Marketing - VZT1 TASK 1 PDF

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Summary

Marketing Model assessment for Spring 2020 semester. I removed the questions that came along with the template and just put in my answers (the questions count towards the authenticity report so make sure to remove them when you finish the template) I received a Pass (Competent across the board) hav...

Description

Company G 1-Year Marketing Plan Student Name: Student ID: Date: 6/23/2020 Student Mentor Name:

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Table of Contents Introduction.................................................................................................................................................3 Product Description and Classification........................................................................................................3 Company G Mission Statement...................................................................................................................3 Consumer Product Classification..............................................................................................................4 Target Market..............................................................................................................................................4 Competitive Situation Analysis....................................................................................................................4 SWOT Analysis.............................................................................................................................................6 Market Objectives.......................................................................................................................................7 Product Objective....................................................................................................................................7 Price Objective.........................................................................................................................................7 Place Objective........................................................................................................................................7 Promotion Objective................................................................................................................................7 Marketing Strategies and Implementation..................................................................................................8 Product Strategies...................................................................................................................................8 Price Strategies........................................................................................................................................8 Place Strategies.......................................................................................................................................8 Promotion Strategies...............................................................................................................................9 Marketing Implementation........................................................................................................................10 Product Action Plan...............................................................................................................................10 Price Action Plan....................................................................................................................................11 Place Action Plan...................................................................................................................................11 Promotion Action Plan...........................................................................................................................12 Monitoring Procedures..............................................................................................................................12

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Introduction Company G is a well-established star in the world of innovative electronic solutions. As one of the leading companies in high-quality gadgets, their products live up to the hype. Introducing the BffCollZee, a world class tracking collar for your pet, with a seemingly infinite amount of additional fun features.

Product Description and Classification Company G Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” Are you one of the hundreds of thousands of pet parents in the world? As most pet parents know, one of our biggest fears is our furry friends somehow getting out of the yard or out of our eyesight. What if there was a solution that would ease your mind and keep your pet as safe as possible? Introducing the BFFCollZee, a revolutionary dog collar that does just that, and so much more. BFFCollZee is an all in one system that works with in conjunction with a cellular app. Unlike other companies, BFFCollZee pings off your phone’s existing GPS to locate the collar’s coordinates, meaning that the basic tracking package has no monthly cost. Additionally, the collar waterproof and has an internal 2-way speaker. If your furry friend passes the boundaries you’ve set through the app, both you and the collar will receive a notification. Yours telling you where your pet is located, and your pet receiving a pre recorded one of your choosing, or you can speak directly through the collar. Because of this additional feature, BFFCollZee works great as a training collar, with “clicks” when doing obedience training (no need to buy a separate clicker!) and the option to record commands that can go off through the app, such as “go home” or “come back”. If the basic safety and training features sound great, wait until you see what the premium package has to offer! Customized reminders through the app can notify you when its time for your pets’ monthly medication, and can also auto order your pet meds or dog food straight to your home on a time frame of your choosing. The upgraded package also includes a live health report, which shows a live report of your pet’s daily activity levels and temperature.

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The apps smart functionality utilizes this to identify patterns and proactively notifies you when something is off, working to keep your fur baby healthy and safe. Company G created BFFCollZee to provide innovation, quality, convenience, and peace of mind to pet parents. All at a comparatively low price point, Company G’s BFFCollZee was truly made with the everyday pet parent in mind.

Consumer Product Classification BffCollZee is a shopping product. 1. Because it is not the only collar to exist in the market, and consumers would likely research other brands when deciding. 2. Because the collar would not be purchased frequently, presumably the pet owner would purchase one for each pet and it would last for multiple years. 3. Because this is more of a financial investment, convenience in purchasing would be a factor when considering the purchase. Online availability and small stock availability in major pet stores would be important to ensure the BffColl-Zee has the highest opportunity for sales. Additionally Company G would sample partnership with national animal shelters such as the SPCA and Humane Society to offer the collar at a discount with a pet adoption.

Target Market The target market for this will be lower middle to upper middle class (35k-150k annually) individuals or couples between 20-35. This is because they’re more likely to be able to afford the product, and usually more likely to care about the welfare of their pets. Additionally, this will mostly be targeted at people in larger cities/the close surrounding areas, as these areas are more densely populated. Because of the larger populations these areas tend to have: smaller lots, more apartment pet owners, busier streets, more crime, and therefore more opportunities for their animal to be in potentially dangerous situations.

