Prepare a three year marketing plan
3 Year marketing Plan Standards
Company G is a well-established firm that is highly regarded in the electronics market. Its mission statement is as follows:
“We enable consumers to improve the quality and convenience of their lives by providing highquality, innovative electronic solutions.”
Company G’s engineers and designers have developed a line of small appliances that the company feels can be very successful in the small-appliance market. The company feels that the current marketing plan for its products does not put them in a position to reach the profit potential for the small appliances.
Success with the new line will depend upon an accurate assessment of the market and a wellcrafted, effectively implemented marketing plan that will fit the current market.
As the marketing manager, you are charged with the responsibility of developing a new marketing plan that will enable the company to reach the full profit potential of one small appliance from the new product line.
The president has suggested that you use the “clean sheet of paper” concept as you develop the plan; therefore, during the time you are creating the new plan, all details of the company’s existing electronics marketing plan are to be considered irrelevant. The intent is that current strategies, practices, etc., will be considered for relevance and possible continuance only after your new plan has been presented to and is understood by top management.
Company G’s team of engineers and designers have developed a line of top-quality small appliances, and through concept and prototype testing, they have shown that the visual design features are very appealing to potential buyers and give a distinct impression associated with quality and artistic elegance. Extensive testing has demonstrated that the new products may be the most reliable line of products in the small-appliance industry. Additionally, the team has designed a production process that is very efficient in terms of labor and production-line time and that will result in very little raw materials waste. The combination of these efficiencies and the relatively small front-end investment for this line will result in the company’s ability to produce each of the products in the line at a cost that should enable them to emerge as the lowest-cost producer in the small-appliance industry.
Company G has a low debt-to-equity ratio and a high credit rating. It enjoys excellent relationships with current suppliers, but because of differences in material requirements, new raw material suppliers will be needed to support the small appliance line. Company G will also need new suppliers for two component parts that will be purchased ready for assembly into some of the small appliances.
The credit terms Company G offers to intermediaries in their distribution channel are typical for their industry. Marketing research has shown that the company’s XG brand and logo are readily recognized by most categories of electronics product consumers.
Prepare a three-year marketing plan (suggested length of 5–7 single-spaced pages) for one of the small appliances from the new line. Describe the specific appliance you have chosen. Carefully examine the details provided in the given Company G marketing situation and identify the specific information that should be considered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the following sections in your plan:
A. Product Support of Mission Statement
1. Explain how the small appliance you have selected supports Company G’s mission statement provided in the introduction.
2. Classify Company G’s products using the three-way consumer product classification system.
B. Target Market
1. Describe the target market for the company’s product.
C. Analysis of Competitive Environment
1. Analyze Company G’s competitive environment utilizing Porter’s Five Forces model of competitive forces.
D. SWOT Analysis
1. Describe three of Company G’s strengths related to the marketing of the new product.
a. Support your choice of each of these elements as strengths.
b. Identify at least two strengths that should be considered as core competencies.
2. Describe three areas where Company G has weaknesses related to the marketing of the new product.
a. Support your choice of each of these elements as weaknesses.
3. Describe three current or potential opportunities within the industry.
a. Support your choice of each of these as opportunities.
4. Describe three current or potential threats within the industry.
a. Support your choice of each of these as threats.
E. Marketing Objectives
1. Select four marketing objectives for Company G consisting of one objective for each of the four marketing mix elements (product, distribution, price, and promotion).
F. Marketing Strategies
1. Describe three strategies for each element of the market mix (product, distribution, price, and promotion) that are appropriate for the target market. The 12 strategies should be consistent with each other and supportive of the related objective.
2. Explain why you feel this is the best mix to achieve the objectives.
G. Tactics and Action Plan
1. Develop an action plan for implementing the marketing strategies identified.
a. Include one task for each strategy identified (for a total of 12).
2. Create a timeline outlining when each task is to be completed.
H. Monitoring Procedures
Describe the specific actions that will be taken to measure the effectiveness of the plan.
2. Create a timeline for these actions from the action plan (part H1 above).
I. When you use sources, include all in-text citations and references in APA format.
Note: When bulleted points are present in the task prompt, the level of detail or support called for in the rubric refers to those bulleted points.
Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link included in the Evaluation Procedures section.
Note: When using sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the paper or project.
Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from sources, even if cited correctly. For tips on using APA style, please refer to the APA Handout web link included in the General Instructions section.
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