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June 23, 2014

Marketing Plan Example

Marketing Plan
Product Description
The product that has been selected for this particular marketing plan is the small appliance of a dishwasher that has recently been designed by Company G. The USP of this dishwasher known as R-Hydro is that it is based on the notion of water conservation as it utilizes water by recycling wash water that has been poured in it once so that it can use it for later cycles.
The use of the term R is the appliance name stands as an abbreviation for recycle. The process through which R-Hydro works is very simple. It steams the dishes by the pre-wash cycle and then it uses its own method recycling process to use the residual water left from the steam.
Product Support of Mission Statement
The mission statement of Company G has always adhered on the concepts and ideas of innovation and producing products that can add convenience to their consumer life. R-Hydro is a perfect small size appliance that further extends the legacy of innovation that has been the salient feature of Company G products since a long time.
The small size of the product adds to convenience through which it can be used by simply being placed on a tabletop, whereas the concept and use of recycling water makes the product innovative in terms of usage as well as beneficial in terms of conservation of water as well as in terms of electricity consumption.
As far as the product categorization of the dishwasher is concerned it can easily be classified as a convenience good because of its features such as conservation of water and less usage of electricity present in it.
Target Market
The most favorable demographic segment for R-Hydro will be domestic housewives who are always looking for products through which they can save their time in managing and completing their daily household chores in least time span. In this segment, single moms and even working women will find R-Hydro as per their standards of convenience.
In addition to this another prominent segment of the target market will comprise of areas that experience water shortage during most of the time. Such areas include California and other adjoining areas that have to rely on salt water for day to day works. The recycling feature of R-Hydro will serve as a plus point for such people due to its water conservation features.
SWOT Analysis
Strengths
·         Known for producing products with innovative features
·         Adds convenience to daily domestic household work through its small size and portability
·         Allows greater control of electricity usage and consumption for consumers
Small size and control over electricity usage are some of the key features that can be identified as core competencies.
Weakness
·         Uncertainty over profit making potential of the product
·         New supplier being hired for providing parts of the new product
·         Financial constraints and budget allocation for marketing of R-Hydro
Company G has not been much successful in producing products that can generate profits for it. In such circumstances the senior management of the company may take decisions through which they produce products which are more popular than innovative.
Also, getting new supplier onboard might create problems in process streamlining at least in the initial stages of product launch and marketing.
Opportunities
·         People looking for eco-friendly products is rising
·         Products catering to minimum consumption of electricity are also gaining popularity
·         The trend of small size appliances with sleek and elegant design is on the rise
With the passage of time the use and rise of products that are elegant, small size and easy to use has gained tremendous momentum among consumers. This will help in capitalizing opportunities for Company G in marketing R-Hydro. At the same time the concern of using eco-friendly products through which they can restrict their electricity usage and consumption is also increasing.
Threats
·         Increasing competition from other companies producing small size products
·         Low price products of similar nature existing in the market
·         Competitor coming up with a more innovative idea with better marketing strategy
The presence of already existing competitors can play on the pricing strategy in order to boost their sales volume. New competitors can also emerge with a more innovative idea produced by their R&D department.
Marketing Objectives
·         Ensure proper distribution of the product at all major retail stores and their outlets
·         Provide brand leverage and organization boost through R-Hydro
·         Market the product through channels that can appeal and address the target market in an appropriate, enticing and effective manner
·         Select a price for the product that can enhance its scope of affordability
Marketing Strategies
The marketing strategy of a product is assessed through the lens of the marketing mix which comprises of 4Ps or product, price, position and promotion. Each of these aspects will be discussed when drafting the marketing strategy of R-Hydro.
Product
A product like R-Hydro caters to a target market that intends to make their life convenient in terms of lowering their daily household work as well as adjust their electricity usage within controllable limits. Other than the technical and eco-friendly features R-Hydro is a product that also follows the tradition of elegance and sleek design small appliances that Company G has always introduced in the market.
