The reverse microwave market is a newly forming market, and our new product the Microfreeze hopes to grab a 5% market share in our first year. There have been certain trends in the current microwave market, and since our product is so similar to the microwave, we hope to use these trends for our success. Our competition is going to be from the already large corporations and microwave producers such as GE, Sharp, Panasonic, Emerson, and Kenmore (www.mysimon.com). As a newly forming company with a brand new product, it can be looked at in two different ways. First, that we are small and inexperienced and are almost sure to flop, or second, that we are small have done large amounts of market research, and have the ability to satisfy the customer and move more quickly with the growing trends than the large corporations can. This marketing plan for the newest kitchen appliance, the reverse microwave, or what we have titled the Microfreeze, will take an in-depth look at our marketing plan and strategies to successfully sell the Microfreeze.
Ever had an ice cold drink that just kept melting because of the summer heat? Ever leave ice cream out too long and had it turn to soup? If so, the newest invention by Microfreeze is something that you would definitely be interested in. Microfreeze has come up with a reverse microwave, which we have self titled the microfreeze. It works and looks very similar to a microwave, but it works just the opposite. Instead of heating foods, it cools foods to whatever temperature you desire instantly!
The recent trends in the market for kitchen appliances has always been smaller, cheaper and convenience (Levy 10). The original microwaves that first came out in the 1940's were nothing like the ones that we have today. They were big, bulky and expensive. They didn't catch on till the 1960's, but still then they were only used commercially. The microwaves of the 1960's were used only in company and hospital cafeterias (Levy 10). When the technology became readily available to make smaller microwaves and appliances, microwaves took off and became a household item.
Microwaves and the Microfreeze are relatively inexpensive items, in comparison with other kitchen appliances. Economically the market has been growing strongly over the last couple of years, and the Dow is at a high for the last four years (finance.yahoo.com). This would be a good time to release a capital intensive product, one that is over $100, because consumer spending is up, as well as unemployment being down. Dow Jones Industrial Average over five years
Competition with the Microfreeze comes from large kitchen appliance manufacturers who have already established themselves in the market. Examples of competitors would include GE, Sharp, Panasonic, Emerson, and Kenmore (www.mysimon.com). GE would be our largest competitor because they currently control 25% of the microwave market and Sharp being the closest competition. GE also sells the largest array of models and will be quick to come up with their own version of the reverse microwave, due to their enormous amounts of capital as well as their experience.
The Microfreeze is categorized as a kitchen appliance, and for promotion it would best be found in Sunday newspapers. It should not only be an appliance that rapidly cools food, but should also be available where it would be a regular microwave as well. This would allow consumers to tackle two kitchen appliances with one purchase.
The Microfreeze is going to be marketed to two separate groups. The first is the commercial food industry. Much like the early microwaves as well as the microwaves today, the Microfreeze is going to be available in industrial strength versions for businesses such as company and hospital cafeterias, as well as other commercial food providers. The second group is going to be home owners. The ideal...