'Company G 3 Year Marketing Plan Essay\r'

' community G name ons increases that improve the lives of consumers with modernistic electronic engine room and legitimate bring in caliber. We study that our peeled Radio CD rec tramp does yet that, it improves the lives of our consumers and gives them a crossroad they shag rely on because of our harvest-feast build quality. Our harvest is a firmness for consumers who would enjoy the whatsis of having their favorite intercommunicate programming at their disposal.\r\nThis sample- specialiseet swaning plan demonstrates the strategies prosecuteed to place our late return in bunk to reach our realise potential. Company G provides consumers with non al together reliable appliances but appliances that argon cutting edge in design. Our company keeps an eco-friendly attitude in mind during the exhibit of producing our reapings so that cop is eliminated. Solutions sw anyow been utilize to tailor maintenance cost, equipment costs and antithetical costs as sociated with producing our overlaps.\r\n commission Statement â€Å"We enable consumers to improve the quality and stratagem of their lives by providing innovative electronics solution.”\r\nThe growth The features of the Radio CD rec tack embroil a CD player, radio set, CD quality radio recording, sm e precise to medium build design for portability, strong decrepit weight structure for portability, convictionr radio recording for use darn a demeanor from home, a quality antenna for radio signal strength, five hour rechargeable atomic number 3 ion batteries for ease of portability, indicator cord for home use, a USB outlet for all mp3 device compatibility, and unaffixed to scarper controls that put forward all be done from a wireless remote control. These features give consumers the freedom and convenience to use our product in a human body of representations. Build quality of our product surpasses all that is presently in the market and improves the overall r adio pass for consumers.\r\nConsumer Product Classification Our consumer product classification go under a shopping product. Consumers bequeath acquire our product only after comparing other(a) radio products bell, quality, color, and style. Consumers concur limited information as it relates to our product and result gather information during the buy process. Our product can withal be seen as homogenous, as there is an array of other radios on the market.\r\n get grocery Our focus is on ovalbumin female college students between the ages of 18 to 25. Majority of our consumers get out be working part succession jobs and consume incomes ranging of $15 to $25K annually. Most of our consumers pass on be spright wrinkless on a college campus or apartment, and room junction with friends and or living at home with p bents. We entrust market to tech savvy female college students that picture for prize in their limited amount of spend on electronic products. Also, our consumers forgo be medical specialty lovers that enjoy listening to the radio during studying and leisure time time. The consumers purchasing our product pass on prepare a limited amount of space for many assorted products and get out be looking for a product that can combine many of their other products all in one.\r\nCompetitive Situation synopsis\r\nAnalysis of Competition using Porter’s 5 Forces Model Competitive Rivalry: According to the amount of products available, rivalry color is uplifted. What makes for a high intensity of rivalry includes competitors aggressively laughingstocking each other’s markets and aggressively pricing products. Also, competitors are of equal coat and market share and industry growth is slow. Lastly, industries touch on costs are high which creates intense competitory rivalry.\r\n scourge from New Entrants: Threats from new entrants are low. indicate being is because of significant upfront capital investments postulate to start this kind of business. Low barriers of entry are likewise evident by limited plan of attack to proprietary technology and proprietary production poppycock inputs. Further more than, distribution brings are difficult to access, which overly causes low barriers to entry. The meshing has very little stir because of high technology development cost and high manufacturing costs.\r\nThreat from Buyers: In researching, buyer power has shown to be low with our product because buyer bargaining power is low. Sellers are concentrated compared to buyers and there are few sellers with many buyers, which makes buyer power low. Furthermore, consumer switching costs are relatively high and buyers would not slowly be able to produce our products themselves, further bread and butter that the threat from buyers is low. The Internet can eat up an concern should buyers ban together on social networking sites to pray discounts.\r\nThreat from Suppliers: Threats from suppliers are h igh. The new technology that has gone(a) in to producing our new product has been developed and is not mass-produced. Suppliers are few and buyers are many. Suppliers can also forward integrate and begin to produce our product themselves. This depart shock how our company give be able to continue delivering our product at a reasonable price because suppliers can use the Internet to sell directly to online shoppers. This ordain stool an impact not only on product price but also our distribution and marketing process.\r\nThreat from Substitutes: The threat of easing products in the market is high. Consumers bring the option of purchasing alike radios that record on cassette tapes with low switching costs. Also, the cassette radio recorders are cheaper than our product, which also makes a high threat substitute. But, when it comes to quality of two our product and the substitute product the threat of the substitute is low because our product is of higher quality. Before our pr oduct, consumers’ only option to record their radio shows or songs would have been to manually record on cassette radios. The Internet consent tos few barriers for substitute cassette radios to be exchange online for less coin than our product.\r\nSWOT Analysis SWOT is useful proficiency for understanding Company G’s strengths and weaknesses, and for identifying both opportunities open to the company and threats the company faces. What makes SWOT so important is that it can help bring to light opportunities that can be utilized as an prefer. Also, by understanding the weaknesses of our company, we can be ready to retire care of and fix potential problems before they happen.\r\nStrengths †Our engineers and designers who develop our innovative products is our first strength. This is one of our force faculty’s that gives our company a unique usefulness over other companies. We can market how we employ the best and most qualified workers, which brings value and quality to the consumer. †An excellent relationship with current suppliers is our second core competency strength. These relationships have been built over time and are difficult to replicate. This gives us an advantage in that we can make our products available with few delays. †economic production process is our last strength that allows us to minimize waste in producing our products. We can market our product as being eco-friendly by minimizing waste in the environment. Furthermore, our products are readily available for stock as wishinged at any time should demand increase. With our products having an streamlined production process they can be made with high quality, free of defects.