4.3 Assignment: Research-based Marketing Plan Initial Proposal - Pricing, Promotion, and Distribution Channels

Market analysis Report: 3D Printing for Home Use

Student Name: Sheetal Kumar Narendula

Student ID: 2528264

University: Indiana Wesleyan University

Subject: Marketing Management

Class Number: (MKTG-530-01BFL, MKTG-530-01CFL)

Professor Name: Dr. Donna Jones

Topic: 3D Printing for home Use

Introduction

            This consultant report is written to present the market analysis to JGJ Inc. This report aims to find out the best strategy on how to analyze the current market situation and introduce new services or enter a new market segment. In this report, the market analysis is done to find out how JGJ Inc. can enter the 3D Printing for home use business and the competition of 3D Printing for home use business in the US. In the end, it is evaluated that whether JGJ Inc. is able to Manufacture 3D Printers for the community or they should not select the choice of entering the 3D Printer community.

Product differentiation and positioning

            Product differentiation can be defined as the concept of how a product is different from all the other products in the market. In this report, the product differentiation concept is used to identify how 3D Printing for home use business will be different for JGJ Inc. and how it can compete among the competitors in the market.

Product positioning is a concept used to define a product's development compared to all the similar products available in the market. The product differentiation and product positioning can help JGJ Inc. to decide whether they should invest their money in 3D Printing for home use business. JGJ Inc. can identify that when the customers think about the 3D Printing for home use of JGJ Inc., what comes into their mind.

                               

Based on Statistics: Referenced in the bottom of the paper (statista1)

Current annual sales

The worldwide market for 3D printing products and services was valued at around 12.6 billion U.S. dollars in 2020. The industry is expected to grow at a compound annual growth rate of some 17 percent between 2020 and 2023. General Electric has the most 3D printing patents in the United States (statista1). 

Utilization of materials in 3D printing 3D printing is able to utilize many materials for a wide range of applications. New materials and applications continue to be developed on a rapid basis. These new applications are likely to enter a wide range of industries.

Fast-growing 3DP materials Among the fastest-growing services for a specific material type are metals and metal alloys. Metal 3D printing technology is relatively young but many major breakthroughs take place every year. Printing metals are generally more expensive, such as copper, for example; metals use heavier and more precious materials. This application is generally a slower process and the machinery itself is more expensive. As more businesses begin to have their own printers, printing software will grow faster than printing services.

Census Details across USA (Statista2).

Approximately based on 2020 Census 83.68 million Families live in US across all states,

Current competitors:

Couple of most common competitors include but not limited to what specified are ANYCUBIC, MAKERBOT, CREALITY are some of the leading companies in this industry, and the annual revenue of the companies ranging from

Creality: Est. Annual Revenue $21M (Owler Link)

Creality manufactures and distributes 3-D printers and scanners for aerospace, research and development industries. Creality was founded in 2014. Creality's headquarters is located in Shenzhen, Guangdong Province, CN 518131. It has raised 5.8M in 2 rounds. The latest round was in Dec 2020. Creality's Co-Founder & CEO, Jack Chen, currently has an approval rating of 90%. Creality has an estimated 500 employees and an estimated annual revenue of 21.0M.

MakerBot: Est. Annual Revenue $163M (Zoom Link)

MakerBot believes there is an innovator in everyone. As a global leader in desktop 3D printing, we set the standard in reliability and ease-of-use by providing effective solutions for every stage of the desktop 3D printing process. From the start, we have also redefined what's possible for makers of all walks by introducing many industry firsts. (MakerBot link)

Founded in 2009, MakerBot was one of the first companies to make 3D printing accessible and affordable with our first 3D printer, the Cupcake CNC. In 2010, we became the first company to present a 3D printer at the Consumer Electronics Show (CES). Now, 3D printing is its own category there with a myriad of 3D printing companies in attendance each year. After being acquired by Stratasys in 2013, we introduced the first Wi-Fi connected desktop 3D printer in 2014.(MakerBot Link)

ANYCUBIC: Est. Annual Revenue $2.5 Million - $5 Million (eworldtrade Link)

Shenzhen Drepart Trade Co., Ltd. is the only agent of the 3D printer products of Any Cubic Co.,Ltd. Any Cubic Co.,Ltd is a specialized 3D printer research and production of high-tech enterprises. The product ranges cover 3D printer, 3D printer machine, 3D printer kits, 3D printer accessories, 3D printer filament, 3D printer mainboard, 3D printer development board, 3D printer stepper motors, heat bed etc., it has excellent management, experienced front-line workers, using advanced manufacturing equipment’s and mature manufacturing technology to enable Any Cubic reputable at home and abroad. Drepart Trade Co.,Ltd is authorized to sell the 3D printers and accessories by Any Cubic, also sell the wireless charger, the main markets in China, European, USA, Asian and so on, with fast delivery and direct wholesale price. We welcome new and old customers from all walks of life to contact us, we look forward to cooperate with you to create a wonderful future. Our mission is to bring the most advanced 3d printer technology into products and change people's lifestyle, company philosophy, dedication to detail, details make the brand.

