3-5 year sample marketing plan Essay Example | Topics and Well Written Essays - 1500 words

3-5 year sample marketing plan - Essay Example The features of the products are completely in line with the mission statement of the company, which aims to improve quality and convenience of the lives of customers or users of the product. The key features of the new kitchen appliance are: â€Å"Quality† of the mission statement can be seen in the supreme quality of the product and the â€Å"convenience† part can be seen in the fact that the product is light, easy to use, and has multiple features which makes it convenient to use. Following the three way classification of consumer goods, which divides goods as convenience goods, shopping goods and specialty goods; this product can be classified as a shopping good because it will not be purchased regularly, like, milk, butter (convenience goods) or very rarely, like, luxury cars and designer goods (specialty goods). In order to consider the appropriate target market, following variables can be considered by the company: gender, household income, marital status and presence of children in the families (Pride & Ferrell, 2011). Kitchen appliances are particularly required by women for helping themselves in the kitchen. Income of the families will also be a major determinant for recognizing the probable customers. However, the company is trying to fix the price of the product reasonably, so that middle income group can easily afford it. The presence of children will also enhance the sales, as children love home baked cakes and the blender would hugely serve the purpose. So, basically women of the family with little children form the primary target market for the company. Competitive Rivalry: The competitive rivalry is very high in the kitchen appliance industry as competitors are mainly global ones, like, Haier, Electrolux, Whirlpool and Morphy Richards, to name a few (Letto-Gillies, 1996). The growth of any industry automatically slows down as it matures and competitors become more alike, given that the industry conventions emerge,