Introduction
Company G develops innovative quality electronic products that improve the lives of customers. Company G prides itself on providing reliable, affordable high tech products. We believe that our new iDOC Alarm Clock will not only meet the needs of our target market, but will also exceed their expectations as well. Our product is a solution for the tech savvy individual, who uses a smart phone equipped with MP3/MP4 capabilities, who has a need to charge or doc their smart phone, who also has a need for an alarm clock. Most docking station/alarm clock duos are intended for only ipod or iphone use, however our product can be used with any smart phone or Mp3/Mp4 device, which will inevitably put us at the forefront of our competition. Mission Statement
“We enable consumers to improve the quality and convenience of their lives by providing innovative electronics solutions.” The Product
The iDOC is a convenient bedside radio alarm clock that is just what you need to wake up to all your favorite songs from your smart phone or Mp3/4 device. The sleek design is perfect for a nightstand or dresser and comes in 6 of the hottest colors to match any décor. You can select between the radio, an Mp3/Mp4 song or ringtone of your choice, or even utilize the standard buzzer alarm to start your day off on the right “note”. The iDOC features dual speakers, an AM/FM Radio Tuner (allowing up to 6 preset stations), a backup battery (in case of power outages), Alarm 1 and Alarm 2 (his and her settings), a sleep timer, USB outlet, a docking tray, and LED brightness control. It is compatible with any smart phone with Mp3/Mp4 capabilities.
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consumer product Classification
The consumer product classification falls under the shopping product classification because consumers will only buy our product after researching and comparing other alarm/docking stations. Consumers will compare our price, style, color and quality. Our product will be considered Homogeneous, as there are lots similar products on the market currently. Consumers will have limited information with regards to our product and will gather information during their buying process. Target Market
Our target market consists of tech savvy 15-25 year olds who are young enough to appreciate the technology of a smart phone and smart phone accessories, yet old enough to have a reason or need to wake up to an alarm every day (school/work schedules).
In this day and age, technology is a way of life, so the majority of the consumers we will be targeting would have an income of $5000-$25000 annually, and will be both male and female. Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
Competitive Rivalry:
Due to the amount of products available rivalry intensity is high. What makes the intensity high would be the competitors targeting our market and pricing their products lower than ours. Competitors are of equal size and market share. The industry’s fixed prices are high which additionally adds to competitive rivalry. Threat from new entrants:
Threats from new entrants are low because of the amount of initial investment needed to start this type of business. Distribution channels are not easy to access. Also, there is limited access to proprietary technology and proprietary production materials. Threat from buyers:
It has been proven through research that buyer power is low with respect to our product as a result of the buyer bargaining power being low. Buyers cannot easily create our product themselves. The internet could also become a threat if buyers were to utilize social media to demand lower pricing. Threat from suppliers:
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Threats from suppliers are high because the technology that has been used in the development of our product is not widely available or produced. Suppliers could decide to produce our type of product themselves as a result. Threat from substitutes:
The threat of substitute products in the market is high. Consumers have many options available to them which are quite similar to our product, without the multi device compatibility option, at a lower price. However, when the quality and price of our product is compared to similar products, the threat will become low. Prior to the development of our product, the only product of this type was an ipod/iphone product, as products compatible with all smart phones and mp3 devices didn’t exist. SWOT Analysis:
Strengths
Our first strength would be the engineers and designers who develop our innovative and unique products. This is just one of our core competencies which gives our company a unique advantage over others. We will market how we employ the most creative and qualified people, which in turn will bring value and quality to the consumer.
Our solid relationship with current suppliers is our second core competency/strength. Our long standing relationships have been built over time which enables us to secure materials at a low cost.
Our third strength/core competency would be our efficient production process. Our relationship with our manufacturer has been in place many years and will allow us to get started producing our products right away. Our last strength would be our customer service reputation. For many years we have offered the best customer service through our well known customer care hotline with regards to other products we have had on the market. Consumers know we create only the best products and that we will replace or repair everything we sell due to defect or accidents and are readily able to assist them with whatever they need. Weaknesses
Our target market consists of consumers who don’t have a high income, and typically don’t have much money to spend on non necessities. Their day to day expenses may just be too high to warrant another electronic purchase.
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Another weakness would be that consumers might be hesitant to change from their lower priced basic alarm clocks to our new higher priced alarm clocks. Consumers don’t like change, and if they have a clock radio that has similar features to our product, they may decide to save money and stay with their old product.
