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Company G 1-Year Marketing Plan

Essay by   •  May 29, 2019  •  Business Plan  •  2,646 Words (11 Pages)  •  1,573 Views

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Company G

1-Year Marketing Plan for iVac2020

Student Name:  Joe Denning

Student ID:  0013500580

Date: 7/5/2018

Student Mentor Name:  Ronnie


Table of Contents

Introduction        .3

 Product Support of Mission Statement……………………………………………………………………………………………….….3

Consumer Product Classification        3

Target Market        3

Competitive Situation Analysis        4

Analysis of Competition using Porter’s Five Forces Model        4

SWOT Analysis        5

Strengths and Core Competencies        5

Weaknesses        5

Opportunities        6

Threats        7

Market Objectives        7

Product Objective        7

Price Objective        7

Place Objective        7

Promotion Objective        7

Marketing Strategies and Implementation        8

Product Strategies        8

Price Strategies        8

Place Strategies        8

Promotion Strategies        8

Explanation of Strategies………………………..……………………………………………………………………………………………….9

Implementation Plan        .9

Product Tactics        9

Price Tactics         9

Place Tactics        9

Promotion Tactics        10

Monitoring Procedures        10

 Introduction

Company G’s reputation as an industry leader in all things consumer small appliances is proven once again with their new offering, the iVac2020.  The iVac2020 will add a versatile smart-vacuum that’s advancements will help navigate the company forward for the next century.  This marketing plan will show Company G’s focus on a new innovative tool to maximize the market share in a truly competitive area in consumer electronics and appliances.

Company G Mission Statement

“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.”

Product

The iVac2020 is a Wi-Fi enabled robotic vacuum that is fully customizable with app-based controls making it one of the most advanced vacuum solutions on the market today.   iVac2020 features a set of 8 monitor sensors that allow the vacuum to not only sense and avoid objects from close to afar, but still allows for cleaning in tight spaces.  By being able to control the iVac2020 with a smartphone, consumers will be able to control the vacuum on the go so no matter the time or location, you will have the ability to plan timely scheduled cleanings, from coast to coast.

Consumer Product Classification

The iVac2020 is considered a shopping goods product when classified by the three-way classification system.  Consumers might feel it important to compare the great features this product has over the competition.  With a one-year manufacturer’s warranty and a great customer support program, the iVac2020 will be in consumers homes for years to come making it worth the financial investment.  The product can be placed in big box stores and displays showing the impacts that it can have for the consumer, while also being able to be purchased online and shipped at no cost.

Target Market


iVac2020 is going to be the must have solution for the modern family.  Company G will market to individual consumers or small families aged 25-55 years of age.  We will market metropolis or suburban areas that offer a high percentage of college degrees and an income base of at least $60,000 a year.  While this will be our initial target, we plan to expand to internet-based sales via a social media campaign getting our innovative solution in every home.

Competitive Situation Analysis

Competitive Rivalry: 

  • While the advanced features on the iVac2020 are ahead of their time, there are currently multiple competitors in this product market.  Many of these competitors are sure to attempt to build off of our advancements making it vital that Company G retain all patents on the 8-sensor technology.

Potential New Entrants: 

  • The current market is already ultra-competitive for the small percentage of the high-end vacuum market making this threat a minimal concern.

Bargaining Power of Buyers: 

  • Company G should not face a threat from buyers due to the advanced nature of the iVac2020 in comparison to its counterparts.  Being the most sophisticated vacuum on the market, buyers will find this to be the crown jewel of the options they currently have on the market today.  We anticipate no threat of boycott due to price and will see no need to demand discounted prices.

Bargaining Power of Suppliers: 

  • Company G will use multiple suppliers to make the various components that will make up the iVac2020.  We will leverage the suppliers against themselves to keep costs down and by using agreements, keep our intellectual property protected.  Components can be made in the United States or abroad always keeping low costs while the product will be manufactured separately in the United States.

Substitutes: 

  • With the many current models with similar features on the market, Company G will face consistent threats of knockoff goods or similar products.  It will be important to leverage the patents to protect the technology that makes iVac2020 vastly superior.

SWOT Analysis

STRENGTHS *indicates core competency

  • Well-established with name recognition*
  • Low debt to equity ratio*
  • Excellent relationship with current suppliers

WEAKNESSES

  •  Lack of social media presence
  •  Previous marketing concerns
  •  Higher labor costs to manufacture in US

OPPORTUNITIES

  •  Increased consumer spending
  •  Decreasing regulatory control
  •  Technology advancements

THREATS

  •  Technology advancements
  •  Increased competition
  •  Downswings in consumer spending

Strengths

Strength 1:  Well-established with name recognition

  • Having built a solid portfolio, Company G is now in position to be a leader in the small appliance arena.  With a logo that is virtually known by all, consumers will continue to lean on the trust Company G has earned with their other products in their current portfolio.

Strength 2:  Low debt to equity ratio

  • Company G has given ourselves the financial resources needed to not only leverage suppliers with bulk purchases of components but has given us the financial means to grow.  Having great financial flexibility also allows us low interest loans and the means to advertise at the levels necessary for success without mortgaging the company’s financial future.

Strength 3:  Excellent relationship with current suppliers

  • Company G has nurtured true, meaningful relationships with all our current suppliers.  This relationship and trust will allow us to take full advantage of cost savings opportunities as well as be able to leverage our suppliers against their own competitors who continue to try to grow their own businesses.

Weaknesses

Weakness 1:  Lack of social media presence

  • With the changes in the way a business must market consumers, Company G has previously fallen in properly marketing through social media platforms.  We have lacked proper strategies to maximize our social media presence and missed out on low cost, high reward advertising through our name recognition on those outlets.

Weakness 2:  Previous marketing concerns

  • Company G has so far been unable to generate a marketing plan that leadership feels would lead to a successful launch.  In addition to the lack of social media, not having a quality strategy for the new line of small appliances could lead to the failure in the line.  Any failure of this line would result in negative impacts across the company.

Weakness 3:  Higher labor costs to manufacture in the US

  • Company G’s commitment to manufacture in the US will come at the expense of the bottom line.  Labor costs in the US remain higher than other alternative locations in Mexico or Europe.  These costs could potentially offset any savings created in our supply chain.

Opportunities

Opportunity 1: Increased consumer spending

  • With the current stock market and economy on an upswing for the last 8 quarters, consumer spending has also increased.  The current administration has cut taxes to also put more disposable income in the pockets of the consumers.  Consumers with additional money in the bank are more likely to pay for higher priced, higher quality goods and will be more likely to justify the purchase of our products as a necessity they can afford.

Opportunity 2:  Decreasing regulatory control

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