14 Sep SCENARIO Company G is a well-established firm that is highly regarded in the electronics market. Its mission
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SCENARIO
Company G is a well-established firm that is highly regarded in the electronics market. Its mission statement is as follows:
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions.”
Company G’s engineers and designers have developed a line of small appliances that the company feels can be very successful in the small-appliance market. The company feels that the current marketing plan for its products does not put them in a position to reach the profit potential for the small appliances.
Success with the new line will depend upon an accurate assessment of the market and a well-crafted, effectively implemented marketing plan that will fit the current market.
As the marketing manager, you are charged with the responsibility of developing a new marketing plan that will enable the company to reach the full profit potential of one small appliance from the new product line.
The president has suggested that you use the “clean sheet of paper” concept as you develop the plan; therefore, during the time you are creating the new plan, all details of the company’s existing electronics marketing plan are to be considered irrelevant. The intent is that current strategies, practices, etc., will be considered for relevance and possible continuance only after your new plan has been presented to and is understood by top management.
Company G’s team of engineers and designers have developed a line of top-quality small appliances, and through concept and prototype testing, they have shown that the visual design features are very appealing to potential buyers and give a distinct impression associated with quality and artistic elegance. Extensive testing has demonstrated that the new products may be the most reliable line of products in the small-appliance industry. Additionally, the team has designed a production process that is very efficient in terms of labor and production-line time and that will result in very little raw materials waste. The combination of these efficiencies and the relatively small front-end investment for this line will result in the company’s ability to produce each of the products in the line at a cost that should enable them to emerge as the lowest-cost producer in the small-appliance industry.
Company G has a low debt-to-equity ratio and a high credit rating. It enjoys excellent relationships with current suppliers, but because of differences in material requirements, new raw material suppliers will be needed to support the small appliance line. Company G will also need new suppliers for two component parts that will be purchased ready for assembly into some of the small appliances.
The credit terms Company G offers to intermediaries in their distribution channel are typical for their industry. Marketing research has shown that the company’s brand and logo are readily recognized by most categories of electronics product consumers.
REQUIREMENTS
Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. An originality report is provided when you submit your task that can be used as a guide.
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
Prepare a one-year marketing plan (suggested length of 5–7 single-spaced pages) using the attached “Company G One-Year Marketing Plan Template” for one of the small appliances from the new line. Carefully examine the details provided in the given Company G marketing scenario and identify the specific information that should be considered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the following sections in your plan:
A. Product Support of Mission Statement
1. Describe the specific appliance you have selected.
2. Explain how the small appliance you have selected supports Company G’s mission statement provided in the scenario.
3. Classify Company G’s proposed product using the three-way consumer product classification system.
a. Justify the designated classification.
B. Target Market
1. Describe the target market for the company’s product, including two variables related to demographic information, psychographic information, or geographic information.
C. Analysis of Competitive Environment
1. Analyze Company G’s competitive environment, addressing each of the components of Porter’s Five Forces Model.
D. SWOT Analysis
1. Describe three of Company G’s strengths that would support the marketing of the new product.
Note: This description should address Company G’s strengths, not the strengths of the product itself.
a. Justify your choice of each of these elements as company strengths.
B. IDENTIFY TWO STRENGTHS THAT SHOULD BE CONSIDERED CORE COMPETENCIES.( THE DESIGNATION OF TWO STRENGTHS AS CORE COMPETENCIES IS NOT EVIDENT AND REVISION IS REQUIRED.)
2. Describe three of Company G’s weaknesses that would undermine the marketing of the new product.
Note: This description should address Company G’s weaknesses, not the weaknesses of the product itself.
a. Justify your choice of each of these elements as company weaknesses.
3. Describe three current or potential opportunities that would support the marketing of the new product.
a. Justify your choice of each of these as opportunities.
4. Describe three current or potential threats that would undermine the marketing of the new product.
a. Justify your choice of each of these as threats.
E. Marketing Objectives
1. Identify one SMART (specific, measurable, achievable, realistic, and time-bound) marketing objective for each of the following marketing mix elements:
a. product
b. place
C. PRICE (THE SUBMISSION STATES THAT THE MARKETING OBJECTIVE FOR PRICE IS TO GIVE CUSTOMERS ONE X POWER DEVICE FOR FREE.IF THEY BUY PRODUCTS WORTH MORE THAN 500 DOLLARS. THIS IS A TACTIC RATHER THAN AN OBJECTIVE AND REVISION IS REQUIRED)
d. promotion
F. Marketing Strategies and Implementation
1. Describe three distinct strategies for each of the following market mix elements that are appropriate for the target market and supportive of the related objective:
A. PRODUCT(THE SUBMISSION STATES THAT THE MARKETING OBJECTIVE FOR PRICE IS TO GIVE CUSTOMERS ONE X POWER DEVICE FOR FREE.IF THEY BUY PRODUCTS WORTH MORE THAN 500 DOLLARS. THIS IS A TACTIC RATHER THAN AN OBJECTIVE AND REVISION IS REQUIRED.)
