Marketing Plan for General Electric Essay Sample

or for the spirals on an electric range to no longer be red. This can result in unintentional burns or fires, and the GE Cook Alert aims to reduce the likelihood of such accidents.

The GE Cook Alert system uses both a timed audible warning beep and a flashing warning light to consistently remind users that the stove is still operational, thereby preventing burns to individuals and damage to property. This feature is particularly beneficial for households with children.

With the aim of reducing wasted energy, GE has created a new merchandise line of gas and electrical scopes, and the GE Cook Alert is its flagship product. This groundbreaking merchandise boasts a unique selling point: it is the first of its kind in the market. GE aims to release this merchandise within 12 months and capitalize on the high consumer trust in the GE brand name. However, its strengths are counteracted by its weaknesses. At present, the merchandise is untested, and there is a concern that the cost to implement the GE Cook Alert may outweigh its benefits.

Calculations for final costs and future projections have not been made yet. However, the GE Cook Alert presents opportunities for GE to showcase its investment in consumer safety and energy efficiency through excellent public relations and media exposure. If the Cook Alert proves successful, similar safety models could be created for a wide range of GE devices and products.

There is also a possibility for retro fitting devices which lack the sensor. Threats include the potential for GE Cook Alert to be imitated by competitors in the household appliance market such as Samsung and Phillips. The most significant trend in

appliances lately is the introduction of high-energy efficiency appliances. The development and marketing of appliances that provide consumers with significant savings on gas and electrical energy has been made possible through new technological advancements. Besides increasing safety, purchasing GE Cook Alert would also help reduce unnecessary energy consumption and increase consumer savings.

Marketing has selected two research approaches for the GE Cook Alert. The first approach will involve conducting a series of focus groups in Philadelphia, Los Angeles, and Chicago, with participants drawn from urban and suburban areas.

The participants will be categorized based on their education degrees, economic degrees, and matrimonial status to obtain more precise statistical data on the response to the Cook Alert. The second approach involves research through study, which will be performed in two ways. The initial approach is as follows:

A monolithic mailing distribution strategy will enable the selling department to reach a large number of people in order to gather as much information as possible, despite the low response rate. Despite this, sales believes the strategy will yield valuable results. The second study will be conducted via the internet by placing a banner and an entry form for GE's promotional "free giveaway sweepstakes" on the Google homepage. This modern approach to data collection is becoming increasingly popular and allows GE to reach a larger portion of their consumer base.

The GE Cook Alert is a specialty feature that will be integrated into GE's current and future line of household cooking ranges for an additional fee. The target market includes homeowners who currently use or are considering purchasing gas or electric stove units. The desired consumer falls within the middle to high income

bracket and prioritizes safety in the home, especially with young children present. This demographic is expected to make significant appliance purchases due to new career opportunities.

The target audience for the upgrading of household appliances spans globally, but the initial emphasis will be in the United States. Major appliance retailers, like Sears, will be the primary focus for marketing.

The secondary market will consist of families with members who have specific disabilities like memory deficits, cognitive disorders, visual impairments or hearing impairments.

When buyers or consumers purchase goods or services, they are essentially acquiring a bundle of benefits that meet their needs and expectations. This bundle is known as the product or service concept and does not include just the physical locations where consumers make their purchases but also their perception of the benefits derived from the product or service. This is highlighted in the target market segment.

GE's upgraded kitchen appliances will primarily target households with children who prioritize safety in the home. The marketing strategy for the GE Cook Alert aims to create the perception that it is a device that improves cooking safety for families. In the US, there are approximately 300 companies in the household appliance manufacturing industry generating a yearly revenue of $25 billion. However, the top 20 companies hold 95% of the market. (Business Wire, 2007)

Moreover, the place contraption sector is experiencing a sluggish growth rate, as most rival firms manufacture comparable products. Hence, the competition is intense for any potential increments in market share.

Thus, the possible impact of the GE Cook Alert on the company is enormous. Throughout many years, ovens have included functions aimed at simplifying their maintenance

and enhancing their aesthetic appeal.

Here's the first clip. GE has a unique product feature that effectively prevents property damage, personal injuries, and may even save lives. These are valid claims that give the company a competitive edge over rivals like Electrolux and Whirlpool.

Recently, Electrolux, a major competitor of GE, has experienced a drop in their stock price from $63.30 (its highest point in the past 52 weeks) to the current level of $28.

According to Yahoo Finance's 2008 report, Electrolux is not in a favorable position to compete with GE Cook Alert due to a decrease of approximately 45% in their income from 2006 to 2007.

Although it is now experiencing a financial decline, this may actually motivate Electrolux to increase their investment in product development and follow Whirlpool's example of adding safety detectors to their household appliance line. Whirlpool, a GE competitor, has demonstrated impressive growth in recent years. (2008).

