3-Year Marketing Plan
Assessment Code: Task 318.1.5-06-15
Student Name: Sandra Edwards
Student ID: 000175429
Mentor Name: Donna Pope
Table of Contents
Competitive Situation Analysis4
Consumer Product Classification4
Analysis of Competition using Porter’s 5 Forces Model4
Tactics and Action Plan7
Product Action Plan7
Price Action Plan8
Place Action Plan8
Promotion Action Plan8
Company G currently enjoys a solid history of leading the small home appliance market but in recent years the market has became stagnant along with Company G’s market share. As the consistent market leader, Company G is looking for a way to create some movement in the market by launching a new product line that focuses on energy and space saving principals. The ECOSPACE line will offer energy star rated small counter top appliances. The cornerstone principal of the line to minimize counter space and passive energy consumption by creating one base pad which remains on the counter top plugged into an outlet and several appliances which can be placed upon the base pad when needed for use. This design will make using and storing different appliances simple and will reduce passive energy consumption by not having multiple appliances plugged in when not in use.
Company G seeks to enrich the lives of its consumers with high quality, low price small appliances that are stylish and elegant.
The target market of the new ECOSPACE line is late twenty to mid thirty couples without children who are hip, urban, and eco-friendly. These young urban couples are working to create their first home together and often have space limitations due to housing costs and urban living. They pride themselves on obtaining elegant and stylish home décor but are also concerned with the impact on the environment. These couples are middle to upper class so they look to spend their dollars on well-known high quality brands.
Company G will launch a new product line, ECOSPACE, which focuses on energy and space conservation that will drive revenue over the next three years
Using this new product line, Company G will increase market share by 10% in by the end of the third year.
Company G will distribute the ECOSPACE line in the top 10 urban areas in country by the end of year three.
Company G will achieve a product per customer use of 2.5 appliances by the end of year three.
Competitive Situation Analysis
Consumer Product Classification
Company G offers small home appliances to its consumers. These appliances are classified as shopping products. We expect consumers to complete comparison-shopping prior to making a purchase decision.
Analysis of Competition using Porter’s 5 Forces Model
The current small home appliance market has become stagnant. There is very little differentiation in competing products any longer and consumers see one brand largely the same as others. While Company G still holds the large majority of market share, conditions are favorable for disruption in the market. Company G plans to lead the market change by offering a new concept in small home appliances. In order to diligently analyze the current competitive situation for Company G, a Porter’s 5 forces model was completed.
Competitive Rivalry Currently Company G is the undisputed market leader in this space however the market has...