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Marketing Management Assignment

Introduction

This marketing plan will analyze Company G, which is regarded as an established firm, which is regarded extremely in electronics market. While the company feels its present marketing of its products do not put in a place for reaching profit for their little appliances. Besides, as the marketing manager, the liability is to develop a full prospective of small appliances from the new product line. In order, Company G’s side of engineers and designers has expanded line of little appliances with the visual design features and prototype testing. However, in this plan, the idea is to analyse the competitive situation of Company G with the help of marketing objectives, strategies and SWOT analysis.

Product Description and Classification

 

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.”

According to ?eker & Özgürler (2012), the product designed would be an Electronic Lifestyle Watch that is designed by the top designers and this will add attractiveness to help customers to maintain high lifestyle and be healthy. The watch designed is capable for scanning foods for nutritional information and calorie without a label attached to it. In order, the scanner is effective that it can easily enter food particles to get reading on the desirable content while the person wears the watch in their hands. In order, the scanner is made in a way, which could scan food items for inventory control and for storage (Oh, Lee & Yang, 2015). Likewise, the watch has a sensor that is built in to track hear rate, and the calories, which are burned throughout the day. Hence, this allows the customers to obtain a caloric food by trying to lose or gain their weight.

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develop a full prospective of small appliances from the new product line. In order, Company G’s side of engineers and designers has expanded line of little appliances with the visual design features and prototype testing. However, in this plan, the idea is to analyse the competitive situation of Company G with the help of marketing objectives, strategies and SWOT analysis.

Product Description and Classification

 

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.”

According to ?eker & Özgürler (2012), the product designed would be an Electronic Lifestyle Watch that is designed by the top designers and this will add attractiveness to help customers to maintain high lifestyle and be healthy. The watch designed is capable for scanning foods for nutritional information and calorie without a label attached to it. In order, the scanner is effective that it can easily enter food particles to get reading on the desirable content while the person wears the watch in their hands. In order, the scanner is made in a way, which could scan food items for inventory control and for storage (Oh, Lee & Yang, 2015). Likewise, the watch has a sensor that is built in to track hear rate, and the calories, which are burned throughout the day. Hence, this allows the customers to obtain a caloric food by trying to lose or gain their weight.

Further, the Electronic watch is considered innovative with high quality that allows customers to increase convenience and quality in their personal life. According to Menguc, Auh & Yannopoulos (2014), the watch will also allow customers to maintain a healthy balance without sacrificing work, leisure, plan meals and count calories. Thus, this adds high priority for the watch, as it serves customers all day without any hint of burden. In addition, the watch also has good convenience, which integrates to any PC or any laptop such that customer is not limited to that small screen (Li & Green, 2011). Further, customers can view their lively activities, adjust information and track progress from the PC itself. Moreover, the watch comes with various themes in a single screen where you can have a new look every day.

 

Consumer Product Classification

Factors

Characteristics

Class

Customer factors

1. Planning time during purchase

2. Purchasing frequency

3. Convenience at stores

4. Price and quality contrast

 

Customers would plan to purchase

Occasional frequency in purchasing

Convenience adds low importance

Customers would tend to compare quality and price

 

Shopping

Convenience

Shopping

Shopping

Marketing mix

1.Price

2. Seller’s image

3. Distribution

4. Sales outlets

5. Promotion

 

It is too pricey

Image senses to be significant

Normal length in distribution channels

Selective sales outlet

Promotion through print media, newspaper and internet

 

Convenience

Shopping

Shopping

Shopping

Shopping

 

Target Market

Desirably, the target market for Electronic watch starts from teenagers to the adults (youths) that wants to add efficiency to develop health measure without going to doctor checkups, and can track working hours by planning. As argued by Lee & Lam (2012), the target market however would be mid-class mothers at home particularly who have children. For mothers, the watch is an ideal select as mothers with infants/children has to spend large portion of day, and this could surely save their time and track health area as well. In order, another target customer is the soccer mom that tracks their kid on school events, games, dance, and sports practices (Jung, 2014). Thus, a soccer mom should know to remain healthy and active lifestyle, the use of this Electronic watch will surely track their progress of keeping fit themselves.

