Product Support of Mission Statement
The mission statement of our company is mentioned below,
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions”
- The company has selected small appliances for their business portfolio because the electronic appliance which the company is intending to launch is perfect and effective at the same time. The company feels that they are very much effective and successful in the small appliance market in total and their engineers are doing the same thing in total. However, the current marketing plan of the company is not very effective. Small innovative products are the one which certainly helps out the company in maintaining its financial competitiveness and comply with their business objectives or mission.
- The company has come up with effective strategies for its products which is Juicer Blender according to the classification system. According to the classification system of the consumers, the company is having the short electronic appliances which will fit the current market initiation of the country. Three classification consumer systems will enable the company to reach its full potential for the one small appliance from the new product line base. The classification of the products of the company is perfect and lies in the fact that small electronic appliances are perfect enough for the company.
Target Market
- Customers are the users of a product of a company and they are the one on which the companies targets accordingly (Pride, 2004). For an organization, every customer is important and whatever an organization does is to satisfy the needs of their customers with effective and timely strategies in total. Company G also has a specific target market in their hands. The company is very much towards targeting the general consumers which are intending to have the small electronic appliances. Juicer Blender of the company have been made with effective qualities and still managing a great job as far as enhancing the branding of the company is concerned. If the targeted market of the company would remain in the same jurisdiction, then it would become effective for the company to enhance its recognition in the electronic industry market effectively. Though there are number of companies also working in the industry and it would be perfect for the company to target specific audience as it will certainly be effective for them in their future. The company has to follow the same marketing plan for the next three years
Analysis of the Competitive Environment
- Competition is an important thing from the viewpoint of an organization and every organization has to assess the level of competition. In order to assess the same level, it is mandatory to apply an effective strategic management tool on the same and the tool would be, Porter’s Five Forces Analysis (Kotler, 2009). In this particular section this particular tool would be applied accordingly. The company has to follow this technique in the 1st year of operations, and rest will be done automatically tehreafter
Porter’s Five Forces Analysis
Porter Five Forces Analysis is an important tool of strategic management which used to assess the strategic based compliance of an organization accordingly. This is the most effective and widely used tool to assess the same thing in total (Lamb, 2012). There are five different angles on which the entire theme of this tool would be depends upon.
Rivalry among the Competitors (High)
Electronic industry is current booming in different parts of the world, as there are number of companies which are currently operating in this particular industry and increasing the financial belongings of the industry. Selecting and then entering into this particular industry would certainly be difficult for the company because there are number of companies already working in this region, and it would become very difficult for the new companies to capture the market share of this particular industry in having different companies under its head.
Bargaining Power of Consumers (High)
As discussed earlier that the consumers could be quite effective from the viewpoint of an organization. Customers are end users of the products of a company. In having number of companies in the region, the power of the bargain in this industry is high as well, because the company has number of options to deal with accordingly. By considering this particular fact, it could be said that people would certainly influence over our products and pricing strategy as well because they have the highest amount of recognition from different standpoints.
Bargaining Power of Suppliers (Low)
The industry of electronics products is extremely high and there are number of companies which are currently operating in this particular industry to increase its financial belongings effectively. In having number of companies in this particular industry, the amount of suppliers is also on a higher scale in total. The power of suppliers is on a lower scale for this particular industry because of the high amount of suppliers in this particular industry. Due to this particular stance, it would be perfect for us to have the same amount of products for a long span of time.
Barriers to Entry (High)
This particular element would be in the favor of Company “G” and it would be effective because no new company has the power to enter into this particular industry easily.
Barriers to Exit (High)
The barriers pertains to exit from this particular industry is high which is not in the favor of our
Company, as expelling out of this industry is not easy and the barriers are high.
SWOT Analysis
Company’s Strength
The company has to follow this technique in the 1st year of operations, and rest will be done automatically tehreafter
Strengths
Effective Workforce of the Company
Company G is an effective company with an astounding, effective and intelligent workforce under its net. There are several effective engineers and designers are currently working with the company in order to improve the quality and convenience to the life of their consumers. With this sort of workforce, the company may increase their financial and strategic belongings accordingly. Having an effective and perfect workforce would certainly help out the company craft their products in a perfect way, and it also enables the company to be in line with the management to pursue the main objective of the company as a whole.
Lower Debt to Equity of the Company
The company has a very low debt to equity ratio which is indeed a positive sign for a company in total. Debt to Equity (D/E) is a thing from which the liability of a company would increase heavily. Having a low D/E of the company is a representation that the company is having low liability while the amount of credit rating is effective and high for the company. Company G is an effective company and currently operating with perfect node in total. It would be effective for the company in its near future to move with low amount of debt and high amount credit based ratings.
Effective Credit Terms
The effective credit term of the company is yet another important and effective strength of the company which is creating an important and effective role for the company as far as increasing the sales revenue is concerned.
b. The two important strengths of the company to be considered as core competency is concerned and the two strengths are having effective workforce and low debt to equity and both of these provisions are important for the financials of the company as a whole.
