Electronics, a respected and well-known producer of quality electronics and
appliances, is introducing the appliance and electronic industry’s most
dependable and long-lasting product ever. Steiner Electronics has developed a
game changing addition to our Premiere appliance line. Our new sleek,
state-of-the-art product, the Premier 5000 Mr. Freeze, will allow our target
market to effortlessly connect their digital devices to a state of the art
sound system, stream their favorite TV shows right on to the built-in monitor on
the refrigerator screen, and be able to see what is in their fridge without
even opening the doors. These specifications will not only help to improve the
costumer’s experience in the kitchen, but also make this popular room even more
stylish and entertaining. This marketing plan will allow Steiner Electronics to
reach its potential goal of the new product line.
The Premiere Mr. Freeze 5000 is more
than just a refrigerator, it is a technological piece of art. Not only will it
keep food cold and fresh, but it will also serve as a stylish conversation
starter to any home. The Premiere Mr.
Freeze 5000 brings your cooking enjoyment to new heights with exceptional 4k HD
quality on the 15-inch monitor for your streaming enjoyment, it also comes
equipped with BEATS audio built into the neatly placed speakers for costumers
to listen to their favorite songs while making their favorite meal. The
Premiere Mr. Freeze 5000 adds convenience to our customers lives with an Aux,
Apple, and USB charging ports, so that our costumers never have to leave their
meal on the stove to grab another charger. This feature also eliminates the
need for having to carry around an extra charger throughout the house.
Integrated Wi-Fi and Bluetooth lets our customers effortlessly and easily
connect their chosen device to the studio quality speakers and stream
music or even their favorite videos. Thanks to the patented refrigerator
shielding technology developed by Steiner Electronics, our customers will
never have to worry about a loss of Wi-Fi or slow connectivity while using the
refrigerator. No matter the device, it
is guaranteed that the sound will be fantastic with the built-in studio quality
speaker system that is exclusive only to the Premiere Mr. Freeze 5000. The
addition of BEATS Surround Sound and base boost rounds out the award-winning
listening experience that our customers have come to expect from Steiner
Electronics. In addition to the great specifications of the Mr. Freeze, there
are so many more that have not been named yet. Automatic open and close doors,
Child lock/alarm, 5-way ice dispenser, and a fresh air filter, just to name a
few, are some of the amazing features our customers will get to enjoy.
“We enable consumers to improve the quality
and convenience of their lives by providing high-quality, innovative
Premiere Mr. Freeze 5000 would fall into the “shopping” category of the
three-way consumer classification system. This item would be purchased a lot
less than a convenience item, and our customers will spend a lot time comparing
our product with others to make a complete informed purchase. Because the
target market pool is much smaller than that of a convenience item’s market
Steiner Electronics will use promotions and advertising on social media to
spread awareness and inform the intended market about our product.
With this new modernized technological
refrigerator, I believe the demand for this product will be through the roof.
The target market is geared more towards tech savvy individuals between the ages of 21-45. The target market includes
consumers who purchase new technology as it becomes available to the market.
The demographics of the target market
include individuals and families. These customers will more than likely be
people who have already graduated college, are home owners, and enjoy
experiencing the newest technological advancements.
Analysis of Competition
using Porter’s Five Forces Model
Here contain the external threats that could have an
impact on the success of the new Premiere line of Steiner Electronics. In the current market
there is a demand for high-end, modern
appliances that fill more than one need for the customer. Steiner Electronics
will help fill this void with the Premiere Mr. Freeze 5000.
Competitive Rivalry: The main competitors for Steiner Electronics are the
existing manufacturers of refrigerators such as Whirlpool, Samsung, and
rivals usually sell their products online, in furniture stores, and retail
Potential New Entrants: Since our products are so well known and respected, threats from new entrants will be minimal Also, our
customers have come to know and have a sense of brand loyalty when buying from
us because of how cutting edge and well made out products have proven to be.
Even though our products are high end, cutting edge, and well made, the cost to
make them is low. Therefore, we can charge our customers a reasonable price for
a superb appliance. The costs due to the
cutting-edge technology and the low cost at which we can produce our products
will prevent most entrants and possibly having them become a threat.
Bargaining Power of
Buyers: All things considered, the threat level to our
customers is small. To maintain the image of rarity Steiner Electrics chooses
to not do a lot of business with larger distribution companies. The mission of Steiner electronics is to be the
lowest and best quality appliance and technology producer, and because of this it
will be very beneficial to our distributors and a bonus value in the end.
Substitutes: Substitutes aren’t exactly a worry for
Steiner Electronics based upon two things. 1) Brand recognition: Like stated
above our consumers have proven to very loyal to our company, and our numbers
are only improving with each new product launch. Each product is thoroughly
tested and researched to ensure that the product is top notch. 2) Patency: All our products are patented. No
other company is allowed or have the capabilities to produce the kind of
appliances along with the high-end technology that we put into each of our
The following table describes the
main strengths and weaknesses of Steiner Electronics.
This table will show the current threats and a few possible future
Please see specific instructions in the four sections below the table.
Lowest prices in the
respected throughout the industry.
All products are thoroughly
and closely inspected
presence is lacking
Prices for building
materials is rising
Utilizing the internet and reaching a global
Alliances with top
Buying our own
shipping and transportation company
Infringements on our patents
Using new suppliers
Because we have been able to keep
the cost of production low, our prices are some of the lowest on the market. We
have been working with a production team and suppliers who charge us low rates
but provide phenomenal products.
Steiner Electronics has been in
business since 2013, and we have already built a great name for the company. We
were well received with our first product launch and have only been gaining
more loyal consumers as time goes on.
