1 year marketing plan
It currently consist about ten stores in ten different States where each store contains about 15 workers. Therefore the company creates about 150 job opportunities. The company has a competitive advantage over its competitors. It has been in operation for more than ten years and has a good reputation for selling quality products and having efficient customer care. It has been dealing with major appliances like Washing machines, refrigerators, music systems, and televisions among others. These factors and features of the appliances make them support the mission of Company G. Consumer Product Classification These products that Company G intends to avail in the market are shopping goods. This is because before the customers decide to purchase they have to compare the value of several appliances.
Also, these products need to be advertised through many media in order to create awareness and help them to distinguish products from different sellers. The distinction can be equated with a big brand name, and the products should be sold at a promotional or discounted price that will attract customers. Competitive Rivalry: the rate of rivalry is high within the electronics sector because new inventions are made on small appliances. Some are coming up with products that are more appealing and are of high quality. In this case, Company G should ensure that even after introducing these products they should be ready to be making advancements on their product regularly to ensure they become competitive. ii. Potential New Entrants: there is a high possibility of new entrants of new investors in the electronics sector hence making Company G to have more competitors.
For instance, if customers value the quality of the product, then the organization would produce quality products at any price. For Company G it should ensure that it produces goods of high quality at affordable prices because its customers value quality and price. Another Company's G strength is that it has adopted the most advanced technology. This is useful because help an organization to produce quality products at a lower cost and the speed of production is higher as well. For instance, current technologies do not use a lot of workers, and the production can be done for twenty-four hours hence increasing production. Although Company G is famous, it does not have an effective advertisement that will create awareness about the new product it brings in the market.
Additionally, Company G lacks enough suppliers of raw materials. Due to the shift of production, the company is suffering from the lack of suppliers for some materials that are needed for the production of small appliances. More so, there is a possibility for imitation. Due to many companies entering the market there is a possibility for the products produced by Company G to be imitated where customers fail to differentiate the original product from the imitation. This is because as the customers' income increases the customer gets power to try new products from other organizations that are providing similar products that are of high quality even if they are selling at a high cost. At the same time, there is a threat of lacking new suppliers for the raw materials to produce new products.
This is a threat because it will reduce its production and if it persists the production might also fail. Market Objectives For the Company G to be able to venture in the marketing of their products they should have a specific, measurable, achievable, relevant, and timed; there should be a time frame to achieve the goal. Introducing a new product in the market might be costly than the income earned, however, if the Company introduces effective objective, the cost can be catered for within the shortest time possible. This should be determined by the use of previous research on the same product. Pricing; this is where the company decides how to price the product. Product price contains the cost of production, marketing, and distribution together with the desired profits margin (Pappas 2016).
Differentiation; this is where the product should be different from that of the competitors. This should be included in advertisement and marketing materials. Promotion Strategies Online and social media advertisement; currently, it is common and significant for organizations to advertise their products and services online (Cravens & Piercy, 2006). This is because an online advertisement is viewed by many individuals who get to know about the product. On the same grounds, there is the use of social media like Facebook, WhatsApp, and Twitter among others. The company posts feed on the social media pages where they are visible to all social media holders. Utilizing direct mail; this is where organizations send emails to different individuals. Furthermore, it will help Company G to plan the nature of products and services it should offer to its customers in the future and the range of prices it should set for its products.
Marketing Implementation Product Action Plan Tactic Due Date Responsible Party Purchase raw material March 2019 Production manager Produce the product August 2019 Production manager Transport goods to different stores September 2019 Transportation and production manager Price Action Plan Tactic Due Date Responsible Party Research competitors prices July 2019 Research team Determine production price August 2019 Sales manager Price the product August Sales manager Place Action Plan Tactic Due Date Responsible Party Training sales person August 2019 Sales manager Recruitment plan May 2019 Sale manager Improve customer services October 2019 Sales manager Promotion Action Plan Tactic Due Date Responsible Party Sale promotion December 2019 Salesperson Advertise October 2019 Sale manager Publicity September 2019 Sale manager Monitoring Procedures Monitoring Activity Due Date/Frequency Responsible Party Media used 4 Advertising manager Cost of production Weekly Production manager Sales Daily Sales manager Return on sales Yearly Accountant References Cravens, D.
From $10 to earn access
Only on Studyloop