Target market for refrigerators

My section is highlighted in red please refer to other document for guidelines and needed information also attached is a powerpoint that could be helpful.

Table of Contents

1. Executive Summary……………………………………………………………………………...

a. Synopsis…………………………………………………………………………………….

b. Major aspects of the marketing plan……………………………………………………….

2. Situation Analysis……………………………………………………………………………….

a. Analysis of internal environment…………………………………………………………..

b. Analysis of the customer environment……………………………………………………..

c. Analysis of the external environment……………………………………………………....

3. SWOT……………………………………………………………………………………………

a. Strength…………………………………………………………………………………......

b. Weakness……………………………………………………………………………………

c. Opportunity………………………………………………………………………………....

d. Threat……………………………………………………………………………………….

e. Developing competitive advantages………………………………………………………..

f. Developing a strategic focus……………………………………………………………….

4. Marketing goals and objectives………………………………………………………………….

a. Marketing goals…………………………………………………………………………….

b. Marketing objectives……………………………………………………………………….

5. Marketing strategy……………………………………………………………………………….

a. Primary and secondary target market………………………………………………………

b. Overall branding strategy…………………………………………………………………...

c. Product strategy…………………………………………………………………………….

d. Pricing strategy……………………………………………………………………………..

e. Distribution /supply chain strategy……………………………………………………….

f. Integrated marketing communication promotion strategy………………………………….

6. Marketing Implementation……………………………………………………………………….

a. Structural issues…………………………………………………………………………….

b. Tactical marketing activities………………………………………………………………..

7. Evaluation and control…………………………………………………………………………...

a. Formal controls……………………………………………………………………………..

b. Informal controls…………………………………………………………………………...

c. Implementation schedule and timeline …………………………………………………….

d. Marketing results…………………………………………………………………………...

8. Appendix………………………………………………………………………………………....

Executive Summary

Synopsis

Major aspects of the marketing plan

Situation Analysis

Analysis of internal environment

Analysis of the customer environment

Analysis of the external environment

SWOT Analysis

Strength The Smart Fridge is the first smart fridge introduced to society which is why our product is very original and unique. Our product provides a variety of recipes, gives the customer an estimated cooking time, and speaks as they cook. The customer does not have to read the instructions because the fridge speaks and tells them step-by-step what needs to be completed. Consumers have never heard or seen a product quite this amazing. Also, our company provides training to our employees that allows them to learn about the features and benefits of the Smart Fridge. This allows them to train customers when the fridge is delivered which will further customer knowledge about our product. We want our customers to enjoy every feature that we’ve put into this fridge because we know they will truly benefit from it. Our product also helps to eliminate the amount of food wasted each year. Instead of throwing away waste food, our customers are going to be shown how they can use it to cook great tasting meals. Customers will stop wasting so much food when they realize they can use it to cook. Food waste has become a major concern in American and our product can get rid of this issue. The Smart Fridge is manufactured in the United States which allows managers to monitor the quality of the product. This helps our company ensure that we are producing the best high quality product for our customers.

Weakness

Although the Smart Fridge is a unique and high quality product just like every other product we face a few weaknesses. Our company is brand new and the Smart Fridge is our first product that has been created and introduced for the public to purchase. Therefore, we have no brand reputation. This can cause consumers to become hesitant to purchase such an expensive product from a brand they have never heard of before. We believe the Smart Fridge will be very successful in the United States and will help us build the brand reputation we are aiming for. Not only do we have no brand reputation, but the Smart Fridge is very expensive. The Smart Fridge costs $40,500 and some consumers are not going to be willing or able to purchase such an expensive item. We understand our product is expensive, however, we believe our customers will love it and it will become life changing for them. The Smart Fridge is a very advanced fridge that has many features. Although we do offer training to our customers, some customers may not be willing to learn all of the available features. They may not want to take the time or they may not be in the market for a fridge this complex.

