units of the electronic food processor will be disposed of in sales. • Price-While, the company, has set high targets that should be achieved, the consumer should feel the value of the product as well. Furthermore, considering the industry’s competition, the price ceiling for this product should be $70 dollars. With Company G enjoying high levels of skill in its team, the production of a quality food processor should lead to a price target of approximately $50 dollars. This is achievable as it is lower as compared to other player’s prices. • Place-For the purposes of testing the product, it will be launched in approximately 30 cities and consequently in 10 states. The first phase will be rolled out and then the second after three months. The first phase will help the company analyze the consumers’ feedback, and goals can also be revisited easily. • Promotion-The product sale possibilities are determined in this goal. As such, the goals of promotion activities are to gain maximum awareness levels of the new product in households. Since this can be complex, the first phase where 30 cities are involved will help in achieving the target. This target is specific and has a limit of one year. This is because it is relatively easy to cover 30 cities in a year. The Marketing Strategies Effective marketing strategies are essential especially during the launch of new products. Rothaermel (2013) states that it is through effective marketing strategies that consumers become aware of the products or services offered by a firm. For the above objectives, the following applies: • Product-The objective of 17000 units annually has to be coupled with a unique design so as to attract the consumers. Additionally, Company G could engage in vigorous testing experiments so that consumers are assured of the quality or strength. The firm could also add a functionality of heating food to add to the value of the health conscious individuals. • Price-The electronic food processor is bound to be the best product in the industry. Research and design will enable Company G to optimize the price. $50 dollars could be the initial price which the firm could states comes with an offer. Afterwards, the company could charge $60 with a 5% discount. The company could also work with payment giants that offer discounts as well.
MARKETING PLAN 8 • Place-Place strategies are in most cases referred to as the distribution channels of a particular firm. Company G has formed a strategy that will see 30 cities get the product and later ten states. In this, e-commerce websites will be used, supermarkets, local vendors and retail shops as well. • Promotion-Since, the launch of a new product, requires vigorous promotions to create awareness, Company G opted to cover 30 cities initially during the first months. Moreover, its promotion strategies cater for those with or without television sets, the internet, and the various income groups. In this, tools such as social media advertising, direct mail marketing, use of banners or e-advertisements will be ideal.
- Winter '16
- Professor Obura Oluoch