Umbrella Man and the Ultimate Umbrella Conor Buckley, Rachel Keller, ElanaLilienfeld, Wangqian Shao
Step 1: Business Mission and Objective Umbrella Man’s mission is to provide its potential customers with a new and innovative product built for two to three people. Its goal is to each a new market of couples, friends, and families, providing each set of customers with dual precipitation protection.
Step 2: Situation Analysis • Strengths • New product motivation • No other products like it • Umbrella Man is leading provider • Location versatility • Can be sold anywhere • Convenience item • No real limit
Step 2: Situation Analysis • Weaknesses • Undefined consumer base • Undefined consumer base • Revolutionary product • Amount/type of people who will buy is undetermined • The physical development • Trial and error through developmental stage
Step 2: Situation Analysis • Opportunities • Nothing like it • Couples go out in the rain and it is awkward and difficult when they both travel under different umbrellas • It is always going to rain • Constant need for umbrellas
Step 2: Situation Analysis • Threats • Another company • Breaking into an existing market • Brand new product • Stealing idea or design • First product of its kind • Lack in demand • Other products such as jackets, hats, ponchos, etc.
Step 3: Identify Opportunities • Segmentation • Geographic segmentation • New Orleans and Buffalo get a lot of rain • Many different groups of people in one place who would find the Ultimate Umbrella appealing • Young women in relationships • Women with children • People who watch channels that are family-oriented
Step 3: Identify Opportunities • Targeting • Couples and families • They will benefit most • They are reachable seeing as they both watch television, read magazines, and shop, exposing themselves to advertisements
Step 3: Identify Opportunities • Positioning • Unique characteristics will ultimately make or break the sales • Playing up the dual handle will emphasize the characteristics of the product that are most important
Step 4: Implement Marketing Mix • Product • The Umbrella Man Ultimate Umbrella • Various features to attract any and all customers • Dual handled • 5-6 feet in diameterdepending on customization and consumer interest
Step 4: Implement Marketing Mix • Price • $14.99 – $24.99 • The larger the diameter the more expensive • Cost-based pricing strategy
Step 4: Implement Marketing Mix • Place • Sold virtually anywhere • Convenient stores • On the street • Major retailers • Grocery stores • Company website
Step 4: Implement Marketing Mix • Promotion • Television commercials • Magazine advertisements • Catalogs • Online advertisements
Step 5: Evaluate Performance • Performance objectives • Question mark • Low market share • High market growth rate • A new product starting out in an industry that is not extravagant • There is not a product like it currently in the market • If they gain more money, they will become a Star because it will be able to boost its marketing mix and gain a higher market share at a high growth rate