Company G 3-Year Marketing Plan
Assessment Code: VZT1
Table of Contents
Mission Statement 3
The Product 3
Consumer Product Classification 3
Target Market 5
Competitive Situation Analysis 5
Analysis of Competition using Porterâ€™s 5 Forces Model 5
SWOT Analysis 6
Market Objectives 9
Product Objective 9
Price Objective 9
Place Objective 9
Promotion Objective 9
Marketing Strategies 9
Product Strategies 9
Price Strategies 9
Place Strategies 9
Promotion Strategies 9
Tactics and Action Plan 10
Product Action Plan 10
Price Action Plan 10
Place Action Plan 10
Promotion Action Plan 10
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The vacuum will move between rooms to clean the whole house. The vacuum will return to the caddy as needed to empty the dust tray during the cleaning cycle. The addition of the solar panel on the charging caddy permits energy to be saved when it is conveniently placed where sunlight enters the home. The skillfully placed sensors on the vacuum and the charging station can determine where the vacuum is located and returns itself to begin charging. This innovated technology is a new function giving artificial intelligence human characteristics.
Consumer Product Classification
The Rechargeable Vacuum with Self-Timer is classified as a Shopping Product because of the comparable expensiveness, the importance of the brand, and the consideration needed for the product. The characteristic of the amount of time to prepare to purchase is extensive as additional time is needed to ensure the product is of the quality to support the price. The features on this product are different than you can find on others. So one would research to obtain the best product possible. The purchase frequency will be infrequent as the life of this product is strong. The warranty that comes with the product reduces the need to replace as any low cost for repairs would minimize the request for a new product.
The target market for Company Gâ€™s Rechargeable Vacuum with Self-Timer is a working family with the minimum income of $50,000 that live in populated cities in the United States. Males and females ranging in age of 25-40, with children. Parents will be working outside of the home and children are involved extensively in after school or sporting events.
Competitive Situation Analysis
Analysis of Competition using Porterâ€™s 5 Forces Model
Competitive Rivalry: Company Gâ€™s Rechargeable Vacuum with Self-Timer is not alone in the market. IRobot Roomba is the only other vacuum located on the market that has most of our features. However Company G has added features above them to the market. Product differentiation of the solar panel to recharge is unique as the competitor does require a special battery that is rechargeable. Their battery does not have the cost savings and energy savings Company G solar panel does. With the additional feature of self-disposing of the dust tray is an innovated way makes Company G to stand alone. Prices are competitive with the market as the specialty of the vacuum is on the higher end of vacuum sector. Company G has placed their vacuum in sophisticated retailors and on the internet allowing the product to be reached by more consumers. The existent of the competitive rivalry is substantial because there is only one of other product such as this available to the consumer.
Threat from New Entrants: The threat from a new entrant is minimal due to the barriers to entry is still difficult to breach this market and would be a high risk for most companies. The market growth has been extremely slow as the competitor...