Order ready-to-submit essays. No Plagiarism Guarantee!
Note: All our papers are written from scratch by human writers to ensure authenticity and originality.
Assignment 1. Part A Your marketing plan
Check your essay before you submit. See exactly what your professor sees.
See your AI and plagiarism results before your instructor does.Get the exact same report your professor uses. Trusted by 50,000+ students worldwide.
Introduction
The following assignment is aimed at creating a comprehensive marketing plan for a hypothetical organization. The “Pot and pan” company has been producing cookware at Prince Edwards Islands Canada since 1979. The manufacturing plant of the company is especially designed to produce cookware for North America market and this company produces pots, pans and diverse sets of Cookware for both individual and corporate clients, emphasizing orientation on luxury products.
Executive Summary
The “Pot and pan” company is one of leading companies at the luxury segment of cookware in the U.S. and Canada. The company’s positioning strategy is based on emphasizing exceptional quality of its products, while the prices for “Pot and pan” products are the highest among comparable items.
Narrowness of existing target market and the willingness to future expand to other segments of the cookware market; also as economic tension decide the need for a broad re-analysis of the company’s goals for the future. This new 5-year strategic plan recommends including one more target group, expanding the product line to meet the needs of middle-class consumers, and focusing on developing promotion strategy. Successful application of the plan will have positive impact on profitability of the business, resulting to shareholders’ return on investments.
Environmental Analysis
Competitive forces: This product by large different of cookware manufacturing companies are accessible in both U.S. and Canada. In that group are 216 brands and they available at retail by Cookware manufacturers association (Cookware manufacturers association, 2014). Wide range of companies functions at various segments of the market together.
Economic forces: The kitchen and cookware stores industry faced compelling downfalls because of recession that called forth the decrease in excessive incomes of customers, who bought fewer products as they were approximated to buy earlier. However, revenue from 2014 to 2018 is expected to grow as consumers incline to increase their amount of purchase on luxury industry products (IBIS World, 2013).
Political forces: The increase in export-import operations due to the changes of trade regulations between the USA and world’s biggest manufacturers of cookware (such as China) places this company at a competitive disadvantage with respect to the ones, produced overseas. However, luxury segment of the market is predicted to be far less exposed to this direction as other segments.
Legal and regulatory forces: The products fully comply with the U.S. and Canadian safety guidelines. Tort liability of the company is ensured.
Technological forces: The products are manufactured with regard to latest technological advancements in the field of cookware manufacturing, and the company is thoroughly monitoring the development of industry-related technologies.
Socio-cultural forces: The Company is responsive to target’s commitment high-quality products made with Canada label. Also, green manufacturing methods are used.
The Target Market
The company’s primary target market is female, aged 40-60, who are not officially employed and dedicate significant amount of their time to housework. In addition, these primary targets value the quality of this product, and consider buying this product as an investment because of its reliability. Another group of customers that is included into the company’s primary target market and corporate clients (restaurants, hotels). Secondary market includes women, aged 20-70, who are either employed or busy with housework and trend toward premium brands.
Branding Strategy
One of most developed product line by “Pot and pan” includes variety of different products. One of most popular cookware is steamer with a cover. The brand name for it can be “Super-steamer”. The logo will depict a steamer with cartoon-like face (eyes nose and smile). The slogan is to be a brief message, emphasizing the peculiarities of the product. In my opinion, the one suitable slogan will be “Super steamer for super dishes”. Besides producing single products, the company under studies also produces cookware sets. Different variations of super steamers form an integral part of vast majority of the sets. So, the branding strategy can be extended to the cookware sets. The name for the set can be “Super steamer family”, and thus the slogan can be formulated as “Super steamer family for super dishes”.
Performance Analysis
In the context of the formulation of the assignment performance analysis is similar to return-on-investment (ROI) that is calculated as follows: (gain from the investment-cost of investment)/cost of investment.
Knowing the benchmarking percentage, we can transfer to the analysis of each of the metrics in order to compare performance of the company to the performance of its closest competitor, namely Paderno.
Customer engagement is the metrics that is characterized through several other metrics, namely activity time and visit frequency (with regard to websites). The average number of visitors of the website of our company during a day is 1.500 people, while the average number of visitors of Paderno website is 4000 people.
1500/4000=0.375. The number of Paderno website visitors exceeds the number of our unique visitors by 72.5 per cent.
Let us suggest that while the retention rate of the visitors of our company’s website was 30 per cent on January, the first, 2014, and on January, the fifteenth it was 50 per cent, while retention rate at Paderno company website was 50 per cent and 70 per cent respectively.
(50%-30%)/30%=0.6=60% – increase in retention rate
(70%-50%)/50%=0.4=40% – increase in retention rate
The number of website visitors can to great extent determine the revenue of the company due to the fact that all the products by both companies can be purchased on line through their official websites.
The market share is classical metrics, used in performance analysis. Paderno is still the leader of the market, enjoying the market share of 22%. In 2013, its market share increased by 1 per cent (from 22 to 32 per cent), while the market share of the “Pot and pan” increased from 11 to 15 per cent.
(23-22)/22=0.0045=4.5%
(15-11)/11=0.36=36%
The fact of growth can be explained by the introduction of several new distribution channels into the operation of the company last year, while, being confident in its leading position at the market, Paderno preferred not introduce any changes to its strategies.
The rate of adoption can be defined as the relative speed that characterizes the process of social system’s members’ adopting an innovation. The factors that influence adoption rate include relative advantage (the degree of innovation’s improvement as compared with the previous generation) compatibility, complexity, trial-ability, as well as obse
