Table of Contents
Product Description and Classification. 3
Consumer Product Classification. 4
Competitive Situation Analysis. 4
Analysis of Competition using Porter’s Five Forces Model 4
Marketing Strategies and Implementation. 7
This paper covers the marketing plan for Company G which is a well-established firm that is highly regarded in the electronics market. The company specializes in the provision of high-end accounting applications that are mostly in both public and private companies. Being a software or application company, company G keeps on updating their systems from time to time in order to boost its customers and consumers experience.
In order to develop a better and competent marketing plan for company G, it is necessary to develop a detailed situational analysis for the company in relation to its strengths, weaknesses, opportunities and threats, an analysis to the external marketing environment including political, economic, social, technological, environmental and legal (PESTEL Analysis), company products, sales, competitors, the marketplace for the products among other variables of data from the simulation model.
Company G on a yearly basis do promotional campaigns to create its brand awareness to the public. It tries to position itself in the minds of consumers as the best company that is currently and even in the near future will be a company of choice when it to comes to technology-based services. This has been enabled as a result of vigorous marketing and promotional tools put on the ground by the company. The brand ambassadors including the brand managers have constantly put down resources to see that the company’s remains on a higher notch compared to its key competitors performing and operating within the same industry.
Product Description and Classification
Product Description and Support of the Mission
Company G Mission Statement
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.”
The company’s new product is called the Quick Book Lite. The word lite comes from its size and its applicability by the accountants. It is an upgrade from the existing versions meaning it has higher quality than the existing ones. For those who already possess the earlier versions, the company simply sends a direct link to such customer for purposes of an upgrade. This means it’s convenient for them for the customers’ use. The product uses the current technology and it easy to operate. Its quality is in support of the company’s objective.
Consumer Product Classification
The company product is a convenience product. It is easy to use. The customers require fewer funds to buy them. They do not need special training for one to operate and also they can be delivered to the customers’ premises.
The target market for the company is professionals in the accounting and finance profession and people who have e-commerce businesses. They include investors and entrepreneurs, as well as scholars in the accounting career but, are located in different geographical locations.
Competitive Situation Analysis
Analysis of Competition using Porter’s Five Forces Model
Competitive Rivalry: Company G being an innovative company will have many competitors such as IBM, Microsoft as well as Android which are companies operating in the same industry. In order to compete effectively, the company has to provide a unique and cheap product.
Potential New Entrants: The major threat in the case of goodwill that other companies currently enjoys and also regulatory policies act as hindrances.
Bargaining Power of Buyers: the consumers do not have the ability to collectively stage together for band purchasing since they reside in different location globally and with different customer’s needs.
Bargaining Power of Suppliers: the company has many supplies who can gang up to control the prices they are being offered by the company G. however, due to the positive relationship that exists between the companies with its stakeholders, they continue to maintain good business.
Substitutes: there has always been the threat of substitution but the customer did not have the opportunity to access the newly launched product from Company G.
To learn more about Porter’s Five Forces Model, please see chapter 2 of the assigned text,or utilize the “Course Search” function using the keywords of “Porters Five Forces.”
|STRENGTHS*indicates core competency
· A larger geographical distribution network
· Stronger brand name
· Strong customer loyalty and long term goodwill
· The company has not achieved enough or successful penetration to the untapped markets within the global markets
· The company is too rigid or not flexible to respond to various changes within the economy such as the changes in technology, changes in the rules and regulations that do affect the trading activities of the company.
· It has not properly utilized other market segments since it has few brands or even no brands in cough, cold or even allergy products.
· Due to its financial portfolio and the financial freedom that the company enjoys, it has ready access to capital resources since it has the ability to pay. It meets all the 5 C’s of credit including character, capacity, and capital, collateral and the conditions or covenants.
· Control of higher market share
· As the world continues to grow, there are many people who have access to computers hence the company should invest greatly in the e-commerce platform as a result of the changes in technological advancement.
· Unfavourable competition
· Fluctuations of the economic conditions
· Changes in the technology in use from time to time as a result of the urge to improve on the goods and services intended to satisfy the human wants.
- Larger geographical distribution network within the United States economy and even extends to the international markets or to the global market. Such large geographical networks assist in building the customers base as well as the market share throughout the United States economy.
- Over the past period, the marketing and the brand management have worked tirelessly to enable the company to realize a stronger brand name that is a trading tool for the company more than its peers or the key competitors within the industry.
