Introduction
In today’s world, it seems as if everyone is constantly on the go, leaving little time to tackle the simple tasks. These tasks often make the difference between someone having a horrible day and having a great day. Preparing and eating a delicious and nutritious breakfast is one of those daily duties that will make the difference. However, in a study published by the American Diabetic Association, more than 1/3 of the United States skips breakfast, the most important meal of the day, due to demanding schedules and hectic morning routines. From busy working moms, to overwhelmed college students, everyone deserves a chance at a quick and healthy breakfast to begin a great day. Because Company G is dedicated to providing consumers products to improve the quality and convenience of their lives, we have provided a way for the average busy person to have their breakfast with the time left to eat it too! Our top of the line personal blenders will allow consumers to create a delicious, nutritious, and easy to take on the go breakfast. It’s also great for creating dishes to spice up a party or bringing life back to boring dinners in a flash. Mission Statement
“We enable consumers to improve the quality and convenience of their lives by providing high quality, innovative, electronic solutions.” The Product’s Support of Our Mission Statement
Company G has developed our new line of personal blenders with top of the line features to ensure convenience and quality. Because the product was developed with the wide array of people who have hectic schedules, the compact design is ideal for apartment and dorm-room living. The sleek, compact, sturdy design also allows for on the go portability, for those consumers who may want to show off heir appliance at a friendly get together. It includes a blending jar that can also be used as a travel cup that fits in standard cup holders. The blending jar also comes with lids to either store left over contents or microwave items. Its display panel is easy to read and the simple one touch pulse and blend buttons allow for easy operation. Built in sensors also allow the consumer to walk away while
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blending, without the worry of overflowing or over blending. The 175 – watt motor, along with heavy duty stainless steel blades, make for a reliable, long lasting, efficient blender. Its smaller size allows for portion control and the ability to create single servings to avoid waste. It also comes in a variety of colors to fit the consumer’s kitchen décor. We also offer a wide range of attachments to add versatility to the product. The clean up is just as easy as the usage. The entire blending jar, along with all attachments, is dishwasher safe. Minimal crevices in the sleek design of the base, minimizes clean up as well. All of the unique features of our personal blenders were designed with the purpose of improving the quality and convenience of the lives of our consumers. Consumer Product Classification
Because our personal blenders are classified as “shopping products”, the consumer is expected to spend some time shopping around for the product. Consumers also won’t be purchasing this product as much as they would a “convenience product”; therefore, location and the price and quality of this product is very important. The price of our personal blenders is affordable, but they are considered to be somewhat of a luxury, and are competitively priced as such. It is important that our product has as many sales outlets as possible so that our product will always be considered when a consumer is shopping for similar items. Optimal promotion is also important due to the amount of similar products on the market. Our image must be one of integrity, honesty, and delivering on all promises. Target Market
Geographic:
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•Globally
Socioeconomic:
•Male or female
•Ages 18-50
•Middle income
•Possible occupations can include busy soccer moms, busy business men/women, busy college students, personal trainers Psychographic
•Active/health conscious people
•Those trying to lose weight
•People just starting a family
•Young adults out on their own for the first time
Behavioral:
•Busy
•On the go
•Health craze fanatics
•Gym members
•Lazy
•Inexperienced cooks
•First time away from home
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
Given:
•Most reliable line of products in the small appliance industry •Distinct, recognizable, elegant, appealing features
•Little raw material waste/small front end investment
•Low debt to equity ratio and high credit rating
•Excellent relationship with current supplier
•New raw materials supplier needed
•New suppliers for two ready-for-assembly parts
•Credit terms offered to intermediaries in our distribution channel are typical for the industry Competitive Rivalry
In this industry, rivalry is neutral to moderately intense. There are a large number of firms, which intensifies rivalry because everyone is competing for the same consumers. However, the market growth is expanding, which neutralizes rivalry because companies’ revenues will improve off of that fact alone. A great amount of total cost for a firm in this industry is fixed cost due to employee wages, factory and warehouse up keep, and marketing and sales endeavors. Nevertheless, storage costs are low because parts do not need special accommodations and are not perishable. There are low switching costs and low levels of product differentiation within the industry. Most features of these products are similar; however, brands with good reputations and longevity do hold a competitive edge. This is because consumers associate these attributes with reliability and effectiveness.
