Marketing plan for the MicroGrill combination microwave and convection oven
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.
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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
2.2. 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 into the market domestically, but strategic relationships will help increase protection of intellectual property overseas. If our suppliers are happy, they will more inclined to keep our production secrets.
3.1.2. Threats from Substitutes
The next major threat comes from other big name appliance brands. Major appliance brands like Black & Decker and Cuisinart would pose the biggest threat. These companies
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