There are a few substitutes in the market that do very similar things to our product. Having consumers understand and feel a need to have an all in one product that has a combination of features that other substitute products have, might prove to be difficult.
Opportunities
Our product will be the first on the market that offers docking/charging and playing of music from a smart phone or off brand mp3/4 player all in one system. There is no other small appliance exactly like our product. The music related electronic device market is currently a hot trend. Many other electronics that combine phones with music players are dominating the market. Our product has an opportunity to capture a big piece of the market share by combining alarm clocks with docking stations.
We can dominate the music market, as mp3/4 players and smart phones are what the majority of the world uses to listen to their music with.
Threats
Other established companies could not only develop similar products but also even better technology in the future. Competing companies can allow us to take on all the risk in bringing our new product to market and if it does well, they can than reproduce something very similar and threaten our market share.
Market Objectives
Product Objective
Inform target audience about the value our product brings with the list of features and benefits that lead to a 15 percent gain in the small appliance radio market in one year.
Price objective
Price range will be $59.99 to start for the first year in order to attract consumers and gain market share. After 12 months the price will move to $99.99.
Place objective
Distribution channel length will be short. Distribution will move from producer to wholesaler to retailer to consumer. Wholesaler will warehouse products in various locations, to keep up with supply and demand as needed. Orders will be palletized and ready for shipment within 30 minutes of each order placed.
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Promotion objective
Increase product sales and new product awareness among target audience by 40 percent in the first year of product release.
Incorporating this marketing mix gives our product the best possible opportunity to be successful. Showing our target audience the value in our products through price and features will be key to our consumers purchasing our product. Furthermore, by utilizing our introductory low price and taking advantage of short channel length, we can ensure that our product not only attracts the attention of our target market but also allows our consumer to have easy accessibility to our products. Lastly, the objectives we have set to increase sales and product awareness will insure that our product is known among the market and is a success.
Marketing Strategies
Company G’s market strategy will include the four elements of the marketing mix which includes product, price, place and promotion strategies. Each element will include three strategies each with a brief description.
Product Strategies
Quality as a product strategy will be used in order to win repeat customers in the future. Consumers are frustrated with products that simply do not work or last. By giving our target market an item that is made with quality, our consumers will be more willing to purchase another item in the future.
Development of product lines is our second strategy. The purpose of including a product line strategy is to grow the company’s position in the market place. Also, it allows for even more opportunities for more consumers to purchase our products by having specific needs met for different consumers.
Product design is our third and final strategy. Shopping products are an important factor in that they need to appeal to a consumer’s image. This will allow the product to be more attractive to the consumer and easier to purchase. Having an item aesthetically pleasing will likely be used more and noticed more amongst other products in the department store and at home.
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Price Strategies
Cost plus pricing strategy will be used to insure that products are sold with a profit. That way no matter whether we mark up or mark down our prices we will make sure to prevent financial losses on our products.
Penetration pricing strategy will be utilized in order to attract customers and gain market share. Penetration pricing will be in effect for the first six months of our initial product offering.
Psychological pricing will be used to have a positive psychological impact on consumers when purchasing. Consumers are more willing to purchase when they feel they are getting a good deal or value for their purchase.
Place Strategies
Producer to wholesaler to retailer to consumer will be how we bring our product to consumers. This traditional channel is a simple but cost effective way of providing goods to our consumer in a quick and efficient manner. Using a wholesaler is the second strategy. This would allow wholesalers to take responsibility of distributing goods to retailers and distributors. By placing multiple wholesalers in strategic areas we will be able to have our product available should demand rise at any time.
Intensive distribution is our third and final place strategy. Using an intensive distribution strategy will allow us to distribute our products through all available channels in order for consumers to purchase our products anywhere. This makes it convenient for consumers to purchase our products.
Promotion Strategies
Celebrity testimonial strategy is an effective way to reach our target market and to build a cool factor for the product by having a celebrity endorse it. A celebrity testimonial will be a great way to bring attention and awareness to our product.
Direct marketing will be utilized in order to communicate straight to the customer through mobile messaging, email and promotional mailers. The consumer can hear about the product directly from the source.
A public relations strategy will be key in communicating our products image of quality to our consumers and various business partners.
Tactics and Action Plan
In this section I will provide my action and tactic plan for implementing our marketing strategies. A timeline and task will be aligned with each tactic for all strategies.
