Sample Marketing Paper on Marketing plan- portable blending machine

Marketing plan- portable blending machine

Introduction/cover letter

 

Today, the customized connected product and service categories are booming, owing to people’s growing desire and awareness in preserving a flexible lifestyle and job execution convenience. This has resulted in the establishment of numerous new product categories and the emergence of numerous new service categories, such as customized machines, user-friendly devices, and similar items. As a result of this growing trend, the blending machine manufacturing segment has seen significant changes in its dynamics. Not only have customer tastes in the food processing section of the retail sector shifted swiftly, but there are also new enterprises emerging that are rapidly adapting and producing new goods tailored precisely to the demands of customers.

 

Historical background

They promote a newly released portable blending machine through a highly mobilized effort. Before settling on the target market for the product’s launch, there are several challenges or information requirements that must be addressed to select the appropriate market for the product’s placement and marketing. General’s primary business is industrial blending machines and portable blenders for consumers. This market strategy is built on supplying clients with revolutionary portable blending machines of superior quality. It will be available in several styles for both domestic and commercial use. As stated in this business plan, numerous sales are anticipated to be impulsive purchases, necessitating robust point-of-purchase support. The market is more concentrated, with fierce rivalry from other enterprises offering the same product. The company’s experience in manufacturing innovative, high-quality portable blenders enables us to provide consumers value through branded blenders suited to their specific demands. Additionally, according to the poll, the company can distribute items throughout the region.

 

Marketing objectives and goals

 

This business’s objective is to popularize and develop brand awareness while also generating high-quality leads by establishing industry authority. The company’s objectives toward its consumers and clients are to ensure their pleasure, which is the only way to gain market share. The company has developed bespoke blending machines that are economical and accessible to users.

 

Objectives in sales

 

Ten additional salespeople will be hired to assist in expanding new distribution channels. To teach the sales team about the new product, a sales trainer will be employed. This will be within our $100,000 sales support budget, which is based on a $20,000 average salary and benefits cost for each position.

 

To create a presence in the retail section of food processing machinery, it must separate itself from competitors. There are two significant differentiating elements for a portable blender that must be emphasized in all promotional efforts and be an integral part of the company’s integrated marketing communication strategy. To begin, it offers a diverse selection of fruit juice blends that respond to the unique demands of each family member. The second distinguishing feature is the price. It should be emphasized during the sales and marketing campaign that portable blending machines are cost-effective due to the built-in rechargeable battery. Things that benefit customers do not have to be pricey. In other words, the widespread belief that portable blenders are prohibitively expensive is untrue.

 

Pricing objectives

 

We feel that by encouraging the usage of somewhat lower pricing than our competitors, the company can attract more clients. This pricing strategy, when combined with our efficient manufacturing processes, enables us to achieve a reasonably high market share for a new product.

 

The product is more expensive than other standard mixing machines. However, as an introductory deal, the product is priced lower than comparable products in the industry sector. Affordability is a primary factor here in order to entice a sizable section of the region’s market to purchase our items. The most frequently cited argument for not using blending machines is their exorbitant cost. By pricing portable blending machines lower than the broader, premium blending machine range, it is intended that more people will acquire them. Additionally, the pricing plan is such that the smaller blenders are made extremely affordable, making it fairly affordable for families to purchase these larger ones, which increases consumption.

 

Profit objectives

 

This entails reducing expenses and overhead, as well as selling more portable blending machines with a better profit margin. The portable blenders will directly compete with a number of other branded fashion blenders. The market for branded fashion blending machines is expected to reach $524 million in 2022 and $721 million in 2023. Through 2022, yearly market growth is predicted to reach 6%, exceeding our current annual sales growth.

