Marketing Plan



Marketing Plan

Introduction

Company G is a quality focused company who believes in introducing innovative products aiming to improve the lives of customers. The company tries to manufacture products for daily life use in today's modern lifestyles. The company is launching new and improved product, EasyCook after an intense research and development with the most advanced technology that will make cooking easier and healthier for a complete family.

The Product

EasyCook is a new adaptation of Crock-pot, which is covered with ceramic pot that is into a base unit of metal that encloses heating element. It is designed in a way that it cooks food without losing important nutrients that are particularly found in vegetables, which may lose in other slow cooker. Company G has an effective Research & Development department that has researched closely to design a product in such a way that cooks food with nutrients and healthy for our consumers. Effective research and product innovation is necessary for the company to achieve a long-term outcome (Teece, 2010). It has options such as high, medium, low and keep warm along with temperature control option.

Classification of a Product

The product can be classified as a shopping product. Because it is a kind of product that consumers do not buy frequently and consumers take some time to carry out a research about its features, price and quality before making a purchase decision. It is important for the company to sustain a quality and set a price as compared to its competitors due to its purchasing infrequency by consumers (Armstrong et al., 2009). EasyCook will be available at big retailers, home appliances, and departmental stores and it will also sell through internet.

The EasyCook will be available for customers at $90.00, which is relatively higher because the company claims it to be the most advanced and better version of Slow Cooker. Promotion will take place in form of live demonstrations in-stores that will allow the customers to know the product better and videos will allow the internet users to understand the features of the product.

Target Market

Target market of the EasyCook will be families because families are busy these days as both parents are doing jobs outside the house or having some extra activities. The company understands the fact that moms are the chief cooks for their families. The company has identified the target market as married females aged between 25 and 50 with children at home, having an income from $ 4,000 to $ 7,500. It is especially designed for moms who are conscious about the health for their families, mom who likes to buy better home appliance products, and embrace technology as helping support in their home stuff to compose their life better and easier.

Competitive Situation Analysis using Porter's Five Forces Model

Rivalry

EasyCook is the most advanced version of Slow Cooker currently present in the market. However, it has rivals like G E, Hamilton Beach, Magic Chef and etc. Competition rivalry will increase when rivals will gain the knowledge of upgraded technology behind the ...