In response to the fact that we save
on cost of production, we are able to spend more money on hiring the very best
developers and creative. Our team works extensively to ensure that the product
is created to meet our company’s standards and to exceed the consumer’s
expectations. Each of our products are
cared for and inspected closely. Starting from when the idea is developed all
the way to the arrival of our product on the consumer’s front door.
Even though are products have been
very successful with the actual buying market, we have not been able to make a
big impression with the social media presence. We are in the process of hiring
a Social Media Manager to help with promoting and managing our Twitter, Tumblr,
Instagram, and Facebook pages. By utilizing these tools successfully and in a
way that will appeal to the consumers of these websites, we will produce a lot
of free advertising.
Steiner Electronics has been
fortunate enough to work with builders and suppliers who charge a reasonable price
for the products that they provide. However, just this past year those
suppliers have stared to raise their prices and so now the company has got to
find another supplier that isn’t has cost restricting. If we are not able to
find a cheaper supplier we may have to raise the price for the Mr. Freeze 5000.
Selling the Mr. Freeze 5000 (and our
other products) online and in international markets will greatly increase our
line of revenue. Selling in internationally will also help boost our clientele
and help reach more people.
Alliances with top- tier retailers,
such as Amazon, Target, and Wal-Mart will help Steiner Electronics maintain a
look of prestige while continuing to climb up the appliance market ladder. Working with these companies will help boost
our sales since they have a lot of customers visit their stores and websites.
If we can get these companies to promote our product and put it in the fore
front, it should boost our revenue line.
Building our products is one thing
but paying for the shipping trucks from another company to transport our
products is an entirely different hassle. Renting trucks from a shipping
company is proving to be quite expensive annually. So, in response to that, we
have decided to buy our own shipping company so that we do not have to pay a
third party to ship our products. Not only does this benefit Steiner
Electronics’ bottom line, but it also helps for us to ensure that our products
will be transported safely to our buyers.
Steiner Electronics is one of the top leaders in the industry, patent
infringement is to be expected. We will continue to be vigilant in keeping a
watch out for low quality copies of our product, and also making sure that we
closely watch out for our competitors and the “new” products that they release.
The biggest thing that is
threatening the Premiere Mr. Freeze 5000 is that we must rely on new suppliers
for materials and parts. Because we do not have a constant quality supply of
materials we fear that we could either go over budget or have to reduce the
quality of our product.
product marketing objective for the Premiere Mr. Freeze 5000 is to increase the share of Steiner
Electronics by 10% and product awareness by 15% within the next three years.
price objective for the Premiere Mr. Freeze 5000 is to employ the concept of
“Premium Pricing” for the first year, to boost revenues by 2%, followed by an
of “Penetration Pricing” to help expand sales revenues by an additional 3%
in years two and three.
place objective for the Premiere Mr. Freeze 5000 is to add four new channels to
our distribution channel within four years of the launch of the product
The promotion objective for the
Premiere Mr. Freeze 5000 is to increase social media presence by 35%
within the first 6 months, and then 15% annually after the goal is met.
Marketing Strategies and Implementation
The following section contains the strategies that
will be used to accomplish the marketing goals for the Premiere Mr. Freeze 5000. These
strategies will allow Steiner Electronics to increase
its market presence, increase revenues, and develop the Elite brand awareness
to achieve the full profit potential of the target market.
The Premiere Mr. Freeze 5000 will be offered with a
3-year warranty which will increase the consumers awareness as a quality
product.We are currently under the process of changing the
Premiere logo. A new logo will help with drawing more attention and
enticing a wider audience. Become more environmentally friendly by using recycled
products and utilizing delivery trucks that do not run on diesel fuel.
This strategy will definitely appeal to the more environmentally aware
Analyze the market and change
the price of the Premiere Mr. Freeze 5000 to ensure that it is ahead of
the #2, but just after the leader in the appliance industry. This allows
us to solidify our position as the industry’s lowest cost produce and in
return upping our sales by at least 7%.Lower
the prices after the first 18 months and analyze the market further to set
prices under the top leading producersDuring
the holidays start utilizing Holiday Pricing every 2 years and start an
annual sale to increase the sales of the Premier Mr. Freeze 5000.
Contact and negotiate with
product distribution with Target and Walmart during the first year of
a successful international sales portal with the sole purpose of focusing
on overseas distributors by the end of the second year.
3. Establish and maintain relationships
with top tier stores like Macy’s by the end of the 3rd year.
1. Start Facebook, Twitter, Instagram,
and Tumblr within the first six months of the Premiere Mr. Freeze 5000 launch.
2.Attempt to get a popular TV
program or major movie to mention or place our product in a scene.
3. Establish some kind of give a way
or contest to help boost the awareness of our company.
Explanation of Strategies
These well-rounded strategies will
help put Steiner Electronics on the road to becoming the top company in
consumer appliances and electronics. We are already well recognized and
established and by completing and meeting these goals, our company will be
brought into the next decade by solidifying our online existence, informing the
market of our environmentally friendly advancements and making the Premiere Mr.
Freeze 5000 the standard refrigerator. Nor just in America but internationally
as well. These strategies will help accomplish our marketing goals but also
raise our line of revenue.
These tasks will be completed by the
date listed in order to increase the likelihood of success for the Premiere Mr.
Freeze 5000. All the following tasks will be completed by the date listed to
greater increase the chances for success of the Premiere Mr. Freeze 5000. Actions
that are more focused on the product itself will be the responsibility of the
Research and Development teams, while the Sales and Promotions tasks will be
overseen by the marketing and sales directors. Lastly, the items on the action
list that deal with placement will be handed to the Distribution manager and
the Corporate Relations manager.