3-Year Marketing Plan – The Solar Flash
Assessment Code: VZT1
Table of Content
Mission Statement 3
The Product 3
Consumer Product Classification 3
Target Market 3
Competitive Situation Analysis 4
Analysis of Competition using Porter’s 5 Forces Model 4
SWOT Analysis 4
Market Objectives 7
Product Objective 7
Price Objective 7
Place Objective 7
Promotion Objective 7
Marketing Strategies 8
Product Strategies 8
Price Strategies 8
Place Strategies 9
Promotion Strategies 9
Tactics and Action Plan 9
Product Action Plan 9
Price Action Plan 10
Place Action Plan 10
Promotion Action Plan 10
Monitoring Procedures 10
Introduction Company G is an organization that prides itself in the electronic devices we produce. It is our desire to ensure our products make life easier for our customers. Our latest product, a solar-powered flashlight, will continue to meet this desire for all parties.
Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions.” The Solar Flash supports the mission statement of Company G in the following ways: it provides the next generation in flashlights by having an innovative solution to charging the flashlight so consumers will have a working, high-quality flashlight available when needed in daily lives.
Our new solar-powered flashlight will allow customers to have a working flashlight when it is needed, without the added expense and worry of the batteries that are necessary to operate regular flashlights. The Solar Flash has the look and feel of an everyday flashlight; however, it operates off of solar power instead of batteries. The charge of the flashlight can be reviewed by the easy to read monitor on the side of the unit and it with a charging station, which serves as a storage unit also. By not having to worry if the flashlight will work when needed because the batteries may be dead, we believe the Solar Flash will not only improve the quality and convenience of consumers’ lives but also will help the environment by being ecologically friendly.
Consumer Product Classification
Consumer products fall into one of three classification systems; convenience, shopping, or specialty. Products are analyzed to determine which system the majority of its consumer and marketing mix factors fall into. The Solar Flash is a Shopping product because of the following reasons:
Consumers will compare the price and quality to other flashlights available in the market.
Consumers will have to purchase it less frequently.
Consumers will pay a relatively higher price for the product.
Target Market The target market for the Solar Flash are men or women between the ages of 35-50, who are successful and/or college educated, have a minimum income of $50,000 per year or more and consider themselves ecologically-friendly consumers.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
Competitive Rivalry: Company G’s competitors would include any company that manufactures electronic devices. These competitors would be a threat to Company G and these companies, along with any company that produces flashlights, would also be a threat for the Solar Flash. This threat is extreme because of the market share they already maintain with their flashlights.
Threat from New Entrants: New entrants into the market are a threat. Companies that manufacture flashlights or outdoor equipment could be interested in purchasing the Solar Flash, once available, and reviewing its components to determine if the product can be replicated at a less expensive cost. A few examples of how new entrants can create less expensive competitive products to the Solar Flash is by saving money on development, as they will analyze the Solar Flash and not have to develop a new market product, and may obtain parts from over-seas rather