Company G is a well-established firm that is highly regarded in the electronics market. Its mission statement is as follows:
“We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions.”
Company G’s engineers and designers have developed a line of small appliances that the company feels can be very successful in the small-appliance market. The company feels that the current marketing plan for its products does not put them in a position to reach the profit potential for the small appliances.
Success with the new line will depend upon an accurate assessment of the market and a well-crafted, effectively implemented marketing plan that will fit the current market.
As the marketing manager, you are charged with the responsibility of developing a new marketing plan that will enable the company to reach the full profit potential of one small appliance from the new product line.
The president has suggested that you use the “clean sheet of paper” concept as you develop the plan; therefore, during the time you are creating the new plan, all details of the company’s existing electronics marketing plan are to be considered irrelevant. The intent is that current strategies, practices, etc., will be considered for relevance and possible continuance only after your new plan has been presented to and is understood by top management.
Company G’s team of engineers and designers have developed a line of top-quality small appliances, and through concept and prototype testing, they have shown that the visual design features are very appealing to potential buyers and give a distinct impression associated with quality and artistic elegance. Extensive testing has demonstrated that the new products may be the most reliable line of products in the small-appliance industry. Additionally, the team has designed a production process that is very efficient in terms of labor and production-line time and that will result in very little raw materials waste. The combination of these efficiencies and the relatively small front-end investment for this line will result in the company’s ability to produce each of the products in the line at a cost that should enable them to emerge as the lowest-cost producer in the small-appliance industry.
Company G has a low debt-to-equity ratio and a high credit rating. It enjoys excellent relationships with current suppliers, but because of differences in material requirements, new raw material suppliers will be needed to support the small appliance line. Company G will also need new suppliers for two component parts that will be purchased ready for assembly into some of the small appliances.
The credit terms Company G offers to intermediaries in their distribution channel are typical for their industry. Marketing research has shown that the company’s brand and logo are readily recognized by most categories of electronics product consumers.
Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. An originality report is provided when you submit your task that can be used as a guide.
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
Prepare a one-year marketing plan (suggested length of 5–7 single-spaced pages) using the attached “Company G One-Year Marketing Plan Template” for one of the small appliances from the new line. Carefully examine the details provided in the given Company G marketing scenario and identify the specific information that should be considered while developing the plan. Consider other information from the real world that you should incorporate as you develop the plan. Include the following sections in your plan:
A. Product Support of Mission Statement
- Describe the specific appliance you have selected.
- Explain how the small appliance you have selected supports Company G’s mission statement provided in the scenario.
- Classify Company G’s proposed product using the three-way consumer product classification system.
a. Justify the designated classification.
B. Target Market
- Describe the target market for the company’s product, including two variables related to demographic information, psychographic information, or geographic information.
C. Analysis of Competitive Environment
- Analyze Company G’s competitive environment, addressing each of the components of Porter’s Five Forces Model.
D. SWOT Analysis
- Describe three of Company G’s strengths that would support the marketing of the new product.
Note: This description should address Company G’s strengths, not the strengths of the product itself.
a. Justify your choice of each of these elements as company strengths.
b. Identify two strengths that should be considered core competencies.
- Describe three of Company G’s weaknesses that would undermine the marketing of the new product.
Note: This description should address Company G’s weaknesses, not the weaknesses of the product itself.
a. Justify your choice of each of these elements as company weaknesses.
- Describe three current or potential opportunities that would support the marketing of the new product.
a. Justify your choice of each of these as opportunities.
- Describe three current or potential threats that would undermine the marketing of the new product.
a. Justify your choice of each of these as threats.
E. Marketing Objectives
- Identify one SMART (specific, measurable, achievable, realistic, and time-bound) marketing objective for each of the following marketing mix elements:
F. Marketing Strategies and Implementation
- Describe three distinct strategies for each of the following market mix elements that are appropriate for the target market and supportive of the related objective:
- Explain why this is the best collection of strategies to achieve the objectives identified in part E.
- Describe one implementation tactic for each of the strategies identified in parts F1a-F1d.
a. Include a due date and responsible party for each implementation tactic.
G. Monitoring Procedures
- Describe the specific actions that will be taken to measure the progress toward the objectives identified in the plan.
