Marketing plan for a compact combination microwave and convection oven

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 3: Increased presence in University and College areas

Action/Tactic: Send sales teams to smaller retail outlets in areas with major colleges

Due Date: Month 3

Responsible Party: Sales Department

Budget (cost): $2,500

Monitoring Activity: Regression analysis using specific sales data by region and consumer type

When/Frequency: 4 times annually, after each season

Responsible Party: Product Development

Promotion Strategies

Objective: Generate strong buzz for the initial launch of the product

Strategy 1: Increased consumer awareness

Action/Tactic: Generating marketing strategies in University print outlets, as well as online through Google search engine advertising.

Due Date: Month 3

Responsible Party: Marketing

Budget (cost): $10,000

Strategy 2: Increase consumer confidence

Action/Tactic: Set up website that allows for consumers to review products

Due Date: Month 6

Responsible Party: Marketing

Budget (cost): $250

Strategy 3: Maintain initial success over the long-term

Action/Tactic: Evaluate and repeat successful strategies

Due Date: Year 1-3

Responsible Party: Marketing

Budget (cost): $2,500

Monitoring Activity: Marketing reports highlighting marketing data based on each season

When/Frequency: 4 times annually

Responsible Party: Marketing

MicroGrill Marketing Plan

1. 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.