The product, I would like to introduce is a new innovative slow cooker. This innovative small electric appliance will make busy customers lives easier. Have you ever started your slow cooker before you left for work and come home to food that is either not ready or over cooked? Well, not no more! This slow cooker will keep your food cold until it is ready to automatically start cooking, to give you a perfect meal every time.
“We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions.”
Our product is a durable attractive stainless steel, slow cookers that is offered in many sizes and colors to fit ...view middle of the document...
The three-way consumer product classification system is a framework to classify consumer products into three of the previously mentioned categories; which are convenience goods, shopping goods, and specialty goods. Convenience offerings require little shopping effort, are frequently purchased and low priced. Shopping offerings are products that the consumer will make an effort to compare brands and seek the best price. Specialty offerings are products that are designed to satisfy a need or want that are highly differentiated and are only available through limited channels. Unsought offerings are typically not sought after until a need arise for the consumer; this is why it is not included in the three- way consumer product classification.
Our slow cooker is classified as a shopping offering. The factors that support this are:
· Consumers will take a considerable amount of time comparing brands.
· Consumers will seek the best price.
· Consumers will purchase this product on a less frequent schedule.
· Consumers may visit multiple locations looking for the best deal.
We will be targeting different markets for each size of the slow cooker. Our large to mid-size cookers will be targeted to males or females, age 25 to 65, who are busy with careers, a family, and who make more than $40K annually.
Our small cookers will be targeted to males or females, all ages, who are busy with work/school, and make more than $15k per year. Our small cooker will also target the elderly male or female age 65 or older, who would like the convenience of being able to prepare a meal with little effort and time, are on a limited budget, and who make more than $15k per year.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
Porter’s 5 forces model can be used to analyze any industry. “According to Porter, in addition to their direct competitors, organizations must consider the strength and impact the following could have: substitute products, potential entrants in the marketplace, the bargaining power of suppliers, and the bargaining power of the customer.” (Tanner, Raymond, and McLean 2011).
Competitive Rivalry Companies strive to have a competitive advantage over their rivals. Company G will face competitive rivalry. We can overcome this with our competitive advantages. Our product’s visual design features are very appealing to potential buyers and give a distinct impression associated with quality and artistic elegance. Our products are the most reliable line of products in the small-appliance industry. Our production process is very efficient in terms of labor, production-line time’ and will have very little raw materials waste. We have a relatively small front-end investment for this line and can produce each of the products in the line at a cost that should enable us to emerge as the lowest-cost producer in the small-appliance industry. All of these are competitive advantages.