1-Year Marketing Plan
Student Name: Laura Bunch
Student ID: 423467
Student Mentor Name: Aleece Bell
Table of Contents
Product Description and Classification 3
Product Support of Mission Statement……………………………………………………………………………………………….….3
Consumer Product Classification 3
Target Market 3
Competitive Situation Analysis 3
Analysis of Competition using Porter’s Five Forces Model 3
SWOT Analysis 4
Strengths and Core Competencies 5
Market Objectives 6
Product Objective 6
Price Objective 6
Place Objective 6
Promotion Objective 6
Marketing Strategies and Implementation 7
Product Strategies 7
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The innovative design is sleek and compact.
Consumer Product Classification
The 4 in 1 coffee maker is a shopping product; customers will compare this appliance with other coffee makers on the market, and decide which one has the most value to them.
* It is relatively high priced.
* Customers will probably purchase it infrequently.
* The sellers’ image matters to the customer.
* There will be a few number of sales outlets.
The target market for the 4 in 1 coffee maker is females aged from 25 to 40 years old, who are single, business professionals and make at least $50,000 a year or more.
Competitive Situation Analysis
Analysis of Competition using Porter’s Five Forces Model
Competitive Rivalry: There is a high threat of competitive rivalry. There are similar products on the market. We must offer a more superior product, than our competitors provide.
Potential New Entrants: Companies that make coffee makers, and do not have similar products will probably design new products to compete with the 4 in 1 coffee maker. There is a high threat of potential new entrants. Our quality must remain above standard, to combat this threat.
Bargaining Power of Buyers: Company G uses a distribution system that consist of large retailers, they do have the ability to demand volume discounts. The bargaining power of buyers’ threat is moderately high. Having good relations with buyers will be important. Having a large line of products help combat the moderately high threat.
Bargaining Power of Suppliers: There are many suppliers that can produce our products therefore the power of suppliers’ threat is low. However, it would be wise to find a permanent supplier for each component to insure quality.
Substitutes: There is a high threat of substitute products. Before the 4 in 1 coffee maker, coffee drinkers either had to drink k cups or ground coffee. They would also have to wait for the tea bag to steep, which is inconvenient. They could also choose to go to a coffee shop or a Starbucks to get coffee, tea, or hot chocolate.
STRENGTHS *indicates core competency * Strength 1*Low Debt-to-equity ratios * Strength 2*Logo is readily recognizable * Strength 3 Excellent relationships with current suppliers | WEAKNESSES * Weakness 1 Leadership challenges * Weakness 2 Union challenges (contract) * Weakness 3 Space allocation |
OPPORTUNITIES * Opportunity 1 Economy * Opportunity 2 Technology * Opportunity 3 Growing Segment | THREATS * Threat 1 Competition * Threat 2 Substitute products * Threat 3 Competition with retail space |
A strength core competency is, Company G has a low debt-to-equity ratio. Since they do not have large debts, or interest to pay back, future earnings can be used to grow the business and/or the products can become more innovative. Company G will most likely be in business for a long time giving this strength.
Another strength core...