\r\nWeaknesses †Target market consists of college students that don’t typically have much money. Our typical rear market allow be part time working college students. This bum market has yet to start their professional public life and have a myriad of costs as t hey try to earn their degrees. Their costs may except be too high to warrant some other electronic purchase.\r\n†Consumers may be reluctant to miscellanea from their lower priced radio cassette recorders to our new higher priced radio CD recorders. Consumers don’t like change, and if they have a radio that have some of the features our product has, they may elect to save money and apprehension with their old product.\r\n†There are a stack of substitutes in the market that do very identical things to our product. Having consumers understand and feel a need to have an all in one product that has a combination of features that other substitute products have will prove to be difficult.\r\nOpportunities †Our product will be the first on the market that tornados a CD recorder and recorder timer in an all in one system. There is no other small appliance exactly like our product and we may have an opportunity to change the way we all use radios.\r\n†The pr actice of medicine related electronic device market is currently a caustic trend. Many other electronics that combine phones with symphony players are dominating the market. Our product has an opportunity to capture a big piece of the market share by combining radios with new CD recording technology.\r\n†We can make radios relevant again in the cardinal first century. Radios have been around for decades and have commence somewhat obsolete to newer alternatives like mp3 devices. Their is an opportunity to offer a product that we all have utilized and make it a viable option for directly’s tech savvy consumer and change the way they live.\r\nThreats †A potential lawsuit from music companies and artists for secure infringement is a major threat. Our product will allow consumers to easily record copyrighted music to CD where they can than distribute the music online. This could potentially bring legal trouble to Company G.\r\n†former(a) established companies could not only develop similar products but also even better technology in the approaching. Competing companies can allow us to take all the risk in bringing our new product to market and if it does well, they can than reproduce something very similar and threaten our market share.\r\n†Copyright laws in the future may change, no longer allowing radio recording. The laws are constantly evolving, especially when it comes to the flying field of music recording. There is a lot of grey area when it comes to recording from the radio and our product could be the catalyst used to bring tougher restrictions on radio recording, make our product illegal to produce or own.\r\nMarket Objectives\r\nProduct Objective †Inform target earreach about the value our product brings with the list of features and benefits that hotshot to a 10 percent gain in the small appliance radio market in one year.\r\n harm objective †Pricing clutch will be $79.99 to start for the first half-do zen-spot months in order to force consumers and gain market share. After six months price will work to $99.99.\r\nPlace objective †Distribution channel length will be short. Distribution will give way from producer to wholesaler to retailer to consumer. Wholesaler will warehouse products in various locations, to keep up with supply and demand as needed. Orders will be palletized and ready for shipment with in 30 minutes of each order placed. All products will be out fitted with radio-frequency identification for tracking and monitoring of our products all six months.\r\nPromotion objective †Increase product gross sales and new product awareness among target earreach by 25 percent in the first year of product release.\r\nBringing together this marketing mix gives our product the best assertable chance to be successful. Showing our target audience the value in our products done price and features will be key in our consumers purchasing our product. Furthermore, by utilizing our introductory low price and taking advantage of short channel length will warrant that our product not only attracts the attention of our target market but also allows our consumer to have easy access to our products. Lastly, the objectives we have set to increase sales and product awareness will insure that our product is known among the market and is a success.\r\nMarketing Strategies Company G’s market dodging will include the four elements of the marketing mix which includes product, price, place and promotion strategies. Each element will include three strategies each with a brief description.\r\nProduct Strategies †Quality as a product dodging will be used in order to win repeat customers in the future. Consumers are cross with products that simply do not work or last. By giving our target market an power point that is made with quality, our consumers will be more voluntary to purchase another particular proposition in the future and it will ove rall improve their life.\r\n†Development of product lines is our second strategy. The purpose of including a product line strategy is to grow the company’s position in the market place. Also, it allows for even more opportunities for more consumers to purchase our products by having specific needs met for different consumers.\r\n†Product design is our third and closing strategy. obtain products are an important factor in that they need to appeal to a consumer’s image. This will allow the product to be more attractive to the consumer and easier to purchase. Having an item aesthetically pleasing will likely be used more and noticed more amongst other products in the department store and at home.\r\nPrice Strategies †Cost plus pricing strategy will be used to insure that products are sold with a profit. That way no matter whether we mark up or mark down our prices we will make sure to prevent financial losings on our products.\r\n†Penetration pricing strategy will be utilized in order to attract customers and gain market share. Penetration pricing will be in affect for the first six months of our initial product offering.\r\n†Psychological pricing will be used to have a prescribed psychological impact on consumers when purchasing. Consumers are more willing to purchase when they feel they are getting a good deal or value for their purchase.\r\nPlace Strategies †Producer to wholesaler to retailer to consumer will be how we bring our product to consumers. This traditional channel is a simple but cost legal way of providing goods to our consumer in a quick and efficient manner.\r\n†Using a wholesaler is the second strategy. This would allow wholesalers to take responsibility of distributing goods to retailers and distributors. By placing multiple wholesalers in strategic areas we will be able to have our product available should demand rise at any time. †Intensive distribution is our third and final place st rategy. Using an intensive distribution strategy will allow us to distribute our products through all available channels in order for consumers to purchase our products anywhere. This makes it convenient for consumers to purchase our products.\r\n'