Weaknesses of the Company
Low Brand Recognition in the Market
Company G is a new company which is trying to enter in the market of electronics consumer, but the company has a low brand identity and recognition in total. Having low brand recognition, the company would not become able to generate enough profit from their marketing based tactics and activities as a whole. Having low brand recognition would certainly effect the financial position of the company as a whole.
High Operational Cost
In operating in a new market, most of the organizations don’t get enough suppliers in a company. It would certainly enhance the operational cost accordingly. Due to high operational cost, the essence of productivity of the company would be on a higher scale in total.
Manufacturing Time and Cost
The company initiates testing of their products on regular basis, due to which the time of manufacturing and cost of the company heavily. This particular thing may decrease the financial efficiency of the company as a whole.
Opportunities for the Company
Consumer Electronics Market is increasing
The market of consumer based electronics is increasing heavily in all over the world and due to this particular fact companies operating under this particular industry is also accelerating their pace effectively and accordingly as well (Gillespie, 2010). Company G has a great chance as far as opportunity is concerned in the case of increasing the consumer electronics market accordingly with its small appliances like Juicer Blenders. This particular thing will certainly assist the company in increasing its profit accordingly.
New Suppliers are entering in the industry
The amount of suppliers predominantly in the electronic consumer based industry is increasing day by day, which is indeed a positive sign for the company as a whole. In having new suppliers, the amount of raw material is increasing heavily for the company which is decreasing the cost of the operations of the company and resultantly will increase the bottom line.
Running in Search of Quality
Consumers all over the world are now running after the quality of the products especially in the consumer electronics market and this thing is indeed effective from the viewpoint of the company as a whole. Due to this particular aspect, the sales related to effective and quality based companies, like company “G” would increase considerably.
Threats for the Company
Competition is increasing
Threats of Substitute Products
The arrival of substitute products is increasing all over the world and especially China is the country which is very much in this particular business as a whole. This particular threat would certainly decrease down the potential of the company’s products
Low level of trained professionals
The level of trained professionals of electronic consumers is very much less, which is a serious type of problem for the company as a whole. The industry has high demand of such individuals, and it may happen that the turnover rate of our company would increase in near future.
Marketing Objectives
Obviously, the core objective of the marketing department is to enhance the productivity of a company in a manner that it would remain long lasting. The marketing objective of the selected company has been categorized with the help of 4Ps of marketing, which also known as the Marketing Mix (Russell, 2010). The four constitutes of the marketing mix are, product, price, place and promotion and all of these elements are important.
Price: The pricing objective of the company is to attain the objective of the market with an effective pricing strategy. The main objective of the company is to keep the price of the product low in the first year and then move with higher prices in the 2nd and 3rd year.
Place: We would like to place our self at a place from where consumers could found us easily; therefore our core objective is to become available to our consumers both with offline and online mediums. The company has to follow the same marketing plan for the next three years
Product: We have a single objective in terms of our product, which is increase the portfolio of our product in near future for our consumers. This will incue in gradually, as in the first year a small changes is required followed by the othe things.
Promotion: Our objective is to promote our products in such a manner that it would impact positively on our net income and revenue consequently.
Marketing Strategies
Product: Product based marketing strategies are as follows
- Bring Quality in the Products for the next three years
- Enhance the Product Portfolio for the next three years
- Reliability factor should be increased in the products for the next three years
Pricing: Pricing based marketing strategies are as follows
- Should move in the market with competitive strategy for the next three years
- Search out the pricing strategy of different companies operating in the market for the next three years
- Search out the consumption power of the people for the next three years
Place: Place based marketing strategies are as follows
- Should make such a place strategy from which their products would be available easily for the consumers for the next three years
- Offline place strategy should be emphasize more for the next three years
- Should come up with online strategy as well for the next three years
Promotion: Promotion based marketing strategies are as follows
- Electronic Mediums should be used along with paper mediums for the next three years
- Should emphasize on online mediums like social media networks for the next three years
Tactics and Action Plan
- The action plan of the company lies in the fact that how effectively it promotes its products in the given market and at what prices. The company has to empower their employees to implement these marketing strategies to comply with their objectives
- For pricing, finance department should play their role and task, while for place and promotion and product, the marketing department should play their role
- We require at least 2 months to achieve our target
Monitoring Procedure
- We have assigned duties to each manager to monitor the performance of their in line employees as it is important to direct their performance accordingly
- At least one month is required to train the managers and leaders regarding having a closer look over the performance of their employees for the better future of the organization in the given market of electronic consumers.
Market Planning for Three Years
Return on Investment
We are estimating that we will have a net income in next three according to the above marketing plan would be,
References
Gillespie, K. (2010). Global Marketing. London, United Kingdom: Routledge.
Kotler, P. (2009). Marketing Management. New York, United States: Springer.
Lamb, C. W. (2012). Essentials of Marketing. Washington, United States: Cengage Learning.
Pride, W. M. (2004). Marketing. Chicago, United States: Cengage Learning.
Russell, E. (2010). The Fundamentals of Marketing. Houston, United States: AVA Publishing.
