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Marketing Plan/ Paradise Cookware

From the start of this course, you have accessed the Interactive Marketing Plan tool and used the       step-by-step guide to complete Part C of your marketing plan. You are required to submit a marketing plan for a hypothetical product-based company. Your plan must include the company’s social media strategy, and information collected from Steps 6-7 of the Interactive Marketing Plan, located in the course shell. Note: Some elements may not be covered in the Interactive Marketing Plan and will require additional research.

Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.

Write a six to seven (6-7) page paper in which you: 1. Develop the company’s branding, pricing, and distribution strategy. 2. Provide the following marketing strategy information: a. Classify the company’s major competitors as inter- or intra-competitors. Categorize the competitors’ major strengths and weaknesses. b. Develop the differentiation strategy in relation to the closest competitor.  c. Establish whether the company’s intention is to be a leader or follower within the industry.  d. Assess the level of impact that the salient macro-environmental issues (e.g., legal, technological, social, and economic, etc.) and trends with which the company must contend could potentially have on the company’s marketing strategy. e. Discuss the marketing research tools that you used in your marketing strategy.   3. Construct an implementation strategy for your hypothetical company in which you specify the essential activities and responsibilities. Include a timetable for completion of each component of your strategy. 4. Develop a five (5) year expansion plan that includes future profitability and market share growth. Include necessary graphs to explain your plan.  5. Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools. 6. Choose two (2) performance standards, two (2) monitory methods, and two (2) financial controls that you would implement that differ from the standards that you had provided in Assignment 1. Justify your choices.  7. Assess the potential for your company’s overall performance in relation to the marketing plan objectives. 8. Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company’s advertising strategy. 9. Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.

Assignment #1

Part A: Marketing Plan/ Paradise Cookware

 

Introduction

The “Paradise Cookware” company has been in this business since the year of 1979. They have been making cookware at a place called the Prince Edwards Islands, which is located in Canada and Charleston, S.C. The company designs and produces cookware specifically for people in North America. This company offers pans, pots, and a lot of different cookware types for not only individual clients but also for corporate clients

Executive Summary Placeholder

This “Paradise Cookware” company is a company that is in the lead with a luxury type segment of cookware in not only United States but Canada too. The positioning strategy will be based on the emphasis of nothing but quality products while at the same time these products will be higher among comparable items.

Environmental Analysis

Competitive forces: These products are available with a big variety of all types of cookware. They are available in both the United States and Canada. Within this cookware group, there are about 216 brands that are available at retail through Cookware manufacturers association (Cookware manufacturers association, 2014). A Vast majority of companies operate at several segments of the market simultaneously.

Economic forces:  We know from research that all cookware and kitchen stores within this industry has been faced with a large number of declines. This is because of the recession that we faced which caused the decrease in disposable incomes of customers. Looking at the time frame of about 2014 to 2018, we see that the revenue is expected to grow bigger as consumers go forth with increasing their spending on luxury industry products (IBIS World, 2013).

Political forces: The increase in export-import operations because of changes of the trade regulations between the United States and some of the world’s largest manufacturers of cookware (like China). Cookware, manufactured in the USA and Canada are at a competitive disadvantage with respect to the ones that are manufactured overseas. The luxury segment of the market is estimated to be way less vulnerable to this trend as the other segments are.

Legal and regulatory forces: These products comply with the U.S. and Canadian safety guidelines. The tort liability of the company is very ensured.

Technological forces: These products are manufactured with the utmost regards to technology that is advanced in the cookware field of manufacturing. The company is also monitored thoroughly with the development of the industry-related technologies.

Socio-cultural forces: Paradise Cookware will be responsive to its target commitment with having products that are of a high quality and its label “made in USA”. Techniques that are green will also be used.

The Target Market

The primary target market for this company would have to be females within the ages of 40-60. They will more than likely not have a job so that they are able to dedicate a large amount of their time to work around the house. Women that truly value a products quality and reliability will view the “Paradise Cookware” as an investment. Other types of customers that would be included with this company’s primary target would include market and corporate clients. This would be hotels and restaurants. A Secondary market would include women in the age range of 20-35. They would have to be employed or busy with housework and trend toward premium brands.

