Table of Contents
Mission Statement 3
The Product 3
Consumer Product Classification 3
Target Market 3
Competitive Situation Analysis 4
Analysis of Competition using Porter’s 5 Forces Model 4
SWOT Analysis 4
Market Objectives 6
Product Objective 6
Price Objective 6
Place Objective 6
Promotion Objective 7
Marketing Strategies 7
Product Strategies 7
Price Strategies 7
Place Strategies 7
Promotion Strategies 7
Tactics and Action Plan 8
Product Action Plan 8
Price Action Plan 8
Place Action Plan 8
Promotion Action Plan 8
Monitoring Procedures 9
Company G is well-respected for its ...view middle of the document...
Additionally, this will allow the cook to use the CoolCooker to prepare a wider variety of recipes than the standard slow cooker. The ability to prep ingredients at 6:00 a.m. before leaving for work, knowing that they will be kept safely cool until it’s time for the cook cycle to start at 3:00 p.m will allow busy working families the pleasure of coming home to a healthy home cooked meal without worrying about any food safety concerns. As a bonus, the cooker can be used in cool mode only, for serving salads on a hot day, or keeping beverages cool during a party.
Consumer Product Classification
The CoolCooker is classified as a shopping product. It is an infrequent purchase, and consumers will spend some time planning the purchase, doing research on quality, prices and features. Since it is an infrequent (perhaps one time only) purchase, comparison of price and quality is very important. The CoolCooker will be available at department stores, big box retailers, warehouse stores, and via the internet.
The CoolCooker will be priced at $99.99; relatively high for a countertop appliance, but the added cooling features drive the higher cost. Because it is a unique upgrade to an existing, somewhat staid, appliance, the seller’s image is very important. The seller should be a known retailer with a reputation for quality and customer service in order to avoid the “As Seen On TV” flashy image sometimes associated with new appliances. This will limit the number of sales outlets somewhat. The distribution channel will be relatively short, in order to get the product quickly into the consumers hands. Promotion will be important, with in-store demonstrations allowing customers to feel the actual cooling power, and online videos allowing internet consumers to see the product in action.
Today’s families are busier than ever, with both parents working outside the home, long commutes and extra-curricular activities creating packed schedules for everyone. Company G knows that busy moms are the main home cooks, and have identified the target market as married women, ages 30 – 50, with 2 or more children at home, with an income ranging from $45k - $75k. They work outside the home, either at a full time job, or volunteering, creating demands on their time beyond that of a mother. They are concerned about eating healthy, and providing healthy foods for their family. They like to purchase the newest models of appliances, and embrace new technology when it becomes available, especially when it can make their life easier.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
Competitive Rivalry: The CoolCooker is a unique model of slow cooker. While there are many other slow cookers on the market, ours is the only one that offers the cool feature. Because of this we expect rivalry intensity to be low at product launch. As competitors gain knowledge of the cooling technology, and introduce competing products, the...