- The company enjoys strong customer loyalty and long term goodwill during its past periods of trading and the customers see the company as a going concern, a factor that has greatly enabled the company to expand its trading territory and market share in the global markets.
- Failure to achieve enough or successful penetration to the untapped markets within the global markets, the company is too rigid or not flexible to respond to various changes within the economy such as the changes in technology, changes in the rules and regulations that do affect the trading activities
- Has not properly utilized other market segments since it has few brands or even no brands in cough, cold or even allergy products. This limits their muscle for expansion to the international or to the global markets.
- The company spends too many expenses or cost to arrive at their sales targets or even to make their own sales that are to say that the company incurs too high costs on the goods sold. This will reduce the dividend paid to the common shareholders.
- Company G has a higher financial portfolio and the financial freedom that the company enjoys, it has ready access to capital resources since it has the ability to pay. It meets all the 5 C’s of credit including character, capacity, and capital, collateral and the conditions or covenants.
- Its ability to control higher market share can make the company have greater influence in the economy hence enjoying every benefit that comes with economies of scale.
- As the world continues to grow, there are many people who have access to computers hence the company should invest greatly in the e-commerce platform as a result of the changes in technological advancement.
- Unfavorable competition fluctuations of the economic conditions which have remained to be unpredictable over the past periods and also uncertain about the future. The unpredictability of the marketing conditions affects the planning process of the company.
- Changes in the technology in use from time to time as a result of the urge to improve on the goods and services intended to satisfy the human wants
- Rules and regulations that are imposed by the various regulatory agencies in control of the trading activities within the industry.
The productive objective is to receive higher revenue and is expected to increase by 20% on average on a yearly basis. Such evaluations are carried out t the end of the financial period hence for the start will be on 31st July 2020.
This is aimed to maintain a stable price throughout the trading period while it is expected to increase or decrease in response to the level of inflation of about + or – 2.5%.
Maintaining accessible locations for customers in many branches globally. The number of branches expected by the end of the year is 20.
The objective is to position the company and its products of the minds of the consumers. Promotions are done on a monthly basis and are expected to increase the sales volume by 15% on a yearly basis.
Marketing Strategies and Implementation
Company G takes advantage of the goodwill and loyalty levels it receives from its esteemed customers who use its electronic products for day to day transactions. This is something that has been developed over time through various approaches including its expansion of the market share in the global markets, creating brand awareness, continuous introduction of new products that the company has incorporated the use of current technology in their production process thereby offering quality goods and services that satisfy the customer’s needs. Satisfied customers will always purchase from the company and in most cases, they will also refer some of their friends, family members among others. This is something that enables the company to retain its existing customers while at the same time, such referrals made by the existing customers also enables the company to receive and acquire newer customers. Building the brand name of the company makes the company have a better reputation in the society where the company operates than its competitors hence attaining a competitive advantage both in the short run and in the long run. Much of the customers’ satisfaction comes from the simplified software that the customers use for their startups and also for running the medium size companies.
Offering the best brand products in the market and having the ability to control a higher share of the market is something that has seen Company G dominate the market in the US economy and even to some parts of the international markets. This level of control of the market in itself act as a threat for a new entrance for other startup companies or even those companies that have been in operation for some time but would like to explore a different market segment or even a different market portfolio. The company, in the long run, will have control of the power of supplies, power of major production capacity, competitive rivalry and the buyer power which are majorly Porter’s 5 forces model, which summarizes product, place, promotion, price, and people. Having the ability to have control over such key elements in the production process will see the company through its goals of growth and expansion. With continuous growth and expansion comes with the ability to make higher profits which it can use for a varied number of purposes including using part of it to finance its activities, retaining some for internal sources of capital, rewarding the shareholders for their investments as well as for promotional activities in order to further increase the scales of production and economies of scale.
The marketing strategy to be used for the company period will start with product development strategy especially for the QuickBooks lite through a vertical extension to beat the competition. The second is the market penetration strategy with the aim of creating brand awareness through salesforce, advertising, and promotions as well as increasing the levels of customers’ satisfaction. The third strategy is to adapt to the prevailing circumstances or market conditions in terms of industry pricing which depends on the competitors pricing levels and inflationary factors and also adapting to the channels of distribution. To achieve the growth and expansion strategies, Company G should focus on geographical expansion, concentrating on the diversification of products to meet the demands of the diversified customers and looking for mergers and acquisition of conglomerations in order to attain competitive advantage. The marketing strategies are therefore discussed below:
- Market Needs: Company G has carried out constant promotional activities in order to sell its brands and products. The promotions are conducted through online platforms, advertising, branding, and public relations. Having listened to the customers and responded to their queries effective, the company has introduced a new product called QuickBooks Lite to replace or provide extension services to the users of such software.
