3-Year Marketing Plan
for Company G
Company G is a highly regarded and established electronics firm. As a company we’ve been successful in the small appliance market for a number of years. Our product line for this three year marketing plan is the ‘Healthy Hair Flat Iron’. The HHFI is a new and innovative iron that allows users to achieve beautiful flat ironed hair while leaving it feeling healthier and more luxurious than when they started. Mission Statement
The latest appliance conceived by Company G is the Healthy Hair Flat Iron. It enables women of all walks of life to achieve healthy beautiful hair all in the convenience of their home. Purchasers of the HHFI will be able to see, feel and experience the high quality within minutes of using it. This appliance aligns with our mission statement of: “We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions.” The Product
Our latest innovation is the ‘Healthy Hair Flat Iron’. The HHFI is the latest in flat iron technology. It provides women of all ethnicities the opportunity to achieve beautiful straight hair all the while leaving it healthier and more luxurious than when they opened the box. The Healthy Hair Flat Iron works on short hair and long hair, coarse hair as well as fine hair. The key to strong gorgeous hair is the new Healthy Hair Flat Iron. The difference is in our technology. We’ve revolutionized the process of flat ironing hair by infusing natural and necessary elements into our steam that other irons strip out of hair. The Healthy Hair Flat Iron has a small but essential reservoir where users simply fill it and commence using. The steam releases over the hair slowly and efficiently so users can go weeks, depending on hair length, without refilling the reservoir. Consumer Product Classification
The classification for the Healthy Hair Flat Iron has been established as the shopping class. This appliance is for the consumer that wants to buy the best for their money as well as the one that is going to provide them with the most desired results. It is also a beauty item and therefore we know impulse purchasing will come into play for some consumers. Target Market
Our most active group of purchasers is going to be women ages 22 to 42 who want to achieve the beautiful straight healthy Hollywood hair they see on television. As our product is going to be accessible to various age group, ethnicities and women between the ages of 13 and 55; therefore our market could be considered vast. The Healthy Hair Flat Iron is going to allow them to attain the look they see on their favorite actresses. Competitive Situation Analysis
Competitive Rivalry When evaluating the competitive rivalry for Company G and the new product we recognized a few items: Our latest small appliance was designed by our top engineers and meets our high standards. Our price point is where our competition is and yet our product exceeds the results currently being achieved by their products. Our distribution lines are solid throughout the market. Currently there are only a few competitors in the market place and their current strategy has become stale. Our technology exceeds theirs and our price point is within dollars of theirs.
Threats of New Entrants The market for flat irons has become very status quo of recent. In fact we’ll be the new flat iron in the market. The technology our designers have brought to the table exceeds many expectations. Many of the entrants at this juncture are lesser quality, lesser materials therefore shorter life expectancy and are coming from unknown firms. Also the startup costs for this market is rather high unless you are already an established firm such as Company G. The current economy would likely be a deterrent to a new startup...