3-Year Marketing Plan
Table of Contents
Mission Statement 3
The Product 3
Consumer Product Classification 3
Target Market 3
Competitive Situation Analysis 4
Analysis of Competition using Porter’s 5 Forces Model 4
SWOT Analysis 4
Market Objectives 6
Product Objective 6
Price Objective 6
Place Objective 6
Promotion Objective 7
Marketing Strategies 7
Product Strategies 7
Price Strategies 7
Place Strategies 7
Promotion Strategies 7
Tactics and Action Plan 8
Product Action Plan 8
Price Action Plan 8
Place Action Plan 8
Promotion Action Plan 8
Monitoring Procedures 9
Verbal notifications of alarm time and requests to get out of bed, by the child’s name (programmable.) This provides convenience of helping young ones get out of bed on time. Multiple display settings with both digital and analog choices which are helping improve the quality of life by teaching.
Consumer Product Classification
The product classification is shopping. The alarm clock is a somewhat consideration in planning time. It could be purchased more than once for families with multiple children but most likely not. The location is not as important, could be available at chain stores and large retailers. Price and quality should be measurable with a very good electronic of its nature.
The target market is adults and/or families with children ages 2-18 net salary range 25k and up.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
Competitive Rivalry as you study the model, you will see that the rivalry is the component that all the competition and their threats centers around. Please describe this for Company G.
Threat from New Entrants- While G Company had a high brand loyalty, not all competitors can say the same. A strong capital base will be another barrier for a new entrants, therefore easy the rivalry at this point. Availability via the internet direct to the producer could eliminate the need to shop for a new electronic as needed.
Threat from Buyers A threat from a buyer comes from the consumer or supplier buying in bulk and requesting a diminished rate. They cannot demand a higher quality as ours is sublime.
Threat from Suppliers A considerable threat is an increase in raw materials from the suppliers or an increase in service costs. Because we rely on our supplies for technology for our product, we must be very careful to avoid forward integration.
Threat from Substitutes There is not a direct substitute but here there are plenty of alarm clocks on the market. If a consumer wants a high quality, top of the line alarm clock then all substitutes pale in comparison. SWOT Analysis
The SWOT analysis is the Strengths (S) and Weaknesses (W), Opportunities (O) and Threats (T). It is used as a tool for analyze overall strategic position of the business and its environment. The main purpose is to help define the strengths a business has while helping define business weakness which can be correctable. This all affects the level of success a business can obtain by building on the strengths and realigning the weakness.
|STRENGTHS *indicates core competency |WEAKNESSES |
|Patent holders* |High cost structure |
|Strong brand name* |Inadequate distribution ...