- Describe the frequency for each of the actions described in part G1.
H. When you use sources include all in-text citations and references in APA format.
In a perfect, idealistic world, each understudy would gain proficiency with a similar substance in the very same manner. Instructors could show a thing or two once and all understudies would comprehend and become familiar with the idea before proceeding onward to the following point of the day. In any case, as we as a whole know well indeed, understudies dislike this; unexpectedly, every understudy has their very own preferred method for learning and instructors are looked with the test of showing understudies with a wide scope of capacities. As Van Sciver (2005:534) commented, "Instructors are presently managing a degree of scholarly decent variety in their study halls incomprehensible only 10 years back". In this way, in a solitary homeroom, understudies' taking in capacities may run from above evaluation level to beneath grade level. For instance, in a secondary school class made up of thirty understudies, one will see a variety of understudies' scope of capacities. As far as talking capacities for example, one understudy may convey at an apprentice or a basic level, while another imparts a long ways past his/her evaluation level (at an upper-middle of the road, progressed or even capability scale). Besides, understudies will in general have various characters, foundations and learning styles that must be mulled over and painstakingly provided food for by their instructors. This is the reason, any instructor ought to be a capable specialist of the current learning styles, learning hypotheses and instructing systems that would prompt a smart choice of the appropriate educating approach. In addition, it is basic for each educator to forever stay in contact with the most recent disclosures in fields of Psychology and Methodology and undertaking their future movement in order to expand the students' potential. It is basic information that each learning hypothesis has had (and keeps on having) a significant impact upon the act of language instructing and regardless of whether another hypothesis has developed as a response to saw insufficiencies or difficulties of the past ones, every one of them assumed a huge job, presenting advancements at a given minute and filling in as a reason for new revelations. At the end of the day, we can't think about learning speculations and training strategies and we should esteem the positive angles in every one of them. By and by, the accompanying lines of this part will be committed to a progressive hypothesis that activated radical changes into the impression of insight and language educating, to be specific the Theory of Multiple Intelligences, proposed in 1983 by the American clinician, Howard Gardner. As I would like to think, this is the very hypothesis that provides food for the one of a kind character every understudy has and that has responded to practically the entirety of my inquiries with respect to my understudies' conduct in class. (For what reason do a few understudies truly appreciate and perform better working in bunches while others are substantially more gainful when working alone? For what reason do a few students attract pictures their journals while others appear to just need to hear a word or a linguistic structure and they are in a split second equipped for utilizing it by their own? For what reason would i say i was effective with an action applied on certain understudies while playing out a similar movement with another gathering of understudies I was definitely not?) 3.1. The Concept of Intelligence Knowledge is an intricate issue that has consistently prompted a wide scope of conflicting articulations and long-running and savage discussions. There are upwards of 150 meanings of insight in the field of Psychology with supporters keeping up its conventional importance and strength and adversaries testing the standard implications and grasping some progressively thorough, increasingly mind boggling, more extensive and considerably increasingly down to business viewpoints. The principal circuitous records of the expression "knowledge" were enlisted during the Antiquity, when the idea of insight was fairly seen and alluded to as a perfect; in this manner, the antiquated Greeks esteemed "physical capacity, balanced judgment and temperate conduct" (Gardner, 1999:1), while the Romans would in general position 'fortitude' as the preeminent perfect. By method for differentiate, the Chinese loved various standards, for example, aptitudes in music, drawing and arrow based weaponry. It is commonly realized that the descriptor "savvy" has consistently strongly affected individuals throughout the hundreds of years, and the individuals who are alluded to as "canny", are relied upon to have the option to succeed in scholastic life as well as in assignments and circumstances they stand up to with all through their reality. Hence, along the hundreds of years, numerous therapists have endeavored to characterize, measure and express human scholarly capacities. As a rule, knowledge is characterized as "the general mental capacity engaged with ascertaining, thinking, seeing connections and analogies, adapting rapidly, putting away and recovering data, utilizing language fluidly, ordering, summing