Performance Analysis

In the context of the assignment, performance analysis is similar to return-on-investment (ROI) that is calculated as follows: (gain from the investment-cost of investment)/cost of investment.

By knowing the benchmarking percentage, we will be able to transfer to the analysis of each of the metrics in order to compare the performance of the company to the performance of its closest competitor, namely Paderno.

Customer engagement is the metrics that is characterized through several other metrics, namely activity time and visit frequency (with regard to websites). The average number of visitors of the website of our company during a day is around 1500 people, while the average number of visitors of Padernos website is about 4000 people.

1500/4000=0.375.  The number of Paderno website visitors exceeds the number of our unique visitors by 72.5 per cent.

Let us suggest that while the retention rate of the visitors of our company’s website was 30 per cent on January, the first, 2014, and on January, the fifteenth it was 50 per cent, while retention rate at Paderno company website was 50 per cent and 70 per cent respectively.

(50%-30%)/30%=0.6=60% – increase in retention rate

(70%-50%)/50%=0.4=40% – increase in retention rate

The number of website visitors can to great extent determine the revenue of the company due to the fact that all the products by both companies can be purchased on line through their official websites.

The market share is classical metrics, used in performance analysis. Paderno is still the leader of the market, enjoying the market share of 22%. In 2013 its market share increased by 1 per cent (from 22 to 32 per cent), while the market share of the “Paradise Cookware” increased from 11 to 15 per cent.

(23-22)/22=0.0045=4.5%

(15-11)/11=0.36=36%

The fact of growth can be explained by the introduction of several new distribution channels into the operation of the company last year, while, being confident in its leading position at the market, Paderno preferred not to introduce any changes to its strategies.

The rate of adoption can be defined as the relative speed that characterizes the process of social system’s members’ adopting an innovation. The factors that influence adoption rate include relative advantage (the degree of innovation’s improvement as compared with the previous generation) compatibility, complexity, trial-ability, as well as observability. In 2013 Paderno and the “Paradise Cookware” introduced similar new products. They were cookware sets, consisting of several cooking pans, steamers and covers. The adoption rate of Paderno new product was estimated to be up to 10 per cent higher than the one of the cookware set, introduced by the “Paradise Cookware”. The difference can be explained by the fact that Paderno aims at establishing long-term contractual relations with corporate clients, and offers new products to them as soon as they get to the market, while the “Paradise Cookware” still concentrates on communicating non-corporate clients.

Analysis of such metrics as the number of web site’s visitors, their engagement (via retention rate), the market share and the level of new product’s adoption rates shows that the performance of the “Paradise Cookware” is in considerable need of improvement that will help the company maintain its market share without introducing so large-scale changes as the introduction of new distribution channels.

Four quantitative goals for the next stage of company’s development are as follows:

  1. Increase the number of unique visitors of the company from 3.5. million people to 5 million
  2. Increase the number of repeated visits to the website from 20 to 50%
  3. Maintain the market share at the level of 15%
  4. Expand to 2-4 new markets in Europe and North America

Four qualitative goals may include:

  1. Strengthen communication between the brand and consumers, and among consumers through the website of the company
  2. Create more attractive and customers’ needs-based design of the website
  3. Elaborate on the program, aimed at promoting the establishment of long-term contractual relationships between the company and the consumer.
  4. Increase trial-ability and observability of the company’s new products, so that they get higher rate of adoption

Product’s SWOT Analysis

SWOT analysis represents a type of extensive needs analysis, and is aimed at singling out strengths, weaknesses, threats and opportunities related to the product (in our case: to the cookware)

S:High quality

Being produced with the help of green manufacturing methods

Providing 25+ years warranty to reaffirm the company’s confidence in the quality

Meeting needs of both individual and corporate clients

W:Narrow market segment (orientation on luxury segment only)