Opportunity

Our company faces a variety of external opportunities that will benefit our company and help us build the brand reputation we need as a new company coming into such a competitive market. Our external opportunities include: expanding into international markets, building reputation, and lastly strengthening our marketing strategy. Our product is very expensive which can potentially be a major downfall for our company. However, if we expand into international markets this could potentially decrease the price because we would be using cheaper materials. Outsourcing will allow us to increase efficiency and help us focus on our core business responsibilities. In the future, we can also expand our product into international markets to increase sales and profits. Although outsourcing takes some responsibility away from our company, it is still important that we maintain focus on the quality of our product to ensure that it will remain the high quality product we want it to be. Also, since our company is brand new and the Smart Fridge is our first product we need to work on building our reputation. In order to do this we can provide promotions, increase advertising, build customer relationships by providing excellent customer service. Providing promotions will draw new customers to us, increasing advertising will make consumers more aware of what our company offers, and creating strong customer relationships will ensure positive reviews of our company. However, if we ever have an upset customer we must handle it the best of our ability by being efficient and providing solutions to the problem. If we do all these things I believe our brand will become very successful and we will increase our customer base quickly. Our current marketing strategy has helped us begin as a company and launch our very first product. However, marketing strategies can always be improved because we always want to make sure we are doing everything possible to be successful. Constantly improving our strategy is only going to make us better and help increase our number of satisfied customers.

Threat

Although our company faces many opportunities, unfortunately we also face some threats. One of our major threats is our competition. The Smart Fridge is the first smart fridge available and we believe our competitors will soon be making similar products in order to compete. Our major competitors are LG, Samsung, and Whirlpool. It is important that we focus on the following factors in order to stay ahead of the competition. These are: knowing our customers, expanding or changing our target market, and update our products as our company grows. These will help us stay successful in our current market. We also fear the threat of new entrants entering our market. New competitors entering into the same marketing we are targeting can be a huge threat for us. Consumers are going to have a variety of options to choose from instead of just our brand. This means we must stay ahead and focused on making the Smart Fridge the best manufactured fridge available. The last threat we face is the constant changes in technology. Technology is always changing and there is always new products being created. It is important that we are able to keep up with these constant changes and focus on updating our technology system. If we do not allow updates on our system I do not think our company will be successful in the long run.

Developing a Competitive Advantage

Our company’s competitive advantage is that provide a high quality product that is manufactured in the United States and we also we provide excellent customer service. The Smart Fridge is a very prestigious product that makes life easier for our customers. We help customers discover new recipes and make cooking easier and more efficient. We manufacture our product in the United States which allows us to focus a lot on the quality. We also ensure excellent customer service by teaching our customers about their new product upon arrival and provide a customer service line with any issues they may face. When our employees deliver the product to the customer's house we offer to show the customer all the features of their new fridge. We want them to fully understand their new product and be able to take advantage of all the amazing features. Our company believes it is very important to build strong customer relationships and ensure customer satisfaction which is why it is one of our main competitive advantages.

Developing a Strategic Focus In order to ensure our company’s competitive advantages we must develop a strategic focus. Our vision is to target consumers who want a high quality refrigerator that will tend to their current needs and make cooking fun, simple, and more convenient. Our passion is to make our customers lives easier by providing them with a product that will do so. Our current target market is wealthy homeowners who enjoy cooking, want to learn new recipes, or are lazy when it comes to cooking. In the long run our company plans to expand our product line beyond the Smart Fridge. Expanding into international markets is also a possibility so we can lower the cost of our product that will allow us to expand into new target markets. This will also allow us to focus more on our business responsibly and less on the actual manufacturing of the product. We also want to build our brand reputation to eventually become one of the most popular brands in the world.

Marketing goals and objectives

Marketing goals:

The Smart Fridge is distinctively designed for the lazy ones that used to cook everything in the microwave. Our goal is to aim for easy functionality, while maintaining prestige. Being the first to introduce such a high tech refrigerator into the consumer's hands, we want to keep a strong brand image from the ground up. Building brand reputation will be key to be able to expand innovatively internationally and launch new products in the long run.