Marketing Plan for MicroFridge

GROUP NO.1
ABHISHEK SHARMA, SITORAI PIRMAMADZODA & LEKI DORJI
Briefly about the MicroFridge and market description:
The product includes the function of refrigerator, freezer and microwave unit.
The devised electronic circuitry that shut off power to the Refrigerator/Freezer
whenever the microwave oven was switched on. In this way, the unit would
never pull more than 10 amps of current.
Advantages of the product:
1. Helped to solve the electricity problem in a lot of organizations including
schools, colleges, saved costs.
2. Consumer can use Microfridge could cook safely at home, rooms, office
kitchen and etc.
3. Convenient, easy to use, attractive, durable and easy to clean
4. Very useful for military bases and hotels/motels
Microfridge can devised in different standard size. Later, attributes can be
improved without increasing price. We trust it can make our Microfridge competitive
edge by the head of educated personnel. Warrantee period three years including
after purchase service.
Product review:
Microfridge can be devised in 3 size: Big, Medium and Small.
Mission
We are making life comfortable
Target market:
Colleges and Universities, Motels and Hostels, Military bases, Service organizations
for their own use, others organizations and dormitories
Competitors
There are not alternatives products which can contend with Microfridge, only
separately Fridge and Microwave.
Marketing Segmentation

One of the important parts of the marketing is segmentation. Dividing consumers

according to their need and wants.
1. Geographical segmentation. Customers of Urban and rural areas
2. Demographic segmentation. Our product relates to the customers with
stable income.
3. Life stage segmentation. Microfridge targeted to the young and adult
people.

Research and survey

Bostons Atlantic Research conducted interview with 200 Massachusetts
college students. Research had found that students liked the concept Microfridge
and would pay extra to have one. A majority 52% said they would be likely or very
likely to accept an increase of 75$ per year in dorm rates to have the use of one,
and at 50$ per year the interest level was 90%. Most of the guests at a small Super
Model said that they would add 3$ to their room rate to have a Microfridge.

Marketing strategy
To create a good promotion and distribution channels for market penetration
and extension with new brand. The product later will be improved with better
features. If dormitory administrators would not buy, the product can be sold by
retailers. Across the United States about 20 independent distributors sold
appliances to retail stores, typically taking a margin of 15% of the price to the
retailer. Retailer generally set a price to the consumer that earned them a margin of
30% on the retail price.

Promotion strategy
Another important part is to choose the best way of communicating with our
customers. Goal is to make aware customers about uniqueness of Microfridge. The
aim of advertisement is to aware consumer and to create awareness about the
product in consumer mind. It should help us to provide existence in the market
forever and to build a loyal relationship with clients. Therefore, for achieving the
promotion goals we need to work with advertisement agencies. Advertisement cost,
Television commercial, print advertisement and Direct mail - $50,000

Measurement and control

Should be measured Different media Volume of sales with questionnaires.

Control means comparing the fact and desired states of affairs for
Sometimes product cannot be positioned well because of wrong
advertisement. After collecting the result changes and improvement will
be providing in the market.

Budgeting

Several factors have to be considered while deciding the budget:

1. Stage in PLC: in different stages different level of expenses
2. Market share and consumer base: depends on market share expenses
increase and decrease
3. Competition: Expenses for defending the product
4. Product sustainability

SWOT analysis

Strength

Weakness

1. Customer satisfaction

1. Financial stability

2. Customer retention

2. Promotion effectiveness

3. Product quality

3. Rigid policies for customers

4. Comfortable price

4. Production facilities

5. Innovation effectiveness

5. Ability to produce on time

6. Technical manufacturing skill

6. Corporation

7. Does not have a competitors

7. Investors
8. Lack of experience in the market

Opportunities

Threats

1. Opportunity to grow

1. Economical decline

2. Opportunity to attract or expand

new geographical markets

2. Rigid policy
3. Inflation

3. Opportunity to join with other

companies or investors
4. Opportunity of increasing interest
of consumer
5. To attract high qualified personnel
6. Innovation

4. Competition
5. High tax