Company G 3-Year Marketing Plan For A Company

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Company G 3-Year Marketing Plan Assessment Code: MKT Task 318.1.5-06-15 1 Table of Contents Introduction .................................................................................................................................3 Mission Statement ......................................................................................................................3 The Product ................................................................................................................................3 Consumer Product Classification .............................................................................................3 Target Market..............................................................................................................................4…show more content…
Consumers will search and compare a variety of toasters, convection ovens and microwave ovens before choosing the MicroToaster5000. Their continuing purchases will be infrequent. The product will be offered in locations such as Walmart, Sam’s Club and other major department stores. 3 Target Market The target market for the MicroToaster5000 is women who are extremely busy, need convenience and want healthy foods for themselves or their families without the wait. These women either work inside or outside of the home. These women are stressed from having too much to do in too little time. They are searching for better alternatives to saving money, eating healthy, and preparing their food quickly and conveniently. The women are generally homeowners with the exception of those professionals who live in a very populated city such as New York City where apartments are more common. Competitive Situation Analysis Analysis of Competition using Porter’s 5 Forces Model Competitive…show more content…
While our company holds the patent-pending on this product, a similar process could be developed over time. There are 13 other companies who are in a position to follow our lead in this area. There is a small amount of safety in the fact that it will take them some time to research, develop, produce and market a doable product. However, once they catch up to our level, our profitability will surely go down.  Consumers could decide the purchase separate appliances instead of choosing the all-in-one. Our product is convenient, efficient, and cost effective. However, three separate machines could, in theory, do what our machine does. Customers could already own the three separate machines and decide not to spend money on a new gadget unless they need to replace something.  There will be a higher marketing cost associated with this product in order to educate the consumers on the benefits of owning the product Because the customers could already own a toaster, microwave and convection oven, they won’t immediately understand the benefits of an all-in-one product. An aggressive budget will need to be established to counter their

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