WGU C712 One-Year Marketing Plan C716

Company G 1-Year Marketing Plan v. 201103

Table of Contents Introduction ................................................................................................................................................. 3 Product Description and Classification ........................................................................................................ 3 Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification .............................................................................................................. 3 Target Market .............................................................................................................................................. 3 Competitive Situation Analysis .................................................................................................................... 3 Analysis of Competition using Porter’s Five Forces Model ....................................................................... 3 SWOT Analysis ............................................................................................................................................. 4 Strengths and Core Competencies ........................................................................................................... 5 Weaknesses ............................................................................................................................................. 5 Opportunities ........................................................................................................................................... 5 Threats ..................................................................................................................................................... 5 Market Objectives ....................................................................................................................................... 6 Product Objective .................................................................................................................................... 6 Price Objective ......................................................................................................................................... 6 Place Objective ........................................................................................................................................ 6 Promotion Objective ................................................................................................................................ 6 Marketing Strategies and Implementation .................................................................................................. 7 Product Strategies ................................................................................................................................... 7 Price Strategies ........................................................................................................................................ 7 Place Strategies ....................................................................................................................................... 7 Promotion Strategies ............................................................................................................................... 7 Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan ................................................................................................................................... 7 Product Tactics ........................................................................................................................................ 8 Price Tactics ............................................................................................................................................ 8 Place Tactics ............................................................................................................................................ 8 v. 201103

2. There would normally be an extensive amount of research involved for someone interested in growing an indoor garden or cultivating specialty plants/herbs indoors. 3. Company G will offer this product online through their website and through 10-15 locally-owned specialty shops per market area. Target Market The target market for this Company G product are typically young adults (age 25-40) who work from home, make $40,000/year or more, and who identify as indoor horticulturalists. From information obtained from our latest Company Greenhouse product survey, our customer typically cares for 30 or more indoor plants, lives in a space that is 1,200 sq ft or less (a condo, studio, loft) and who are environmentally conscious. Competitive Situation Analysis Analysis of Competition using Porter’s Five Forces Model Competitive Rivalry: The threat level for Company G is low and is projected to stay low for the next 3-5 years. There is very little competitive rivalry for this product due to its niche product category. Although there are several kinds of portable humidifiers on the market, there are none identified as an indoor grower’s humidifier with similar features and materials. Potential New Entrants: There is a low degree of threat for Company G to new entrants in this market. There is a high barrier of entry for indoor growers’ appliances due to engineering, patents and specialist knowledge required. Company G has enjoyed customer loyalty due to brand reputation and has not identified any new competitors on the market. Bargaining Power of Buyers: There is a low degree of threat for Company G in this area. Because the Mist-It is offered through very few retail outlets and captures most of its sales through the Company G website, there is little negotiating power for (retail) buyers; orders from brick-and-mortar stores have remained relatively small but steady, while direct sales through the website have remained high. Company G will not sell through Amazon or other big box stores so there is not a need for quantity discounts. Bargaining Power of Suppliers: There is a high degree of threat for Company G in this area due to the kinds of materials in the Mist-It, and due to manufacturing processes. Prior to the pandemic, components for ultrasonic humidifiers were not as in-demand or as expensive as they are today, and there are constant reminders that raw materials may be v. 201103

depleted and unavailable without notice. There are chips used in the manufacturing process that are currently unavailable and on a several months-long wait list. Substitutes: There is a low level of threat from substitute products due to the advanced design of Mist-It, and due to scarcity of raw materials used in this kind of ultrasonic humidifier. Company G has enjoyed very good relationships with its suppliers and does not see a threat from a new competitor obtaining access to materials used for controllers, sensors or displays used in this product. SWOT Analysis STRENGTHS *indicates core competency  High quality design in electronics*  Customer loyalty*  Knowledgeable, tenured management team WEAKNESSES  Small number of employees  Manufacturing equipment is leased  No R&D team OPPORTUNITIES  Indoor gardening niche  Recently acquired new warehouse space  Develop internship program THREATS  Shortage of chips needed for manufacturing  Decrease in profits due to raw material scarcity/pricing  Economic downturn could affect demand Strengths High quality design* is a strength for Company G:  Our products are renowned for their usability, durability, and minimal aesthetic.  Our designs have been revered by industry leaders in tech and electronics.  Our latest customer survey revealed our customers have an emotional connection to the design of our products.  This strength is a core competency for Company G because it increases customer lifetime value and is an indicator of growth for our business. Customer loyalty* is a strength for Company G:  Customers will return for new products and will also buy products as gifts for friends.  We’ve found that returning customers are three times as likely to purchase products from us (as opposed to customer leads) v. 201103

