Good Essay On Company Overview
Section 1: Executive Summary
AA Electronics Inc. is a minority business owned by two Hispanic women and a white male. It was started in a small town in Greer, South Carolina. Anamaria Canas & Ana Mosqueda were childhood friends who always had a passion for business. They have 8 years of experience in administration and have been able to bring their company to the top. Jack Farnsworth was the president of their first real job at a collections office. He was a really big influence on their development and he was able to pass on a lot of information based on his 20 plus years in business. The founder Anamaria Canas was inspired by her own experiences. The founder had a push to start car which allowed her to start the car without having to insert a key. She would always leave her keys inside her purse but always had an issue finding her keys in her big purse when needing to get out for a quick errand. Anamaria then thought how stress free it would be to have your keys on your finger or wrist, then unisex Handy key was created. AA Electronics Inc. mission is to minimize our client’s time and stress by proving them a product that will keep their keys handy at all times.
Handy key comes in three different colors: Black, Silver, and Copper. Its design is made to fit males and females. Customers are able to choose from a ring or a bracelet. The ring comes in sizes: 2, 3, 4, 5, 6, 7, 8, 9, 10, and 11. The ring will be round and smooth. The bracelet comes in sizes small, medium, larger, and X-large. The bracelet is a round bangle and has to balls at the end which gives it a unisex style. The packaging of the product comes with a wall and car charger. Handy key is able to charged using a plug in charger and it last 72 hours when fully charged. The ring and bracelet are equipped with a chip that is intergraded inside the product which allows it to connect to the push to start button on your car. AA Electronics, Inc. will install a chip on your cars key starter which will allow both the starter chip and ring/bracelet chip to pair together. The pairing will allow the ring to turn on the car at the time you wish to use it. The prices for installation will vary from $300 to $500.00 depending on what equipment is needed for each car. The bracelets and rings range from $200.00 to $350.00 depending on if you need one set or two sets of two. The ring/ bracelet will have five options when it comes to operating your car. It will have the option the open doors, lock doors, open trunk, start your car and turn on alarm system.
Section 2: targeting customers
Family Size: 2 to 5
Income: $55,000 to 75,000
Education: College graduate
Social Class: Middle to Upper Class
U.S. Census, 2013
The doer is a type of person with the kind of personality that is very outgoing and live in a world of action. The doers are risk takers and they like to live life to the fullest. They have a lot of appreciation for the nicer things in life and live a fast pace lifestyle. They are very realistic people and love to be on top of things. Other people’s feelings don’t ever come into play when they’re around. Their decisions are based on logic and facts. They are also natural entrepreneurs.
"Portrait of an ESTP." Portrait of an ESTP. MYERS-BRIGGS TYPE INDICATOR, 1998. Web. 05 Feb. 2015.
AA Electronics boost of knowledgeable, determined, and skilled professional designers. These professional can make a variety of designs depending on the client’s needs.
The business conducts recruitments of professionals through a competitive process and therefore has the best professionals for the best service delivery in the region. From the management to the departmental staff, AA Electronics is proud to be associated with the best human resource that are professionally managed and organized to undertake their duties in the needed manner. The business has a workforce of 30 members.
Greer, South Carolina was where we first started and continued to sell Handy Key. There are about 27,000 people currently residing in Greer, South Carolina. Greer is a subtropical and humid. Winters are short and summer is long. Greer is a city in Greenville and Spartanburg, which are counties in South Carolina. The unemployment rate in Greer, SC is 4.10 % and the recent job growth is 1.90%.
STORY" Princeton University. N.p., n.d. Web. 03 Feb. 2015
Wants and needs
Technology has been growing tremendously and it has facilitated the way we get around. Push to start is a new way to start your car and automakers are turning away from traditional turnkey ignition switches. Push-button ignitions work via the fob, also known as a "smart key," which allows a driver to keep the device in a pocket, purse or other place when unlocking, locking and starting the vehicle. Antennas or sensors in the car recognize and can communicate with the fob using unique coding. (Wayland, 2014) The push to start is considered safer and more convenient. They are standard or optional on 72 % of 2014 cars. In 2013 models they have stated to have installed 4.4 million cars with the push to start feature.