up, and changing in accordance with new circumstances." (Columbia Encyclopedia, 6th release, 2006). All the more explicitly, two significant ways to deal with seeing knowledge can be followed: the customary hypotheses dependent on the IQ point of view and the speculations dependent on Multiple viewpoints. Insight speculations dependent on the IQ point of view used to characterize the term as a "static, single build" (Snider 2001:5), that is a unitary and consistent trait estimating language and rationale through the outstanding IQ (Intelligence Quotient) test, created by the renowned French analyst Alfred Binet in 1906. The IQ test was later adjusted (1920-1930) in order to suit the American culture, being additionally alluded to as the Standford-Binet Intelligence Scale (Gardner, 1999:12). Moreover, different tests, for example, SAT (Scholastic Aptitude/Assessment Tests) were grown yet they depended on a similar peculiarity viewpoint that acknowledged insight as a sole limit which was estimated by the Intelligence Quotient (IQ) tests. Despite the fact that every one of these tests just surveyed a restricted scope of legitimate and etymological limits, they before long turned into the standard insight instruments of assessment utilized in the U.S.A., however everywhere throughout the world; in addition, the overall population appears to have grasped this constrained view as per which knowledge is the thing that the insight tests referenced above used to quantify. (Kail and Pellegrina, 1985: 158). A genuine guide to outline the previously mentioned proclamation would be that of Marilyn Vos Savant, the individual holding the world\'s most elevated recorded score on the IQ test (as enrolled by the Guinness Book of World Records). Celebrated writer, writer, instructor and dramatist, Marilyn Vos Savant is regularly depicted as the most keen individual on the planet and since 1986 she has been composing a week after week syndicated section entitled \"Ask Marilyn\" for some papers and magazines in the United States wherein she tackles riddles and answers inquiries from perusers on an assortment of subjects. (Vos Savant 1998). Numerous individuals read her segment and love the sensible and definite answers she offers to dubious inquiries. Whatever knowledge may mean, Vos Savant was considered to have a lot of it. In any case, in 1990, in the wake of reasoning that IQ tests are not solid enough to assign a solitary world record holder, the Guinness resigned the classification "Most elevated IQ". Notwithstanding the way that tremendous changes in the conceptualization of mind had happened as of late in the fields of Physics, Biology, Neuroscience, Cognitive Science, the impression of knowledge had remained marginally unaltered throughout the previous 100 years (Gardner, 2004) . It was uniquely in 1983 that the well known American analyst cited above, Howard Gardener, effectively figured out how to challenge this accepted way of thinking and alter the customary speculations of Intelligence dependent on the IQ point of view, making the change to all the more brave knowledge hypotheses dependent on different viewpoints, making in this way, new conditions for the understanding of human knowledge and raising incredible, important bits of knowledge into the procedure of instruction. 3.2. Gardner's Theory of Multiple Intelligences Because of the disadvantages without further ado depicted in the initial segment of this section (3.1. The Concept of Intelligence), Howard Garner proposed an a lot more extensive and precise perspective on the term, to be specific a "pluralistic perspective on the psyche" (Gardner, 2006: 5), that "upgraded the evaluation of every single human competency" (Campbell, 1991: 12)", representing the various ways individuals think and act. All these are breathtakingly organized and enlivened in the Theory of Multiple Intelligences. Howard Gardner previously presented his inventive hypothesis in 1983 in his first prominent book "Outlooks". It is in this book Gardner expressed, \"I accept that human psychological fitness is better portrayed regarding a lot of capacities, gifts, or mental aptitudes, which I call intelligences\" (1983:6), examining the plausibility of a few specific insights inside the human personality. All the more explicitly, Gardner proposes that every individual has various aptitudes and capacities in a few subjects, that every individual has a few sorts of insights that are joined in an unexpected way: "In its solid structure, numerous insights hypothesis sets a little arrangement of human scholarly possibilities, maybe as not many as seven in number, of which all people are fit by temperance of their enrollment in the human species." (Gardner, 1983:278). At first, Gardener proposed the presence of in any event seven essential sorts of insights (verbal-phonetic, melodic, consistent scientific, visual-spatial, real kinaesthetic, relational , intrapersonal) and he later included two more (naturalist and existentialist) in probably the most recent book, distributed in 1999: "Knowledge Reframed: Multiple Intelligences for the 21st century". There are numerous pundits who scrutinized the hypothesis of various insights, pushing that what Gardner portrays as "insights" are just a lot of aptitudes, gifts or internal capacities and theref>GET ANSWER