 

Product Objectives

 

In the first year, we will release between 30 and 40 new designs. One-quarter of them will include a “metal” case that mimics a variety of traditional and contemporary metal styles. We will create a series for the market group under 24 years of age that will have licensed characters and odd shapes. By incorporating these and other elements, we will be able to offer a diverse range of product and character designs. Our line’s most remarkable feature will be some extremely strange shapes. Numerous of them will be geometric shapes, such as hexagons, trapezoids, ovals, and diamonds. For younger children, our technology enables the creation of portable blenders shaped like cartoon character faces.

 

Market research/analysis

 

The portable blender will face direct competition from a variety of other branded fashion products. The market for branded fashion blending machines is expected to reach $524 million in 2022 and $721 million in 2024. Through 2024, yearly market growth is likely to reach 6%, above our current projected annual sales growth.

Market segment

Consumers buying branded fashion blenders for business and survival account for slightly more than half of all consumer purchases of branded fashion blenders, as shown in Table 1. Subsistence buyers buy 74 percent more portable blenders per capita than the average shopper. Differences in purchasing behavior between men and women are to be expected. Females between the ages of 18 and 24 are expected to be frequent buyers. This age group has a natural sense of fashion. Women between the ages of 25 and 34 are expected to buy the most portable blenders of any age group, making them our second largest market segment.

 

Additionally, as shown in Table 2, consumer sales of branded fashion blending machines vary by region. The east north central, west north central, north-central, and mid-Atlantic states all reported higher-than-average watch sales, according to a geographical indicator of relative watch sales. Product launches are more likely to succeed in states located in these regions.

Consumer attitude

Consumers can easily switch brands and try new ones when they have access to low-cost products. Consumers are particularly design-conscious when it comes to purchasing branded fashion blenders. Design, packaging, price, and durability, in our opinion, are the most important product aspects. In such an arcade, circulation and exhibition are crucial subsequently as they might drive desire purchases for own use and as gifts.

Clients are communicated with through various networks. We currently have contact with two of these networks, which interprets about 65% of our aggregate auctions. It remains vital to building channels in order to reach the full market for the items. The majority of branded fashion mixing machines may currently be found at department stores. We’ll use our broad distribution network of department, discount, and specialty shops to ensure that portable mixing equipment is widely available.

Analyses of the global business environment

 

Global environmental factors have a major impact on the goods market. External influences such as legal, political, and demographic considerations affect both sales and consumer base. High taxes, high-interest rates, layoffs, and recession are all concerns provided by an unfavorable environment, all of which result in decreased consumer activity. PESTEL analysis is composed of components that reflect the international business environment fluently, and each letter signifies a factor affecting the industry directly or indirectly.

Political and legal framework

These variables take into account a country’s political state and the world’s relationship with the country. All government policies, tax laws, and tariffs imposed on the market, e.g., taxes, levies, and foreign trade policy, influence the behavior of the product market. The business atmosphere in which our goods are traded is regulated by law, including taxes and zoning. This has had a detrimental effect on the product market.

Demographics

Product sales fluctuate throughout the year. Local and foreign tourists throng to the region during holy days, expanding the solar-powered portable blending machines market. During peak seasons, when many people go on vacations and excursions, the market expands significantly, as our product is personalized to satisfy the needs of travelers seeking flexibility. Due to their adaptability and portability due to solar energy consumption, travelers feel compelled to acquire one, resulting in increased sales during holiday seasons.

 

Analyses of the local business climate

Suppliers

While other companies have large manufacturing and distribution capabilities, our company has a minor distribution system but prodigious brand gratitude in the fashion productiveness. Dissemination and exhibition are dire in this market since they might encourage impulse acquisitions for particular use and aptitude bountiful. As a result, it is recommended that the firm establish strong distribution channels by creating regional outlets in each state to gain access to a broader market segment.

 

Social/cultural

 

Portable blending machines are becoming an increasingly popular trend among travelers. For health reasons, many people prefer raw processed juices to packaged juices. Carrying a portable blender is becoming a way of life for tourists who want to refresh themselves with natural juices since it makes fruit juices faster and more efficient by using a rechargeable battery with solar panels installed on top. This has resulted in our product being included in the daily routines of both tourists and small business juice vendors. This cultural influence benefits the product’s expected sales because it has no bad impact on the environment, such as pollution, so the community’s attitude toward the business is commendable.

