Marketing Plan: Phase 2
Marketing Plan: Phase 2
In doing market research and conducting how a company is going to sell a product that company needs to take the time to focus on a target market. In this phase of the marketing plan we are going to focus on the segmentation we will use to market our product.
The Market Segmentation Company states that, “Market Segmentation, correctly applied, is about understands the needs of customers and, therefore, how they decide between one offer and another” (The Market Segmentation Company, 2012). When we focus on the needs of our target market we can consider needs such as the need for extra space or the ...view middle of the document...
The first forecasting tool used is the Total Market Potential (TMP). The TMP is calculated by multiplying the estimated number of potential buyers by the Average Quantity Purchased (AQP) multiplied by the price.
The estimated number of potential buyers of the All-in-One Washer & Dryer is pulled from the nationwide census data of the number of new, privately-owned housing units was used. The number of units used for this calculation is 7,492,000 units (United States Census, 2012). This number is calculated from the total number of permits issued for the 2011 calendar year and is inclusive of structures consisting of one or more units. The AQP is determined to be based on each new housing unit’s need of a single washer/dryer unit. The price is determined to be $1,299.00 per unit and is calculated from an internet survey of the MSRP of available units.
It is estimated that the TPM is $9,732,108,000.00 for the All-in-One Washer/Dryer. Now the Future Market Potential (FMP) shall be determined by multiplying the TMP by the percentage of market adoption. It is estimated that the market adoption percentage will be 30%. The adoption percentage is calculated on the total number of building permits for multiple units divided by single unit permits (United States Census, 2012). Therefore, the calculation of the FMP for the All-in-One unit is $2,919,632,400.00.
Below will describe the attributes of the All-in-One Washer/Dryer that will contain several features that will fit just about every customer need.
Attributes on Washer
The washer features will include four speed options, 1600 RPM maximum spin speed, delay wash (up to 20 hours), on/off extra rinse option, automatic water level control, add-a-garment indicator light, and a four tray dispenser (detergent, fabric softener, bleach, and additional dispenser for oxygenated additives for stain fighting). Other features included are a drain/spin and rinse/spin option, five temperature settings, and offer various washer cycles, including delicate, super delicate (eliminates dry cleaning), quick wash, bulky items, whitest whites, allergen, normal/casual, and heavy duty cycle. There is a clean wash cycle to keep washer/dryer like new by eliminated odor-causing soap residue and mildew. Additional features are deep clean steam option and direct inject wash system (penetrates deep to get the toughest stains out which eliminates pre-treating), and cradle clean technology (simulates hand washing during extra delicate cycles by “rocking” the drum instead of spinning) (Whirlpool, 2012).
Attributes on Dryer
The dryer features will include five temperature adjustments (high, medium, low, extra low, air only); various dryness settings (dryness, more dry, normal, less dry), timed drying, and static reduce options. There will be several cycles to give more control over drying including, touch-up steam and quick refresh (steams to relax wrinkles and refresh dry clothes),...