Competitive Situation Analysis

Analysis of Competition using Porter’s Five Forces Model

Competitive Rivalry: As argued by Hsu (2011), competitive rivalry is because of the existing electronics companies, which builds substitute products with the help of new technology. Besides, the new market entrants are capable to penetrate the market but this is a lower threat to the existing companies, which presents rivals, alternate products, and it is their major area of competition.

Threat of new entrants: The major threat from the new entrants exists always but this is only significant like the Electronic Watch, which is innovative highly (Gurel & Cakmakci, 2013). This also has a huge potential in the market to extend the target market. In order, as the technology is regarded sophisticated, the threat would mainly come from electronics companies finding to expand and find position in the market. Rather, as opined by Gopaldas (2015), the technical cost and testing feature is great, since most companies are capable to put the necessary capital to compete. Thus, the internet desirably affects new entrants as an alternative and the online products would become more specialized.

Threat from the Buyers: According to Bloch (2011), the buyer’s threat is not decisive, as it is expected that it would be desirable for the buyers. For the Electronic Watch, the major threat lies in product’s nature since it is adaptable and composite for buyers. In order, the sensing and the scanning technology could be viewed invasive for others. However, these kinds of threats are expected to be in small portion for the market while similar sort of issues exist in Laptops, TVs, and other electronic devices (Angwin & Meadows, 2015). Hence, the internet would also help the Company G with the buyers, since it would make product available voluntarily to them.

Threat from Suppliers: According to Tsai (2012), there is not much negligible threat from the suppliers, as the product needs raw material and the new suppliers for the components of electronic device. In order, the Company has a very large small debt-to-equity ratio, credit rating, and has good relations with the present suppliers but there is also a negligible threat while dealing with the new suppliers. However, the designers are gazing for designs and names into the ongoing market (Twarowska & K?kol, 2013). This will team up the design for electronic watch, and would probably raise partnerships with stylish and innovative products.

Threat from Substitutes Because of the cost and complexity of new products, the new entrants are not that large but it might continue in for many product substitutes (Teece, 2010). In case, there would be probably no such direct substitutes, which offer same type of convenience, multifunction ability and benefits. However, some individuals would continue their patterns of tracking grocery lists and nutrition with the help of internet sites and Smartphone apps (Strebinger, 2014). Further, few buyers does not wears wristwatch, and for them, the new product will not make an impact to them. Finally, use of tablets and mobile phones will surely catch up with technology, and this Electronic Watch launched by Company G will surely integrate lives of people.

SWOT Analysis

 

SWOT analysis of Company G mainly identifies the major strengths, weaknesses, opportunities, and threats that are tabulated below.

Strengths

  • Company G’s Logo and Brand is recognized by most category of electronic product customers.

  • It has extensive testing, which shows Electronic watch would be a reliable product in the industry (Sheth, 2011).

  • Company G’s portability and multi-function ability tends to develop customer’s lives with minimal effort.

Weaknesses

  • Company G’s product can be complex and multi-functional.

  • The device being a watch but most customers will not tend to wear.

  • Some customers might not use its integration function to use it for other PC functions.

 

 

Opportunities

  • Company G’s functionality and shopping options as couponing and dollar saving is large in foods products.

  • The product will open up huge opportunities to sell and discuss partnerships with grocery shopping sites and calorie tracking sites.

  • Company G will also add functionality in desiring to eat out by expanding its target market.

Threats

  • It has defined substitute products that are quite similar on internet and smartphones.

  • Some of its industry changes are massive, as it is tough to stay updated with the new trends (Shang, Lu, & Li, 2010).

  • Because of invasive technology, the large base of tracking capabilities and extensive scanning adds to the probability of some new regulations as a major threat.

