and store visits.. End of every month Sales 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 company 3 months Sales Manager and Marketing Manager who will be allocated $15,000 Promotion Action Plan Have the marketing team design, print, and mail brochures showing the 6100 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 assign houses. Year Marketing Manager who will be allocated $50,000 per event Have the marketing team reach out to trade show promoters and event planners 1 Year Marketing Manager who will be allocated $10,000 per event Monitoring Procedures The following monitoring methods will be performed to get constant feedback from customers and to measure how well the 6100 is doing Monitoring Activity Due Date/Frequency Responsible 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 Year Product Manager Monitoring for the pricing objective will be to keep abreast of sales Monitoring for the place objective includes taking careful notes and collecting feedback data to get insight on what retailers have agreed to carry the 6100 and other items from the new product line. Monthly Sales Manager Monitoring for the promotion objective consists of collecting, maintaining, and updating information regarding the feedback, sales and contacts made during these events Biannually Marketing Manager.