The lack of product-related communication

The lack of long-term relations with corporate clients

High prices that do not become subjected to any types of discounts

O:Entering new segments of the market

Creating different types of cookware sets

Orientation on corporate clients

Improving product-related communication

T:Significant level of competitive rivalry among the U.S. and Canadian cookware manufacturers

Increase in import of cookware from China

Decrease in consumers’ spending on cookware

High costs of developing new products that will have considerable advantages as compared with previous generation of products

SWOT analysis shows that despite the company’s products’ high quality and the usage of green manufacturing techniques, product’s marketing mix is characterized with considerable range of weaknesses related to pricing and promotion. The observation of both weaknesses and threats makes it necessary to reconsider the market segment the company is currently operating within with respect to current state of competition at the market and the opportunities related to starting multi segment approach. Furthermore, promotion- and pricing-related challenges need to be addressed in the light of the need of improving communication with current segment of operation and the opportunity to enter a new one.

 

References

Baron. R., Shane, S. (2007). Entrepreneurship: a process perspective. Mason, OH: Cengage Learning

Cookware manufacturers association (2013). Brand finder. Retrieved from: http://www.cookware.org/

Iacobucci, D. (2014). MM4, Marketing Management. Mason, OH: Cengage Learning

IBIS World (2013). Kitchen cookware stores in the U.S.: market research report. Retrieved from: http://www.ibisworld.com/industry/kitchen-cookware-stores.html

Kahn, K. (2011). Product planning essentials. NY: M.E.Sharpe

Nicholas, J.M. (2004). Project management for business and engineering: principles and practice. Oxford: Elsevier

Stevens, R.E., Sherwood, P.K. (1982). How to prepare a quality feasibility study: a step-by-step guide. NY: Prentice Hall

Assignment #2

Part A: Marketing Plan/ Paradise Cookware

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xxx

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MKT 500, Online

11/16/2014

 

 

Introduction

 

Executive Summary Placeholder

This “Paradise Cookware” company is a company that is in the lead with a luxury type segment of cookware in not only United States but Canada too. The positioning strategy will be based on the emphasis of nothing but quality products while at the same time these products will be higher among comparable items.

 

     The “Paradise Cookware” company has been in this business since the year of 1979. They have been making cookware at a place called the Prince Edwards Islands, which is located in Canada and Charleston, S.C. The company designs and produces cookware specifically for people in North America. This company offers pans, pots, and a lot of different cookware types for not only individual clients but also for corporate clients.

Branding

     Paradise Cookware’s branding strategy starts with the organization itself. We feel that branding within the organization is critical to the performance of the product. This enables us to appear different and unique from other organizations. (Griffin & Morehead, 2011). Our moto is to be the most attractive, user friendly, safe, and robust cookware on the market. So, we have decided to have a logo that represents the attraction of feeling like you are buying a piece of paradise in itself. For example; colorful lettering with palm trees enhancing each letter, while showing multiple chefs with huge smiles on their faces in the background. Since we have been in business a long time, this is like a new product launch that will separate us from the rest.

Paradise Cookware is not just another cookware set. Through research and engineering we have developed a cookware that uses natural materials, not Teflon, and is non-sticking, easy to clean, cooks evenly on any surface, including grills. Hence the slogan “Cook anywhere with pride and confidence”. We also offer personalization of your cookware upon request. Another brand extension we are offering is the ability to customize your cookware and accessories to meet your personality, restaurant theme, etc. We want our customers to feel like they are special and deserve something special. Not only in the way that our cookware looks, but more importantly, the way it performs. Quality is the most important part of our product. However, it must be attractive and useful. (CMA, 2013).

Marketing

Our marketing strategy for 2015 is to hold demonstrations at Hotels, cooking events, festivals, and any cooking show we can manage to work a deal with. The main objective is to get our product seen by as many people as possible. We also plan on doing comparisons within the demonstrations to place our product against our competitors. We also plan on utilizing social media like YouTube, and Goggle with the same demonstration techniques. We feel confident enough in our product to let it speak for itself. As we move through the product life cycle we also plan on using celebrity endorsements as we grow.

