Question
Introduction-
Company G is a well-established firm that is extremely regarded in the electronics market. Its mission statement is as follows-
‘we enable consumers to improve the quality as well as convenience of their lives by providing high-quality, innovative electronic solutions.'
Company G's engineers as well as designers have developed a line of small appliances that the company feels can be appropriate successful in the small-appliance market. The company senses that the current marketing plan for its products doesn't put them in a position to reach the profit potential for the small appliances.
Achievement with the new line will depend upon a precise assessment of the market and a well-crafted, effectively applied marketing plan that will fit the current market.
As the marketing manager you are charged with the accountability of developing a new marketing plan that will allow the company to reach the full profit potential of one small appliance from the new product line.
The president has recommended that you use the ‘clean sheet of paper' concept as you develop the plan, so during the time you are creating the new plan, all particulars of the company's existing electronics marketing plan are to be considered irrelevant. The determined is that current strategies, practices and so on will be considered for relevance and possible continuance only after your new plan has been presented to and is understood by top management.
Given-
Company G's team of engineers as well as designers have developed a line of top-quality small appliances and through concept and prototype testing, they have publicised that the visual design features are very appealing to potential buyers and give a distinct impression associated with quality besides artistic elegance. Extensive testing has established that the new products may be the most dependable line of products in the small-appliance industry. Moreover, the team has designed a production process that is very effective in terms of labour as well as production-line time as well as that will result in very little raw materials waste. The combination of these proficiencies 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 must allow them to emerge as the lowest-cost producer in the small-appliance industry.
Company G has a low debt-to-equity ratio as well as a high credit rating. It enjoys excellent relationships with current suppliers however because of differences in material requirements, new raw material dealers will be needed to support the small appliance line. Company G will as well need new suppliers for two component parts that will be acquired ready for assembly into some of the small appliances.
The credit terms Company G propositions to intermediaries in their distribution channel are typical for their industry. Marketing research has publicized that the company's XG brand as well as logo are readily recognized by furthermost categories of electronics product consumers.
Task-
Formulate a three-year marketing plan (suggested length of 5-7 single-spaced pages) for one of the small appliances from the new line. Explain the specific appliance you have chosen. Carefully study the details provided in the given Company G marketing situation as well as identify the specific information that must be considered while developing the plan. Deliberate other information from the real world that you must incorporate as you develop the plan. Comprise the following sections in your plan-
A. Product Support of Mission Statement
1. Describe how the small appliance you have selected supports Company G's mission statement provided in the introduction
2. Categorise Company G's products by means of the three-way consumer product classification system
B. Target Market
1. Explain the target market for the company's product
C. Analysis of Competitive Environment
1. Examine Company G's competitive environment using Porter's Five Forces model of competitive forces
D. SWOT Analysis
1. Define three of Company G's strengths related to the marketing of the new product
a. Assists your choice of each of these elements as strengths
b. Identify at least two strengths that must be considered as core competencies
2. Describe three areas where Company G has weaknesses related to the marketing of the new product
a. Assists your choice of each of these elements as weaknesses
3. Explain three current or potential opportunities within the industry
a. Assists your choice of each of these as opportunities
4. Explain three current or potential threats within the industry
a. Assists your choice of each of these as threats
E. Marketing Objectives
1. Select four marketing aims for Company G consisting of one unbiased for each of the four marketing mix elements (product, distribution, price and promotion)
F. Marketing Strategies
1. Explain three strategies for each element of the market mix (product, distribution, price and promotion) that are suitable for the target market. Strategies must be consistent with each other and supportive of the related objective
2. Describe why you feel this is the best mix to achieve the objectives
G. Tactics and Action Plan
1. Develop an action plan for executing the marketing strategies identified
a. Comprise one task for each strategy identified
2. Make a timeline outlining when each task is to be completed
H. Monitoring Procedures
1. Explain the specific actions that will be taken to measure the effectiveness of the plan
2. Make a timeline for these actions from the action plan (part G1 above)
I. When you use sources comprise all in-text citations and references in APA format