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Assignment # 3: Marketing Plan- Branding, Pricing, and Distribution
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Branding Strategy Pot and pan is a company that develops various brands of products with the most popular cookware steamer with a cover. The product has been assigned a brand name of ‘Super-steamer’. It has a logo that 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 marketing slogan shall be Super steamer for super dishes. Besides producing single products, the company under study also produces cookware sets. Different varieties 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. Pricing Products need to be affordable to customers hence prices should be considerably low but also at a range that there would be returns for the company. However, quality matters a lot to customers than price. Thus ensuring quality would make them not to be scared of the prices. The pricing will begin with sell at discounted prices and promotions. We will offer packages on our products that will allow customers to buy samples of our products at a determined introductory price. This will entice the customers to buy the product as well as also allow them to try the wide array of our products. After the organization has been well established in the market, maybe for two to three months, the introductory prices will then be removed. After some time periods, we will offer other promotions to introduce new designs of our products in the market. These promotions will allow us to test the market and see how they like our new design as well as help in determining the appropriate price we should charge. Finally we will consider price elasticity. If the demand for what we are offering is less elastic we can go ahead to introduce a higher selling price. This shall not negatively affect our position in the competitive market. The data will give our company the opportunity to price properly and be fair in both local and international market. Distribution and Logistics Pot and Pan, own and operate numerous cookware processing plants and cold storage distribution centers to support thousands of stores in the U.S. and Canada. The company owns and operates more than 1,750 stores across the U.S. and Canada, along with a large network of distribution, manufacturing, and cookware processing facilities to support those stores. This allows Pot and Pan to have their distribution centers logistically located near stores. The Company distributes its products with the help of several distribution channels, namely its own cookware stores, retail stores, annual fairs and website. It is planned to maintain functioning of all available distribution channels and promote effectiveness of the company’s own stores and its website to secure control over distribution and not be dependent on retailer’s influence. Marketing Strategy Description of Product or Service Strategy
Pot and Pan Company, one of leading companies at the luxury segment of cookware in the U.S. and Canada marketing strategy is based on emphasizing exceptional quality of its products. The prices although are considerably among the highest among comparable items in the market but their quality warrants them. Narrowness of existing target market, the willingness for future expansion to other segments of the cookware market, and economic tension shows the need for a broad analysis of the company’s future goals. There are 1,775 Pot and Pan Stores across the US and Canada and Pot and Pan’s product and service strategy is to cater to for the needs of customers.
Pot and Pan services include; home cookware delivery, greeting cards and a pharmacy. Items include your normal cookware items such as pot, pan but Pot and Pan will extend its production to spoons, forks, knives, cups, and full line of baby products. In 2006, Pot and Pan introduced a new line, with ash resistance pot and pan and processed line of products named A.C.R. (Ashes Cookware Resistance). Pot and Pan is advancing its product selection and delivery options in order to meet the demands of customers looking for one place to shop at and not having to go to multiple stores. Analysis of Major Competitors Pot and Pan’s major competitors in the cookware industry include Lifetime Stainless Steel Cookware, USA Pan, and America craft Cookware. The SWOT analysis will be done on Americaft Cookware since this organization has low price strategy as Pot and Pans. S.W.O.T Analysis of America Craft Cookware. Strengths America Craft Cookware is a powerful retail brand that specializes on low-price items, convenience, and a wide range of products all in one store. Americaft cookware has grown substantially and has experienced global expansion. The company has a core competence involving its use of information technology to support its international logistics system. For example, it can see how its products are performing within the country wide store-by-store at a glance. People are key to Americaft cookware business and it invests time and money in training people, and retains and develops them.