b. place
C. PRICE (THE SUBMISSION PROVIDES A DESCRIPTION OF THE PRODUCT'S CAPABILITIES RATHER THAN STRATEGIES FOR PRODUCTS AND REVISION IS REQUIRED.)
d. promotion
2. EXPLAIN WHY THIS IS THE BEST COLLECTION OF STRATEGIES TO ACHIEVE THE OBJECTIVES IDENTIFIED IN PART E.( THE SUBMISSION PROVIDES AN EXPLANATION THAT GENERALLY STATES THAT THE STRATEGIES ARE THE BEST FOR ACCOMPLISHING THE GOALS. THIS IS IMPRECISE AND DOES NOT EXPLAIN WHY THIS IS THE BEST MIX OF STRATEGIES TO ACHIEVE THE OBJECTIVES. PLEASE REVISE TO DISCUSS THESE STRATEGIES HELP THE COMPANY TO REACH ITS SPECIFIC GOALS.)
3. DESCRIBE ONE IMPLEMENTATION TACTIC FOR EACH OF THE STRATEGIES IDENTIFIED IN PARTS F1A-F1D. (THIS ASPECT CAN BE FULLY EVALUATED ONCE ASPECTS F1A AND F1C ARE UPDATED.)
A. INCLUDE A DUE DATE AND RESPONSIBLE PARTY FOR EACH IMPLEMENTATION TACTIC.( THIS ASPECT CAN BE FULLY EVALUATED ONCE ASPECTS F1A AND F1C ARE UPDATED.)
G. Monitoring Procedures
1. Describe the specific actions that will be taken to measure the progress toward the objectives identified in the plan.
2. Describe the frequency for each of the actions described in part G1.
H. When you use sources, include all in-text citations and references in APA format.
9
Company G Marketing Plan for One Year
Company G Marketing Plan for One Year
Introduction
United States (US) has many companies that play a significant role in its economy because companies contribute to more than 40% of the US economy (del Carmen Briano-Turrent & Rodríguez-Ariza, 2016). Company G is one of the successful companies in the US that deal with the selling of electronics. The company's headquarters is located in New York; however, it has many branches to reach many people. Additionally, the company employs 720 people. Recently, the company engineers developed X Power tracking devices for the vehicles. This paper discusses the marketing plan Company G should employ to promote the X Power product.
Product Description
Basing on the mission of the company, which is, "We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions." The engineers developed X Power device that enable vehicle owners to establish vehicles’ locations. The appliance comes with an application that can be installed on the vehicles owners’ mobile phones for easy tracking of their vehicles. It enables them to switch their vehicles off at their convenience because it is connected to the fuel system (del Carmen Briano-Turrent & Rodríguez-Ariza, 2016).
X Power is an invention that helps the company to achieve its mission. The device has a lock-off feature that enables the owner to switch off the vehicle. The feature makes the device unique from others since most of the tracking devices only identify vehicles' location, but they are unable to switch them off (del Carmen Briano-Turrent & Rodríguez-Ariza, 2016). With the innovation of this device, customers are guaranteed of their vehicles' security. Therefore, X Power is vital in fulfilling the mission of the company since it provides quality services to the customers.
Consumer Product Classification
X Power product is classified under shopping goods because it has unique characteristics compared to other tracking systems. It can switch off the vehicle using an application from the mobile phone (Singh et al., 2019). The device is only available in Company G outlets; no other company has manufactured the product with similar features like those of X Power. Besides, currently, only a few people can purchase the product since many of them are still monitoring its performance.
Target Market
With the rising numbers of vehicle owners in America, the company use X Power device to target people in the United States and even in the whole world who owns vehicles. Also, people who have motorbikes can buy the tracking devices. According to Aghdaie & Alimardani (2015), most customers come from California State and they like luxurious lifestyles and at the same they are cautious of their property. They want to watch over the vehicles frequently.
Competitive Scenarios Analysis
Companies exist in a competitive market; therefore, it is fair for the company to address the situation adequately. Company G is likely to face competition from other electronic companies that are busy developing new devices. The competitive market environment can be explained using Porter's Five Forces Model. From the model, competition occurs in five categories:
1. Competitive rivalry-there is many companies in America that sell shopping goods that include car trackers. Some of these companies sell their products at a lower price than Company G. they provide stiff competition to X Power devices since the gadgets are not known to many people.
2. Potential new entrants-many electronic companies in America are studying X Power tracking devices. They may come up with advanced tracking devices using the ideas of X Power. The new devices can be at the center of interest in many customers; eventually, many of them may switch to the new devices.