Wayland, Michael. "Push-button Start Makes Car Keys Obsolete." Push-button Start Makes Car Keys Obsolete. Detroit News, 07 Dec. 2014. Web. 01 Feb. 2015.
Section 3: Unique Selling Proposition
unique selling proposition (usp)
Usp: Handy Key is a stress free and hands free key that is used to open and start your car without the hassle of having to find your keys in your pocket or purse. Our handy keys are made to fit any size finger or wrist and they also come in different colors to accommodate to our customers taste. Handy key has the potential to open/ close your car, turn on alarm system, and start your car without the need of an actual key.
We are able to provide our customers with updated equipment which allows them to have a stress free day. That is something that we strive about at AA Electronics, Inc. Our motto is Stress free hands free. Our goal when our customers come in through the door is to provide them with great customer service and to make sure that they are taken care of. This is something that separates us from our competitors.
We strive to give our customers the best services and products so our prices come with 100% customer satisfaction. If our customers are not happy with their service or product we will do everything in our hands to give them satisfaction and make sure they are taken care of. At AA Electronics, Inc. we will make sure that all our products are all working and make sure that they are all up to date to be able to provide better services to our customers.
Describe the marketing objectives of your company. Your marketing objectives should, at a minimum, address potential customer profile and market segmentation. Explain the manner in which you conducted your secondary market research.
Use at least two (2) quality references cited in APA format to support this section. Use your references to define your understanding of USP and depict the importance of describing your marketing objectives.
Section 4: Pricing and Distribution Strategy
You will now consider your company’s strengths and weakness, along with your product or service price.
strengths, weaknesses, opportunties and threats (SWOT)
Determine the key strengths and weaknesses of your company, as well as the opportunities and threats it faces within its industry.
The SWOT Analysis is a very useful technique for in business. Go to Mind Tools’Website and read “SWOT Analysis”for a better understanding of the topic, located at http://www.mindtools.com/pages/article/newTMC_05.htm.
supply-chain and operational system
Discuss your critical steps within your supply-chain and operational system. Explain the key aspects of your strategies for producing and distributing your products and services to both your stores and customers. Determine whether you will use an outside vendor or do everything in-house.
Analyze the company’s pricing strategy relative to its pricing objective. Examine major internal and major external factors that could potentially affect the pricing of the company’s products or services.
Use at least two (2) quality references cited in APA format to support this section. Use your references to define your understanding of SWOT and depict the importance of describing your supply-chain and pricing strategy.
Section 5: Distribution Plan and Promotions Strategy
You will consider mechanisms by which your customers will purchase your products and / or services (e.g., online, storefront, direct sells) and the primary manner in which you intend to reach new customers (e.g., TV, radio, social media, special events).
Consider the marketing materials that you intend to use. According to the textbook, marketing materials are collateral used to promote your business or products. Promotional strategy may include free trial offers, money-back guarantees, and buy two (2) for the price of one (1) type of deals.
Determine the distribution strategy in terms of your target market, location, and selection of distribution channels. Indicate whether or not you will leverage the following strategies: use stores located in different regions, sell online, and / or hire a sales team to sell directly to suppliers and door to door. Recommend three (3) strategy options to get your product or services out to your customer base.
Use at least two (2) quality references and cited in APA format to support this section. Also consider including charts, graphs, tables, and pictures to support your marketing goals as it relates to promotions, offers, and giveaways.
action steps (conclusion)
Propose at least three (3) action steps that you can use to move your plan forward. Consider how, when, and who will be involved in the execution of this plan. Formally wrap up your marketing plan.
A conclusion is not traditionally included in a marketing plan, but a list of action steps are often included within the plan. The conclusion provides you with an opportunity to reflect on your plan and support academic level writing.
The ring and the bracelets are of its kind and are produced by AA Electronics especially for men and women. The rings and bracelets are attractive and made from good quality. The rings and bracelets are stylized and designed in a classy way to meet the client's demand.
Setting of strategies to deal with challenges as regard to business problems in the future and ensuring the sales are constant.
SECTION 4. PRICING AND DISTRIBUTION STRATEGY
AA Electronics Company has a wide variety of product line ranging rings to bracelets that can be customized depending upon the customer requirement.
No constraints on capital and funds, as there is enough cash, flows for the maintenance of the business and its operations.
The firm has realized an increase in revenue collected as a result of the rise in sales of bracelets.
