Marketing Plan for Product Line Essay Example | Topics and Well Written Essays - 1250 words

Marketing Plan for Product Line - Essay Example 1. How the Selected Small Appliance Supports Company G’s Mission Statement The small appliance supports Company G’s mission statement in several ways. In the first place, the appliances are made using very few materials and little energy. This will boil down to decreased cost of production, and eventually, helping clients purchase them at affordable rates. Beside the aforementioned advantage which will have clients saving their money, the pleasing visual features of design are also likely to excite the passions and happiness of the clients. This happiness is in fact a central part of client’s lives. B. Marketing Objectives 1. The target market for the company’s product is very broad, given that it incorporates all the areas that have undergone electrification. The veracity behind this postulation is elucidated by the fact that the new product can be used in a domestic setting. Given that America is entirely electrified, the whole of it serves as target mar ket. The rest of the developed world, such as the UK and Europe, can also serve as part of the target market, since globalization has become responsible for many multinationals. Multinationals, in turn, have the entire globe, continent, or a regional block serving as target market. 2. Four Selected Marketing Objectives for Company G and an Objective for Each of the Four Marketing Strategies (Product, Distribution, Price, and Promotion) Marketing objectives refer to the goals that an enterprise may wish to accomplish through marketing efforts. For Company G, they are: reaching the desired profit potential for the newly innovated small appliance; helping the appliance fit into the market effectively (introducing the brand to the market successfully); ensuring continuance of use by the market (fostering the demand of the product in the market); and improving the living standard of the market (by making the appliance as helpful, efficient, affordable and physically appealing as possible ). The objectives that Company G is intent on using are also four. The company is aiming at making favorable amounts of profit by tinkering with scientific innovation to deflate the cost of production. Secondly, Company G intends to introduce the brand to the market by making it as unique (helpful, efficient, affordable and aesthetically appealing) as possible. Similarly, the company intends to foster the demand for the same product in the market by promoting it, as a way of making both potential and prospective clients aware of the availability of the product in the market. Finally, by strengthening the attributes of the appliance, especially its affordability and efficiency, the company will have improved the living standards in the market. C. Competitive Situation Analysis 1. Classifying Company G’s Products Using the Three-Way Consumer Product Classification System (a) Convenience goods: the product will always be presented in the market as a commodity from which the like ly benefit from establishing cost and quality evaluation is believed to be less significant in regard to the time and effort of the consumer. (b) Shopping goods: The quality of company G’s product will enable the company to present it in the market to rationally make comparisons of the price, fashion, and suitability. This will be achieved by highlighting these qualities in ads targeted at likely and repeat consumers. (c)