Company is a successful leader in the electronics market. We will now take the initiative towards the growth of Company G by introducing a new line of small appliances. Specific focus will be on one particular product aptly named the Champion Juicer. The Champion Juicer is uniquely designed for the consumer as a high quality, durable product keeping in line with the electronics division. Company G is highly revered in the industry and we will continue on this path with our Champion Juicer. Consumer reviews note deficiencies in our competitor products.
With our unique design these concerns have been eliminated. Additionally, we include four color schemes to compliment the consumers existing surroundings adding to the uniqueness of our product. Our design is comprised of a pressurized extractor, ensuring all juice is extracted, two filtering systems sitting on top of a sealed container. This allows the juice to flow directly into the container, eliminating spillage and loss of juice. Company G is well established and recognized in the electronics arena.
This is a benefit and will assist with our movement into the small appliance market. Our products offer value in their ability, built with quality materials to withstand stress of long term usage, the convenience of eliminating store bought containers, products with additives, limited color variations and the consumer cost is comparable to our competitors. Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions. Market Objectives Target Market The target market for the Champion Juicer is not refined to just one market. We have the athletic groups, health conscious adults and baby boomers, all looking at ways to live a healthier lifestyle. For our product, our main focus is on the health conscious families and individuals. We will target highly populated cities on the east and west coast as well as larger cities in the Midwest as these areas represents our primary consumers.
Introduction to Business Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living. It is a way for individuals to provide goods and services to ...
Women are more likely to establish the purchasing decisions of the household and will be our primary focus in marketing. Women between the ages of 18 – 45 with household incomes of $45,000 and up There is minimal access to the suburbs and the fresh outdoors placing a higher importance on living a healthier lifestyle both as an individual and the family unit as well. This puts a focus on the need to eat healthier, fresh and organic foods. They have busy lifestyles with limited time.
Juice fits into the lifestyle by offering freshly squeezed juices containing all the natural benefits, using a variety of vegetables and fruits of their choice, in the combination of their choice, with the elimination of artifical additives and preservatives found in the majority of packaged substitutes. Product – Launch Champion Juicer increase revenue 30% within 3 years. Price – Initially implement Penetration Pricing for the 1st quarter and increase to our full market price and monitor the progress for increases quarterly for the 3 year period.
Place -Sold in specialty stores for the first quarter. Promotion -Use various marketing activities to increase demand within the first year. Competitive Situation Analysis Champion Juicer is a shopping product. Comparison shopping is included in area of the style, price and quality, all solid in our product. Company G’s credibility in the electronics market will enhance the decision of the buyer. Competitive Rivalry The competition for this market is minimal for juicers.
There are few well-known brands on the current market and these competitors hold the arket share equally. Brand image, sense of loyalty are the primary decision for consumer purchase of this product. Threat from New Entrants The small appliance arena is an easy market to enter with low entry barriers. We have the financial capacity to support the production and ultimately with the gain in market share we will realize the financial growth. Our production process is efficient and cost of production will decrease as the demand for the juicer increases. This allows for financial gain in the long term. The threat faced with new entrants is the branding.
Research is the process of gathering, processing and analyzing information on markets. The scope of such research is limited to the study of markets and does not include studies on the brand or product to be marketed. Market research is a subset of marketing research. Marketing Research is the process of gathering, processing and analyzing information for the purpose of marketing a product. It ...
Consumer base knows us as producer of electronics and with inclusion of a new product line, the need for initial heavy marketing will be required. Threat from Buyers With the credibility of the electronics division, we already have a good standing in the consumers’ minds. Substitution of the juicer is always a threat and the marketing methods such as branding will bring consumer loyalty and alleviate the threat. The threat from the buyer is weak. Threat from suppliers There is no real threat from suppliers. The similarities of our product, to extract juice, are the only similarity.
We have many suppliers to choose from and we will increase our supplier lines to accommodate the market. Threat from Substitutes The threat we face will be the incentives for consumers by the competitors. Our initial marketing will include various incentives for the consumer and strengthen our place in the market. We have a product that will surpass that of the competitors as we have addressed the concerns heard from the consumers who were not happy with certain features such as leakage and inability to extract all juices.
We have eliminated those very concerns with our design opening the door for competitors to make improvements should they choose. We will saturate the market with heavy marketing and offer incentives to the consumer upon purchase. SWOT Analysis LEVERAGE PROBLEM Strengths Minimal investment Company G has assessed the cost to investment as relatively low, allowing Company G to enter the market as the lowest cost producer in the small appliance sector. This strength is a core competency for Company G and will be a great tool to use in marketing the juicer as the cost savings will be given to the consumer.
Dansk Designs Ltd. , founded in 1955, is a company that markets stainless steel flatware. The firm traditionally followed a strategy of differentiation. They produce high quality products for the "top of the table." Their goal was to reach a small market segment, which consisted of upper class, prestigious customers. Dansk Designs wanted to sell the concept of the Dansk brand, and believed their ...
Strong brand and logo We are well branded in the electronics sector with credibility in name and logo due to our quality products. This core competency is a great strength and will easily transfer the brand and logo over to the new product for marketing purposes. Cross marketing the products will be the introduction to the consumer. Employees A strong and stable employee base strengthens Company G in that low turnover of staff is representative of the company as a one who cares for the employees. Consumers tend to support companies who have a proven record of stability within this sector, thereby purchasing our products.
This further enhances our credibility and additionally is another great marketing concept. Weaknesses New product line Introducing a new product into the market is a weakness in that there are always risks associated with the introductory stage. If marketed properly, we can overcome this weakness. Competition Although the competition is minimal for the small appliance market, it is still present and as such is deemed a weakness. Entering the market hard and fast with marketing we will rise above this and emerge as a leader. New suppliers Our current supplier base does not meet our needs for production.
