Marketting
pegz 67
Hernandez_MARKETINGPLANPOWERPOINT.pptxWESTINGHOUSE MARKETING PLAN
BY: DIANA HERNANDEZ
Marketing Westinghouse brand microwaves in India
INTRODUCTION:
Westinghouse is targeting this standard kitchen appliance market in one of the newly economically developing BRIC countries, India.
Microwaves do not have much exposure in India’s market. On the contrary, most consumers tend to heat their food using gas stoves.
Our objective is to make consumers shift from stoves to microwave ovens as their primary way to heat their foods.
COMPANY’S MISSION STATEMENT:
“Total quality. Market leadership. Technology drive. Global. Focused growth. Diversified.”
COMPANY OVERVIEW:
Westinghouse Electrical Corporation has consistently provided innovative, reliable, and high customer service for over a century
They strive to provide their customers with the best product available in each market segment, while continuing to increase their revenues by continuing to innovate new products.
OBJECTIVES:
To enter and successfully penetrate India’s microwave market by developing a strategized marketing plan fit accordingly to India’s demographics and culture in order to further globalize the Westinghouse company.
COMPANY PROBLEM / OPPORTUNITIES
PROBLEM: Westinghouse Electrical faces a huge problem of not currently having a market established for their microwaves in India, one of the fastest growing countries in the world, both economically and socially.
SOLUTION: This problem opens a grand opportunity for Westinghouse to take their corporation to a new level, with the opportunity to increase their profits by substantial margins.
SWOT ANALYSIS
STP ANALYSIS:
SEGMENTATION:
Geographical Segmentation: Urban and suburban regions of India.
Demographic Segmentation: Targeting people with a stable income of over 20,000 takas.
Life-stage Segmentation: Targeting single and married young couples who are with or without children.
Behavioral Segmentation: Based on usage rate: Light vs Heavy usage
TARGETING:
The company will target the 10 most populated cities across India and make sure to know how each city is segmented in the four divisions as discussed above.
POSITIONING:
In order for Westinghouse to position their microwaves against its competitors, they must:
add value to their product in order to position themselves above average
add-ons that their microwave product can include are many, but the most importantly, remembering to cater to the Indian culture
COMPETITIVE ENVIRONMENT
Not only will Westinghouse have to do extensive work to enter the new market successfully, but they will also have to maintain themselves in order to be the leading microwave vendor once the market in India has been established.
The main competitor that Westinghouse will have to face from the very beginning is India’s very own kitchen manufacturing companies, as they are the one’s who know India’s true wants and needs.
MARKETING STRATEGY
Westinghouse primary marketing strategy is to create demand in an untapped market through several promotions using the right strategies to reach users through the incorporation of their culture and taking note of what their base line price should be
THE FOUR P’S
1. PRICE: We plan to propose the microwave in India using the Market-oriented method pricing. Based on demand and supply and we will adjust the price accordingly.
2. PRODUCT: Westinghouse will offer 3 lines of microwaves to the market of India.
Compact Microwave: This compact microwave size will be for those in need of a small quick heating who do not have the space for the regular sized microwaves.
Medium Capacity: These microwaves are larger than compact microwaves while still offering a doable size for those who want to go one step up from our base line model.
Large Capacity: This large capacity offering will be offered to those who are plan on heating large quantities of food while being able to sustain its larger compact in their household.
3. PROMOTION: For this oven brand, informative objective has to be followed. Since the brand is new in the market, this approach is the most appropriate for the beginning of Westinghouse’s business. Thus, we need an advertising strategy which will create awareness and knowledge among customers so that it can penetrate into the market as well as customers mind. We will also incorporate coupons during seasonal sales.
4. PLACE: The targeted most populated cities of India.
LAUNCH GOALS AND METRICS
GOAL: To successfully enter and become the leading microwave seller in India’s market.
LAUNCH GOALS AND METRICS
METRICS:
Number of units of microwaves sold in the Indian market
Total annual value of Westinghouse brand
Total costs and profits of the Westinghouse Co.
DEMAND PROJECTIONS
Based upon our future expectations of this fast-growing country, we can predict income will increase throughout the population.
As India pushes to be a leading country in the world, India will also see the rise of wealth across the country, meaning more and more people will be able to buy our products and see them more convenient.
REFERENCES
1st Domestic Microwave Is Sold, October 25, 1955 | EDN. https://www.edn.com/electronics-blogs/edn-moments/4399387/1st-domestic-microwave-is-sold--October-25--1955. Accessed 24 Nov. 2018.
Hussain Elius. Micron Microwave Oven Marketing Plan. https://www.slideshare.net/elvista/micron-microwave-oven-marketing-plan.
“India -- A Hub for Globalization, Remarks by Raghuram Rajan, Economic Counsellor and Director of the Research Department, IMF.” IMF, https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp010705. Accessed 19 Nov. 2018.
Kelley, Eugene J. “10. General Marketing Studies.” Journal of Marketing, vol. 23, no. 1, July 1958, pp. 75–75.
“The Westinghouse Electric and Manufacturing Company | The Westinghouse World | Articles and Essays | Inside an American Factory: Films of the Westinghouse Works, 1904 | Digital Collections | Library of Congress.” Library of Congress, Washington, D.C. 20540 USA, https://www.loc.gov/collections/films-of-westinghouse-works-1904/articles-and-essays/the-westinghouse-world/the-westinghouse-electric-and-manufacturing-company/. Accessed 19 Nov. 2018.
“Westinghouse Electric Company Competitors, Revenue and Employees - Owler Company Profile.” Owler, https://www.owler.com/company/westinghousenuclear. Accessed 19 Nov. 2018.