Strategic stakes are high because technology is always improving. Whichever firm capitalizes on or utilizes the newest technologies first, will have a competitive edge. Besides taking a loss of revenue on unused parts, the exit barriers in this industry are not significantly high. There are no government barriers and equipment and space can always be sold or recycled. There is not much diversity among rivals because all firms in this industry are for profit and generally share the same business motives and goals. Though the industry shakeout is always a possibility due to ever changing and improving technologies and the opportunity for additions and upgrades to products, an industry shakeout does not seem probable in the near future. Over all, the competitive rivalry in the industry has high and lows, making it a very attractive industry, with a healthy competitive nature. Threat from New Entrants
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Threats from new entrants are not very high in this industry because barriers to entry are high. 90% of market share is captured by global, well established companies, making it difficult for new comers to be taken seriously. There is a large capital required to enter the industry to be able to compete with the bigger companies. Because the market leaders have established a strong relationship with distribution channels, it is also hard for new entrants to secure great deals and connections. Essentially, it is difficult for new entrants to secure the knowledge, capital, and consumer loyalty that many well established global brands already have, making the entry barriers very high. Threat from Buyers
Because there are so many buyers and distribution channels, there are no significantly important buyers. There is no threat of backward integration because the product is specialized and that would not be very beneficial or attractive to buyers. Threat from Suppliers
There are a great number of raw material suppliers; however, switching costs could be high, simply because, with a longer relationship, comes possibly better rates. The threat of forward integration is low because suppliers are only supplying parts, not finished products that can be sold directly to the consumers. However, the suppliers’ product is highly important in the
production and design of products in this industry. Because the small appliance industry is considerably large, the success of this industry can have a considerable impact on the supplier’s profits. There are no comparable substitutes for the raw material needed to produce quality products in this industry, and because of that aspect, the supplier power is high in this industry. Threat from Substitutes
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In the small appliance industry there are generally no threats of substitute products; however, there are substitutes for personal blenders specifically. Fortunately, a weak housing market has lowered demand for larger home appliances which could have been a potential threat to personal blenders, such as full sized food processors or mixers. Because of this factor, the threat of substitute products is very low.
SWOT Analysis
STRENGTHS *indicates core competency
•Reputation In The Industry
oWe have great credit
oWe have a great relationship with our suppliers
This will allow us to possibly get better rates than others because we are trusted. Lower costs = more revenue
•Recognizable Brand (CORE)
oCustomers recognize our brand as reliable, of quality and of elegance oWe are well established and highly regarded
This will give us a competitive edge over companies producing similar products
•Production Process (CORE)
oLess capital required, in relation to some other competitors in the industry oVery little raw material waste
oSmall front end investment
oA lot of testing our products
This allows us to be the lowest cost producers in the industryWEAKNESSES
• New Suppliers
oNeed for a new raw material suppliers
oNeed for a new suppliers for component’s parts
We need to find and build new relationships which could increase costs and material requirements •Current Marketing Strategy Issue
oWe have to come up with an entirely new plan using the clean sheet of paper approach Our new ideas have the potential to fail, especially because we cannot build off of successes of an old plan • Need for new suppliers
oBecause of the difference in material requirement s, we must find a new supplier oThe hassle of finding a new supplier that has similar material requirements can slow down production until one is found oWhen a new supplier is found, we must negotiate prices and could possibly be charged more than when we were partnering with the previous supplier OPPORTUNITIES
•Accessorizing the product
oWe can make attachments for the product
This will increase longevity of the product, use, and the ability for the product to grow with the consumer This will result in more blenders bought = more money
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• Product can be marketed to multiple consumers
oThis product can be virtually marketed to anyone by just changing the stated purpose Alcoholic drink maker can be marketed to adults, health food/smoothie maker can be marketed to fitness buffs, quick way to make a meal can be marketed to busy students or business This can also allow us to start joint ventures and build strategic alliances by partnering with other companies on certain marketing campaigns • Competitive innovation
oWe can create new accessories to latch on to the product, creating more revenue and excitement about the brand and product oThe opportunity to create an entirely new product piggy backing off of this one (ex: a cook book specifically for this personal blender)
THREATS
•Competition
oIt can be considered a part of the health craze fad which could motivate other companies to produce these products Another popular and dependable company may produce this product and take away from our number of consumers • Product becoming obsolete
oThere could be a shift in consumer taste
oThe product does not currently grow with the consumer as they may start a family oThe health craze fad may die down
• Emergence of substitute
oA company may produce a more stylish or cheaper product after gaining insight from the sales of our product oA company may produce a more simple/portable product
Because the health craze fad is so profitable, it is very likely that another product will pop up that is more innovative as technologies and preferences of the consumers change Marketing Objectives and Strategy Planning
Product Objective
The product objective is to improve new product awareness amongst loyal, long time customers, while improving brand awareness amongst new customers, at the same time. This will help increase sales of the new product.