This will require a search among suppliers; proper screening to ensure our product receives the highest quality components for the finished product. The established relationships we have with our current suppliers are great references to gaining reputable suppliers to meet our needs. Opportunities Few competitors This is an opportunity as we are producing a high quality, uniquely designed juicer that surpasses current juicers on the market. The quality and design will be marketed, comparing our product versus those currently available. quality product Our juicer is by far the highest quality juicer.
With this said, we will market as such and support this statement by competitor comparison in the marketing phase. Variety of markets The potential of markets for the juicer is very broad. We will reach out to wholesalers such as Costco, specialty stores including GNC and The Vitamin Shoppe, and internet sales. Personal selling will be reviewed as well. Threats Competitors Competitors are a threat as well as an opportunity. As we are producing a quality product, the competitors may want to capitalize on our remodel and improve their product to match ours.
SummaryOverviewThe company Hydro Can is planning to launch a new type of lawn car product called "Sta Green." They have hired a consulting group called "Stone Age Marketing Consultants" to create a marketing plan to launch there new product. They can't decide between launching the product to the consumer market or the commercial market. So research is conducted on both markets to determine where ...
We will have to hit hard and fast in our marketing to secure our place a quickly as possible. As we are already branded, we will capitalize on this aspect and gain credibility quickly. Suppliers The threat with suppliers is evident in that we are limited with our current suppliers venues. We do need to expand our numbers however our credibility with existing suppliers and our financial stability will assist us in overcoming this obstacle. Our product is a quality product and this is our primary focus to the suppliers as well. Economy The economy is likely our biggest threat.
Consumers are slowly increasing their spending but are cautious. The juicer is a shopping product and comparisons will be made. The various distribution channels and the market we are focusing need attention. Our focus on the target market and the benefits of the juicing, consumers will view our product not as a simple purchase but an investment in their lifestyle. Marketing Strategies Product Strategies -Choice of colors – Hunter green, pale yellow, red and silver -Functionality of the design -Quality of the product Offering a choice of colors allows the consumer to choose the juicer that will complement their current decor.
The juicer is designed to ensure all juice is extracted and prevents leakage with the container directly under the extractor and filtering system. According to consumer feedback, current juicers on the market are ineffective in their ability to either extract all the juice from the fruit/vegetables and/or the pitcher to catch the juice is inadequate and the juice dribbles down the side of the juicer. We have resolved this issue with the design of the pressurized extracting system which sits on top of a unit to capture all juice with no spillage or leakage.
The unit disassembles for easy clean up and is durable for long term usage. We will monitor these categories by inviting feedback via internet, mailing surveys, incoming calls and inclusion of a card in the package inviting feedback of the product from the consumer. The product manager will monitor this process on a quarterly basis. This mix will exceed the consumers’ expectations of the juicer as the areas of concern have been addressed and the offering of choice of colors to match the individual’s preference.
The Research paper on The Motivational Reasons behind Consumer Choice in Branded Coffee Shops Abstract
The coffee-shop industry has been undergoing substantial change during the latter part of the twentieth and early part of the twenty-first century, reflected by continuous changes in consumer behaviour. The aim of this study is to improve the understanding of the motivational reasons behind customer choice in branded coffee shops, both international and local. A quantitative data collection of 300 ...
The combination of the color choices, functionality, design and quality will ensure a successful product and brand image of the Champion Juicer. Distribution -Wholesalers -Specialty shops -Internet Company G will market the Champion Juicer via internet sales, wholesalers and specialty shops. We are somewhat restrictive in our choice of distribution to suppliers who are credible and have a loyal following of consumers. With our solid reputation and that of the distributors, we will see immediate sales of our juicer. We will consider retail stores as a distributor at a later date.
Sales via wholesalers such as Costco enhance our new line and offer an opportunity to showcase the juicer in a respectable environment. Costco prides itself in offering affordable, quality products such as ours. The choice of specialty shops such as GNC and The Vitamin Shops supports our choice of target market, the health conscious consumers. Just like Costco, they are credible and have a loyal customer base. Online sales are a primary sales outlet as we already are established with online sales via Company G’s website.
Company G has a loyal consumer base and the introduction of the Champion Juicer will be a happy addition. Price -Penetration pricing -Warranty -Recipe book We will introduce the Champion Juicer at a price slightly lower than the competitors. Company G has a high credit rating and a small front-end investment for production costs allow us to enter the market offering the lower price of $45. 99 per unit. Penetration pricing will allow easy entry into the market and with promotional strategies we will secure our spot as a leader in this venue.
We will adjust the cost along with promotional incentives over a three year period. Incentives for the consumer will be a warranty for all parts and services for one year, money back guarantee valid for three months after purchase. We will be a front runner in this area with the quality of our product guarantee. A recipe book will be included with the juicer. This assists the consumer with an understanding of the health benefits associated with the use of the juicer, assisting with their goal to living a healthier life. Promotion -Advertising -Personal selling -Direct marketing
Writing Task 2 of 6.1 Topic: Today, the high sales of popular consumer goods reflect the power of advertising and not the real needs of the society in which they are sold. To what extent do you agree or disagree? (Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words.) Dave’s answer: A hot debate, whether high sales of ...
Advertising will be implemented via television in the format of commercials with Richard Simmons introducing the Champion Juicer as a means of healthy living. The Champion Juicer will also be promoted on the popular reality show The Biggest Loser. Personal will occur via demonstrations via Costco and the specialty shops. This form of sales promotion represents the quality, convenience and ease of use of the Champion Juicer. Direct marketing will involve inserts in mailers and magazines. This format will focus on the variety of colors offered and a rebate offer when purchased online.