Competitive Situation Analysis Competitive Rivalry: Company G will likely face some competition, as some will try to reproduce it at a lower cost point and other collars exist already on the market. Additionally, because this is a specialized technology, most materials can’t be used for other products. However, where Company G will stand a chance would be 1. It will have a patent for the BffCollZee, 2. Because the collar is so specific in its capabilities, it surpasses most that are currently available on the

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market, and 3. Even if other products try to recreate it, a lower price point with all of the features that exist on the BffCollZee would be difficult to achieve. Potential New Entrants: While there is most definitely a threat of new entrants, that threat would be minimal. Tracking collars are a relatively new concept, and the BffCollZee surpasses the technology of those that currently exist. Because this is a specialized product, extremely cheap replication would not only be difficult, but likely to make purchasers weary. If one collar for 150$ exists, but someone finds one that claims to do the same thing on Wish (for example) for 30$, most would be hesitant on assuming it works correctly. In addition to that- if new entrants were to enter the market, because the BffCollZee is unlike most others, Company G can establish brand to consumer relationships and trust. All of this along with patenting gives Company G a strong footing against potential new entrants. Bargaining Power of Buyers: The bargaining power of buyers would be a minimal threat. The BffCollZee combines multiple gadgets that are generally sold individually: a tracking collar that supports tracking at no monthly cost, an invisible fence, a 2-way dog speaker, a clicker training, a health tracker, and an app that supports auto purchasing and calendar reminders. An all in one gadget not only reduces the overall cost, but the attention and space that’s needed. No other gadget that includes all of these in one, so substitution would mean less functionality. It also means there’s minimal competition, as the price point would be lower or similar to other tracking collars that offer less functionality. In addition to this, because Company G would partner with animal shelters, ethical buyers would be more likely to support purchasing BffCollzee compared to the competition. Bargaining Power of Suppliers: Discuss the power of suppliers of raw material or component parts. Are there few or many suppliers? How does that impact Company G’s ability to continue delivering product at a reasonable price? While there may be an initial issue with suppliers when it comes to locating all necessary suppliers for the materials needed. However, the current supplier for Company G has formed a strong working relationship, likely benefitting Company G’s reputation with other suppliers. Company G also has the benefit of utilizing internet marketplaces such as Amazon to only increase sales potential, which would likely entice suppliers to willingly negotiate. Substitutes: Discuss the possible threat from substitute products. Before your product came out, how did consumers solve the problem your product addresses? What other alternatives do they have? There is currently no single substitute for the BffCollZee. Consumers would have to purchase each functionality as a separate item, along with a monthly subscription. This creates

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additional bulk to their living space, more to carry around, and more money spent overall. The BffCollZee solves for most substitutes as an all in one gadget.

SWOT Analysis STRENGTHS *indicates core competency 

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Company G is established amongst consumers, with brand recognition. Company G can use their well-known brand name and recognition and customer loyalty to push their products and company forward. * Strongly established mission statement, known for providing world class products that are easy for everyday people to use. Because more people are likely to not have in-depth tech experience, simplicity and easy end user functionality would be a major strength. Especially in the world of tech, where many lower cost gadgets are outsourced to countries where the end user may have a language barrier, Company G’s mission statement would be an invaluable strength. * Company G is in great financial standing both profit and credit wise. This gives Company G the ability to capitalize on more opportunities. It also puts the company in a safer spot, allowing them to focus on innovation with potentially less stress.

OPPORTUNITIES 

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Company G is primarily made for those with a base understanding of new age technology. In the age of social media, Company G has the opportunity to take advantage of this by establishing and maintaining their online presence with sleek, modern profiles and posts that include product testing and social media influencer promotions. Because Company G works with local nonprofits to sell their products at a discount when available. New age consumers have shown to be more ethically conscious when buying new items, meaning that Company G has the opportunity to do good in the world and sell more. Company G has the strong potential for growth with new suppliers, allowing them to create more

WEAKNESSES 

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Company G will need to locate new suppliers. This is a weakness because they currently have a strong relationship with their suppliers, so starting over means not only locating these suppliers, but starting over and forming a new relationship. Company G works in the world of electronics. Because small appliances are generally for convenience rather than necessity, consumers are less likely able to purchase them as the economy sees natural recessions. And, because Company G works exclusively with electronics, they have more to lose if this section of consumption is negatively impacted. Because Company G prides itself on making new and innovative products, it can bring about difficulties when it comes to marketing. While most companies can look to others to see what did or did not work when it came to marketing a specific type of product, Company G has less opportunity to do so, because they’re leading the market.

