Appliance Marketing Plan
Worksheet
Product & Mission Statement
Product Description: MicroGrill is a modern microwave oven using convection with the availability of a grill.
Given Mission Statement: We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions.
Feature (Example): Compact and sleek design
How this supports the mission statement: Making the appliance much easier to store and use in a wider variety of kitchens, both large and small.
Feature: Multi-faceted capabilities
How this supports the mission statement: This empowers the consumer to be able to use a single unit for a wider variety of purposes. The consumer has to buy less appliances by enjoying the multifunctional design of the product.
Feature: Innovative technology
How this supports the mission statement: The increased speed of cooking with a convection oven helps save consumers time, allowing them to enjoy more of their days while taking advantage of the latest innovations in technology.
Feature: Grilling functionality
How this supports the mission statement: The product is giving a grill to consumers who would otherwise not have access to that style of cooking. Consumers in apartments and dorms can take advantage of the grilling feature, enjoying a favorite without the hassle of grilling outdoors on a BBQ.
Consumer Product Classification
Factor
Characteristic
Class (convenience, shopping, or specialty)
Consumer Factors
Planning time involved in purchase
Purchase frequency
Importance of convenient location
Comparison of price and quality
Some research necessary in comparing different options
Rarely needs to repurchase after initial investment
Needs to be easy to find and acquire
Competitive price, while still embodying high quality
Shopping
Shopping
Convenience
Shopping
Marketing Mix Factors
Price
Importance of seller's image
Distribution channel length
Number of sales outlets
Promotion
Competitive, low in comparison to other alternatives
Major retailers that embody a combination of savings and quality
Wholesaler direct and internet channels
Found in major retailers with numerous locations
Convenience
Convenience
Convenience
Convenience
Target Market
Target Market
Young, urban dwellers who live in smaller apartments or dorms. College students, young professionals and residents of major urban areas who are just starting out and need a good combination of quality and capabilities out of the product purchases.
Section B
Porter's 5 Forces
SWOT
Section C
Target Market
Mission Statement
We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions.
Target Market
Young, urban dwellers who live in smaller apartments or dorms. College students, young professionals and residents of major urban areas who are just starting out and need a good combination of quality and capabilities out of the product purchases.
Product Strategies
Objective: Launch the MicroGrill as a primary new product for Company G
Strategy 1: Secure suppliers and producers
Action/Tactic: Secure contracts with Chinese manufacturers in order to ensure continuous operation and agree upon payment per unit
Due Date: Month 1
Responsible Party: Production Manager
Budget (cost): Up to $100,000
Strategy 2: Secure major discount retailers
Action/Tactic: Get products into major retailers, like Target, Wal-Mart, Macy's, etc.
Due Date: Month 2
Responsible Party: Sales Director and team
Budget (cost): $500
Strategy 3: Set up online presence
Action/Tactic: Set up website equipped with online purchase capabilities directly through Company G
Due Date: Month 2
Responsible Party: Sales Director and team
Budget (cost): $1,000
Monitoring Activity: Monthly meetings between Sales and Production Departments where top executives are briefed on progress
When/Frequency: Once a month for the first 6 months
Responsible Party: Sales and Production Departments
Price Strategies
Objective: Set a competitive price point for the MicroGrill unit
Strategy 1: Enter into the market at a competitive price
Action/Tactic: Research existing products that are similar to set an appropriate price point
Due Date: Month 1
Responsible Party: Product Development
Budget (cost): $250
Strategy 2: Set differing price points at different seasonal months
Action/Tactic: Generate discounted pricing for "back to school" months
Due Date: Month 3
Responsible Party: Product Development
Budget (cost): $250
Strategy 3: Increase consumer loyalty through pricing options
Action/Tactic: Generate coupon and sales campaigns that help reduce burden of cost on the consumer without having to redo pricing
Due Date: Month 6
Responsible Party: Sales Department
Budget (cost): $250
Monitoring Activity: Evaluation of price and discount strategies
When/Frequency: Once a year to evaluate all seasons simultaneously
Responsible Party: Sales Department
Place Strategies
Objective: Locate and secure best regional areas for product launch and availability
Strategy 1: Set and evaluate urban strategy
Action/Tactic: Begin operations in urban areas with limited availability in more rural areas without major colleges
Due Date: Year 1
Responsible Party: Product Development
Budget (cost): $500
Strategy 2: Generate online presence
Action/Tactic: Work with online retailers like eBay and Amazon to offer MicroGrill online
Due Date: Month 6
Responsible Party: Sales Department
Budget (cost): $500
Strategy...
