Building a Marketing Strategy
This paper gives an outline of the topics to be covered later on in detail. When considering an environmental friendly product, the cost at which the product is made and the demand for such a product needs to be carefully forecasted. Here are the steps provided that will help in creating a marketing strategy for the product.
The product to be marketed are state of the art electric stove that heat the food through induction of magnetic fields to warm the electric conducting pans without the need of a fire or gas.
Magnetic fields, heat safe, fire and gas safe.
It doesn’t need any fire or gas, uses inducting technology
• Price Differentiation Strategy:
For the induction cook tops, the company will use a differentiation strategy that charges higher prices than the competing electric stoves but offers an environmental friendly, fire and gas safe environments for cooking. This will be the positioning for the company.
• Market Research:
Market research is the primary step in developing any strategy. The whole strategy will depend on the results of this market research. A researcher needs to conduct a macro and a micro analysis of the environment that the company operates in.
The industry analysis will reveal the number of competing products, their prices, demands and market share. This will be helpful in determining where the company wants to place its product in and how it should be marketed to attain the maximum possible customer base.
A company research is an internal analysis that will reveal if the company has its own resources to develop a marketing strategy. The first thing that will be known is the marketing budget since usually this is the most limiting factor for any company. Other things found out in micro analysis are what elements the company has to outsource what capabilities it has to implement a marketing strategy on its own.
• Message/Logo/Tag Line: Cook safe, cook green and eat healthy!
• Goals and Objectives:
The goals and objectives need to be defined well. Some of them will be. o Achieve 20% market share in 2 years of introduction in the cooking range industry. Expand into whole of US within 3 years with plans to take the product global in 7 years.
Several media channels will be used for promoting the product and the main focus of advertising campaigns will be to market it as a household product. And the target market will be women between the ages 25-50.
Several advertisements will be booked for airplay at primetimes. Special deals will be done with cooking channels to support the new technology and innovative green way of cooking. The cooking stove used in cooking shows will be branded by the products name that will be visible easily to the viewers.
This medium will be used sparingly on weekend editions where the viewership of newspapers is the highest.
The primary marketing tool will be through special discount coupons appearing in women, household and cooking magazines.
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The main distribution channel used will be distribution agencies. These specialized distributors will become the official distributors of the company. While large scale retailers will keep the product in the home appliances area.
References Trusty, C. (2009). Building a Marketing Strategy: Eight Steps to Developing Your Plan. Ezine Articles. http://ezinearticles. com/? Building-a-Marketing-Strategy:-Eight-Steps-to-Developing-Your-Plan&id=86284