Company G’s XG Flat Iron
3-Year Marketing Plan
Assessment Code: VZT1
Table of Contents
Mission Statement 3
The Product 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 6
Marketing Strategies 6
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
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The brand awareness and highly regarded reputation of Company G along with availability in major chains would classify the XG Flat Iron as a shopping product according to the 3-way Consumer Product Classification system.
The target market for the XG Flat Iron will be a woman of all ethnicities, ages 18 to 35 years old. They are women with incomes of $25,000 or more a year that care about their appearance and spend money on beauty products. They tend to have curly or frizzy hair. They are women that tend to use beauty salons and keep up with fashion and fashion trends.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
The following analysis of Porter’s 5 Forces Model will help in determining the threats that my be present now or in the future and help determine opportunities and decisions regarding the marketing plan.
Competitive Rivalry CHI is Company G’s largest competitor as of the beginning of fiscal year 2014. CHI has a large Research and Development department that could eventually determine our technology advances. This threat is considered low to non-existent until the fiscal year end of 2017.
Threat from New Entrants There are currently no new threats from new entrants in this market. Company G’s technology, testing and production process that is very efficient for profitability cannot be easily replicated.
Threat from Buyers There is currently no threats from buyers. We are not limiting ourselves to one outlet in our distribution.
Threat from Suppliers A shortage in raw materials to make the ceramic element could propose a threat from our supplier. Although this threat is considered low, we will monitor the availability and research a comparable ceramic product.
Threat from Substitutes Competitors that are currently producing flat irons could possibly try to replicate our XG Flat Iron and market it as a comparable product. This threat is considered low because most companies do not have the money available for the research and development of such a superior product.
An analysis has been done to evaluate the internal and external strengths and weaknesses facing Company G and the new XG Flat Iron. Over all, Company G and the XG Flat Iron sales look promising with strong internal strengths and manageable weaknesses. Externally there is an abundance of opportunities with very manageable outside threats.
STRENGTHS *indicates core competency * Brand recognition* * Financial resources * * Patent on technology | WEAKNESSES * Suppliers for raw materials * New market segment * Lack of experienced account representatives |
OPPORTUNITIES * Introduce new exciting colors and rechargeable travel size * Market to Canada and Europe * Acquire company the produces element part | THREATS * New Competitors * Style trends change * Government regulations |
Company G’s brand recognition is highly regarded in the...