Marketing Plan Of Microwave Free Essay Example

Though 1st launched in 1946, microwaves started to gain popularity in mid 1980s.

It currently caters huge demand for basic kitchen requirements which primarily includes heating.

It has huge potential of growing especially in untapped South-East Asia regions with huge potentials for export as well, around the world.

MARKET DESCRIPTION

The microwave is available in varied sizes which include- small, medium and large size. Customers can choose from different sizes available depending upon their suitability and requirements.

We provide warranty for 5 years on all product parts.

We aim to provide the best after sales services to all our consumers and thus we pay huge attention to development of our product at all stages so that it requires little or no repairs.

The front face of the microwave is waterproof.

The microwave is also energy efficient with 5 star rating for the same.

COMPETITIVE REVIEW

Currently many competitors such as IFB, Samsung, Kenstar, Morphy Richards to name a few, have a well-established and well-reputed market base but still the microwave industry have huge potentials for growth as it is still in its growing stages and thus penetration is possible.

We aim to achieve a competitive edge over our consumers by providing super quality at reasonable prices to our consumers and thus achieving maximum customer satisfaction is what we strive to work for.

PRODUCT REVIEW

Our microwave is available in 3 sizes, the description of each is below mentioned

Small Size

15 inches deep

18 inches wide

Capacity of 26 litres

Medium Size

17 inches deep

22 inches wide

Capacity of 40 litres

Large Size

20 inches deep

28 inches wide

Capacity of over 65 litres

MARKETING SEGMENTATION

• Geographical segmentation
• Demographic segmentation
• Life-stage segmentation
• Behavioural segmentation

MARKETING STRATEGY

We aim to achieve maximum sales by providing maximum satisfaction to our customers.

We provide best after sales services to our customers by providing warranty of 5 years on all our product parts.

To create brand awareness we strive to indulge in rigorous advertising and promotions.

We aim to focus more on households and thus they remain our primary customer base.

SALES PROMOTION

In order to acquire maximum market share and number of customers we’ve planned to indulge in rigorous advertising through following means-

Free Coupons- with every purchase of microwave we’re providing our customers free coupons worth up to ?5000 for online shopping sites which include nykaa, amazon and flipkart.

Price-Off deal-special discounts would be provided to the 1st 200 consumers of our product ranging from 30%-50% discounts.

Demonstrations- Free CD would be provided which each product, demonstrating the full operating instructions for the product, by an expert.

Lucky Draw- a lucky draw contest would also be organised in each city, and 2 customers from city where contest is being organised would receive free medium sized microwave.

We also plan to indulge in push sales promotion strategy for our microwave.

MEDIA FOR PROMOTION

We’ve planned to promote our product and increase its awareness across many regions of the world through use of following media channels-

• Radio
• Television
• Print media
• Direct mail
• Magazines, Newspapers
• Social media platforms

MARKETING MIX

Product

• The product has been developed which the latest and most modern technology.
• The product is energy saving with 5 star energy efficient rating.
• The product has been developed mainly for the households and thus complexity for its operation is minimal.
• The product also provides facility for grilling, convection and baking.

Price

In order to attain an edge over our competitors, we’ve aimed to keep the prices at moderate-low level.

Trade discount for the first year would also be announced soon and would approximately be 5%.

In order to fulfil the needs for all and also to achieve presence in the Rural India market we’ve priced the small size microwave very low.

Place

We plan to expand our production and distribution to rural and semi-rural parts of India.

We aim to cater at least 60% the market demand for microwaves of top metropolitan cities of India.

Promotion

Promotion methods includes distribution of over 500 Indian recipes with each purchase of microwave.

Rigorous promotional and advertising methods.

Add on free bowls, aprons, and gloves as freebies.

Promotion by popular Indian chefs of usage and their personal experiences with the microwave.