Marketing Plan: Product diversification strategy - Media Strom SA
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MEDIA STROM: « We stay awake…so that you can sleep better » ...
MEDIA STROM: « We stay awake…so that you can sleep better »
This study concentrates on the marketing plan of the Greek company Media Strom S.A (Athenian Mattresses Industry) and the development of a new product in a new market: in the case of product diversification through innovation.
This report reviews and evaluates the marketing plan of a well known and established business, Media Strom S.A and recommends an alternative marketing strategy for the needs of product diversification strategy. We examine this proposition alongside with the ongoing marketing plan of the company, as a one to one consultation process.
The paper attempts an overall analysis of the current market, the competition and the influences of the external environment. Furthermore, presents the company‟s capabilities and internal processes, highlighting the strengths and opportunities of the organization.
The solution proposed by this paper moves to the field of product innovation (product case: sleeping pillow enhanced with internal speakers with connector for smartphones), so that it positioned as an inspirational product with distinctive quality and technological function.
It mainly focus on introducing a modern relaxing sleep session to the user, which provides affordable bed and sleep-related products to young middle age groups of people with concerns over technology and comfort.
The stated objective here, concerning price analysis, is that the above product category should reach 1/10 of the overall sales of the company, with regional targeting of the western societies, which are more technologically advanced and innovation friendly.
Supporting the above mention, the delivered profit margins are expected to be small with a rising ongoing trend, in the first semester of the launching process. But as the assembly product line grows in numbers and manufacturing experience, the business profits will accumulate as it becomes a usual business service, ensuring the smoothing between marketing and factory operations.
Media Strom was established in 1967 from the brothers John and Nick Niarchos, aiming to offer mattresses that improve the quality of sleep and set new standards on the market. It is thought to be the No.1 company in the mattress industry, having a presence in the field for over 4 decades. It is a 100% Greek-owned company, having offered great sleep up to 3 generations so far. They have eco-friendly facilities without gas and waste emissions due to their strict recycling and packaging program and collaboration with the Hellenic Recovery Recycling Corporation.
The history of the firm is filled with innovations that changed the way that most Greek people slept. Above 2,5 million Greek citizens today wake up in a bed or a mattress of Media Strom. The New Sophisticated Factory of Media Strom builted in 2010, is the
jewel of the world quilting, confirming entrepreneurship and healthy development.
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