3. - Simple and robust consumer-centric business (Corporate strategy – MarketLine, 2020)
- "Set it and forget it has always been a benefit of slow cooking, and we want to continue to find ways for
consumers to worry less about dinner time” – (Tim Anderson, Director of Brand Development, Crock-pot)
CORPORATE STRATEGY
1. Focus on customers, understanding our own customer’s behaviors to develop new product that serve
customer the best, making cooking as intuitive as possible.
2. Give customers highest performance products which help them cook delicious meals for a long time
PRODUCT MISSION
3
4. MARKET AUDIT
PORTER’S 5 FORCES & PEST in Appendix
• Strong competition
• The average size of a home in the UK shrunk by two square meters between 2003 and 2013
• Most councils charge for the collection and safe disposal of large appliances
• High technology, particularly IoT or voice control is increasingly popular
4
6. CONSUMERS’ NEEDS
COMPETITIVE PRICE
• The product is sold in a competitive price
HIGH PERFORMANCE
• The inner heat is evenly spread to make the food tender and juicy
• High cooking speed
• The non-stick is good
• The product is hassle free
• …
CONVENIENCE
• The product is easy and convenient to use
• High portability
• Hinged lid
• Removable, diswasher-safe pot
• …
6
7. SEGMENTATION
TARGETING
Result-orientedPractical BusyHigh classPicky
30% 16% 16% 13% 9%
A B C D E
A. 30%
B. 16%
C. 16%
D. 13%
E. 9%
F. 7%
G. 7% H. 4%
*See segment in detail at the Appendix
Segment High need for competitive price High need for good performance High need for convenience
A ✓ ✓ ✓
B ✓ ✓
C ✓ ✓
D ✓ ✓
E ✓
F ✓
G ✓
H
7
9. COMPETITOR ANALYSIS - BENCHMARKING
Brands Crockpot Breville Morphy Richards Morphy Richards Russel Hobbs
Product code CSC037 VTP169 460017 460012 23200
Price (Pound) 25.61 15.99 21.99 32.99 24.99
Capacity (L) 3.5 1.5 3.5 3.5 3.5
Hinged lid Yes No No No No
Wrap-around heating Not mentioned Yes Not mentioned Not mentioned Not mentioned
Removable bowl Yes Yes Yes Yes Yes
Dishwasher-safe lid and bowl Yes Yes Yes Yes Yes
Sear and slow cook in the same pot Not mentioned Not mentioned Not mentioned Yes Not mentioned
Cool touch handles on main body Not mentioned Not mentioned Not mentioned Not mentioned Yes
Brands Crockpot Breville Morphy Richards
Product code CSC044 ITP136 460016
Price (Pound) 39.99 41.5 39.99
Capacity (L) 3.5 3.5 3.5
Hinged lid Yes No No
Wrap-around heating Not mentioned Not mentioned Not mentioned
Removable bowl Yes Yes Yes
Dishwasher-safe lid and bowl Yes Yes Yes
Sear and slow cook in the same pot Not mentioned Not mentioned Yes
Brands Crockpot Morphy Richards Morphy Richards
Product code CSC060 460009 460015
Price (Pound) 69.99 54.99 54.99
Capacity (L) 3.5 3.5 3.5
Hinged lid Yes No No
Wrap-around heating Not mentioned Not mentioned Not mentioned
Removable bowl Yes Yes Yes
Dishwasher-safe lid and bowl Yes Yes Yes
Sear and slow cook in the same pot Not mentioned Not mentioned Yes
Countdown timer Yes No Yes
Automatic stirring mode, pulse mode No Yes No
Has advantage 9
13. CONSUMERS’ NEEDS
COMPETITIVE PRICE
• The product is sold in a good price
HIGH PERFORMANCE
• The inner heat is evenly spread to make the food tender and juicy
• The food is tender in shorter time
• High volume of cooking functions;
• The product is hassle-free
CONVENIENCE
• The product is easy and convenient to use
• Safe
• Easy for carrying
• Removable, diswasher-safe pot
13
16. COMPETITOR ANALYSIS - BENCHMARKING – PRESSURE/MULTI COOKER
Brands Crockpot Ninja Morphy Richards Kingpro Tefal
Product code CSC051 OP300UK 562020 PKP5LCH RK302E15
Price (Pound) 64.99 179.96 35.99 69.99 64.99
Capacity (L) 5.6 6 5 5 5
Number of mode 12 7 9 12 8
Removable bowl Yes Yes Yes Yes Yes
Safety device Not mentioned Not mentioned Not mentioned
patented and proven
safety devices, locking lid
that only opens once
pressure is released with
audible alarm when the
lid is not shut
Not mentioned
16
23. 4
3
3
1
4
0
1
2
3
4
5
Buyer power
Supplier power
New entrantsSubstitute
Rivalry
• Customers are hypermarket/supermarket. They have
a wide variety of brands
• Generally, the overall function is fairly standardized
Buyer Power
(Strong)
• Manufacturers have low switching cost due to the
similarity of raw materials
• Suppliers provide to a variety of industry
Supplier Power
(Moderate)
• Prohibitive. Hard to achieve large economies of scale.