THREATS 

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Powerhouse online shopping platforms choosing to make their own version of a Company G product after seeing sales potential. Leading to the purposeful suppression of Company G’s products. Legal changes in location sharing/applicationbased technology. Most tech-based gadgets come with a supporting mobile application. Legal changes to how these can operate threaten Company G as an enterprise. Increases in technology that no longer support software needed for Company G’s gadgets. Technology is always changing. If updates are made to mobile phones/computers, there may be a point in time where Company G will either must update with it or no longer function correctly. This

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goods and reach more consumers through shopping powerhouses such as Amazon and Chewy. Because Company G is likely in a much better position than when they first selected their initial supplier, they can make a more strategic and educated choice when choosing their next.

would mean customers would no longer be able/willing to purchase Company G products.

Market Objectives Product Objective Sell over 95% of initial supply of BffCollZee within the first 6 months of release, which accumulates to 100,000 units.

Price Objective The base BffCollZee is 200$. Premium BffCollZee membership is 5$ a month. If the Product Objective is met, 100,000 base units would be sold, and the company’s gross profit is expected to be $20,000,000 from one product in six months.

Place Objective Annual contracts with Amazon and Chewy to increase consumer accessibility and therefore product sales. While both receive 2% of each sale through their site, utilizing established online retailers would increase sales by up to 30% in the first year. For in person shopping, partnership with PetSmart will potentially increase sales by up to 10%, with PetSmart also receiving 2% of profits sold at their store.

Promotion Objective Prior to launch, Company G will send the top 50 animal social media accounts a free BffCollZee, along with sponsored posts or videos for them to support the collar publicly to their followers. Additionally, the next 150 animal social media accounts will be sent a free BffCollZee in exchange for their honest review to their followers. Company G will also pay for targeted advertising on Instagram, Facebook, and Youtube. This will begin 3 months prior to the launch date, up to 3 months after the release for a total of a 6-month contract. Promotions objectives are to get consumers excited about pet safety, health, and convenience at a low price point.

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Marketing Strategies and Implementation Product Strategies o

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BffCollZee is a sleek, multi-use pet collar, unlike anything else currently on the marker. The unit itself is relatively small, which doesn’t take away from the overall look of the pet, nor make them uncomfortable while trying to move around with a bulky object. The unit itself comes in black, silver, gold, and rose gold. The collar comes in multiple colors and designs, with the unit slipping on and off for different band options. The product comes with most basic features for free, with the ability to upgrade at a low monthly cost for premium access to extra features. Consumers can use the base model to determine whether or not they like the collar/brand, and then upgrade at any time generating ongoing revenue for Company G without additional action needed from the company.

Price Strategies o o o

200$ for the base model. 200$ plus 5$ monthly for premium membership. Exclusive collars sold, varying from 20$-60$ per new collar. Special line of collars that also include a matching bracelet/smart watch band to match with your pet.

Place Strategies o

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Renewable contract with Amazon and Chewy. Because Amazon members like an all in one marketplace, most are likely to start there when shopping for new items. Chewy is one of the most trusted sites with pet owners. Both would work well with the collar’s premium membership, which supports auto shipping for pet supplies and medication. Annual renewal gives Company G the freedom to shop other revenues if these online retailers prove not to be as profitable as the objective. Online availability through Company G’s website. Those who sign up with Company G receive a 5% discount off their first purchase. That along with initial customers purchasing through Amazon and Chewy will establish customer loyalty. This would lead to returning customers choosing Company G’s direct website over Amazon or Chewy, and therefore more profits for the company.

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While most of the targeted audience would likely be okay with purchasing online, a PetSmart renewable contract would be established for those that aren’t. Some people prefer to see and hold something in person prior to purchasing it. Because people go to PetSmart exclusively for pet items, Company G knows that almost all of them would be a candidate for the BffCollZee. This combined with the option above means that consumers have the option of both online and big store name shopping for their purchase.

Promotion Strategies o In total, the top 200 pet/animal social media influencers will receive a BffCollZee. Of those, 50 will be paid to promote it, 150 will be asked to review it, and all will receive a discount code for their followers. This will be done across the main social media pet platforms: Instagram and Youtube. Promotions will begin 3 months prior to launch, up to 3 months after for a total of a 6-month contract. Promotions prior to launch will include a release date and time, with paid influences expected to encourage excitement and anticipation around the release. o Company G will also pay for targeted advertising on Instagram, Facebook, and Youtube. Those that search for dog items/groups/pages/videos will receive a sleek and modern targeted ad, meant to fit the aesthetic of current times. Targeted video ads will show pet owners out hiking, running, and being active with their pet, along with s...