- Business goals: the company goals are to boost sales as well as provide the products that will satisfy the needs of the customers for both short term and long term basis.
- Differentiations: the products that the company will be provided will have unique or key features that will differentiate it from its other competitors who operate in the same industry. Some case of differentiation may be in terms of cheap pricing, product packaging among other product strategies.
- Premium pricing: in most cases, the customer to associate the price of a product to its quality. Therefore, the company will charge slightly high prices for its new product to win the mindset of the consumers that the new product is of quality that the existing ones and high quality than the company competitors.
- Bundle pricing: this is to target the customers who can purchase the company’s product in large numbers. The purpose of bundle pricing is to encourage the customers to buy a high volume of products and relatively lower prices than the actual prices through which the products are sold.
- Anchor pricing: this is the act of setting a particular price base for the customers and they can use that price base every time when they are making their purchasing decisions.
- Producer-wholesaler-retailer-consumers: in this place strategy, the company will have to sell the products through the longest line of distribution process which passes through the production unit to the wholesalers, to the retailer and then finally the product will find its way to the consumer.
- Producer-retailer-consumer: this strategy do not consider the roles played by the wholesalers in the supply chain hence once the products are produced, they are stocked with the retailers who then sell them directly to the customers.
- Producer-consumer: in this scenario, the producer which is company G sell their products directly to the consumer without going through the intermediaries in the distribution system.
- Advertising: this will involve the use of social media as well as the media agencies for purposes of creating awareness about the company products with the aim of boosting the sale of the products.
- Personal selling: this will be a one on one selling geared towards creating personal relationships with the customers for the trading period.
- Direct marketing: direct marketing will involve direct contact with the potential customers and it aims at receiving immediate feedback from the customers about their perception regarding a particular product.
Explanation of Strategies
The aim of starting a company is to make a profit. However, the process of attaining the desired profit is a journey that the company’s management must plan prior to the actual execution of the planned objective. After the product of a product, it is necessary to make the customers aware of the existence of the product, its use, where to find its and what price to pay for its acquisition. All these can be achieved through setting out strategies for price, place, promotion as well as a product not forgetting the people who are known as the customers. These strategies are important since they summarize the objective of the company and how they can be attained both in the short run and in the long term basis. In order to achieve better results, the objectives must be harmonized to get the target objective. It also requires that they are implemented by competent personalities within the company and all is pegged on proper communication of the right content to the customers.
The product or services represent the goods or services the company offers, accounting and financial related applications. The key tactic for producing such goods and services is to work extensively on the brand of the products. The company achieves this continuous research and development in order to improve on quality and the level of satisfaction to the customers and other users or consumers of this product and services.
In every marketing mix, pricing plays a key role since the prices of products can attract customers to buy the company’s goods and services while at the same time it can also drive away customers especially when such customers feel that the customers do not correspond to quality. However, in some circumstances, higher pricing is perceived to directly correspond to quality.
Company G operates in different markets and has employed different tactics in order to reach such markets. The markets are reached through online portfolio communications channels or the virtual stores, social media, retail stores, clients’ referrals, physical distributions among others.
Company G has carried out constant promotional activities in order to sell its brands and products. The promotions are conducted through online platforms, advertising, branding, and public relations.
Product Action Plan
|Tactic||Due Date||Responsible Party|
|Product development||10th-20th July 2019||Production department|
|Product diversification||21st-25th July 2019||Production department|
|Product positioning||26th-30th July 2019||Marketing department|
Price Action Plan
|Tactic||Due Date||Responsible Party|
|simple||1st-5th August 2019||Marketing|
|sensible||6-10th August 2019||Sales and marketing|
|affordable||11-15th August 2019||sales|
Place Action Plan
|Tactic||Due Date||Responsible Party|
|Accessible||16th-18th August 2019||sales|
|Unique||19th-21st August 2019||marketing|
|Simple||21st – 25th August 2019||management|
Promotion Action Plan
|Tactic||Due Date||Responsible Party|
|publicity||September 2019||Marketing personnel|
|Personal selling||September 2019||Sale and marketing personnel|
|Monitoring Activity||Due Date/Frequency||Responsible Party|
|Process monitoring||weekly||Operations management|
|Technical monitoring||weekly||Operations management|
|Impact monitoring||weekly||Operations management|
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