Business Marketing Plan

Only available on StudyMode
  • Download(s) : 174
  • Published : March 10, 2013
Open Document
Text Preview
Company G
3-Year Marketing Plan
Assessment Code:MKT1
Student Name:
Student ID:
Date:
Mentor Name:

Table of Contents

Introduction3
Mission Statement3
Market Objectives3
Target Market3
Product Objective3
Price Objective3
Place Objective4
Promotion Objective4
Competitive Situation Analysis4
Consumer Product Classification4
Analysis of Competition using Porter’s 5 Forces Model4
SWOT Analysis5
Strengths5
Weaknesses6
Opportunities6
Threats6
Marketing Strategies6
Product Strategies7
Price Strategies7
Place Strategies7
Promotion Strategies7
Tactics and Action Plan7
Product Action Plan7
Price Action Plan8
Place Action Plan8
Promotion Action Plan8
Monitoring Procedures8

Introduction
Company G, established in 1955, and is highly regarded in the electronics market. Our company has developed a line of small appliances that our customers have grown to love and respect. We plan to launch a new product in the next six-weeks, our EGP (electric garlic press). This revolutionary new product will allow cooks of all levels of expertise to maximize each garlic bulb by minimizing the amount left to waste by using a traditional garlic press. Mission Statement

Our mission is to provide our customers with a high quality product, the Electric Garlic Press (EGP) that will enhance their cooking experience in an innovative, cost effective, customer oriented fashion. Market Objectives

Target Market
Beginner and gourmet cooks who appreciate the benefits of using fresh garlic in cooking and recipes. Product Objective
To launch a new improved version of the standard garlic press that will achieve 5% of the market share in the first three years. Price Objective
To price our product to maximize sales and show an aggressive upward profit trend within the first year. Place Objective
To effectively market and distribute our product by mail order, retail, wholesale and Internet channels over the first three years. Promotion Objective
To effectively introduce our new product to consumers thereby enhancing sales and creating profit by the end of the third quarter of year one. Competitive Situation Analysis
Consumer Product Classification
Using the three way classification category system where services are classified based on convenience, shopping and specialty products, Company G falls into the shopping category. Company G’s primary product is the Electric Garlic Press and is best marketed through retail and personal sales representatives of the company. Since it is new to the market, consumers are more likely to want to do some research or at least have the opportunity to try and see the product demonstrated prior to purchase. Ideally booths in retail establishments or home parties would be our initial stab at demonstrating this wonderful new and innovative product. While we anticipate seeing peaks near the holidays – this product also makes an excellent gift – demand and supply should remain relatively even throughout the year. Analysis of Competition using Porter’s 5 Forces Model

Competitive Rivalry
·Competition from other firms offering like products could affect sales and profit ·High fixed cost – Company G will shop various suppliers to minimize production cost ·High exit barriers could offer a threat for Company G

·Low switching costs to customers could be a problem however, not anticipated as our product is unique and not likely to be switched for a substitute product ·High storage costs will be offset by effectively marketing to customers through various channels of distribution. Also, our product has a long shelf life and is not conducive to temperature changes. Threat from New Entrants

·Patents and proprietary knowledge will create barriers for new companies entering the market. Company G will include as a part of our patent, personal knowledge and private know how. ·Government may create barriers

·Access to distribution...
tracking img