Introduction
Company G. is proud to announce its recent development of the MicroGrill, a revolutionary new appliance that is incredibly versatile, without sacrificing quality. MicroGrill is a multi-functional device that is a toaster oven with convection and even a grill. It is an amazing device that increases the range of a single unit.
2. Product and Target Market
2.1. Product Description & Support of Mission Statement
Company G. has a strong mission statement to adhere to. Essentially, we enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions. The MicroGrill is a modern streamlined appliance that offers a plethora of functions to the young urban dweller. It is a microwave oven using convention with the additional offering of a grill. Its compact and sleek design makes the appliance much easier to store and use in a wider variety of kitchens, both large and small. This allows the company to provide innovative solutions to fit almost any need and budget. Moreover, the unit has multi-faceted capabilities. This empowers the consumer to be able to use a single unite for a wider variety of purposes. The consumer has to then purchase fewer appliances while enjoying the innovative multifunctional design of the MicroGrill. The innovative technology used to generate the design really highlights what Company G. is all about. The increased speed of cooking with a convection source helps save consumers time. This then allows them to enjoy more of their already busy days while taking advantage of the latest innovations in technology. Finally, there is the availability of a grilling functionality present within the product design. MicroGrill allows the user to grill like they have a fully functional backyard BBQ. The product is giving a grill to consumers who would otherwise not have access to that style of cooking. Consumers in apartments and dorms can take advantage of the grilling feature, enjoying a favorite without the hassle of grilling outdoors on a BBQ.
2.2. Consumer Product Classification
The MicroGrill fits a number of consumer classifications. From a consumer point-of-view, it is a shopping product in regards to the planning time of purchase, purchase frequency, and comparison to other substitutes. Consumers will take some time to research the product above competitors and they will plan on keeping the MicroGrill for a number of years. Moreover, the MicroGrill fits the convenience category in regards to convenience of location. The product should be easy to find and acquire because of this wide usage. In terms of the marketing mix, the product is classified as convenience all around. Its price needs to be competitive will still remaining of high quality. It needs to be widely available with a good image of the brand behind it.
2.2.1. Chart
Factor
Characteristic
Class (convenience, shopping, or specialty)
Consumer Factors
Planning time involved in purchase
Purchase frequency
Importance of convenient location
Comparison of price and quality
Some research necessary in comparing different options
Rarely needs to repurchase after initial investment
Needs to be easy to find and acquire
Competitive price, while still embodying high quality
Shopping
Shopping
Convenience
Shopping
Marketing Mix Factors
Price
Importance of seller's image
Distribution channel length
Number of sales outlets
Promotion
Competitive, low in comparison to other alternatives
Major retailers that embody a combination of savings and quality
Wholesaler direct and internet channels
Found in major retailers with numerous locations
Convenience
Convenience
Convenience
Convenience
2.3. Target Market
The primary target audience will be young, urban dwellers who live in smaller apartments or dorms. College students, young professionals and residents of major urban areas who are just starting out and need a good combination of quality and capabilities out of the product purchases. Yet, anyone living in a rental or apartment can also be considered as a wider market for target consideration.
3. Market Analysis
3.1. Porter's 5 Forces
3.1.1. Threats from New Entrants
There are a number of potential threats in this area. Unfortunately, there is a relatively high threat of new companies entering the market. With the easy availability of Chinese production, similar units would not be difficult to produce for anyone with enough capitol to fund production. Intellectual property is not as regulated in China as it is here in the United States. Patents would help secure a better competitive position in regards to new entrants…
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