Projected overall market growth rate.

            There are more chances for the growth of 3D Printing products for home use due to increasing globalization. The 3D Printing products market is expected to increase. People choose the short-term settlement, and they prefer to use 3D Printing products instead of manufactured Products. Therefore, positive growth is expected in the 3D Printing products market. JGJ Inc. should set up the marketing strategies according to the market situation to capture the increasing market of the 3D Printing products. For the next five years, the market growth will be increased for JGJ Inc.

Projected changes to overall pricing in the market

            There will be slight changes to the overall pricing of 3D Printing products and their services in their home industry. The change will be due to the increase in the demand for 3D Printing products. The simple 3D Printing Equipment starts to cost around $200, and based on the performance and speed of the 3d printing machine the cost varies from 100$ for a lower end of the 3d printer to a mid-size 3d printer to a price of 400$ to 2000$, and goes up to 50,000$ when it comes to industrial Use for 3d printing machines for home use in mass scale production. The prices of 3D Printing products for home use and their services will increase every year due to the increase in the demand of buyers and Consumers. The 3D Printing products prices are less than the other Manufacturing equipment, and it is the best time to invest more in this business to earn more revenue. Usually, the price of3D Printing products decreases with the passing time, but due to the increasing demand for 3D Printing products, it is expected that there will be an increase in the prices.

 

Recommendations

· The first recommendation for JGJ Inc. is to introduce 3D Printing products for home use and their services and create a unique and different brand from all the other brands in the market.

· JGJ Inc. should hire marketing experts that can attract more customers for 3D Printing products for home use and their services. The advertising for 3D Printing products for home use and their services should be accurate, authentic, truthful, and not misleading. The company can use different online advertising platforms for advertising for 3D Printing products for home use and their services for attracting new customers.

· Digital marketing is the best option to advertise 3D Printing products for home use and their services and target more customers. Almost everyone uses digital devices, and now they look for 3D Printing products for home use and their services for lease on online websites.

· The people who want to Buy 3D Printing products for home use and their services don't change place to place from one place to another place looking for  3D Printing products for home use and their services on the websites. So, JGJ Inc. can use this opportunity to advertise more on websites and social media platforms to attract more audiences.

· JGJ Inc. should use these marketing strategies in the city where more people are looking for 3D Printing products and Services for home use. Such as JGJ Inc. should target the all the customers across USA as there is an increase in the number of people who use 3D Printing products for home use and their services, and more people are considering this option to use this product across USA so the by Custom designing their products and using it for the home use is giving every individual an opportunity to design and give life to ne products and inventions.

· Giving better and quality services to the clients to capture a long-term market. The customers will not switch the company if they are provided with the best services of 3D Printing products for home use and their services by JGJ Inc. The potential customers will not choose any other company to get 3D Printing products for home use and their services if they are treated well by JGJ Inc.

· JGJ Inc. should hire the best team and offer them a higher commission to retain them. The experts in the field of real estate and home property should be hired who are also experts in dealing with the 3D Printing products for home use and their services business.

· JGJ Inc. should offer reliable and timely services to clients so that no matter where the customers are located, the company can fulfill the requirements of the customers on time.

· The 3D Printing products for home use and their services should be flexible to meet the expectations of most of the clients.

· JGJ Inc. should develop mobile-friendly websites or applications to target more 3D Printing products for home use and their services buyers. Nowadays, on the go, customers rely on mobile-friendly services to do any transaction and offering 3D Printing products for home use and their services on mobile is a marketing technique to target more customers.  

Buyer profile of a target customer

· The company should target people who are looking for 3D Printers for home use.

· The people who work in different areas away from cities and towns and who look for long-term living areas should be targeted by the JGJ Inc. for 3d printer sales.

· The people who are financially in a good stand and able to pay the loan if required for a 3d printer or its services should be focused on by the marketers of JGJ Inc.

· The people who want to save money on their household items and need a 3d printer to make their own custom products to design and make at their individual's discretion anywhere any time along their environment should also be targeted by the company.

References: Statista2: https://www.statista.com/statistics/183659/number-of-families-in-the-us/ Statista1: https://www.statista.com/statistics/315386/global-market-for-3d-printers/

Zoom Link: https://www.zoominfo.com/c/makerbot-industries-llc/351153039

Owler Link: https://www.owler.com/company/creality

eworldtrade Link: https://www.eworldtrade.com/c/anycubictechnology/

MakerBot Link: https://www.makerbot.com/about-us/