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Mkt 1 Essay

2115 words - 9 pages

Company G
3-Year Marketing Plan
Assessment Code: MKT1

Table of Contents
Mission Statement 3
The Product 3
Consumer Product Classification 3
Target Market 3
Competitive Situation Analysis 4
Analysis of Competition using Porter’s 5 Forces Model 4
SWOT Analysis 4
Strengths 5
Weaknesses 5
Opportunities 5
Threats 6
Market Objectives 6
Product Objective 6
Price Objective 6
Place Objective 6
Promotion Objective 7
Marketing Strategies 7
Product Strategies 7
Price Strategies 7
Place Strategies 7
Promotion Strategies 7
Tactics and Action Plan 8
Product Action Plan 8
Price Action Plan 8
Place Action Plan 8
Promotion Action Plan 8
Monitoring Procedures 9
Mission ...view middle of the document...

Target Market
Individuals or families that like modern style of living which belongs to the middle to higher class income bracket.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model

Competitive Rivalry There are other company that makes the same product which also offers sleek design, same product function and with competitive price.
Threat from New Entrants Other reliable companies and appliances giant may introduce the same product. Other company who has proven their quality and reliability through their other product will gain the consumers trust which will make them buy their other products too.
Threat from Buyers The buyers may demand volume and package orders with other Company G's products and demand bulk discounts.
Threat from Suppliers There are enough number of suppliers that can provide the product in order for Company G to supply the buyers. The more the volume of production, the cheaper the production cost is. The threat is that target market is slimmer and the product is non-necessity and has other alternatives or substitutes. That will bring the demand lower causing low production which will bring the production and possibly the product price high.
Threat from Substitutes Consumers may settle on the conventional can opener that does not require electricity and is more affordable.
SWOT Analysis
This is the SWOT analysis for Premium Stainless Steel Can Opener
STRENGTHS *indicates core competency
• Top notch materials use for the product*
• Sleek design, modern and according to the latest trend of kitchen appliances*
• Lifetime warranty that offers confidence in the Company's products qualtity WEAKNESSES
• Company does not have own manufacturing company and have to be contracted to an outside company
• Company will have no control on how partner stores or buyers will offer the product to actual consumers (indefinite which location of the store, which shelf, etc)
• Shipping of products to partner stores is contracted to another vendor which may be an issue through delays, integrity of product once it reach the stores and possible losses of some products caused by transportation damage
OPPORTUNITIES
• Possible designing other products that matches the products style and design
• There is a growing number of consumers that loves high-tech products and with sleek design
• Developing an option to operate the product with the use of battery or solar energy THREATS
• Cost of product versus it's non-electrical can opener might discourage consumers from buying the product
• Need of electricity may also be an issue for other consumer that might bring their cost of electricity at home higher
• Competitor sells the same product with similar function and design within the same price

Strengths
The product is made of top-notch materials available to the market. The blade that gives precision cut to the can and the magnetic lid functions making opening of can very...

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