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Tuesday, November 12, 2019
Fail to plan, plan to fail: A look at a yearly operating business plan Essay
Marketing plan Introduction Executive summary            Dyad company is a manufacture that deals with electronics products. The company has been in the market for many years and thus it has been established well in the market. The company has come up with a small electronic litter box that will improve the quality and the convenience of people’s life. Dyad company has what it takes to introduce the new product to the market. Marketing plan            Dyad electronics is a well-established electronics company that deals with the manufacture of efficient electronics products for home and industries. The company moves with the current technology where it comes up with new products within a very short of time. Dyad electronics company have come up with small appliances that will be every effective in homes and industry. The product is a self-scooping litter box with privacy hood the small appliance has also a clean litter compartment and a disposing tray. The old litter would be disposed in the disposing tray ones the scooping setting has gone off. This is the first small litter box electronic product that have been introduced in the market. The mission of the Dyad company is to enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronic solutions. Product support of mission statement            The mission of the company concentrates more on improving the quality and convenience of people’s life by providing them with quality electronics solutions. The new electronic product that Dyad company have designed will improve the of peoples life because people will no longer use their manual methods of litter collection in their homes that poses danger to their health. The test on this product shows that it will be taking a very little time to collect a lot of litter. This is true evidence that the new product will improve the convenience of people’s life. It is easy to handle the product and being an electronic product, it does not mean that it poses any danger to the customers because the product is very convenient to use and it is readily available. The features of this product go hand in hand with the mission of the company. Target market            Homes and industries are the main target for the new products. Many individuals have been using the manual way of collecting litter in their homes. The manual ways of collecting litter take a lot of time and they are not effective. Despite their inconveniences of those methods, they are still commonly used and that is why this product mainly targets homes. Some industries produces dangerous waist that cannot be collected using the manual method and thus the electronic litter box will be appropriate. The company is targeting this industry where it is planning to supply this product in large numbers. The target market is also based on demographic where people of 35 to 65 years are the main target. This is because people of these ages are the ones who have big families and they undergo a lot of hardship in their family cleaning and that is why the company targets this people. Competition analysis Rivalry            There are many big electronics company that make makes competition to be stiffer. Many companies in the market competing for few customers make the competition in the market to increase. Malware Company is one of the biggest companies in the industry where it has established its brand and logo in the market. This company is the biggest rival of the Dyad Company. Threat of substitute            The competition situation in the market based on substitute’s threat is not a competition threat to the Dyad Company. This is because litter box is a unique product that has never been in the market. Is a new product and thus there are no substitute products for it but because of creativity in the market, the substitute will be eventually be in the market. Buyer power            In the electronic market, the buyers are powerful because they join hands and decide on which company to buy from this makes it hard for companies to sell themselves in the market. The only way for a company to sell itself in the company is by producing quality products that will convince buyers. Supplier power            Competition in this market has been very simple for Dyad Company; this is because suppliers in this market are concentrated. They supply to companies that they are well aware of. Dyad Company has new products which require different suppliers and thus it will be hard to establish new suppliers. Threats of new entry            There a lot of new companies that are joining the industry, these companies are offering their products at a cheaper price and thus they attract more customers especially the ones who do not believe in product or company loyalty. SWOT analysis Strength            Dyad company has established itself well in the market. Its old products are well known in the market because of their quality and their convenience. This will make it easy for the company to introduce a new product in the industry without any struggle. The second strengths involve its financial status. The company has very low debt compared to credit and this makes it have enough money for the preparations of marketing the new product and thus it will offer this product at a lower price. The low price will make many customers to prefer the product in a greater way because the buyers are used of new expensive products. Lastly, the team of designers of Dyad Company has introduced a production process that is convenient in terms of labor and raw materials. This is a unique production process in the industry that will ensure the company produces cheap but quality products. The ability to produce cheap products and the establishment in the mar ket are they key strengths that will ensure that the company gets victory as far as competition is concerned. Weaknesses            The company offers credit to its intermediaries for the industry only. This is one of the biggest weaknesses because the company is featuring to another line of products where it will require new suppliers. The company’s financial level cannot be compared with that of other companies like Malware. This is a weakness because the company will not be in a position to compete well in the market. The last weakness is that the company is introducing a product which is new in the market. The product will take time and a lot of company’s resources in order to feature into the market. Opportunities            The company has a good relationship with the suppliers and thus it will be easy to find other suppliers to who will be ready to supply raw materials for the new product. The company has established itself well into the industry and it has many loyal customers (Incus, 2014). This is one of the greatest opportunities because the new product will have people to buy it and to market it in the industry. The new product that the company is planning to produce is different is a unique one and thus there is no other substitute in the market. This is an opportunity because there will be no competition in the market as far as the new product is concerned (Sarkis, 2014). Threat            The major threat of the company is the introduction of a new product which people do not know. That is one of the threats because people may not accept it because of buyer’s ignorance of new products. There is a high entry of new companies in the market with high level of creativity and thus it will take short time for them to come up with a substitute of the new product and that means that the product will face a lot of competition. The buyers in the market concentrate in one companies and this is a big threat because buyers may divert to another company (Skripsky, 2012). Marketing objectives            Dyad company is planning to make sure that the litter box will be of good quality and convenient to use. The new product will be sold at a cheaper price that will be convenient for all the buyers regardless of their financial status. The product will be distributed to all the customers around the market. The distribution will be efficient to ensure that the product is effective all around. The company will also launch a promotion plan that will ensure the product is known in the market. Marketing strategy Product            The product will be designed in such a way that it will be convenient to use. This will ensure that all member of the community are given a chance to use the product. The product will also be cheap for it to serve all members of the community. Lastly, the litter box will not have any harm consequences that will affect the consumers. Price            The company will use the new design of production process in order to produce cheap product. The price will also be low as a way of product promotion. The company has been in the market for a long time and thus it has made a lot of profit. These profits will be used to produce the product at lower price. The aim of the company is not just to design a litter box but a litter box that will be convenient to all. Distribution            The company has a plan to buy more cars that will be used for distribution of the new product to the market. This will ensure that the buyers get the products wherever they are and with the right convenience. Promotion            Dyad Company has a plan to launch many promotion strategies that will ensure the product is well known in the market. Online, coupons and poster promotions strategies will be the main focus of the company. The above mix will ensure that the objectives of the company have been achieved because they all go hand in hand with the objectives. Tactics and action plan            The young team of designers will be responsible of the product quality and design. The designers will come up with a product which will be the best in the market. The company has already started ordering distribution cars. The prize of the product will be agreed by the whole committee after all the calculations have been done on the production process. The promotion strategies will be conducted by the information technology team. Timeline Promotion The first six weeks Product One month Distribution One moth Price Three weeks Implementation plan            The management of the company will be responsible of monitoring all the strategies in order to make sure that the plan is implemented to the last point. Promotion strategy will be monitored by through accessing how buyers are becoming aware of the product in the market. The product progress will be monitored through accessing the quality of the product and also views from the consumers. The prize of the product will be monitored through the views from the consumers of the product. Distribution will be monitored through accessing the efficiency of distribution process. Timeline Promotion The first week before launching the product Product Two weeks after the launch of the product Distribution One week after the launch Price One month after the launch of the product Reference Skripsky, H. (2012). Fail to plan, plan to fail: A look at a yearly operating business plan. Journal of Retail & Leisure Property, 282-286. Source document
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