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Product Action Plan
Tactic: Only materials of the highest quality will be used from our manufactures in the production of our product. Also, a quality committee will be used to enforce inspection guidelines of quality.
Due Date: Quality materials will be purchased 1 month before start of production. The quality committee will be hired and trained 1 month before the start of production as well. Quality control employees are to be present on the first day of production and on a daily basis thereafter.
Responsible Party: Quality officers will be responsible for quality assurance of all products.
Tactic: Engineers will work as teams to continue in the development and enhancement of the current line of products.
Due Date: Any enhancements or developments of our current line of products must be prepared and explained by the engineer group to the company in the first week of each month.
Responsible Party: Engineers will be responsible for developments and enhancements of products.
Tactic: Designers will work as teams to develop designs that appeal to consumers image.
Due Date: All designs of products must be prepared and explained by designer group to the company in the second week of each month. Responsible Party: Designers will be responsible for designs of the products.
Price Action Plan
1) Tactic: Product development cost, labor cost, distribution cost, and advertising cost must be calculated in order to utilize cost plus pricing.
2) Due Date: All costs must be calculated 3 months before product manufacturing begins.
3) Responsible Party: Accountants and product management team will work together to come up with accurate cost plus pricing for our product.
1) Tactic: A market scan must be done in order to come up with an accurate penetration pricing number.
2) Due Date: Market scan must be completed 6 months before product comes to market.
3) Responsible Party: Advertising management will be responsible for scanning the market for a penetration price point.
Tactic: Polls and surveys will be done to reconfirm effectiveness of psychological pricing. After survey information is in, it will be studied to implement an accurate psychological pricing point.
Due Date: Polls and surveys must be done 6 months before product is offered to public.
Responsible Party: Employee survey team will be assembled and responsible for polls and surveys.
Place Action Plan
Tactic: Company will get price quotes and set up meetings with potential producers, wholesalers, and retailers to discuss details of producing product.
Due Date: Phone calls and meetings must be accomplished 1 year before product goes to market. Responsible Party: Upper management is responsible for setting up meetings and phone calls.
Tactic: Develop strong and close relationships with our wholesaler so that they understand exactly how we want our products to be distributed to retailers and distributors.
Due Date: Relationships must be built 6 months before products begin production.
Responsible Party: Upper management will be responsible for establishing strong relationships with wholesalers.
Tactic: We will make it clear to our producer; wholesaler and retailers that we want to establish an intensive distribution strategy. This will allow us to affectively accomplish our goals by effectively communicating our goals to all of our partners.
Due Date: This must be accomplished one year in advance to our product coming to market.
Responsible Party: Upper management will be responsible for explaining our intensive distribution strategy.
Promotion Action Plan
Tactic: Middle management must compile a list of celebrities that would be best to endorse our product. Once the top 2 celebrities are decided upon, upper management will choose 1 celebrity to make contact with. In the event that the first celebrity is not interested in the offer to endorse, the second/ backup celebrity will be contacted.
Due Date: Acquisition of celebrity must be made 6 months before product comes to market.
Responsible Party: Middle and upper management will be responsible in choosing celebrity testimonial.
Tactic: We will design and write up mobile messaging, emails, and promotional letters for distributing throughout the market.
Due Date: Design and write ups must be done 2 months before product offering. Responsible Party: Group of employees will be responsible for designing and writing up messages, emails and promotional letters.
Tactic: Get in contact with local newspapers, magazines and media outlets to discuss promotional advertising opportunities in addition to new business/product editorial story possibilities.
Due Date: Contact must be accomplished 5 months before product offering.
Responsible Party: Group of employees will be responsible for working with local newspapers, magazines and media outlets.
Monitoring Procedures
Monitoring objectives to assure our missions are attained is what we will be discussing in this section.
Monitoring Activity: Meetings will be held to discuss any issues that threaten company objectives. Due Date/Frequency: Weekly meetings
Responsible Party: Upper, middle and lower management
Monitoring Activity: Partner companies will provide progress reports to inform company G of any issues that threaten company G’s objectives.
Due Date/Frequency: At the end of each month.
Responsible Party: Partner Companies
Monitoring Activity: Each supervisor will develop close relationships with all employees throughout the company and will report feedback. Supervisors will then relay that information to a board of directors who will then report that information up the chain of command for evaluation.
Due Date/Frequency: On a daily basis
Responsible Party: Employees and all management.
Monitoring Activity: Monitoring activity will entail will evaluate and study feedback from customers regarding all product and customer service issues.
