Three-year marketing plan A. Product Support of Mission Statement 1. Explain how the small appliance, you have selected, supports Company G’s mission statement provided in the introduction. The mission statement of Company G depicts its long-run intention to “enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions”…
2. Classify Company G’s products using the three-way consumer product classification system. Small appliances, such as ice-cream makers are now-a-days becoming tremendously popular. Applying the three-way consumer product classification system, Company G’s products can be categorized as convenience goods by a large extent. Notably, the classification system divides commodities into three categories, i.e. convenience goods, shopping goods and specialty goods, among which, the offered product as Company G’s ice-cream maker satisfies the characteristics of convenience goods. However, a few of its characteristics can also be observed as satisfying the characteristics of specialty goods (Boone & Kurtz, 2011). B. Target Market 1. Describe the target market for the company’s product. It has been mentioned above that Company G will aim at launching an ice-cream maker for the convenience of its customers with added technology features and quality. In this regard, the company will be targeting the middle-level economic groups, especially the households or families with children. It is worth mentioning in this context that households with children are likely to be the most prospective customers of the product, not only for conveniences but also for quality issues related to healthy living. With this aim, the company will emphasize on its already established market area, i.e. the US, offering Company G with an added competitive advantage of brand recognition and existing customer loyalty. C. Analysis of Competitive Environment 1. Analyze Company G’s competitive environment utilizing Porter’s Five Forces model of competitive forces. The product, i.e. Company G’s ice-cream maker, will target the small appliances market of the US primarily. Thus, the competitive environment of the small appliances industry in the US has been summarized henceforth with the application of the Porter’s Five Forces Model. Threats of New Entrants: High capital requirements to satisfy technology needs imposes a barrier for the new entrants in this industry structure Product differentiation depends highly upon the quality features of the commodities offered in this industry, which in turn increases the challenge of obtaining competitive advantages discouraging the new entrants to obtain sustainable benefits In this industry, the switching cost of the consumers is noted as quite high owing to the availability of fewer brands which increases competition among the existing players and restricts new entrants Determinants of Supplier Power: The suppliers of small appliances industry in the US can be observed as concentrated The substitute inputs are available in abundance in this industry rewarding a wider scope for innovation but simultaneously increasing competition among the suppliers Fundamentally owing to the fact that companies engaged in the supply chain of this industry tends to be large-sized, the threat of forward integration lessens considerably Rivalry among Existing Firms: This industry is a rapidly growing industry which increases the scope for innovation along with fuelling greater degree of competition Players are noted to be large sized which influences the industry structure ...
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“Three-Year Marketing Plan Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.net/marketing/81770-three-year-marketing-plan.
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