Umbrella Man and the Ultimate Umbrella Conor Buckley, Rachel Keller, Elana Lilienfeld, Wangqian Shao

 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 1: Business Mission and Objective

 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  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 2: Situation Analysis

 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 3: Identify Opportunities

 Product  The Umbrella Man Ultimate Umbrella  Various features to attract any and all customers  Dual handled  5-6 feet in diameter depending 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 4: Implement Marketing Mix

 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 Step 5: Evaluate Performance