The product is small enough to be placed on a tabletop where it can be used without creating a hassle for the user. In addition to this the product is also available in a range of colors from which users can choose from ranging from black to white and pink as well.
Price
Company G for a couple of years has not been able to register substantial profits with its products; however, it has not given on its potential to explore the innovative side of technology. In the case of R-Hydro the pricing strategy needs to be a little above the normal prices that are available for dishwasher appliance. A good category dishwasher is available between the price range of $640- $1,010.
This includes the material cost of the appliance as well as its installation cost. For R-Hydro the best price will start from $700. Since there will be no installation costs involved because of the portable nature of the product, consumers will find the product easy to purchase as well as use as compared to other dishwasher appliances available in the market.
Promotion
In the initial stages of the product Company G intends to launch a full scale promotional campaign of the market on traditional as well as on online media channels. As an initial part of this campaign the organization will start through regular updates, photos as well as other multimedia tools such as video through which a teaser campaign will be developed for the product. A similar campaign will also be launched on electronic media especially on television since a large segment of the target audience catered by R-Hydro is an avid and regular television viewer.
In addition to this as part of the launching marketing campaign discount offers will also be released for consumers. In order to boost sales volume and brand leverage at the same time early users will also be give vouchers of different food outlets such as McDonalds, Pizza Hut and Starbucks that they can easily avail when buying R-Hydro
Place
Company G has ambitious marketing plans for the launch of R-Hydro. The company intends to dedicate a complete retail outlet with the product. In the initial stage a couple of retail outlets will be launched in different areas of cities like New York, San Francisco, Los Angeles and Washington. Depending on the nature obtained here the company then intends to launch another scale of four retail outlets in other cities as well.
 During all this time online delivery of the product as well as installation will take place around the country.
A prime reason due to which such a marketing mix will be most appropriate for R-Hydro is that it will not only help in fulfilling the marketing objectives formulated, but will also develop a method through which all segments of marketing and even other segments of the market will easily be encompassed in it, thus increasing the cumulative consumer base.
Tactics and Action and Operational Plan
The action plan for the marketing strategies will be based on consumers who are visiting the retail outlet and one for those who intend to purchase it online. For those visiting the outlet the process is quite simple. Selecting the product of their choice, watching a demo of the machine and the way it is used and then paying for it. However, an additional feature that has been incorporated by Company G for greater customer engagement is in the form of a questionnaire that will be provided to consumers as soon as they receive the receipt of their purchase.
This questionnaire will contain questions regarding the use of the product and its effectiveness. During the entire implementation process tasks should be assigned to different people present in the team. One team should be provided with the responsibility to track the nature of feedback coming on sales, and how can displeased customers be handled. Another team should do the same for complaints and feedback coming from online channels.
Timeline for different tasks
 Year 1 first six months: Developing the concept of the product, defining its features, its unique selling point and other features that can be integrated with the research and development department
Year 1 next six months: Conduct proper marketing research, existence of competitors and other factors that can help in determining the pricing strategy
Year 2: Invest time and resources in the designing, color selection and availability of the different forms in which the product will be available
Year 3: Launch the product will all channels of safe branding and online reputation management created for it. Also, make appropriate measures for brand leverage through customer engagement.
Monitoring Procedures
With the help of the questionnaires and other proper assessment tools the response and feedback of consumers can easily be recorded and monitored. In addition to this online traffic influx can easily be monitored through Google Analytics tools and the traffic arriving on pages that have been created on platforms such as Facebook, Twitter and Plus (Duggan, 2010). Also, while tracking all these measures it is important to understand the percentage of traffic arriving and the ratio of it getting converted to sales. Any future strategy will be formulated on the basis of these evaluation criteria and standards.













References

Duggan, Tara (2010) How to Implement & Manage a Marketing Strategy’ retrieved from:

http://smallbusiness.chron.com/implement-manage-marketing-strategy-41184.html

 




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