Strategy
Create an ad campaign that involves the public to promote the image of an honest and open company, with reliable and trustworthy products. Action
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Create an ad campaign where the face of the new product travels around to several public places, once a month, doing live demonstrations with potential customers, people passing by, and/or random volunteers. Emphasize the ease and quality of the product while keeping the ads humorous and informative. Time Frame
There will need to be a new commercial taped and aired every month, in a new place, with a new quick recipe, for a year during this campaign. Responsible Party
A promotional team will scout out places to do demonstrations that will also
need to be filmed for television commercials. They will also be responsible for hiring the face of the product’s campaign and the design and lay out of the commercial.
Pricing Objective
The objective is to keep the price generally low, while continuously increasing profits and adding new avenues onto the product to make more profit. Strategy
To offer additions and upgrades that will be sold separately. This will add excitement and variation to the product but still keep the cost of the unit low. Action
Design a new attachment every season, that corresponds with activities associated with that season, in addition to other random additions. We will offer additions in sets or separately. The new additions will be incorporated in the live demonstrations and captured for footage for the commercials. Time Frame
There will be a new attachment created by the start of every season that corresponds to the season. (Ex: a soup making attachment for the winter, a snow cone making attachment for the summer, etc.) Responsible Party
A design and research team will be responsible for coming up with ideas for the most sought after attachments and upgrades. A production manger will help to figure out how to achieve this in the most cost efficient way. The assembly team, under the supervision of the production manager, will actually carry out the production of the attachments
Place Objective
The objective is to make certain that our product is always available to customers across a wide range of socioeconomic groups. Strategy
We will have our product in popular retail and department stores that are associated with high quality items at bargains. Action
We will distribute our product amongst places like Sears and Macy’s, but we will also make our product available at online retailers as well. Ordering the product direct from our company on line or with an online retailer like
Amazon welcome with an incentive or free gift, like a book of recipes. Hopefully this will cut down on costs associated with placing our product in physical stores. Time Frame
The product should be available in all of these retailers immediately following its launch Responsible Party
Distribution manager and team
Promotional Objective
The objective is to have consumers constantly surrounded by memorable promotion for this product. Strategy
Ensure that every channel of promotion is utilized.
Action
We will have a street team that does demonstrations along with the face of the brand. These demonstrations will take place in public places like malls, super markets, and department stores. They will use real people and their real reactions, adding a bit of humor in the script. They will also be taped for commercial footage. Time Frame
Promotion for the product will begin as soon as the product is launched and it will be a continuous project. There will need to be a new commercial and demonstration every month. The first demonstration of every season will incorporate the new attachments for that season. Responsible Party
Promotional team, Marketing Team, Street Team
Monitoring Procedures
The monitoring procedures will consist of a lot of research and tests to determine the success of the product. Monitoring ActivityDue Date/FrequencyResponsible Party
Number of sales per retailer will be monitoredMonthlySales Manager Customer feedback and reactions to the product will be monitored on social media, blogs, and product reviewsDailyMarketing Team How many units and attachments sold at demonstrationsFollowing each demonstration and Quarterly (each season change)Sales Manger Our sales in relation to sales of similar products at from competing companiesQuarterlySales manager
