3-Year Marketing Plan Essay Example for Free

3-Year securities industrying Plan EssayIntroductionIn order that we continue our companionships monetary growth, we pauperism to branch out into new product lines. A study was performed to consider our entrance into the front-runner supply market. We flummox true a new single product for that purpose. It is a Cordless Automatic Nail Trimmer for dogs and cats. The findings of this study be in this presentation. Our numbers ar conservative. The say-so for success is high. We ar Comp all G are always looking forward to find and implement new lines that pass on complement our Mission statement, and our stooge line. This is our next opportunity introduces Company G and the product or product line that you are writing this marketing plan somewhat.Mission StatementWe change consumers to improve the quality and convenience of their lives by providing innovative electronics solutions.See moreMasters of Satire John Dryden and Jonathan Swift Essay ingathering Description an d categorizationThe Cordless Automatic Nail Trimmer for Dogs and cats exit be our first entry into the world of pets. This product uses a sensor to find the quick (the squeeze of nerves and blood vessels) on a pets nail, then adjusts to a spot just below it. It turn offs the nail, rotates to the next nail, and repeats the process, until trimming each nail on the paw. manifestly remove the paw, and continue on each paw until done. Our trimmer depart avoid the pain of cutting the quick with bleeding. It will not cause self-consciousness for the animal associated heat build up from electric nail trimmers. This product will allow anyone from novice to professional to trim a dog or cats nails to perfection. Rather than making an appointment, going to the local pet groomer, paying $7 to $25 (before tip), or big box, a pet owner can trim their pets nails at home. If the owner would rather have the nails done, they can have their groomer use our tool, giving the pet owner peace of mi nd, knowing their pet will not suffer any pain.Consumer Product ClassificationConsumer FactorsPlanning time involved in purchasePurchase frequencyImportance of cheerful locationComparison of price and qualityConsider suitableInfrequentImportantConsiderableShopping ProductsSpecialty ProductsShopping ProductsShopping ProductsMarketing Mix Factors expenseImportance of sellers image dispersion channel lengthNumber of sales outletsPromotion relatively highVery importantRelatively shortFewPersonal selling and advertising by producer and sellerShopping ProductsShopping ProductsShopping ProductsShopping ProductsShopping ProductsTarget MarketThe target market is between the ages of 30 and 45 with busy lives, looking to save time and money. Their incomes would be greater than $60K. This will include professionals, as salutary as working couples. We will target both existing dog or cat owners, as vigorous as new entrants to pet self-control. competitive Situation psychoanalysisAnalysis o f Competition development Porters 5 Forces ModelCompetitive RivalryToday are no post competitors. We are entering an existing market, with a completely new technology. The closet rivalry is the electric trimmer, produced by Dremel Tools and Oster Company. These products do NOT have the features we have. They do not comparability in experience. thither is no threat at this time.Threat from New EntrantsWe have the threat from two outside entrants to create a flush off version of our automatic nail trimmer. The two companies that could attempt to enter the market are Dremel Tools and Oster Company. The threat to us is medium for a few reasons. We will patent our trimmer, which means that they will have to start with our product, and then develop modifications, to avoid patent infringement. Both companies current products use a different sweet of technology. They are grinders and do not have any quick detection apparatus. While Dremel Tools has been in the pet trimming market for s ome time, they but modified the grinder used for woodworking and other craft projects. This would be a departure from their core competency. This is the only venture by Oster Company. They a relatively new to the market, It isnt likely that they will put more R and D dollars into a second pet product at this time.Threat from BuyersThere is no threat to us from vitiateers. Pets must have their nails trimmed on a regular basis, or they can suffer pain and / or wellness issue. The owners of these pets are responsible to maintain their pets nails. With the addition of our safe, reliable, easy to use product added to the market, buyers have all of the options they could want. At our price point, they would not consider creating a sympathetic product. It is an infrequent purchase for them. We will also establish a blog site to give our customers an opportunity to help us determine if they desire any additional features.Threat from SuppliersThere is very gnomish threat to us from our t wo suppliers. Vendor A is supplying us with the heat-sensing component to our trimmer. The device they are producing for us helps to expand their bottom end line of heat sensors. This represents a 10 percent addition to their offering. The main customers for Vendor A is the Armed forces, who buy heat sensing devices for airplanes, tanks, and vision goggles for ground troops. They do not have the infrastructure to build a product such as ours. They would not take on the capital expense to enter this type of manufacturing. They do not have any retail, on-line, distribution experience, or presence. Vendor B who supplies us with the stainless steel blades are in a similar situation. Their main customer is the medical, surgical industry. Vendor B manufacturers high end surgical blades, knives, as well as blades for mens razor blades. Our product represents a new product in between in quality. It is not significant equal for Vendor B to start an entirely new type of product for themThrea t from SubstitutesIn the current market, there are threats from substitutes.People not using our product can use manual nail clippers, grinders, or pay someone else to trim their pets nails. The threat to us does not exist. All pet owners are currently using one of these venues today. With the quality, ease of use, time and money savings, and cruelty free aspect of our trimmer, virtually nobody will revert to these substitutes.SWOT AnalysisBefore we risk our profits or our blemish value, we took a critical look both internally, and externally. The intent is to consider how we can leverage the positives, improve on our weaknesses and prepare for