Mkt1 Company G Essay examples
3-Year Marketing Plan
Assessment Code: 318.1.5-06-15
Student Name: Cheri’ Mathews
Student ID: 000274594
Mentor Name: Eric Ansah-Antwi
Table of Contents
Mission Statement 3
Product Description and Classification 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 6
Product Objective 6
Price Objective 6
Place Objective 6
Promotion Objective 6
Marketing Strategies 7
Product Strategies 7
Price Strategies 7
Place Strategies 7
Promotion Strategies 7
Tactics and Action Plan 8 …show more content…
Cinelens would belong in the shopping category based on consumer product classification. It would not be a frequently purchased product. The product would be sold exclusively through electronic stores, or online through electronic stores.
One target market for the Cinelens would be teenagers, for ages 13-18. This would involve those that are highly interested in video games, live in suburban areas, and live in both single and muli-family situations.
A second target market would be families, ages 25-40, live in suburban and urban areas, have an income of $30,000, and enjoy movie entertainment.
Competitive Situation Analysis
Analysis of Competition using Porter’s 5 Forces Model
Competitive Rivalry - At this time, this is a new product and competitive rivalry would be low. However, that will change in the next 3 years, as other electronic companies will see this product and try to create something similar, making the threat moderate.
Threat from New Entrants - The threat of new entrants is very low, as there is already an abundance of electronic companies doing business.
Threat from Buyers – The Cinelens product would be under contract to specific retailers. Therefore, the buyers may determine that they would want a discount in order to gain a profit. Buyers could opt not to purchase the product due to the lack of