Marketing Plan-Vanessa Boone -Combo Waffle Maker PDF

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Company G 1-Year Marketing Plan Student Name: Vanessa Boone Student ID: #001291521 Date: 10/26/20 Student Mentor Name: Sarah Smithhart

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Table of Contents Introduction.................................................................................................................................................3 Product Description and Classification........................................................................................................3 Company G Mission Statement...................................................................................................................3 Consumer Product Classification............................................................................................................3 Target Market..............................................................................................................................................3 Competitive Situation Analysis...................................................................................................................4 Analysis of Competition using Porter’s Five Forces Model.....................................................................4 SWOT Analysis...........................................................................................................................................5 Strengths..................................................................................................................................................5 Weaknesses..............................................................................................................................................5 Opportunities...........................................................................................................................................6 Threats.....................................................................................................................................................6 Market Objectives.......................................................................................................................................7 Product Objective....................................................................................................................................7 Price Objective........................................................................................................................................7 Place Objective........................................................................................................................................7 Promotion Objective................................................................................................................................7 Marketing Strategies and Implementation...................................................................................................7 Product Strategies...................................................................................................................................8 Price Strategies.......................................................................................................................................8 Place Strategies.......................................................................................................................................8 Promotion Strategies...............................................................................................................................8 Marketing Implementation..........................................................................................................................8 Product Action Plan................................................................................................................................9 Price Action Plan....................................................................................................................................9 Place Action Plan.....................................................................................................................................9 Promotion Action Plan.............................................................................................................................9 Monitoring Procedures................................................................................................................................9

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Introduction Looking for a surefire way to get your family out of bed and unified around the kitchen table in the morning? What better way than with a steaming stack of homemade buttery pancakes or fantastically fluffy waffles with all their favorite toppings. All of this can be made efficiently possible with Company G’s newest innovative kitchen appliance, the iG WafPan. With this latest endeavor from Company G’s iG Kitchen appliance product line, no longer will you agonize over your picky eaters’ indecision over pancakes or waffles. With the iG WafPan you can make both! This marketing plan will ensure that Company G can reach its full profit potential with its newest iG Kitchen product line.

Product Description and Classification The iG WafPan, a 3-in-1 waffle combo maker offers a top quality and convenient product for our target market in one compact appliance. It is a waffle and pancake combo maker that also triples as a grill to make fried eggs or bacon. With its 3 removable non-stick plates, you can bake up to 4 square shaped Belgian waffles, 4 small pancakes or fry some eggs or bacon with easy clean up. To make it even more convenient, the removal plates are dishwasher safe and iG WafPan has a cord wrap and handle lock for compact storage. To accommodate individual preferences, it comes with digital buttons to select from 5 different browning levels, light to dark. Your pancakes and waffles are baked to perfection with the red and green indicator lights with an audible “Ready” or “Done” so there is no guesswork needed. 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.” In keeping with Company G’s reputation for innovative electronic solutions, the iG WafPan is a high-quality product that comes with a Bluetooth enabled app that allows for remote power switching and adjusting and monitoring of plate temperature. This is an absolute timesaver for the consumer as they can pre-heat the WafPan to have it ready at their preferred temperature. The WafPan is also budget friendly and convenient as it saves the consumer from purchasing multiple appliances. This is especially helpful if the consumer is working with limited space in the kitchen. The WafPan is compact and durable. The removal non-stick plates are dishwasher safe making it an easy cleanup process. The iG WafPan is a high-quality product with unique features that meets the increasing demand for a quick and efficient breakfast routine that fits in perfectly with our target consumers busy lives.

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Consumer Product Classification The iG WafPan is considered a shopping product. Consumers are going to spend considerable time doing comparisons against other brands with similar products to determine the best fit. Being a durable high-quality product, this is not purchased very frequently. With the price being relatively higher than a typical waffle maker, you will find this product in very few stores. Target Market The target market for the iG WafPan would be consumers, men and women between the ages of 25 to 55 years old, have busy careers, make $40,000 + a year and who are a middle-class family with children. Competitive Situation Analysis Analysis of Competition using Porter’s Five Forces Model Competitive Rivalry: The rivalry among other companies who produce small kitchen appliances such as Cuisinart and Black and Decker creates a very highly competitive market for Company G’s WafPan. These competitors already have brand loyalty and acceptance in the market and have established a reputation for quality and value. Potential New Entrants: The threat of new entrants is high because this is a very convenient and useful product. There are currently many other generic versions of the combo pancake waffle makers at a much lower price point than the WafPan. This would make it necessary for Company G to pre-emptively secure a patent for the technology component of its products to limit this threat. Bargaining Power of Buyers: The threat from the bargaining power of buyers is high because there are several different companies with a similar product without the Bluetooth element for lower cost. There are also various alternatives to the combo pancake waffle makers such as the panini press and sandwich makers. Bargaining Power of Suppliers: The threat from Bargaining Power of suppliers is low because the raw materials for this product is very commonly available. Also, with Company G’s high credit rating and excellent relationships with its suppliers their bargaining power is relatively minimal. Substitutes: The threat of substitutes is medium because even though this product helps with convenience, there is the slight possibility consumers could go without this product. Many other companies are developing other small appliances that offer solutions to the inconveniences faced in the kitchen. Consumers have the option to purchase standalone v. 201103

waffle and pancake makers or some consumers may be also be comfortable with making pancakes the traditional way on the stovetop or going out for breakfast. SWOT Analysis

STRENGTHS *indicates core competency   

Strong brand recognition* High quality and most reliable line of products in the small-appliance industry* Patented appliance Bluetooth technology

OPPORTUNITIES   

Current economy is ripe for time saving and efficient home appliances. New supplier relationships Social media marketing

WEAKNESSES   

Initial higher pricing than competitors Need of new suppliers for 2 component parts Inefficient marketing department

THREATS   

High competition for copycat products Advancing technology Possibility of new taxes

Strengths 

Strong brand recognition is a core competency for company G and gives the new product a competitive edge in the small kitchen appliance industry. Consumers are usually more partial to companies and products they are familiar with and this gives the company a significant advantage over its competitors.