 

Competition

Although this market has fourteen rivals, it is highly concentrated. Blend ink and F.T. Company are formidable competitors, with a combined market share of 70%. Blend and F.T. have substantial manufacturing and distribution capabilities, while Kline Company has a smaller distribution network and great brand recognition in the fashion industry. At lower price points, F.T. and Blend are very strong. Fashion mixing machines with branded labels are a relatively new product category. Although Blend pioneered the industry, as evidenced by Kline Company, there is a significant possibility for new entrants.

 

Consumer research

 

The segment of blending machines is fairly large and is in high demand throughout the world. According to available data, this segment will create a sizable amount of income globally by the end of 2022. In other words, the global potential for this sector exceeds one billion dollars. Thus, this is a very lucrative area for any company since there is undoubtedly a strong perceived need for a cost-effective portable blender, which translates into product demand.

 

Analyses of Strengths, Weaknesses, Opportunities, and Threats

 

Strengths

 

The market area in which portable blenders will compete is in its infancy at the moment, with only a few competitors competing. As a result, blending machines will benefit significantly from the sector’s Early-Mover Advantage.

Weaknesses

♣ The company lacks experience in the field and an established value chain. It must create connections with its upstream and downstream partners, critical in the juice processing segment.

 

Opportunities

The product sector is growing at a breakneck pace, and the industry’s prospects are also highly hopeful.

 

♣ If successful, consumer behavior in the United States and many European markets is pretty comparable. As a result, the same market strategy can grow into more geographic areas.

 

Threats

 

♣ Due to this segment’s large market potential, several established corporations are attracted to it and are developing their goods. Competing against such firms, which already have huge coffers and significant economies of scale, may prove rather difficult.

 

Marketing focus

Product

Our items are highly standardized and manufactured using high-quality techniques. All of our products are examined annually, including an appraisal of the product’s one-year warranty and a survey of consumers to determine their level of satisfaction with the product’s quality. These evaluation criteria aid the business in developing more tailored items for its customers. For instance, in response to consumer demand, the business added a solar charger to the current portable blender.

 

Location

The shop is located in the town center, where product displays are strategically placed to attract clients at any time. Due to the product’s location, it is extremely competitive. Compared to other competing firms, the business location is directly along the city center, where there is a high volume of people traffic. The corporation can quickly gain access to its customers.

The company’s relatively high sales volume results from its strategic position, which enables it to maximize economic potential through ease of access to both consumers and suppliers.

 

Promotion

To develop a foothold in the retail product market, promotion must distinguish itself from competitors. There are two significant differentiating features for the product that must be emphasized in all promotional efforts and must be an integral part of the product’s integrated marketing communication plan. The first is its broad range of efficiency, which caters to each customer’s unique requirements.

 

Price

The product is more expensive than other standard mixing machines. However, as an introductory deal, the product is priced lower than comparable products in the industry sector. Affordability is a primary factor to entice a sizable section of the region’s market to purchase our items. The most frequently cited argument for not blending machines is their exorbitant cost.

Tables graphs, diagrams and pictures

Consumer Statistics and Budgets

 

Table 1: Market Segments type of customers buying portable blenders

Type of use percent of blending machine buyers percent of the population buying a portable blender relative purchase index
Business purpose 19% 13% 1.46
subsistence 33 19 1.74
Industrial producers 35 40 0.88

 

 

Demographics

 

Table 2: Product Auctions by Division

division Portable blender sales percentage population % Market index of blender sales
Central 20% 15% 1.33
South 16 17 0.94
M.A. 15 13 1.15
western 15 21 0.71
W.S.C. 10 10 1.00
W.N.C. 8 7 1.14
N.E. 6 5 1.20
E.S.C. 5 6 0.83
mountain 5 6 0.83