There is an increase in the market share control as AA Electronics is the only firm that has specialized in manufacturing of rings and bracelets.
The firm had a reputable and recognized rings and bracelets that are admired worldwide..
The company is relying on its high levels of Innovation capabilities to push for expansion of the business and its operation.
AA Electronics only deals with and sells products by use of one distribution channel (distribution department).
AA Electronics is unyielding to expansion and growth, therefore, faces a significant challenge to enter the global market.
Some of the products used for making rings and bracelets are difficult to find therefore it affects the brand name of the firm.
Steadily growth opportunity for the.Increase in trend in the use of rings and bracelets provides an opportunity to increase the company sales.
Unavailability of competing firms in the manufacturing of rings and bracelets poses an excellent opportunity for expansion to other the world.
The products manufactured by the company require a lot of time in modeling, therefore, poses a threat to its manufacturing and, therefore, delays production.
The consumers are also unreliable since most of the products manufactured by AA Electronics targets the larger markets.
Sales of the products are highly seasonal, therefore, depends on the seasons. These hinder the overall revenue increase.
Government constraints and political pressure and policies affect the production process blocking sales and expansion process.
SUPPLY CHAIN OPERATION SYSTEM
The supply chain system should provide the communication that will serve value chains such as suppliers, staff, and the supply chain.
The company uses modern technological applications to ensure faster movement of goods and products to the market.
Pricing strategy is based on the consumer demands, product, life cycle, quality, and the availability of substitutes.
Examining both the strengths and weaknesses AA Electronics shows that the manufacturer of rings and bracelets the strengths outweighs the weakness by far placing the business in a favorable position to manufacture the rings and bracelets and penetrate the market.
Examining the existing opportunities and threats that are available the firm clearly understands that the possibilities overwhelm the risks by an enormous magnitude. Such external factors are competition and political environment.
Chen, X., Li, L., & Zhou, M. (2012). Manufacturer's pricing strategy for supply chain with warranty period-dependent demand. Omega, 40(6), 807-816.
Hinterhuber, A., & Liozu, S. (2012). Is it time to rethink your pricing strategy.MIT Sloan Management Review, 53(4), 69-77.
SECTION 5. DISTRIBUTION PLAN AND PROMOTION STRATEGY
AA Electronics uses the following marketing strategies in distribution and promotion strategy. These marketing strategies include the following.
General strategy: the business`s concentration is on aggressive, and antagonistic marketing from plan launching to promotional advertisement campaigns to acquire the 70% of the market by the third annual quarter.
Alternative strategy: The Company focuses on most outstanding trend to increase interest in the fashion and beauty industry. The firm uses the active press in delivering promotional materials.
New product strategy: contracting material suppliers of raw material used for manufacturing and verify the extent of producing a new product.
The company concentrates on designing the product to meet the required demand of the products by the market. The company customizes the product depending on the market demand.
Product line cycle
The firm will introduce new products and monitor every response from the consumer to enable the company determines and gauge the suitability and the demand for the products.
Quality, Pricing and, Service
The products are designed to meet the demand of the products. The company will always offer the best after sales service to its customers.
Promotion and Advertising
Advertising will entail the use of persuasive and informative advertising through internet, banners, radio, print media and convincing advertising through print media, and television. It is done to draw attention to the company products,
AA Electronics focus on personal distribution and ensure all their retailers of our product are located across the US.
The aim of the firm is to present the best rings and bracelets and aiming at taking control of the market share in the nation. Qualitative examination shows that there exist a wide market niche that is yet to be tapped. Therefore, the company is utilizing the opportunity in manufacturing rings and bracelets
Creating of consumer awareness in the production of the new product by the company.
Ferrell, O. C., & Hartline, M. (2012). Marketing Strategy, Text, and Cases. Cengage Learning.
Armstrong, G., Kotler, P., Trifts, V., & Buchwitz, L. A. (2014). Marketing: An Introduction. Pearson Education Canada.
Implementation of the marketing starts immediately upon the beginning of the business.
The company will use the skilled human resource that it has to push aggressively for the market.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Westwood, J. (2013). How to write a marketing plan. Kogan Page Publishers.
Wood, M. B., & Jobber, L. (2013). The Marketing Plan. Pearson Canada.
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