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Another core competency for Company G is being recognized in the industry as having the highest quality and most reliable line of products, making it worth it he high price point. Consumers will have peace of mind purchasing these products that will last them a few years.

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Company G is one of the first companies to introduce its patented Bluetooth technology integration in all its small home appliance products. This innovation will make its products more competitive.

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Weaknesses 

The cost of high-end materials results in higher pricing of products than most others in the market. The initial launch of a new product into the target market may be costly and may have difficulty implementing necessary changes.

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High dependency on new suppliers to provide component parts is a weakness. Finding the right suppliers will demand a substantial amount of time and research which could potentially delay the manufacturing and distribution of products which may in turn raise the costs of the product even more.

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An inefficient marketing department results in unprofitable marketing strategies that does not align with the company’s’ overall goals and objectives. There is lack of extensive market research to find out customers’ needs as well as identifying the market opportunities to exploit.

Opportunities 

The current pandemic has created a new normal and new opportunities to design and develop new products that are convenient and efficient for consumers who are now required to spend most of their time at home.

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There is an opportunity for building new supplier relationships to further the goal of always having the availability of raw materials from multiple suppliers.

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Partnering with social media influencers offers a great opportunity for Company G to attain a global presence of its brands, image and reputation.

Threats 

Intense competition both nationally and internationally in the small appliance industry from current top companies and new competitors will make it difficult for the company to capture a significant market share. Also, there is the threat of other companies creating similar i.e. copycat products at a lower cost to consumers.

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The rapidly changing technology may make some products of Company G become outdated. This can negatively impact the company’s ability to gain potential benefits that it expected after the substantial amount invested into the technology and innovation of its

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products. 

The negative political culture environment has resulted in changes in current government policies that may lead to increased in taxes for the company.

Market Objectives

Product Objective Company G will sell 100,000 units of the WafPan within 12 months of its initial launch by December 31, 2021. Price Objective Company G will achieve a $150,000 profit by end of 3rd quarter September 30, 2021.

Place Objective Company G will have the iG WafPan in 100 outlets of 3 national big box chains by April 30, 2021

Promotion Objective Company G will have 40% target market awareness of WafPan by August 31, 2021 Marketing Strategies and Implementation Product Strategies  

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5-year manufacturing warranty Product Design: Available in 5 face colors that are interchangeable. QR code to download product app which will also provide various waffle pancake recipes.

Price Strategies  Penetration price strategy.  15 percent volume discount for orders of 500 or more. v. 201103



5% allowance for retailers paying within 10 days.

Place Strategies  Utilize e-commerce platforms such as Amazon and Company G’s website for product orders.  To ensure consistent and fast delivery, implement a strong inventory control method.  Partner with national transportation company for delivery to big box discount stores.

Promotion Strategies  Social media campaign using popular sites like Facebook, YouTube and Instagram  Trade shows to connect with major retailers.  In store product demonstration for target market engagement. Explanation of Strategies Utilizing a penetration price strategy will work effectively with the in-store demonstrations at the big box retailers. Hiring the right social media influencers who also meet our target market requirements will be beneficial in helping to create brand awareness. With this mix of multiple strategies, we will be able to reach our target market effectively. These strategies ensure that we are delivering the correct branding message, a better shopping experience all within the appropriate interaction channels. The goal is to increase company G’s brand awareness and assuring the consumer that they have gotten the best value for their money. Marketing Implementation Product Action Plan Tactic Research financial implications of 5-year warranty Research top 5 popular appliance colors purchased most frequently by target consumers Develop product app and webpage on company’s website

Price Action Plan Tactic v. 201103

Due Date 6/1/2020

Responsible Party Financial Analyst

6/10/2020

Product Design Manager

6/30/2020

IT Project Manager

Due Date

Responsible Party

Research competitors pricing to determine lowest price to enter market with. Create retailer contract detailing minimum pricing and volume order Create and implement retailer invoice discount procedure

7/1/2020

Marketing Analyst

7/1/2020

Sales Manager

7/15/2020

Sales Manager

Due Date 7/15/2020

Responsible Party IT Manager

Place Action Plan Tactic Ensure website is ready for increased traffic Develop, test and implement inventory control program Negotiate contracts with trucking companies

7/30/2020

IT Software Developer

8/1/2020

Marketing Director

Promotion Action Plan Tactic Create social media pages for product launch Design trade show display for booth Design in-store ads for product demos

Due Date 8/30/2020 9/1/2020 9/15/2020

Responsible Party Social Media Marketing Manager Marketing Director Marketing Director

Monitoring Activity Analyze sales reports to ensure that we are on pace to reach our goal of 100,000 units sold by 12/31/2021. Review and analyze income statements to ensure that profit goal is being met and determine if pricing strategy is working. Review sales performance reports for major big box retail locations Offer product review surveys to determine target market penetration

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Due Date/Frequency 3/1/2021/Monthly

Responsible Party Sales Manager

3/1/2021/Quarterly

Financial Analyst

3/1/2021/Weekly

Sales Manager

6/20/2021/Monthl y

Marketing Manager...