Marketing Plan on "Specialty Good Marketing Plan"

Marketing Plan 9 pages (3109 words) Sources: 1 Style: APA

[EXCERPT] . . . .

In some cases, however, the list of companies that supply a given product may not be all that numerous. In that event, the suppliers would have great power (Mind Tools, 2015).

The next force is buyer power. If enough buyers enter a market and make purchases, this tends to drive down the price of the item and this is especially true if there are more than one competitor in the discussion. As would be obvious, this is always going to be the case because company G never will have the market to itself. As such, they have to position themselves in terms of price and quality so that the buyers seek them out rather than other brands (Mind Tools, 2015).

The third force is competitive rivalry. This one dovetails nicely with the buyer power force. Each company that sells roughly the same product will go after customers and try to attract them to the aesthetics, features and/or price of their product. Whether it be sales, a new flashy model or a compare/contrast with the product offerings of other companies, there are many ways to set the stage in a way that encourages a buyer to latch onto your product rather than some other company's similar product. As noted in the last force, the buyer has the power as they have the dollars to spend and it's up to the company to convince them. As such, this is a major source of competitive rivalry.

Threat of substitution is yet another force that is easily relatable to the two just mentioned. This is when someone substitutes one similar product for another. For example, let us say that someone has an older Company G blender and it breaks after years of quality use. The person will probably want to buy a new blender that is of equal quality, yet new. They may feel inclined to buy the same brand again but they could be persuaded from keeping loyal to the same brand if they see a new model that is cheaper, has better features or whatever it is that the buyer is most concerned about.

Finally, there is the threat of new entry. Meaning, this is when new competitors come onto the market. However, there are some obvious barriers to entry when it comes to specialty goods as entering that market fray is something that no company could or should do casually. As such, the odds of a new company are not zero but they are definitely a certainty either. The market will shift and swing over time but those shifts and swings don't usually happen quickly when it comes to more expensive goods. Indeed, the elite car brands of ten years ago, just to use one example, are a very similar list to that of today. Ferrari, Lamborghini, Porsche and Bugatti are all still in the mix. Ownership may have changed but the overall brand names are the same.

SWOT Analysis

Strengths

Weaknesses

Brand Recognition

Marketing Plan is Stale

Good Reputation

Current Suppliers Inadequate

Quality Engineers

Company G does not command market share

Opportunities

Threats

Expand Market Share

Overall market fairly small

Improve Product Lines

New competitors could emerge

Secure Better/More Complete Suppliers

Price dips due to market saturation

Strengths

It is beyond debate that Company G has strong brand recognition and a good reputation. They also have good engineers/designers as well as a well-established company with a strong amount of resources. The first two of those four are far and away the most important as having a good reputation and brand recognition is a huge part of the battle of becoming and remaining competitive in the small appliance market.

Weaknesses

Weaknesses include that the marketing plan needs to be revamped and from scratch because the current plan is past its prime and is stale. The company needs new suppliers and Company G does not dominate the market. These are all liabilities in one way or another. The marketing has to remain fresh, updated and relevant. The suppliers need to be adjusted as new products come to the market so that the flow of goods to the stores is not interrupted. Finally, Company G is not the dominant company in the small appliance sector which means new entrants could always come and the other companies could make inroads.

Opportunities

That being said, the company has a lot of opportunities. They can expand their market share, acquire better and more complete suppliers that can fulfill their current future needs and they can continue to improve their products as quickly (but hopefully quicker) than competitors like Breville and Vitamix. They need to make the best products and at a good price point so that they can set themselves apart from their competitors in a good way.

Threats

As for threats, there is the always the chance that a new company could come to the fore in the markets that Company G operate in. Also, the increase in the amount of buyers that seek out these products does increase demand and this can sometimes cause prices to go up. However, in a competitive market with no clear dominant player, the opposite can actually happen. Finally, the target market is rather small compared to the market for cheaper and less optional goods and that is always going to be a factor when things like new competitors and recessions come to pass.

Market Objectives

One marketing objective that should be sought out has been mentioned before and that is placement on online retailers like Amazon. Many people are glomming onto buying products online rather than going to a store. There are customer reviews, easy ways to compare/contrast and search for related products. This is specific as the sites in question are easy to find. IT is measurable because the sales through the websites would be easy to measure. It is achievable because just about anyone can sell things on Amazon and Wayfair. It is realistic for the same reason. Finally, it is time-bound as product mixes and prices can be changed in real-time.

The Four P's

The product is the blender, the place is the website, the price is made clear with each listing and the promotion can be done through things that Company G can do like special campaigns and through things that Amazon does by default by showing similar products. If a buyer is looking at a blender that is made by Company G or is in a price range that is similar to Company G (whether it is a company G product or not), the blender being spoken of in this report can be shown as a related listing and there is no additional cost in that happening.

Marketing Strategies and Implementation

Product Strategies

Make durable projects

Make aesthetically unique and attractive products

Make products at the lowest price possible without reducing quality

Price Strategies

Remain competitive with similar models

Maintain healthy profit margins

Make price attractive to consumer

Place Strategies

Online vendors (e.g. Amazon, Wayfair, etc.)

Brick/mortar stores

Company G website

Promotion of Strategies

Run promotions/sales during peak buying seasons (e.g. Christmas)

Offer loyalty discounts for repeat buyers

Rewards program for buying from Company G

Explanation of Strategies

Three strategies that will be used will be to get high visibility on the websites as mentioned above as well as in the specialty stores in the United States, there will be an exhaustive amount of information presented on the item listings or sales space including brochures, comparisons to other products and so forth so that buyers can make a fully informed choice and there will be a constant commitment (both stated and enforced) to make sure customers are fully happy with their purchase. The latter would include making things right if a product breaks or is not as advertised.

The above is smart and effective because the brick and mortar stores are not disregarded but the huge emergence of online shopping is embraced at the same time. One tactic that will be used is to go by evidence-based practice. What works will be increased and continued while what does not work will be lessened or phased out. The due date that shall be set for all of this would be October 31st, 2016. This date is chosen because it allows a good amount of time to see things in motion and it allows for a proper organization of resources for when the holiday season comes just after that. The Director of Marketing and the Chief Executive Officer shall make all final decisions.

Product Action Plan

Tactic

Due Date

Responsible Party

Upgrade/Add to Suppliers

June 30th, 2016

Buyers

Product Life Cycle

Ongoing

Engineers

Train on new procedures

June 30th, 2016

HR/Training

Price Action Plan

Tactic

Due Date

Responsible Party

Stay competitive price-wise

Ongoing

Marketing

Promotions during peak seasons

Peak Times (e.g. Christmas)

Marketing

Offer attractive price points

Ongoing

Marketing/Engineers/Production

Place Action Plan

Tactic

Due Date

Responsible Party

Sell products with 3rd party online vendors

Ongoing

Marketing/Sales

Sell product on Co. G website

Ongoing

Marketing/Sales… READ MORE

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