3-Year Marketing Plan
Assessment Code: VZT1
Table of Contents Introduction 3 Mission Statement 3 The Product 3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 3 Analysis of Competition using Porter’s 5 Forces Model 3 SWOT Analysis 4 Strengths 5 Weaknesses 5 Opportunities 5 Threats 5 Market Objectives 6 Product Objective 6 Price Objective 6 Place Objective 6 Promotion Objective 6 Marketing Strategies 6 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Tactics and Action Plan 7 Product Action Plan 7 Price Action Plan 8 Place Action Plan 8 Promotion Action Plan 8 Monitoring Procedures 8
Introduction…show more content… They are women with incomes of $25,000 or more a year that care about their appearance and spend money on beauty products. They tend to have curly or frizzy hair. They are women that tend to use beauty salons and keep up with fashion and fashion trends.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
The following analysis of Porter’s 5 Forces Model will help in determining the threats that my be present now or in the future and help determine opportunities and decisions regarding the marketing plan.
Competitive Rivalry CHI is Company G’s largest competitor as of the beginning of fiscal year 2014. CHI has a large Research and Development department that could eventually determine our technology advances. This threat is considered low to non-existent until the fiscal year end of 2017.
Threat from New Entrants There are currently no new threats from new entrants in this market. Company G’s technology, testing and production process that is very efficient for profitability cannot be easily replicated.
Threat from Buyers There is currently no threats from buyers. We are not limiting ourselves to one outlet in our distribution.
Threat from Suppliers A shortage in raw materials to make the ceramic element could propose a threat from our supplier. Although this threat is considered low, we will monitor the availability and research a comparable ceramic