Weaknesses Americaft Cookware is among the world’s largest cookware manufacturer. However, despite its IT advantages, there may be problems in controlling it. This could leave it weak in some areas such as management due to the huge span of control. Since Americaft Cookware sell 360 cookware products such as ( 9 x13 bake and roast pan, 9 round cake pan, cookie sheet and so on), it may not have the flexibility of some of its more focused competitors. Americaft does not cater for healthy cookware except for only its Americaft stainless steel cleaner which does not 100% clean these products. The company is global, but has a presence in relatively few countries Worldwide. Opportunities Merge with other cookware manufacturer and focusing on specific markets such as Europe or the Greater China Region. The stores currently trade only in a relatively small number of countries. Therefore there are tremendous opportunities for future business in expanding consumer markets, such as China and India. Opportunities exist for Americaft to continue with its current strategy of large, super centers. Pot and Pan could take advantages in such areas of expansion. Threats Americaft is constantly the target of competition, locally and globally. Due to the fact that Americaft is a global manufacturer, they are usually exposed to political problems in the countries they operate in. Intense price competition is always a threat for Americaft as manufacturing costs of products has dropped due to outsourcing to low-cost regions of the world. Inflation of certain cookware items can cause a threat to being the low-cost leader in the industry. S.W.O.T. Analysis of Pot and Pan Strengths Pot and Pan has a significant market share within the United Stated and Canada. This geographical diversity helps the business sustain its competitive strengths. Pot and Pan has a well-known brand name. With a valuable private label business, innovative formats and customer service focus, the company can compete against Americaft super-centers. Pot and Pan offers an online store with home delivery. High quality product that is healthy due to its resistance to ashes found at the bottom. Pot and Pan provides 25+ years warranty to reaffirm the company’s confidence in through quality, green technology and social responsibility. Weaknesses Pot and Pan Company needs to attract more customers and increase traffic in the stores. Advertising campaign is small and should be increased to attract shoppers, lowering of prices in order to be in toes with the competitors. The current economic environment makes it difficult for Pot and Pan to remain profitable. The lack of product related communication and long term relations with corporate client. Opportunities Pot and Pan Company needs to continue advertising their low-cost price items as well as producing healthy cookware. Due to the economic downturn, Pot and Pan should have an opportunity to increase their market share as other private stores close. Pot and Pan should also look into entering new segment of the market by expanding its operations globally beyond North America. Another area where Pot and Pan should concentrate on is creating different types of cookware sets and improving both product related communication and long term relations with corporate client. Threats Significant level of competitive rivalry among the U.S. and Canadian cookware manufacturers, increase in import of cookware from China, decrease in consumers’ spending on cookware, and high costs of developing new products that will have considerable advantages as compared to previous generation of products. Environmental Analysis Competitive forces: cookware manufacturing company’s products are readily available in both U.S. and Canada markets. The group consists of 216 brands that are available for distribution at retail by Cookware manufacturers association (Cookware manufacturers association, 2014). Wide range of companies has the advantage of exploring various segments of the market together. Economic forces: The kitchen and cookware stores industry faced downfalls because of recession that led to the decrease in excessive incomes of customers who bought fewer products than expected. However, revenue from 2014 to 2018 is expected to grow as consumers are likely to reduce the spending 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 commitment, high-quality products made with Canada label. Also, green manufacturing methods are used.
Marketing Research Tool
Pot and Pan use internet website, social network like Facebook, surveys, blogs, and emails to special customers who hold club membership card as marketing research tool.
Implementation strategy Pot and Pan’s implementation strategic marketing method includes three phases which are: planning, implementation and control. If these methods are established adequately and then it assures success of an organization’s marketing strategy. This implementation strategic marketing phase requires good planning.
Activities & Responsibilities for Implementation Phase
During launching advertisement, the advertisement department will create and design sign boards, magazines, and flyers for the new products while the marketing department will market this new product by sending out these sign board, magazines and flyers.
Pot and Pan’s company new product promotion will be established by placing kiosks in shopping malls and this will executed by employees. Lastly, stock will be sent to all channels where our products are accessible and this task will be carried out by our organization sales department through taking the number of the stock necessary at each outlets and also ensuring on time deliveries of articles.
5 Year Expansion Plan
Pot and Pan will become possible to include middle-class consumers, in next 5 years the possibilities of broadening the target can be observed (Green, 2011). Pot and Pan will produce new dimension product in the future. In addition, Pot and Pans will be extending its cookware’s produce in next five years to bake & roast pan, round cake pan, cookie sheet, and adults and babies spoons, knives, and forks while maintain the flexibility of some of its focused competitors. The purchase of bake &roast pan, round cake pan, cookie sheet, adults and babies spoons, knives, and forks has increased by 70 percent over the past two years. We anticipates that sales will continue to grow and to capitalize on this consistently current market for baking products and people will always need and buy baking tools since they bake a lot. Based on this result or consequence, future plan sales will inflate.
Consumers of bakery products frequently buy new bakery and pot and pan product every holiday season and 2 to 3 months depending how frequent they have occasions or parties. Thus, our agency’s advertisement
Assignment # 3: Marketing Plan- Branding, Pricing, and Distribution
