Marketing Plan for a consumer product.

Discuss the marketing plan for a consumer product of your choice

and briefly explain the marketing planning process

Answer:

A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or service, a brand, or a product line. Marketing plans cover between one and five years. A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.

 

The marketing planning process

Marketing process can be realized by the marketing mix in step 4. The last step in the process is the marketing controlling. In most organizations, "strategic planning" is an annual process, typically covering just the year ahead. Occasionally, a few organizations may look at a practical plan which stretches three or more years ahead.

 

To be most effective, the plan has to be formalized, usually in written form, as a formal "marketing plan." The essence of the process is that it moves from the general to the specific, from the vision to the mission to the goals to the corporate objectives of the organization, then down to the individual action plan for a part of one marketing program. It is also an interactive process, so that the draft output of each stage is checked to see what impact it has on the earlier stages, and is amended.

 

Marketing plan of consumer product – Microwave

 

Current Market Situation

The history of the microwave oven extends back to the year 1946, when Dr. Percy Spencer, an engineer at the Raytheon chanced to invent it, unexpectedly. Microwave Ovens gaining popularity since and mid 1980s, have been growing to become a standard kitchen appliance in most households across the world.

 

Market segmentation

Market segmentation is necessary, which is dividing a market into distinct groups of buyers with different needs, or behaviour who might require separate products or marketing mixes. Of the four levels of micro marketing (segment, niche, local and individual), we shall use 'segment marketing'. In today's world, it has become necessary to divide te market using several such segmentation techniques, and we will use four i.e.

(a) Geographical Segmentation - Urban and suburban regions.

(b) Demographic Segmentation- We are targeting people with stable income of over Rs. 20,000.

(c) Life-stage Segmentation- Microwave 1000 model is targeted to single young people and 1100 Model for newly married couple.

(d) Behavioural Segmentation- Microwave 1200 will be most useful for heavy users whereas the Microwave 1000 for light users.

 

Research and Surveys

A primary data research was executed in order to denote current customer preferences in order to design a complete product for them. It has been found that as a new participator in the market competition, we should provide a complete package to the customer. Talking in management language, all the features to focus on, mentioned above, has become hygiene factors for the customers, they have knowledge about oven and have already chosen their locality: therefore the product designed should provide differentiated needs of the customers by providing a complete package. People today are more concerned about artificial chemical usage; green revolution is

showing its colours.

 

Marketing Strategy

Microwave primary marketing strategy will be to through extensive promotion to create demand for a yet properly untapped market, Our consumer targets have been discussed above in Market Segmentation. The primary consumers are households, but we are also targeting fast-food shops with our more expensive Microwave 1200 model.

 

Distribution Review

Microwave brand will be distributed through a network of retailers in the electronic markets around metro cities. Our partners will incorporate some major electronic speciality store from the shopping malls to "Stadium". We also plan to experiment sales using e-commerce, which has to gain transaction in the sub-continent.

Sales Promotion

To increase our sales and exposure of our product we have decided to carry on certain sales promotion activities.

· Coupons: Offering coupons to customers which will give them 5% off if they take the coupons to the stores.

· Kiosk Marketing: We also decided to carry on Kiosk Marketing. We will have our sales personnel in the big super shops and they will tell customers about our product and company. Moreover, they will distribute our free samples and coupons to get attention of our newly launched product.

· Push Sales: For retailers, we will also have to practice push sales with a high markup pricing in order to occupy maximum shelf space. It will encourage the retailers to promote our brand because of their own advantage.

 

Conclusion

We realize that the above marketing plan focuses mostly on advertising and promotion, however, that has to do with believe that a new product should be extensively advertised in a new market. However, we all know that first year is all about gaining market share and build a great brand image while maintaining beat-even provided the guidelines are being followed:

 

This Marketing Report for Microwave Ovens is by no means definitive. In the ever changing market it is necessary to update our marketing plan as we battle along the profitable kitchen appliance.

 

HAPPY LEARNING TASLEEM