Whirlpool is seen as the top contender to mimic GE's Cook Alert, posing a significant competitive threat. As a result, it is crucial for GE to swiftly secure patents for the new product and bring the Cook Alert to market as soon as possible. This will optimize the positive effects for GE, enabling them to gain a competitive advantage and increase sales for as long as possible. The pricing strategy will consider the often overlooked "P" factor.

(Pricing). Positioning. GE Cook Alert will be introduced to the market at the start of its life cycle, offering flexibility in pricing strategy selection, which is simply based on research.

Considering market placement and recommended target markets, the impact of assigning a monetary value on production, clients, and return on investment should

be evaluated.

The pricing strategy of GE Cook Alert is focused on ensuring high quality. This is achieved through a cost-plus pricing approach. The product is of superior quality, and hence, it is priced accordingly. However, the price is not set at a premium level. The aim is to ensure profitability for each product sold while targeting a specific segment of the market. This segment prioritizes quality over monetary considerations when it comes to safeguarding their interests.

Establishing a pricing strategy is crucial for organizations when first presenting their products to the market, especially in order to take advantage of unique opportunities. According to NetMba (2007), the best pricing scheme for the GE Cook Alert should be utilized.

It has been found through research that there is potential for high revenue due to the large number of households with at least one child who prioritize protecting their family's lives at any cost. GE has decided to focus their initial pricing strategy on middle-income families residing in Philadelphia, Chicago and Los Angeles. This market segmentation will allow for further research to determine if a change in pricing strategy is necessary in order to achieve targeted profit returns.

The text discusses GE Cook Alert and its potential to safeguard millions of homes from fire hazards, while also addressing competitors and ethical concerns. Additionally, developing an initial sales promotion schedule is a way for the company to effectively communicate its product.

GE's focus is on advancing GE Cook Alert in the mark cleavage country through the use of personal merchandising, advertising, promotion, and sales publicity.

The focus countries will provide feedback on GE Cook Alert, enabling refinement of the marketing strategy for increased

success in the target geographic market. According to Arl (2007), it is important to not assume that a product will sell on its own, even if it is perceived as superior in its field. Despite the potential life-saving benefits for millions, GE Cook Alert still needs proper marketing efforts.

If our sales program has been unsuccessful in reaching and expanding the potential customer base, it means that the merchandise is still undiscovered. To combat this issue, GE plans to introduce the GE Cook Alert. This product will be promoted through a six-week sales campaign that includes sales calls, presentations, literature, direct mail, and seminars.

Financial gains from the sale of materials, sample kits at consumer trade shows, building relationships with distribution channels, making presentations, providing telemarketing assistance, and supporting the generation of potential clients.

The plan includes a series of events over six weeks to introduce and promote GE Cook Alert to the market. In week 0, initial debut events will be developed. In week 1, the product will be distributed to specific retailers. Week 2 will focus on training on GE Cook Alert at Fire Safety Seminars. In week 3, local wireless and television stations will be invited to showcase the product and offer free trials. A week before the market trial, a narrative will be released. Week 4 will see the unveiling of GE Cook Alert at the same seminars as before. Finally, weeks 5-6 will involve working with salespeople.

The goal is for distributors and consumers to conduct research using measurable metrics to gauge how well the product was received. This will help focus the marketing strategy before launching an expanded campaign. To

effectively target our audience of families with children, our public relations campaign should identify opportunities in areas where they are likely to be present, such as local family events and schools.

By showcasing GE Cook Alert in areas where households and children frequently gather, such as fire safety maps, the brand can establish a connection with seniors who share the same values and concerns. Focusing on specific regions enables the brand's story to be shared positively and generate interest. Flexibility in PR campaigns is crucial, allowing GE Cook Alert to capitalize on any potential opportunities that may arise. The targeted countries include public relations, press kits, media events, speeches, seminars, promotion of charitable contributions, social causes, community activities, industry association activities, awards/recognition, competitions, and exhibits. The advertising plan has been developed in stages to promote market awareness while ensuring cost-effectiveness.

GE Cook Alert's target market consists of households with one or more children, with a focus on gathering information from essential fields for their advertising campaign. The initial stage involves monitoring databases to collect feedback and details from the target audience. Internet advertising offers greater advantages than traditional print methods, with reduced costs being one of the evident benefits.

The benefits of internet advertising include constant availability, access to larger consumer markets, and higher overall profit margins per consumer. (Source: InternetAdvertisingAdvantages, 2007)

Online advertising and database management will emphasize targeted profiling that monitors the individuals who react to each internet advertisement. Companies handling advertising on the web provide ads for numerous distinct websites through the use of cookies synchronization, which captures consumer data. When combined with direct sales databases, this allows for the creation of categorized profiles of target

audiences based on their name and address.

GE Cook Alert plans to use third-party data analysis services to gather and interpret critical performance indicators, including demographics and comprehensive online and offline transaction histories. A reputable advertising network in 2007 provided this service. This information will be used to support logistics and ensure that research and development efforts are effective.