outside threats. Here are the findings.STRENGTHS *indicates core competencyFinancial health*Efficient manufacturingBrand Reputation*WEAKNESSESLack of trainingLack of Distribution networkNever advertised pet productsOPPORTUNITIESPet ownership on steady risePersonal time on decreaseEconomy is change magnitude expendable incomeTHREATSPossible newer technologyEconomic downturnHeat sensor supply issueStrengthsFinancial health is one of our core competencies. We have a very low debt-to-equity ratio, combined with a credit rating. This gives us the flexibility to create initial inventory and cover the typical start-up costs related to a new product line. Brand reputation, another core competency, means that we are already in the homes of many of our targeted customers. They know we produce high quality, well designed, products. Our brand is a trusted name nationally. Efficient manufacturing is another of our strengths. It allows up to produce our goods at a lower total cost compared with competitors. We run our production lines quickly, with little waste, or re-work. This helps for reliable batch production, and very few quality / defects issues in the field.WeaknessesLack of training for our production line associates is a potential issue. Production will be slower, risks quality compliance, and will cost more per unit comp ared to our established lines. Lack of advertising relationships within the pet market is another weakness. We do not advertise at all aimed at pet owners. We do not understand what the costs are, compared to our other product lines. We will not be able to bundle the new lines advertising with our other lines, for a volume discount. Our sales force is not equipped to demonstrate our new product line. We will need to higher trainers, and new sales pile that are specialists specific to the new line.OpportunitiesThe economy is on an upward trend. As wages increase, so does expendableincome. This allows people to purchase pets, supplies, and services. This applies for either new or existing pets in the household. Personal time is on the decrease. Wage earners are spending more time working. Parents are spending more time driving their school-aged children to sports, music lessons, and dance classes, etc. These parents will also attend the events surrounding the activities. Taking Fido to the groomer and picking him up ulterior is another time eater. Being able to trim nails effortlessly, in your own home, on your own schedule has a good deal of appeal. Pet ownership is on the rise. In 2013, there were 82.5 million pet owners in the United States. This number is expected to rise to 92 million by 2018. In 2013 $4.4 one thousand million dollars were spend on grooming and boarding. In 2014 sales rose to $4.7 billion, a 7% increase. This is a growth industry.ThreatsEconomic downturn could croak a viable threat. As expendable income dwindles, pet owners could potentially purchase less expensive nail trimmers. They could also choose to go to a groomer, but do so less often as a money saver. A supply issue could threaten our ability to produce our product. A shortage of the heat sensors could become an issue. If our vendor chooses to increase the price of the sensors could become an issue as well, reducing our margin to an unacceptable level. Development of a newer t echnology is a threat. A competitor, on a new company could start making the next generation of automatic trimmers. Dependent on the features, or price, we could lose market share.Market purposesProduct ObjectiveSell 100K units by 12/31/2016.Price ObjectiveAchieve a profit of $500K by 12/31/2016.Place Objective arrive at our product on the shelves of 2 national chains, and in 200 independent retail pet supply stores by 9/15/2015. Have an on-line presence by 9/1/2015.Promotion ObjectiveOur objective is to have 250K hits on you-tube demonstration by 1/1/2016 and 100K hits on our website specific to the new product line by 6/1/2016.Marketing StrategiesThis section will introduce you to the particular strategies, which will assure that we strive our objectives. You will find them well thought out and comprehensive. We took the necessary time to be confident that they are inter-related and logical, using previous maneuver which have been winning here at Company G.Product StrategiesPac kaging use our trusted XG logo and recognized style of packaging. Great Warranty offering a two-year warranty, this is better than current electric trimmers in the market. This is in line with our warranty for other product lines in our assortment. Dedicated Help Line have a 24/7 help line specific to this product line. It will give advice, answer questions, and take care of issues that arise for customers.Price StrategiesMarket set Skimming pricing of $89.99.Good Terms we will give 2% net 30 days pricing to our distributers. Advertising Allowances $5 per unit sell for preapproved advertising campaigns. We will require proof of sales and give credit within 30 days of campaign end date/ Place Strategies sell Stores 2 National chain stores and 200 local pet stores based on their sales. Web presence We will sell through Amazon.com, as well as on our web site. Quick shipping We are going to use Amazons distribution Centers to ship to retail stores and directly to customers. Th is will be the most efficient use of our finished goods inventory.Promotion StrategiesPersonal selling We will provide demonstrations at dog shows. Social media We will have a You-tube presence, and a Face book presence. Discount / Donation We will give customers a $5 discount and donate $5 to the Humane social club for the first 50K units sold.Explanation of StrategiesThese strategies are a combination of approaches. We are going to use our strong brand name and recognition to take advantage to the consumers trust.If they compare our product to Dremel or Osters trimmer, they will see we give them a superior warranty. We will get our product in front of millions of potential customers at dog shows. There are dog shows of various types happening every week across the United States. The retailers that we target will get good financial terms, along with our strong brand name. Our you-tube presentation will prove to customers just how easy and safe our trimmer is. We will also appea l to the good temperament of pet owners will our donation to the Humane Society.Tactics and Action PlanIn order to assure our success we need to put specific tactics in place. They need a due date and responsible party, so anyone in the process can see if we are adhering to our timeline. We know whom to ask about any given tactic as well.