Marketing Objectives Essay Example | Topics and Well Written Essays - 1250 words

Marketing Objectives - Essay Example The new product is code named as M2030. Marketing Objectives The target market of the company is all the households and offices of that are looking for lighter and efficient products. The product is aimed for UK market. M2030 will be a good choice for families considering the product’s ease and efficiency. â€Å"UK Households spent an average of ?474 per week in 2010.† (Office of National Statistics, 2011) As per the statistics department, fuel and power form one of the major components of the expense items. It is also seen that consumers have spent more disposable income for consumer durables in 2010. This trend is expected to continue in 2011. The product will be more focused on London, Northern Ireland, South East, East and South West. (Office of National Statistics, 2011) The marketing objectives of the product M2030 are as follows: 1. To become the best in class product in the product category 2. To make the product available in all the leading electronics stores 3 . To offer the product to the customers at a highly competitive price 4. To create an impact in the minds of the customers regarding the benefits of the product. This report will further look into the detailed aspects of marketing of M2030 in UK. A detailed analysis of the competition and environment is also included in the report. Competitive Situation Analysis G’s products can be classified based on the three way consumer classification system of convenience, shopping and specialty goods. The products of G Electronics are kettles, toasters, juicers, mixers, ovens, dish washers, and micro waves. All these products can be classified as Shopping Goods. (Kurtz, 2011) The following five force model analysis will analyze the competitive situation of Company G. Supplier Power: The Company maintains excellent relationships with the existing suppliers. But for producing M2030, the company requires new materials which are different from those supplied by the existing suppliers. The s upplier power is comparatively less for G as the numbers of suppliers are high. Threat of Substitutes: The threat of substitutes is comparatively higher for Company G. Products that are not as efficient as M2030 are available at a lesser price in the market. But then this happens only if the customers prefer cost benefit over efficiency. Switching cost is comparatively low for this product category. Buyer Power: Buyer power is very high in this case. The customers are flooded with numerous products by various brands. All products differs each other in terms of the design, price, efficiency, etc. Buyer concentration is high for microwave oven market. Also, the chances for customers to have inclination towards a particular brand are very high. Threat of new Entrants: Threat of new entrants is low in this industry though there are big companies who still foray into unrelated businesses. Brand identity and research costs are two main factors that hinder companies from entering this indu stry. There is definitely a threat from big companies who has the capital and knowhow to enter the segment. Degree of Rivalry: Some of the strongest players in the industry are Philips, IFB, Panasonic, Samsung, Siemens, LG, Sharp, Whirlpool, Daewoo, etc. There are just the leading brands. Apart from this there are other brands that has significant cumulative market share. Therefore, the degree of rivalry is high in this industry. (Mindtools, 2011) SWOT Analysis