Before mass production, a trial stage will be implemented using information gathered from the cyberspace database to address production issues and critical key variables that are essential for staying on track with the production process.

The advertisement campaign will focus on introducing the product or service online, through television infomercials, radio ads, and distributing fire safety booklets. Recommendations include creating a team for developing logos and slogans, partnering with local news broadcasts for advertising and promotions, outsourcing internet data acquisition and interpretation, and approving advertising based on circulation, cost, and monitoring capabilities. The GE Cook Alert will be quantified and analyzed.

Introducing a new product in the fire safety industry without previous performance data requires close monitoring of specific variables to ensure successful launch. The entire organization must work effectively together to achieve this goal. Advertising and promotions should strive to create a positive perception in the minds of consumers while establishing product credibility, ultimately increasing the likelihood of success for the initial production plan.

The theoretical plan entails shipping an initial production allocation to identify retail merchants who will establish the campaign. Distribution, logistics, advertising, and promotions will all collaborate closely to ensure a successful initial launch.

Monitoring measurable information during the initial advertising campaign assists in estimating the numbers required for the complete production launch. The recommended plan involves

implementing a launch team comprising essential members from various departments, such as channel distribution, production, operations, and sales.

The launch team should work together effectively to ensure success, utilizing a phased approach that incorporates production, sales, finance, advertising, promotion, and monitoring of key metrics such as daily circulation and website demographics.

GE will enter a new market with the launch of GE Cook Alert, causing budget considerations including advertisement and other associated expenses. Despite being an established company, this venture represents a new area and requires careful budgeting for the new product.

Having no sales record can result in uncertainties, which can be mitigated by utilizing the sales forecast method. General Electric (GE) has chosen to employ this method, which calculates projected annual revenues and marketing expenditures. This approach was implemented in 2008.

On average, companies spend 7.2% of their total revenue on marketing, which is divided into 33% for public relations and 18% for advertising.

According to Design Firm Management ; Administration (2008), 16% of communications are directed at managing and administering a design firm. The incorporation of existing divisions within GE is highly advantageous, especially when legal fees are included in the budget.

Despite the budget being slightly lower than the available funds, expenses will increase with the emergence of complex factors, such as legal fees, application fees, patent fees, and trademark fees that are not currently accounted for.

With a budget of $300,000, 2000 units will be advanced for testing, costing $150 per unit. The projected budget for GE Cook Alert is $5,000,000 (as shown in the chart below) and aligns with General Electric's corporate value statement of "unceasing wonder" and passion.

"Thrust to be foremost

in everything we do" was GE's promise in 2008. With the GE Cook Alert, they were able to fulfill this promise by leading the industry, improving consumer lives, and enhancing General Electric's financial standing. Proper market research is crucial for successful marketing.

One type of research involves gaining a comprehensive understanding of the target consumer, the current market climate, and competitors. The introduction of the GE Cook Alert has contributed to this effort.

General Electric aims to achieve a competitive edge in the market by meeting customer demands and fulfilling their needs, all while staying true to their mission of "Bringing good things to life". (Source: www.ge.com)

The General Electric website retrieved on January 29, 2009 can be found at "http://www.ge". (2009).

Visit com/en/company/index.htm.2 for more information on NFPA (2006).

On January 12, 2009, the National Fire Protection Association provided information on cooking safety.

The text is sourced from the NFPA Website at hypertext transfer protocol: //www. nfpa. org/categoryList. asp? categoryID=282 & A ; URL=Research % 20 & amp ; % 20Reports/Fact % 20sheets/Home % 20safety/Cooking % 20safety & A ; cooky % 5Ftest=13 ). It was originally posted on Business Wire in December.

As of 2007, the US Household Appliance Manufacturing industry comprises approximately 300 companies, generating a combined annual revenue of $25 billion. Source: Retrieved January 18, 2009.

FindArticles.com's Look Smart website provides information sourced from Arl.org through hypertext transfer protocol at http://www.findarticles.com/p/articles/mi_m0EIN/is_2005_Dec_6/ai_n15896779.

(2007). Retrieved on February 8, 2009, concerning market analysis.

Accessed on February 4, 2007, the advantages of internet advertising can be found at World Wide Web.arl.org/sparc/GI/sectionB/B_4_09.html5.

The year 2009 marks the origin of an article on the advantages of internet advertising, which was published on World Wide Web's associatedcontent.com under

the reference number 2345.The webpage at ciadvertising.org/student_account/fall_00/adv391k/hongjiy/seminarpaper/f-home contains information about ad networks and hypertext markup language. It was retrieved on February 4, 2009 from the World Wide Web.

According to the 2008 December Design Firm Management & Administration Report (html7), a recent survey has disclosed information regarding marketing budget increases, allocations, and responsibilities.

On February 8, 2008, Yokel Finance was accessed through the hypertext transfer protocol via the URL http://finance.yahoo.com.

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