 

 

Strengths

According to ?eker & Özgürler (2012), Company G’s logo and brand are been identified as a major category in the segment of electronics product customers. While this adds a core competency for Company G since it is readily recognized brand in electronics section. Besides, most customers put huge emphasis on electronics brands by putting their name on good comparison. Thus, this will have a good recognizable name for the Company G, which has given an edge to new product and market offering (Pisano, 2015). Further, the extensive testing has showed that Electronic Watch is reliable. This senses competency for Company G by starting with a solid dependable product. However, the portability and multi-function ability is also considered as a major strength, as customers are looking for new ways to save time. Elsewhere, this allows flexibility with minimal effort that customer requires.

Weaknesses

One of the major weaknesses for Electronic watch is that not all of its customers tend to wear it. This is because as the product launched is a watch and in spite of useful benefits, most customers would be predisposed to ignore it simply because it is a wristwatch. As argued by Michaelidou, Siamagka & Christodoulides (2011), as the product is considered multi-functional, this could also be a weakness since most customers are overwhelmed by the feasibility of product offers. For the customers those think product is complex, they would not see the product’s value that it offers and might be less disposed to spend cash on that. Another fault is the fact, which the device has on small screens, as it needs incorporation with PC, tablet and Smartphone to have full functionality (Oh, Lee & Yang, 2015). Thus, it is a major weakness, as it is regarded as one of the major selling point, which combines with compact and portable devices. Yet, some customers would dislike relying on full capability and computer integration on the product.

Opportunities

According to Menguc, Auh & Yannopoulos (2014), the product has opportunity to increase with the capabilities and product line. Besides, the food and health industries have overabundance on opportunities for expansion. This expansion with numerous options could track the nutritious sale, coupons and products for tracking restaurants and for monitoring body’s signs and sensors to cardiac arrest or strokes. Thus, this opportunity for the product with the new ones is certainly impractical to limit. In order, the product has large opportunity and potential to target the new markets (Li & Green, 2011). As the initial markets are mothers, there is a large possibility to target other markets like the athletes wanting to track nutritional content. Further, the product also avails opportunity for senior citizens who need to track their supplements, pills and nutrition.

However, with the rise of internet, the product has variably increased huge opportunity for targeting new markets since all the market is being captured through internet (Lee & Lam, 2012). Likewise, the possible opportunity for forming strategic alliances adds to an opportunity for lifestyle assistants. Hence, doctors, athletic programs, weight loss companies and nutritionists are just few groups who can be the strategic partners of Electronic watch.

Threats

The threat being a strong competition and substitute products, the Electronic watch is innovative that competitors would look to mimic the technology, and improve on the product’s weakness (Jung, 2014). Thus, the major threats for the substitute products are tablets and Smartphones, which tend to adopt this technology where the needs for integration become outdated. Possibly, another threat is the nutrition and health industry, which has trends to change rapidly (Hsu, 2011). Hence, this is a major threat, as the programmers would need to adjust the change within the industry and find it as irrelative.

Because of the persistent technology with tracking abilities and extensive scanning, there is also a threat for the new systems on the prospect to manage what product can do, and how it can be used (Gurel & Cakmakci, 2013). This sort of regulation is detrimental to sales and marketing of the new products since it limits the market and makes extra financial burdens for adjustment.

Market Objectives

 

Product Objective

Sell company’s innovative and recent product in order to increase revenue of the company by 8% in 2 years.

Price Objective

Exploit the profit potential for Lifestyle Assistant within a period of 1 year.

Place Objective

Generate relations with nutritionists, doctors and the Loss in weight programs to place product in about 20% of the present target market in a year.

Promotion Objective

Increase responsiveness in target market by 60% in just 1 year.

Marketing Strategies and Implementation

 

Marketing Strategies

Product Strategies

  • Assign a R&D team in order to stay side by side with the product growth with the competitors.

