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Business Plan Essay

1215 words - 5 pages

1. IntroductionGL (Good Life) Pty Ltd is a large Australian manufacturer of whitegoods, such as refrigerators, microwaves, and washing machines. They have a good brand name, which consumers and distributors associate with innovative design. GL has recently designed a combined washing machine and clothes dryer into one unit.This report will discuss the segment in the market that will be targeted, identify the likely competition that will be faced that could impact the plans of GL, the product class the new product will fall in and the impact it would have on the company's product and distribution strategies that is recommended in this report with detailed strategies.2. SegmentationsAccording to McGraw Hill (2004), there are two steps processes in the market segmentation which are (1) naming broad product market and (2) segmenting these broad product markets in order to select target markets and develop suitable marketing mixes.2.1 Disaggregating broad product marketsThe market segmentation starts with identifying a broad product market of importance to the company. Disaggregating is a part of market segmentation which should breaking down all possible need into some generic markets and broad product markets in that the company may be able to operate profitable (Cited in McGraw Hill, 2004). Our group are breading down the customers need for washing machine and clothes dryer into five submarkets. (Figure 1)Figure 1: The washing machine and clothes dryer product marketSubmarket 1(Students) Submarket 3(Family) Submarket 5(Socializes)Submarket 2(Single person)Submarket 4(Busy working people)2.1. Company resources:GL is a large company in Australia so they would have the resources and budget to carry out this new project.2.2. Target Market:Through out the argumentum, our group selecting the target market is focus on the working people and family. It will be the combined target market approach. Because of the target market combines tow or more submarkets into one larger target market as a basis for one marketing strategy. (Cited in McGraw Hill, 2004).The target market will be segmenting divided in 3 aspects such as Behavioural, Geographic and Demographic.DemographicAge : 24-39Gender : male and femaleIncome: high incomeFamily size larger family 3-5 peopleFamily life cycle: young & single, married and many childrenOccupation: housewife, full time workersSocial Class: upper-middle classGeographicLocation: Around the Cities in Australia such as Sydney,Brisbane, Melbourne etc; Suburban; Speciallyin units/apartments.BehaviouralNeeds: Convenient, time saving to for a busy personBenefit sought: Good quality, easy to use, more efficient than othersRate of use: once or twice a weekBrand familiarity: need for someone that we known to give informationabout the product3. Competitor in the Market Place3.1 Competition AnalysisThere are many competitors in the market place. Therefore GL (Good Life) Pty Ltd needs to analyse the entire competitor in a framework for...

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