3. Buyers' bargaining power-to avoid forces of competition. Company G should provide high quality of products than other companies to attract more customers. More so, Company G should also put their customers first by serving them better to eliminate competition (Sammut‐Bonnici & Galea, 2015).
4. Suppliers' bargaining power-Company G, manufactures X Power products. It will have upper hand based on suppliers' bargaining power because it will make sure the products are adequate for the customers. Lastly, it will not lower the quality of the product to maintain a customer base.
5. Substitutes-Company G will compete with the old tracking products that car owners used before X Power. Some customers are rigid; therefore, they may stick to old products, making companies manufacturing them to provide stiff competition.
SWOT Analysis
Company G's progress is analyzed basing on strength, weakness, opportunity, and threats aspects.
Strength
Company G has professional managers who employ appropriate leadership styles to guide employees on serving the customers and pursing the objectives of the company. for instance, leaders use transactional style by rewarding workers who carry out their duties exemplary and punishing those who underperform in their responsibilities. This style is motivating employees to give their best to receive rewards and also to avoid penalties. Besides, Company G has a strong customer care departments that pays attention to customers’ feedbacks. Customers give feedback concerning the products and services received. It is from these feedbacks that the company strive to better services and the quality of products.
Weakness
In the company, there is poor strategic planning because the company has only invented X Power devices, because it lacks proper measures to promote innovations. The company should come up with other new products. Additionally, poor project is a problem because at a time, the top management does not consult all employees before coming up with products. Employees' contribution is vital in developing products since they offer information. Therefore leaders need to adopt participative leadership in all levels of management. Company G’s employees have ideas needed for innovation but the leadership does not involve them (Gürel & Tat, 2017).
Opportunities
Company G exploits opportunities that lead to its expansion. Engineers work around the clock to come up with new products that give the company a new image. For example, the company has invented X Power product that is gaining popularity. Also, the company sells quality products to the customers compared to other companies’ products. It gives a competitive edge in the market environment because customers like the quality of their products. The company's prices are low compared to competitors (Gürel & Tat, 2017). It creates an opportunity for the customers to use Company G products. Additionally, the company treats customers with integrity; customers receive trusted products from the company. It is different from other companies.
Threats
The company face challenges that affect its operation. Competitors provide quality services than Company G. The company should work on their products further because customers may shift their loyalty. Also, federal laws concerning business change frequently, recently the company was fined 1000 pounds for not adhering to labor policies. In conclusion, the technology is ever-changing; therefore, the company needs to invest in the new technology to enhance service delivery and efficiency (Gürel & Tat, 2017).
Market Objectives
Market objectives are goals developed by Company G to promote its products to the customers. The company intends to achieve market objectives in a specific time frame. Company G objectives are categorized as follows:
1. Product objective-the company aims at selling 100,000 products by 7th August 2021.
2. Price objective- if the customer buys products worth more than 500 dollars will given one X Power device for free.
3. Place objective-the company will create 20 outlets outside America to target more customers.
4. Promotion objective-through advertisements the company has sold 5000 X Power products in three weeks (Indounas, 2018).
Marketing Strategies and Implementation
Marketing Strategies
Market strategy is the game plan used by Company G to reach potential consumers and converting them into clients. Marketing in the company occurs in organized strategies:
1. Product strategies
· X Power enable vehicle users to see where the vehicles because the device enable connections with the mobile phone. Many clients buy the product to enhance security of their cars.
· X Power trackers-it has a lock-off command to enable vehicle owner to switch off the vehicle when there is a danger of being stolen or when the driver is not trustworthy (Brege & Kindström, 2020).
· The company engineer assures clients that when they buy X Power device, installation in the vehicles is free.
2. Price strategies
· When the customer buys one X Power tracker, receives one home theatre for free.
· Customers who buy two X Power trackers win an electric gas with free transportation.
· When a customer brings a friend to buy X Power device, the client and friend gets iron box each (Brege & Kindström, 2020).
3. Place strategies
· Amazon outlet-the shop is located near the Amazon Company to attract the company's workers in buying the products.
· New York G branch is found in the city where there are many people. People from the city provide the market for the products (Brege & Kindström, 2020).
· Metro outlet-it was opened near the school to trap teachers and students as their customers.
4. Promotion
· Social media- there is a posting of the products on social media. For instance, the products' photos are on Twitter, and many people view their specifications.
· Print media-the company's products are in newspapers. Many people come across them to make decisions.
· The company uses salespersons, who are the company's agents, and walks around to tell people about the importance of Company G products (Brege & Kindström, 2020).
These strategies make Company G to provide favourable competition because many companies struggle to cope with the power the company provides. These strategies are making the company to experience high sales because it is attracting many customers in the United States.