  • Require a research group to come with new product development ideas every week

  • Develop group of programmers, which will process out new product ideas and progress continuously (Gopaldas, 2015).

Price Strategies

  • An utmost profit potential could be attained by selling Electronic watch @ $75.99 with 3-month maintenance fee of $3.99 for its new updated and product features.

  • The re-sellers should continue least cost of $59.99 while selling product while the monthly fee is paid during customer activation for the product (Bloch, 2011).

  • There would be no negotiation of price while a discount for the weight loss programs and for physicians that want to purchase in bulk could be given at a price of $70.99 through credit card.

Place Strategies

  • The use of sales team has to sell enthusiastically the product to weight loss programs and physicians.

  • Make a consumer care team that could maintain and develop relation with weight loss programs and physicians (Tsai, 2012).

  • Make distribution channels in which the interested consumers could be easily directed to the nutritionist, weight loss program and nearest physician presently collaborating with the company.  

Promotion Strategies

  • Promote on TV during the prime hours and daytime in 7 major channels people see.

  • Present discounts through direct mail to the nutritional professionals and healthcare (Angwin & Meadows, 2015).

  • Display product at the women’s health exposition in about 15 states of the country.

Explanation of Strategies

From these strategies, it is viable for Company G, which wants to succeed in the present market with their Electronic Watch. If the company continues with their plan, then surely it can expect to succeed by creating revenue in about 1 year time (Yannopoulos, 2011). As the product strategy is availed to create programmers team, this will balance the level of competition for Company G by launching its product. While with a standard price of just $75.99, it is considered as a healthy measure by Company G for customers to avail the product in contrast to expensive smartphones and tablets. Besides, use of effective distribution channels for customers will be effective, as it will direct physicians for their new initiative as “The weight loss program” (Twarowska & K?kol, 2013). Further, promotion strategy will be also effective, as it will offer exclusive discounts to nutrition professionals and health care.

Marketing Implementation

 

Product Action Plan

Tactic

Due Date

Responsible Party

Mail the staff members that find persons for Research team.

Week 1

Associate supervisor

Build an online tracking area for the development of new product ideas.

Week 2

Product supervisor

Make incentive programs for the effective product development made by programmers and research team

Week 3

HR supervisor

 

Price Action Plan

Tactic

Due Date

Responsible Party

Set a recurring pay programme on the sale method

Week 2

IT supervisor

Make contract of the re-sellers that will sign in accord to the least price

Week 3

Sales supervisor

Set mass price for the sale scheme

Week 2

IT supervisor

 

Place Action Plan

Tactic

Due Date

Responsible Party

Gather with the sales team for discussing the sales and follow-up approach.

Week 1

Customer Relation supervisor

Expanding job explanation for the consumer care team

Week 2

HR supervisor

Meet the IT programmers who can discuss and research on the internet sharing channels for redirecting customers.

Week 2

Marketing supervisor

 

Promotion Action Plan

Tactic

Due Date

Responsible Party

Contact with 10 TV networks for getting ad requirements and pricing.

Week 4

Advertising supervisor

Co-coordinating with the graphics designer for creating mailer list

Week 3

Marketing supervisor

Research on the demographics to decide on the 15 states having large women population in the market

Week 5

Advertising supervisor

 

 

Monitoring Procedures

Monitoring Activity

Due Date/Frequency

Responsible Party

Marketing supervisor would first conduct and then track the surveys for the target market for recognition of product.

Monthly

Marketing supervisor

Marketing supervisor would review and conduct the surveys, which will help to decide the target market percentage on using the product and determining it to tie with doctors, weight loss programs and nutritionists.

Monthly

Marketing supervisor

Sales supervisor would monitor on the expenses and the sales for calculating profit so that it could ensure large profit when it is maximized.

Weekly

Sales supervisor

Sales supervisor would also review the document’s monthly sales that will view the sales trends for determining if it is increasing.

Monthly

Sales supervisor