Hard to have enough money for R&D, marketing,
distribution,…
• Because of differentiation and increasing technology,
new entrants can find a niche market
New entrants
(Moderate)
• Low because of the importance and convenience of
kitchen appliance
Substitute
(Weak)
• High fixed cost => exit barrier is high
Rivalry
(Strong)
MARKET AUDIT (PORTER’S 5 FORCES)
Sources: MarketLine Industry Profile (2014)
23
24. • Brexit has had negative impact on GBP Sterling value but it has gradually stabilizedPolitical
• Economic depression has negative impact on customer's spendingEconomy
• Covid-19 badly affected the business, customers do not go out as much as before
• The average size of a home in the UK shrunk by two square meters between 2003 and 2013
• Most councils charge for the collection and safe disposal of large appliances
• Consumers may guard against buying cheaper products with a shorter lifespan
Social
• High technology, particularly IoT or voice control is increasing among home appliance &
cookware industryTechnology
MARKET AUDIT (PEST ANALYSIS)
Sources: MarketLine Industry Profile (2014)
24
25. Customer survey for segmentation
1. A “competitive price” product is considered to have a relative low price when comparing to other products in the
market. When you purchase a slow cooker, you think that “good price” is:
a. Must have b. Nice to have
2. A “good performance” slow cooker is considered as a durable, high quality products and help you cook a more
delicious meal than other slow cooker. When you purchase a slow cooker, you think that “good performance” is:
a. Must have b. Nice to have
3. A “convenient” slow cooker is considered as a product that helps you save time and energy better than other slow
cooker (such as have countdown timer, easy for carrying, hinged lid, removable and diswasher-safe pot). When you
purchase a slow cooker, you think that “convenient” is:
a. Must have b. Nice to have
25
26. Segment result (Slow cooker)
Factors Must have Nice to have
Competitive price 65% 35%
Good performance 70% 30%
Convenient 65% 35%
Segment Factor 1 Factor 2 Factor 3 Percentage Target segment
A Need competitive price Need good performance Need convenient 30% Priority
B Need competitive price Need good performance Less need convenient 16% Priority
C Less need competitive price Need good performance Need convenient 16% Priority
D Need competitive price Less need good performance Need convenient 13% Priority
E Less need competitive price Need good performance Less need convenient 9% Priority
F Need competitive price Less need good performance Less need convenient 7%
G Less need competitive price Less need good performance Need convenient 7%
H Less need competitive price Less need good performance Less need convenient 4%
100%TOTAL
26
27. Segment characteristics (Slow cooker)
Segment Segment Who they are What they bought Why they bought When they use Value they seek What we offer
A Picky
They are more price-sensitive and tend to purchase
affordable products
They have high requirement about the meal quality and
convenient function
A high quality slow cooker
with various convenient
functions and high
performance
Good performance
Convenient
Good price
Daily using
In special occasion (Thanks
giving, Christmas,…)
Meal with friends & family
A product which helps them
cook most delicious food,
save their time and energy;
A high performance
slow cooker with
some convenient
function
B Practical
They might be someone who has time to cook, so they
don’t strictly need many convenient functions
They have high requirements about the meal quality
They expect long lifespan products
They are price-sensitive and tend to purchase affordable
ones
A high quality slow cooker in
an affordable prices
Competitive price
Good performance
Daily using
In special occasion (Thanks
giving, Christmas,…)
Meal with friends & family
A high performance
product with longer lifespan
The product helps them
cook most delicious food in
an affordable price
A high performance
slow cooker with
competitive price
C High class
They might be people who are holding a white-collar job
and do not have much time to cook;
They might be elderly who want to spend time with their
friends/family
They have high requirements about the product
performance and be willing to spend money
A high performance slow
cooker with various convenient
functions
High performance
Convenient functions
Daily using
In special occasion (Thanks
giving, Christmas,…)
Meal with friends & family
A high performance
product with longer lifespan
The product helps them
cook most delicious food
with many convenient
functions
Highest performance
slow cooker with a
wide range of
convenient function
D Busy
They are more price-sensitive and tend to purchase
affordable products
They might be short-term users (such as students/young
family) who prefer short-term using
They might have low expectation about the quality of their
cooking
A slow cooker with some
convenient functions (such as
easy for carrying, Hinged lid,
removable, diswasher-safe
pot)
Some convenient
functions
Competitive price
Daily using A product that is convenient
and easy to use.