Marketing Implementation
Products
1. The company should produce many X Power products to meet the demands of the customers. The responsible party is manufacturing engineers. It must happen before 20th May 2021.
2. All X Power products should be inspected to ensure they satisfy customers’ needs. Company engineers are responsible and must be completed on 30th May 2021.
3. Company engineers should and technicians should install X Power devices to the vehicle. It takes 30 minutes after the purchase of device. Engineers and technicians are responsible.
Prices
1. Customers will have home theatres 10 minutes after purchase of X Power device. The team concerned is sales department.
2. Clients will get electric cookers and X Power after 15 minutes. The teams concerned are sales and transport departments.
3. The client and friend receives free iron box after buying the device. It takes only 20 minutes. The team responsible is sales department.
Place
1. The branch near Amazon is strategically located and many customers visit the shop. Every two minutes a customer visits the shop. The team responsible is marketing department.
2. The New York outlet was established in the most populated city to attract more customers. Clients visit the branch in every one minute. The team that serves the customers come from sales department (Lu et al., 2019).
3. Metro outlet was introduced near schools to attract teachers who own cars. The outlet intends to sell 50 X Power devices by 19th May 2021. The team responsible is marketing department.
Promotion
1. Photos of X Power products are put on Facebook for potential customers to see them. The process will be through by 30th June 2021. The team responsible is IT technicians.
2. The company ensures information concerning devices is put in newspapers for the people to access them. It should take place on 25th June 2021. The team responsible is advertisement department.
3. Company agents make many trips in endeavour to reach many people. They intend to reach 1000 customers by 28th June 2021. The team responsible is sales department.
Monitoring Procedures
The company uses analytic tools to monitor cash flow in the organization. The analytic tool is software that business uses to determine the circulation of finance. From the information, the manager can tell if the company is on the right track. The management does it every four months. The management employs meetings together with workers’ appraisal. During the meeting, employees give their views regarding the direction of the company basing on the objectives. More so, appraising the workers' performance assist in establishing whether the company is on the right course or not. Managers conducts it after six months (Alles et al., 2018).
References
Aghdaie, M. H., & Alimardani, M. (2015). Target market selection based on market segment evaluation: a multiple attribute decision making approach. International Journal of Operational Research, 24(3), 262-278.
Alles, M., Brennan, G., Kogan, A., & Vasarhelyi, M. A. (2018). Continuous Monitoring of Business Process Controls: A Pilot Implementation of a Continuous Auditing System at Siemens1. In Continuous Auditing. Emerald Publishing Limited.
Brege, H., & Kindström, D. (2020). Exploring proactive market strategies. Industrial Marketing Management, 84, 75-88.
del Carmen Briano-Turrent, G., & Rodríguez-Ariza, L. (2016). Corporate governance ratings on listed companies: An institutional perspective in Latin America. European Journal of Management and Business Economics, 25(2), 63-75.
Gürel, E., & Tat, M. (2017). SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).
Indounas, K. (2018). Market structure and pricing objectives in the services sector. Journal of Services Marketing.
Lu, S., Bartol, K. M., Venkataramani, V., Zheng, X., & Liu, X. (2019). Pitching novel ideas to the boss: The interactive effects of employees’ idea enactment and influence tactics on creativity assessment and implementation. Academy of Management Journal, 62(2), 579-606.
Sammut‐Bonnici, T., & Galea, D. (2015). PEST analysis. Wiley Encyclopedia of management, 1-1.
Singh, J., Cooper, T., Cole, C., Gnanapragasam, A., & Shapley, M. (2019). Evaluating approaches to resource management in consumer product sectors-An overview of global practices. Journal of Cleaner Production, 224, 218-237.
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Company G
1-Year Marketing Plan
Student Name:
Student ID:
Date:
Student Mentor Name:
Table of Contents
Product Description and Classification 3
Product Support of Mission Statement……………………………………………………………………………………………….….3
Consumer Product Classification 3
Competitive Situation Analysis 3
Analysis of Competition using Porter’s Five Forces Model 3
Strengths and Core Competencies 5
Marketing Strategies and Implementation 7
Explanation of Strategies………………………..……………………………………………………………………………………………….7
Introduction
While this section is not expressly requested in the task instructions, it is usually helpful to write a paragraph that introduces Company G and the product that you are writing this marketing plan about.
Product Description and Classification
Product Description and Support of the Mission
Company G Mission Statement
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.”
The task instruction is to describe your product and explain how it supports the mission statement, provided above. This should be a 1−2 paragraph section that includes a detailed description of your product. Then discuss how the features of your product support the given Company G mission statement.
Consumer Product Classification
The task instruction is to classify the proposed Company G’s product using the three-way consumer products classification system. Classify your product as either a convenience, shopping, or specialty product, providing at least three factors supporting that classification. To learn more about consumer product classification, see chapter 6 of the assign
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