 Without an R&D team, Company G is missing a crucial part of its workplace culture— we thrive on learning and training, and our customers rely on our employees’ expertise. Without it, we fear we may begin to lose crucial interaction with customers.  Due to a shortage of qualified candidates locally, Company G may invest in casting a wider net to recruit and relocate candidates from other regions. Opportunities Indoor gardening is a niche subject and is an opportunity for Company G:  There are a lot of untapped areas of indoor gardening that could be met with new products at prestige pricing.  Feedback from a recent survey indicates our customers would return to us for new products for their indoor garden and plants.  Word of mouth is a powerful marketing tool that we could utilize for this area. A recently purchased warehouse space is an opportunity for Company G:  We can move several departments—including front desk/reception--into our warehouse space so we will no longer need to rent office space.  With warehousing in closer physical proximity to the Marketing and Systems teams, we expect greater efficiency for all teams resulting in higher customer satisfaction.  We have an additional space to conduct classroom training and host small events—this will be groundbreaking for our Marketing team (and our future R&D team). Developing an internship program is an opportunity for Company G:  To increase our future candidate pool, we would like to develop an internship program to welcome students who are continuing their education in Botany, Horticulture, SAP/SaaS, and Engineering to be paid for part-time work.  We believe a valuable exchange of ideas can be made by immersing the interns in all of Company G’s departments.  The interns will gain valuable work experience while freeing up our full-time employees to focus on managerial duties. Threats A shortage of chips needed for manufacturing is a threat to Company G:  There is such a scarcity of chips in the supply chain that we may not receive a ship date for our next order from our current supplier. This would affect several areas of our business including our marketing plan (we do not want to advertise for appliances we cannot supply/ship).  Customers would not be able to purchase units on the e-commerce site while chips are unavailable. v. 201103

 We would need to allocate manufacturing employees to another area or offer time off— either way is highly inefficient given our current staff size. A decrease in profits due to raw material scarcity/pricing is a threat to Company G:  The supply chain is still unstable from demands and disasters during the pandemic. We are seeing backorders on items like plastics, paints, and steel. This affects our manufacturing process time which comingles with our turnover/ship dates.  We will have to raise our prices by approximately 6% per quarter to keep up with current pricing. This will be noticed by many of our customers who are already accustomed to our prestige pricing.  Some of our suppliers have dissolved their contracts due to shortage of raw materials, so we may have to source items from elsewhere which will be very expensive. An economic downturn is a threat to company G:  It could affect demand among our target market as more customers leave hobbies behind to take on new side gigs or second jobs.  Customers may tighten their budgets as they prioritize essential items.  Customers who have less to spend may be drawn to cheaper, imported products available through sites like Amazon or Ali Express. Market Objectives Product Objective Company G will sell 6,000 Mist-It humidifiers by March 31, 2024. Price Objective Company G will attain a 15% Return on Investment by March 31, 2024. Place Objective Company G will sell Mist-It humidifiers in 150 brick-and-mortar stores by March 31, 2024. Promotion Objective Company G will generate 10,000 customer leads by March 31, 2024. Marketing Strategies and Implementation v. 201103

convenient payment terms for our prestigious products. After the sale is complete, we endeavor to continue the relationship by answering questions, providing advice, and celebrating our customers via posts and videos online. Marketing Implementation The task instruction is to describe one implementation tactic for each of the strategies identified above. Include a due date and responsible party for each implementation tactic. The tables below provide a simple way to present each tactic, along with the associated due date and responsible party. Please list your tactics in the same order as the strategies above (e.g., the first product tactic should align with the first product strategy, the second tactic align with the second strategy). Remember that tactics are specific action tasks associated with the strategies, not simply a restatement of the strategy. It is recommended that each tactic begin with an action word (e.g., design, research, create, hire, develop). To learn more about developing tactics, please utilize the “Course Search” function using the keyword “tactics.” Product Action Plan Tactic Due Date Responsible Party Beta test and document the new app 8/31/23 Systems Analyst Research and define a process in SAP so a customer can quickly access their warranty information 10/31/23 SAP Analyst Post first customer FAQ video to social media channels 10/31/23 Marketing Specialist Price Action Plan Tactic Due Date Responsible Party Draft an agreement with FedEx for our free shipping offer 7/31/23 Contracts Specialist Research and define a process in SAP for installment payments and reporting 7/31/24 Accounts Receivable, SAP Analyst Update Company G supplier documentation to include 2% 10 days, Net 30 days payment terms 6/30/23 Contracts Specialist v. 201103

Place Action Plan Tactic Due Date Responsible Party Present SAP process for inventory control to management 6/30/23 Warehouse Manager, SAP Analyst Update Company G website with free FedEx shipping banner and shopping cart code 7/31/23 Marketing Specialist Present Inside and Outside sales teams to staff 8/31/23 VP (Manager of Inside/Outside Sales) Promotion Action Plan Tactic Due Date Responsible Party Update Company G website with list of trade shows 6/30/23 Marketing Specialist Research a new social media tracking tool 8/31/23 Marketing Specialist Present Q1 and Q2 2024 podcast ads to staff 10/31/23 Marketing Specialist Monitoring Procedures The task instruction is to describe the specific actions that will be taken to measure the progress towards the objectives identified in the plan. Each monitoring procedure should identify the frequency at which the monitoring will be done (e.g., weekly, monthly, quarterly). To learn more about monitoring, please utilize the “Course Search” feature using the keyword “monitoring.” Monitoring Activity Due Date/Frequency Responsible Party Review and report monthly sales reports with a target of 500 units/month sold Monthly, due by 5 th business day of the month Financial Analyst Review ROI figures and compile for managers meeting Monthly, due by 1 st business day of the month Financial Analyst Compile retailer list and contacts for brick-and-mortar shops Quarterly, due by 1 st business day of quarter Outside Sales Manager Compile sales leads report, identifying strongest areas of opportunity/locations Monthly, due by last business day of the month Inside Sales Manager, Outside Sales Manager v. 201103