Marketing and New Product
Three Year Marketing Plan for Company G’s New Product Line
Company G’s mission is to improve the quality and convenience of people’s lives and they have done so with their latest small appliance, the espresso maker. It fits their goals by reducing its size with innovative design solutions and ergonomics that will put Company at the forefront of the industry. It will save time and money and ease the daily morning grind for consumers.
The market in which this product will be successful is the 34-45 year old age group of men and women with a median income of approximately sixty eight thousand ($68,000) dollars. The objectives are typical. The distribution needs no change due to the distribution lines already possessed by Company G for many years and work well but a few new suppliers will need to be acquired. The price of the product will be at a price point just even with competitors and ideal for the target market. The product will remain updated in its style to keep consumers satisfied and intrigued. The promotions will cycle after the initial launch to market. Since Company G’s new espresso maker falls under the classification of shopping goods, it’s essential that it is researchable on Company G’s website and amongst other sites and publications.
While using Porter’s five forces model in consideration of competition there exist potential concerns as always. The first concern is the need for new suppliers. We will need to establish a few new suppliers that are able to forward integrate as well as be consistent in building to specifications. With Company G’s high credit rating, establishing a working relationship with the new suppliers shouldn’t hold up the start of production for the espresso maker but quality control should be monitored. The current suppliers are on board for the raw materials and are still reliable. The second concern is of new entrants which is always a strong possibility in this sought after small appliance marketplace.
Company G’s mission is to improve the quality and convenience of people’s lives and they have done so with their latest small appliance, the espresso maker. It fits their goals by reducing its size with innovative design solutions and ergonomics that will put Company at the forefront of the industry. It will save time and money and ease the daily morning grind for consumers.
The market in which this product will be successful is the 34-45 year old age group of men and women with a median income of approximately sixty eight thousand ($68,000) dollars. The objectives are typical. The distribution needs no change due to the distribution lines already possessed by Company G for many years and work well but a few new suppliers will need to be acquired. The price of the product will be at a price point just even with competitors and ideal for the target market. The product will remain updated in its style to keep consumers satisfied and intrigued. The promotions will cycle after the initial launch to market. Since Company G’s new espresso maker falls under the classification of shopping goods, it’s essential that it is researchable on Company G’s website and amongst other sites and publications.
While using Porter’s five forces model in consideration of competition there exist potential concerns as always. The first concern is the need for new suppliers. We will need to establish a few new suppliers that are able to forward integrate as well as be consistent in building to specifications. With Company G’s high credit rating, establishing a working relationship with the new suppliers shouldn’t hold up the start of production for the espresso maker but quality control should be monitored. The current suppliers are on board for the raw materials and are still reliable. The second concern is of new entrants which is always a strong possibility in this sought after small appliance marketplace.