A basic slow cooker
with some convenient
functions
E
Result-
oriented
They might be someone who have time to cook so they
don’t strictly need convenient functions
They may willing to pay more to have better quality
products
They have high requirements about the meal quality
They expect long lifespan products
A highest quality slow cooker Highest performance Daily using
In special occasion (Thanks
giving, Christmas,…)
Meal with friends & family
A product that is high
performance and durable
Highest performance
slow cooker
27
28. Segment result (Multi cooker)
Segment Factor 1 Factor 2 Factor 3 Percentage Target segment
1 Less need competitive price Need good performance Need convenient 23% Priority
2 Need competitive price Need good performance Need convenient 19% Priority
3 Less need competitive price Need good performance Less need convenient 15% Priority
4 Need competitive price Need good performance Less need convenient 13% Priority
5 Less need competitive price Less need good performance Need convenient 10% Priority
6 Need competitive price Less need good performance Need convenient 8%
7 Less need competitive price Less need good performance Less need convenient 7%
8 Need competitive price Less need good performance Less need convenient 5%
100%TOTAL
Factors Must have Nice to have
Competitive price 45% 55%
Good performance (high volume of function, cook quicker and more delicious) 70% 30%
Convenient (easy to use) 60% 40%
28
29. Segment characteristics (Multi cooker)
Segment Segment Who they are What they bought Why they bought When they use Value they seek What we offer
1 High class
They might have a high income status
They enjoy cooking
They have high requirement about the meal quality and
willing to spend more money to have better products
A high performance multi
cooker with various convenient
functions
Good performance
Convenient
- Daily using
- In special occasion (Thanks
giving, Christmas,…)
- Meal with friends & family
A high performance product with
multiple functions
The product helps them cook delicious
food
A product with long lifespan
Highest quality multi
cooker with a wide range
of modes and convenient
functions
2 Picky
They are more price-sensitive and tend to purchase
affordable products
They have a high requirement about the meal quality and
the product's ease of use
A high performance multi-
cooker with various convenient
functions
Good performance
Convenient
Competitive price
- Daily using
- In special occasion (Thanks
giving, Christmas,…)
- Meal with friends & family
A product which helps them cook
delicious food and save their time and
energy;
A product with convenient functions and
easy to use
A high performance multi
cooker with some
convenient functions
3
Result-
oriented
They do not care too much about the convenience
They have high requirement about the product performance
and willing to pay more to have better products
A high performance multi
cooker
High performance - Daily using
- In special occasion (Thanks
giving, Christmas,…)
- Meal with friends & family
A high performance product with long
lifespan
A high performance multi
cooker
4 Practical
They have high requirement about the product performance
They expect the product has long lifespan
They are more price-sensitive and tend to purchase
affordable products, but do not really want to pay more for
convenience
A good performance multi
cooker
Competitive price
Good performance
- Daily using
- In special occasion (Thanks
giving, Christmas,…)
- Meal with friends & family
A good performance product with long
lifespan
The product helps them cook most
delicious food in an affordable price
A high quality multi
cooker with good price
5 Busy
They are more price-sensitive and tend to purchase
affordable products
They might be short-term users (such as students/young
family) who prefer short-term using then replace by others;
They might have low expectation about the quality of their
cooking
They want to purchase convenient products
A multi cooker with convenient
functions
Convenient
Good price
- Daily using
- In special occasion (Thanks
giving, Christmas,…)
- Meal with friends & family
A product that is convenient and easy to
use.
A basic multi cooker with
some convenient
functions
29