With the Christmas season approaching, we feel like it is the best opportune time to start our champagne. So, we are actually starting in 2014 with our initial announcements of the new product. In the beginning of 2015, we are going to hire and train reps for the demonstrations. After this is accomplished we are going to strategically hold the demonstrations in different places at different times. For example; we would need to get a schedule for the different cook-offs, festivals, and events, and then schedule each one accordingly. Of course with the online demo’s we would also strategically place them according to current events. Throughout the year, we also would monitor and evaluate feedback from our website, as well as social media and adjust accordingly.

Positioning

For the one who loves to cook and cook anywhere, whether it be a kitchen, restaurant, or outside grill, Paradise Cookware is the last cookware you will ever own. Paradise Cookware will deliver quality, natural, and safe products with a lifetime guarantee. Paradise Cookware believes in making a product that is user friendly, robust beautiful, and personal that will perform every time it is used. (Stayman, D. 2014, March 10).

Marketing Science

It can be noted that an organization has to undertake suitable strategies to retain its customers once it has attracted them. At the introduction sage, Paradise Cookware will attract customers. As such, in the subsequent stages the organization will have to undertake suitable strategies to ensure that it retains the customers attracted in the introduction stage. At the growth stage, Paradise Cookware will start to experience an increased volume of sales. However, the organization will still need to continue carrying out commercial advertising strategies so as to increase its market share. Besides commercial advertisement, the organization will also need to use promotion and continued accountability strategies to maximize its market share (Mullen & Johnson, 2013).

At the maturity stage, the organization will have achieved a significant market share in the industry. However, Paradise Cookware will operate in a very competitive industry and will need to continue to deliver what we are promising our customers. According to Mullen & Johnson (2013), consumers are always rational in that they prefer more to less. Some consumers are looking for lower prices, while some are looking for known quality. Paradise Cookware will undertake product differentiation by selling its products at a price that is equal to our quality and not the lowest priced. Since quality and differentiation is the backbone of our product.

As aforementioned high quality products is the basis for the strategy that will be used by Paradise Cookware to position its products in the minds of the target consumers. The strategy will help to optimize the level of consumer satisfaction and hence increase the competitive advantage of Paradise Cookware. This is what we want to be placed in the minds of our potential customers. We want them to think of us as the best money can buy without thinking about the price. However, we fully intend on have the price quality relationship applied to our pricing strategy. When applying marketing science, we believe again, the proof is in the demonstrations of our product. You can see for yourself without taking our word for it. As well, a lifetime guarantee assures the consumer that they really have nothing to lose.

Mission Statement

Paradise Cookware is a family owned business that wants to secure a future for family yet to come. All the while provide our customers with the best and the last cookware they will ever own. We pride ourselves on being customer friendly, delivering top products while being environmentally friendly as well. We want to be a value to everyone we touch, our stakeholders, customers, and the environment while giving back to the communities that we operate in.

The “Paradise Cookware” company has been in this business since the year of 1979. They have been making cookware at a place called the Prince Edwards Islands, which is located in Canada and One location in Charleston, S.C. The company designs and produces cookware specifically for people in North America. This company offers pans, pots, and a lot of different cookware types for not only individual clients but also for corporate clients.

.References

“CMA”, Cookware manufacturers association (2013). Brand finder. Retrieved from: http://www.cookware.org/

Griffin, R., & Moorhead, G. (2011). Organizational behavior. Mason, OH. Cengage Learning.

Iacobucci, D. (2014). MM4, Marketing Management. Mason, OH: Cengage Learning

IBIS World (2013). Kitchen cookware stores in the U.S.: market research report. Retrieved from: http://www.ibisworld.com/industry/kitchen-cookware-stores.html

Kahn, K. (2011). Product planning essentials. NY: M.E.Sharpe

Mullen, B., & Johnson, C. (2013). The psychology of consumer behavior. Psychology Press

Stayman, D. (2014, March 10) How to Write Marketing Position Statements. Retrieved from: http://blog.ecornell.com/how-to-write-market-positioning-statements/

 

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